Opportunity Cost Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up (the next best alternative) as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost contrasts to accounting
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1. The cost of a computer system installed last year is an example of: (Points: 2) a sunk cost a relevant cost a differential cost an avoidable cost 2. In evaluating different alternatives‚ it is useful to concentrate on: (Points: 2) variable costs fixed costs total costs relevant costs 3. Relevant costs in a make-or-buy decision of a part include: (Points: 2) setup overhead costs for the manufacture of the
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eliminated over time. Most is due to the improved levels of education and better job opportunities for women. Hakim’s declared that the sex war is over and the wage gap between women is no longer relevant (Hakim‚ 2006). But I’m not going to be of the same mind with Hakim on this. There is significant disparity in work gender in Singapore. In this essay I have decided to address the issues of work gender differential in Singapore such as gender inequality‚ Wage Gap and Glass ceiling. Sex War is not
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Differential Reinforcement of Other Behavior is a procedure where positive reinforcement is provided only when the target behavior is not displayed for a specified period of time. Willie’s suspension for computer use will be lifted. The classroom must have
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Differential Equations Second Order Differential Equations Introduction In the previous chapter we looked at first order differential equations. In this chapter we will move on to second order differential equations. Just as we did in the last chapter we will look at some special cases of second order differential equations that we can solve. Unlike the previous chapter however‚ we are going to have to be even more restrictive as to the kinds of differential equations that we’ll look at
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Absolute Threshold and Differential Threshold Our five physiological senses have unknowingly fooled us – on a regular basis‚ no less – to the benefit of marketers and manufacturers. By exploring the psychological and physiological concepts of human perception‚ companies are discerning the differences of absolute and differential thresholds and applying it to marketing their products and effectively influencing consumer’s buying decisions. Once a product’s thresholds are distinguished‚ companies
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I do not agree that a power differential places blame on the victim. That discrepancy makes the perpetrator much more culpable. In incidents between children there must be an age difference of at least three years for the actions to be considered abuse. Two years and 364 days between the two is considered inappropriate and not abusive. A power differential between the victim and the perpetrator is always an issue. The differential is not always age or size. I cannot think of an abusive situation
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is ‘equality of opportunity’? “Equality of opportunity is a political ideal that is opposed to caste hierarchy but not to hierarchy per se” (Arneson) The rational behind this political ideal is that society is uneven‚ with privileges‚ standing and potential for success being heavily influenced by many different factors predetermined by birth. The political ideal places an individual in any given rung of social hierarchy as a result of their background. Equality of opportunity calls on a ‘fairness
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Article #1 Do you think that the low-wage factories of the multi-national corporations‚ located in countries such as China‚ Bangladesh or Mexico‚ represent exploitation or opportunity? "Every exploitative relationship begins with an initial inequality that makes the taking advantage possible. In exploitative relationship the rich get richer and the poor fall further behind. "- Robert Mayer Exploitation‚ in this case economic exploitation‚ can be defined as using somebody ’s labor‚ but in return
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In microeconomic theory‚ the opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative
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