Tutorial – week 5 Review Questions 1. What ethical‚ social‚ and political issues are raised by information systems? Explain how ethical‚ social‚ and political issues are connected and give some examples. Figure 4.1 can be used to answer this question. Information technology has raised new possibilities for behavior for which laws and rules of acceptable conduct have not yet been developed. The introduction of new information technology has a ripple effect‚ raising new ethical‚
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Chapter 5 Learning Objectives 1. Explain the concept of price elasticity of demand and its calculation. The price elasticity of demand measures the responsiveness of quantity demanded to changes in price; it is calculated by dividing the percentage change in quantity demanded by the percentage change in price. 2. Explain what it means for demand to be price inelastic‚ unit price elastic‚ price elastic‚ perfectly price inelastic‚ and perfectly price elastic. Demand is price
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Chapter 2 ECONOMIC OPTIMIZATION QUESTIONS & ANSWERS Q2.1 In 2004‚ the second-largest U.S. long-distance telephone company eliminated about 2‚000 jobs at four call centers in Colorado‚ Iowa‚ Kansas‚ and South Carolina. "MCI must continue to revamp its cost structure to better position the company for future success‚" a company spokesperson said. Does this decision reflect an application of the global or partial optimization concept? Explain. ANSWER MCI=s decision to scale back employment at four
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CHAPTER 10 QUIZ 1. A mixed cost function has a constant component of $20‚000. If the total cost is $60‚000 and the independent variable has the value 200‚ what is the value of the slope coefficient? a. $200 b. $400 c. $600 d. $40‚000 2. [CMA Adapted] Of the following methods‚ the one that would not be appropriate for analyzing how a specific cost behaves is a. the scattergraph method. b. the industrial engineering approach. c. linear programming. d. statistical regression analysis.
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Introduction Managerial Economics and Business economics are the two terms‚ which‚ at times have been used interchangeably. Of late‚ however‚ the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. The discovery of managerial economics as a separate course in management studies has been attributed to three major factors: i) The growing complexity of business decision-making processes‚ because of changing market conditions and the globalization
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Econ Answers Chapter 3 The price of train travel increases by 10% and the demand for train travel falls by 12.5%. The price elasticity of demand for train travel is – -1.25 The short run (retail) supply of freshly cut flowers is much less elastic than that of pot plants because: -florists cannot keep freshly cut flowers as long as pot plants If demand drops to zero at the slightest increase in price‚ demand is: - Perfectly elastic Price elasticity of supply will be greater when: - firms hold large
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MGNT 3430: Operations Management Fall 2014 Homework 1 Answers Discussion Questions Q6 (p. 25). Although all nine of the competitive priorities discussed in this chapter are relevant to a company’s success in the marketplace‚ explain why a company should not necessarily try to excel in all of them. What determines the choice of the competitive priorities that a company should emphasize for its key processes? Answer. It is often not a good idea for a company to try to excel in all of the competitive
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mobility Feedback The correct answer is: systematic inequalities between groups of people that arise as intended or unintended consequences of social processes and relationships Question 2 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following is an example of an asset? Select one: a. a projected salary increase b. a piece of property Correct c. a person’s human capital d. a person ’s social capital Feedback The correct answer is: a piece of property
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Mankiw – Chapter 13 SOLUTIONS TO TEXT PROBLEMS: Quick Quizzes 1. Farmer McDonald’s opportunity cost is $300‚ consisting of 10 hours of lessons at $20 an hour that he could have been earning plus $100 in seeds. His accountant would only count the explicit cost of the seeds ($100). If McDonald earns $200 from selling the crops‚ then McDonald earns a $100 accounting profit ($200 sales minus $100 cost of seeds) but makes an economic loss of $100 ($200 sales minus $300 opportunity cost). 2. Farmer
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ANSWERS TO END-OF-CHAPTER QUESTIONS 14-2 The two principal reasons for holding cash are for transac¬tions and compensating balances. The target cash balance is not equal to the sum of the holdings for each reason because the same money can often partially satisfy both motives. 14-4 The four elements in a firm’s credit policy are (1) credit standards‚ (2) credit period‚ (3) discount policy‚ and (4) collection policy. The firm is not required to accept the credit policies employed by its
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