Profit in business is a financial gain earned when marginal revenue exceeds marginal cost to produce a particular product or provide a service. Basically profit is the amount of money left after a business has paid all cost associated with doing business for a certain period of time from the total revenue taken in during that same period of time. All for profit business want to maximize their profits. Without making a profit a business cannot stay open without additional investment by the business
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anywhere www.LidarUS.com [pic][pic][pic][pic][pic][pic]Find Answers for: What Is Equi-marginal Utility? [pic] 1 In economics [pic] it is known as law of Equi-marginal Utility. It basically shows the behavior of a consumer in allocating his limited earnings among different goods and services. In short this law tells that how a consumer distributes his earnings between set of goods so as to get maximum satisfaction. Great Answer Report Xarsh 3 years ago Ads by Google
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Marginal and absorption costing Topic list 1 Marginal cost and marginal costing 2 The principles of marginal costing 3 Marginal costing and absorption costing and the calculation of profit 4 Reconciling profits 5 Marginal costing versus absorption costing Syllabus reference D4 (a) D4 (a) D4 (b)‚ (c) D4 (d) D4 (e) Introduction This chapter defines marginal costing and compares it with absorption costing. Whereas absorption costing recognises fixed costs (usually fixed production costs) as
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discharged . A patient receives care by some critical steps which add value to their time but the waiting time between these essential steps is non value added time . Recommendations : Decreasing the non value added throughput time by identifying common bottlenecks in patient flow .Improvising and coordinating for meeting the increased demand of patients . Focussing on patient satisfaction by decreasing the throughput time . Identifying areas of bottlenecks in patient flow by mapping patient care and then
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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
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Marginal Analysis A. Marginal Revenue: The increase in revenue generated from the sale of one additional unit of output 1. If there is a positive value associated with the marginal revenue there is an increase in the total revenue. Once the marginal revenue reaches or arrives at 0 then the total revenue is maximized. A decrease or negative in marginal revenue will cause the total revenue to go down. B. Marginal Cost: The additional‚ extra cost involved
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foods: Rice Krispies‚ cottage cheese‚ and popcorn. The marginal utilities for each food are tabulated below. Bill is allowed only 167 grams of carbohydrates daily. Rice Krispies‚ cottage cheese‚ and popcorn provide 25‚ 6‚ and 10 grams of carbohydrates per cup‚ respectively. Referring to the accompanying table‚ respond to the following questions: Unit of food(cups/day) Marginal Utility of Rice KrispiesMarginal Utility of Cottage Cheese Marginal Utility of Popcorn 1 175 72 90 2 150 66 80 3 125 60
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Relationship between marginal cost and marginal product. Marginal cost is the additional cost attributed to an additional unit produced. Marginal product is the increase in the total product due to an additional resource allocation. The marginal cost and marginal return have an inverse relationship and can almost be represented as mirror images of each other. The peak of the marginal product corresponds with the lowest point of the marginal cost. Thus as marginal product
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Types of Measurement Scales Marc Waters MKT/441 June 9‚ 2014 Cyndie Shadow Types of Measurement Scales Introduction For this week’s assignment‚ students are to select four types of types of measurement increasing order of sophistication; they are Nominal‚ Ordinal‚ Interval‚ and Ratio. These are categories in which numbers are grouped. This paper will also demonstrate how they can be effective in surveys or questionnaires. Nominal The number we assign to some object‚ idea‚ or behavior is
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Wine Sweetness Scale Wine sweetness is determined now not handiest via the amount of sugar in a wine‚ but also with the aid of acidity‚ alcohol content‚ and the presence of compounds referred to as tannins. What’s the difference between Dry and candy Wines? There are dozens of different ways that wine may be categorized. at the maximum primary level‚ wine can be damaged down into classifications: dry and candy. Dry wines are those with low amounts of sugar whereas sweet wines have better amounts
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