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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CLIMATE CHANGE IN ALASKA? Scientists believe that a decrease of between 65% and 80% of carbon dioxide emissions is necessary to prevent the effects of global warming (?Carbon Dioxide?) and government taking actions to find solutions in Alaska. To create awareness the government has released new climate data‚ tools‚ and mapping of Alaska that will assist them to understand and prepare for future climate change (Wuebbles and Jain 2001 p. 99-102). Permafrost has been a major problem in Alaska and to resolve
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Alaska Airline & Corporate Culture A unique cultural characteristic of Alaska Airline would be the benefits they allot their employees. After 90 days of working with Alaska Airline‚ an employee earns benefits which allows him or her to fly anywhere at anytime with 1 other individual. In addition to this‚ the employee is given 6 “buddy passes” each year which allows the employee to give 6 roundtrip tickets to people other than himself or the 1 person he chooses to travel with. The best part
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particular concern is the concentration of nitrogen in water draining from fertilized lands. Too much nitrogen can kill fish and wildlife. Twenty-eight samples of water were taken at random from a lake. The nitrogen concentration (milligrams of nitrogen per liter of water) was determined for each sample. The variable in this information is nitrogen concentration (mg nitrogen/l water). a. number of fish b. samples of water taken at random c. the wetlands d. nitrogen concentration (mg nitrogen/l water)
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The salmon of Alaska have been here for millions of years and over those years five specific and distinct species have evolved and developed. Theses five species are Chinook‚ Chum‚ Coho‚ Pink and Sockeye salmon (Morrow‚ 2013). These salmon all have very different looks and different timetables of life. However‚ they all share the same main lifecycle going from egg‚ to alevin‚ to fry‚ to parr‚ to smolt then on to their adult stage (Marrow‚ 2013). They have a difficult life and only a few eggs of
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interprets it differently. In a way this person achieves some form of enlightenment from this revelation‚ and because of this they are more mature after the trial. An example of this was the death of Alaska Young from John Green’s award winning novel ‘Looking for Alaska’. In the novel‚ The title character‚ Alaska‚ died in a car crash. This severely affected the lives of the ones who loved‚ especially Miles Hartler‚ one of Alaska’s best friends. Following Alaska’s death‚ Miles‚ along with other friends
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have done above is a “full-cost” analysis. This is in contrast to a “direct-cost” analysis that ignores overhead costs. Is full cost the right metric for job profitability and customer profitability? What assumptions are we making about the variability of overhead costs when we do a “full-cost” analysis? By allocating the overhead costs to jobs and customers there is an implicit assumption that these are variable with the cost driver. In reality‚ some of the overhead costs are fixed‚ at least in the
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troChapter 1: Charting the Heavens (Astronomy Today) SUMMARY The universe is the totality of all space‚ time‚ matter‚ and energy. Astronomy is the study of the universe. A widely used unit of distance in astronomy is the light year‚ the distance traveled by a beam of light in one year. Early observers grouped the thousands of stars visible to the naked eye into patterns called constellations. These patterns have no physical significance‚ although they are a very useful means of labeling regions
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1. Why are Microsoft‚ Intel‚ and other leading for profit companies interested in low-cost computers for the developing world? In 2005‚ Nicholas Negroponte‚ the founder of MIT’s Media Labs‚ announced the One Laptop per Child (OLPC) program at the World Economic Forum. The concept was simple and appealing. Innovate a $100 laptop and distribute it to children in the developing world. No one can argue the power of getting kids access to computers/internet‚ and hence‚ access to a virtually limitless
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products. Chuck questioned if the current cost-management system was providing the management with accurate data about product costs. In a traditional‚ volume-based product-costing system‚ only a single predetermine overhead rate is used. All manufacturing-overhead costs are combined into one cost pool‚ a grouping of individual indirect cost items‚ and they are applied to products on the basis of a single variable that costs over a given time span (cost driver) that is closely related to production
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