Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
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continue the legacy of excellence and upholding the highest standards possible. Integrity it’s not just the foundation of the military but of life. One’s integrity shows character‚ morals‚ and leadership. Having integrity goes with doing the right thing when no one is watching. Someone with honor shows great leadership and pride in one’s self. The military demands us to know the critical importance of integrity. The importance of honesty in everything we endure goes on showing where we come from and our
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is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe. (b) What is an important feature of a cost accounting system? 2. (a) Distinguish between the two types of cost accounting systems. (b) May a company use both types of cost accounting systems? 3. What type of industry is likely to use a job order cost system? Give some examples. 4. What type of industry is likely to use a process cost system? Give some examples. 5. Your roommate
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COST ANALYSIS OBJECTIVES INTRODUCTION MEANING DEFINITIONS TYPES OF COSTS MONETARY COSTS REAL COSTS OPPORTUNITY COSTS ECONOMIC COSTS ACCOUNTING COSTS INCREMENTAL COSTS SUNK COSTS FUTURE COSTS PRIVATE‚ EXTERNAL AND SOCIAL COSTS FIXED / SUPPLEMENTARY / OVERHEAD COSTS VARIABLE / PRIME COSTS REPLACEMENT COSTS PRODUCTION COSTS SELLING COSTS CONTROLLABLE COSTS DIRECT COSTS INDIRECT COSTS SHORT RUN COSTS CURVES LONG RUN COSTS CURVES OBJECTIVES To understand the meaning of cost. To discuss different types
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readings/case(s) and the Wall Street Journal. Cost Management and Strategy – refer to your assigned questions and problems Cost Drivers and Basic Cost Concepts -- What is a cost? Define cost pools. What is a cost object? cost assignment? Contrast a direct cost with an indirect cost. Define cost allocation. What is an allocation base? Contrast cost assignment with cost allocation. What is a direct material? Direct labor? Indirect material? Indirect labor? factory overhead? What are conversion costs? Prime
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Are you a leader‚ born or cultivated or both? How do you characterize your leadership traits based on the leadership profiles presented by Narayana Murthy and Rahul Khosla? Ans. For centuries there has been a debate about whether leaders must be born into their leadership capacities or whether leadership can be developed in all of us. Our beliefs about how people become leaders affect how we evaluate people’s leadership potential. Believing people are born leaders is likely to result in a focus
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For every theory there is a counter argument. What are the criticisms and arguments against Transformational Leadership? Identify the sources and clearly articulate the reasoning behind the criticisms. Adopt a position for or against Transformational Leadership and defend your position with argument Introduction This essay is based on the Transformational leadership theory and will be referred to as TL throughout this essay. This essay will look into criticisms and arguments against the theory
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[pic] LEADERSHIP AND MENTORING ASSIGNMENT (HRM2036-N) NAME: ALEXANDER AU TIAN ERN STUDENT ID: L1315896 MODULE LEADER: CATHERINE MCCAULEY-SMITH Executive Summary The aim of the module Leadership and Mentoring is to develop a student’s knowledge and understanding about leadership and preparation to undertake the role of mentor. This is because leading others and acting as a mentor provides insightful ways of developing self and others. Contemporary methods of
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Peanuts and Cost Accounting A problem faced by a Restaurateur (Joe) as revealed by his Accountant-Efficiency Expert (Eff. Ex.) EFF. EX. Joe‚ you said you put in these peanuts because some people ask for them‚ but do you realize what this rack of peanuts is costing you? JOE It ain ’t gonna cost. ’Sgonna be a profit. Sure‚ I hadda pay $25 for a fancy rack to holda bags‚ but the peanuts cost 6 cents and I sell ’em for 10 cents. Figger I sell 50 bags a week to start. It ’ll take 12 ½ weeks to
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Kwawu Anthony Kafui Leadership February 14 2013 Men may be created equal‚ free‚ rich‚ poor‚ intelligent or otherwise. From these many traits that we share‚ we draw strength‚ hope or ambition. But in all these desirable traits‚ there are always elements of weakness. Weaknesses which may cost us a great deal or spare us from life’s many machinations and snares. Being in a liberal arts college like ashesi‚ I spend most of my time coming to terms with my strengths and weakneses: usually unknowingly and
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