STUDY GUIDE COSTS OF PRODUCTION: Total Physical Product (TP)- total output or quantity produced Marginal Product (MP)- the additional output generated by additional inputs (workers). Average Product (AP)- the output per unit of input. Stage 1: Increasing Marginal Returns Stage 2: Decreasing Marginal Returns Stage 3: Negative Marginal Returns TC- Total Costs: Sum of Fixed and Variable Costs VC- Variable Costs: Costs for variable resources that do change with the amount produced
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1. Meet the Fiori family and its Fiori Pasta Company. Papa Don is the president‚ son Tony is vice-president of sales‚ and daughter Gina is vice-president of production. Fiori Pasta produces high-quality pasta products. It has estimated its demand curve for its pasta to be P=39.898-0.03757Q‚ This demand function has been given in terms of price. So to find the Total Revenue (TR) you need to multiply the above equation into Q (which is your quantity). TR=39.898Q-0.03757Q2 MR=39.898-0
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Team: _______________________ AP Macro Problem Set #2 Unit 2: Measurement of Economic Performance 1. (_____/15) Supply & Demand a. Define demand and describe each of the determinants of demand. Give a real world example of each of the determinants. (___/5) b. Define supply and describe each of the determinants of supply. Give a real world example of each of the determinants. (___/5) c. Draw and Supply and Demand graph. (___/5) 2. ( ____/15
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Sample Test Questions for ECON 102 with answers marked 1. Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. 2. The adage‚ "There is no such thing as a free lunch‚" means a. even people on welfare have to pay for food. b. the cost of living is always increasing. c. people face tradeoffs. d. all costs are included in the price of a product. 3. Government policies resulting in reduced efficiency include (i) the welfare system
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What are Micro-Inequities and Micro-Affirmations? How do they affect employees and Manager-Employee relationships? Micro-Inequities According to Mary Rowe‚ Micro-inequities are “apparently small events which are often ephemeral and hard-to-prove‚ events which are covert‚ often unintentional‚ frequently unrecognised by the perpetrator‚ which occur wherever people are perceived to be ‘different.’” Bernice Sandler‚ Senior Scholar at the Women ’s Research and Education Institute in Washington‚
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organisation achieve its objectives. Marketing management is essentially demand management." "The art and science of choosing target markets and getting‚ keeping and growing customers through creating‚ delivering‚ and communicating superior customer value." Marketing management is essential to an organisation in introducing‚ promoting‚ maintaining a product’s brand name within the market. The management would not solely focus on marketing metrics but also other departments from production to finance
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9. Micro- Process – Problem‚ Patterns‚ Process Therapist also queries about Esther’s lying behavior that has higher impacts on her relationship with others and herself. The therapist could employ some creative methods such as Gestalt Therapy‚ active imagination‚ role play‚ journaling‚ visualization‚ and other to help Esther identify and understand the patterns and processes of the issues. This help Esther concluded her own pattern of behavior is ineffective and it needs to be changed. Rutledge (2005)
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The Value Chain From Competitive Advantage‚ by Michael Porter Every firm is a collection of activities that are performed to design‚ produce‚ market‚ deliver‚ and support its product. All these activities can be represented using a value chain. A firm’s value chain and the way it performs individual activities are a reflection of its history‚ its strategy‚ its approach to implementing its strategy‚ and the underlying economics of the activities themselves. The relevant level for constructing a value
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Corporate and Wholesale Finance - 12BSP053 “Since 2007 to mid 2009‚ global financial markets and systems have been in the grip of the worst financial crisis since the depression era of the late 1920s. Major Banks in the U.S.‚ the U.K. and Europe have collapsed and been bailed out by state aid”. (Valdez and Molyneux‚ 2010) Identify the main macroeconomic and microeconomic causes that resulted in the above-mentioned crisis and make an assessment of the success or otherwise of the actions taken by
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1.6 Alternative education o 1.7 Indigenous education Process o 2.1 Curriculum o 2.2 Learning modalities o 2.3 Teaching o 2.4 Technology Education is the process by which society deliberately transmits its accumulated knowledge‚ skills and values from one generation to another. Importance of education: Education is as important as the air we breathe because it is our weapon to conquer the world. It is the most important possession a person must have. Education is beneficial in many aspect
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