the gap between economic principles/ theory and managerial practice. To take a specific decision‚ this branch applies micro economic analysis. We can apply the principles of Economics in taking decisions related to some problems like scale of operation‚ quantum of resources to be employed‚ marketing etc. Because of the scarcity of the resources it is not possible to have whatever we want. To get the better value from limited resources it is essential to evaluate the difference between the total
Premium Economics Marginal cost
market leaders and the industry. The IoT and M2M communication market research report is segmented into technology and platform‚ M2M connection and modules‚ IoT components‚ applications‚ and regions with an in-depth analysis and forecasting of revenues. The report also analyzes global adoption trends‚ future growth potential‚ key drivers‚ competitive landscape‚ restraints‚ opportunities‚ and emerging technologies in this market. The report further presents regional opportunity plot analyses along
Premium Sleep Sleep apnea Forecasting
2009 TOPIC 7: ABSORPTION AND MARGINAL COSTING Outline: 1. Learning Objectives 2. Differences between absorption and variable costing 3. Impact on profit under each costing technique 1. Learning objectives a. Explaining the differences between absorption costing and marginal costing b. Explaining the impact on stock valuation & profit under each costing system c. Explaining the impact on under each costing system d. Preparing multi-period absorption and marginal costing profit statements 2. Explaining
Premium Variable cost Marginal cost Cost
BEO6600 Business Economics: Tutorial/Homework Assignment #1 & 2 Coverage: Introduction & Marginal Analysis 6. *Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? In economic situation‚ Scarcity means there are inadequate/ insufficient amount of supply of resources. Those resources are Human resources (labour)‚ natural resources (land and raw materials)‚ and manufactured resources (capital). Scarcity is where human wants are virtually
Premium Economics Marginal cost
MARGINAL COSTING Introduction Even a school-going student knows that profit is a balancing figure of sales over costs‚ i.e. Sales - Cost = Profit. This knowledge is not sufficient for management for discharging the functions of planning and control‚ etc. The cost is further divided according to its behavior‚ i.e.‚ fixed cost and variable cost. The age-old equation can be written as: Sales - Cost = Profit or Sales - (Fixed cost + Variable Cost) = Profit. The relevance of segregating costs
Premium Costs Cost Variable cost
MICRO-ECONOMICS ASSIGNMENT Q(1) Explain and illustrate with diagrams the differences between diminishing marginal returns and decreasing economies of scale and cite causes and examples. Ans. The law of diminishing returns is also called the law of variable proportion‚ as the proportions of each factor of production employed keep changing as more of one factor is added. The law of diminishing returns does not imply that adding more of a factor will decrease the total production‚ a condition known
Free Economics
Where sustainability fits in is that increasingly our society is becoming more aware of its day-to-day actions with respect to the environment around it. It is becoming increasingly important topic on businesses agendas as without a scope for future revenue streams‚ the very nature of what they do will not be feasible. Increasingly these days if a business is to be economically viable then sustainability has to be engrained in its model. Schumpeter progressively demonstrates the fundamental view of
Premium Entrepreneurship Economics Innovation
AFRICAN POLITICAL AND ECONOMIC TRANSITION (FOCUSING ON PRESSURE & CHANGE MANAGEMENT): CASE STUDY OF NIGERIA & GHANA ON REVENUE COLLECTION PROCESSES Overview of Organization Nigeria: Nigeria is endowed with abundant natural resources. “It’s proven oil reserves are estimated by the U.S. United States Energy Information Administration (EIA) at between 16 and 22 billion barrels (3.5×109 m3)‚1 but other sources claim there could be as much as 35.3 billion barrels (5.61×109 m3)2. Its reserves make
Premium Tax Value added tax
How would you explain Aristotle’s main points in his Ethics to the average person: In Aristotles ethics he explains that we have to find out what makes something flourish or what makes something good at what it does. There are all sorts of examples that can be used but we will use a hammer as an example. What makes a hammer a good hammer‚ a hammer should not break when you use it to pound a nail into wood‚ it should not deform or bend when used‚ and if it is a good hammer you might get a life times
Premium Morality Ethics Philosophy
Writing Exercise Crystallochemical relationship is one whereby the main structural features act as exhaustive aspects on the similar basis as the closely-related composition of chemicals. It is extremely important to have an understanding of the crystallochemical relationship between structures and temperature as having knowledge of it leads to a perfection in the structures formation. This is especially so as the structural parameters of FePO4 falls very closely to the values that are limited i
Premium Temperature Thermodynamics Chemistry