Required: Show that the equilibrium condition and consumer equilibrium under both cardinal and ordinal utility theory are identical. They both assume that the consumer is rational. Consumer equilibrium‚ under cardinal utility theory‚ is achieved when the sufficient condition is met. That is‚ the total expenditure is equal to the consumer’s income. If a consumer is assumed to consumes two commodities only X and Y‚ then: Utility is a function of Y and X; U = f(X‚Y)…………………………..i Let the price
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are viewed as undervalued. Peoples consumer choices (taste and style) are seen to be indicators of who they are as a person and of their moves within the games of class‚ prestige‚ status‚ hierarchy‚ fashionability (“Features of a Consumer Society” McGregor 2011). Many spending and investments are committed to consuming‚ regardless of whether it is good for the environment and health‚ for example the publicity funds can be higher than the education budget. Consuming brings wasting. Customers are trapped
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General Douglas MacArthur was an exemplary man. He led the United States through both World Wars and was awarding over countless awards for serving his duty in the Marine Corps. One of his more outstanding awards was the Sylvanus Thayer Award. On May 12‚ 1962 General MacArthur gave his farewell speech after receiving his honorable medal (MacArthur‚ 1962). His farewell speech impacted the lives of many‚ making it one of the best speeches in American history in my opinion. Throughout his speech‚ General
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MANAGEMENT THOUGHTS AND THEORIES The industrial revolution‚ which began in Europe in mid-1700s‚ was the starting point for the development of management concepts and theories. PRECLASSICAL CONTRIBUTORS TO MANAGENENT THOUGHT Name Period Contribution Robert Owen 1771- 1858 Proposed legislative reforms to improve working conditions of labor Charles Babbage 1792-1871 Advocated the concept of division of labor’; devised a profit-sharing plan which led to the modern-day Scanlon Plan Andrew
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Jean Piaget Cognitive Development Theory Biography: Jean Piaget was born in Neuchatel‚ Switzerland on August 9‚ 1986 to Arthur Piaget and Rebecca Jackson. At a young age‚ he displayed great fascination for Biology‚ his intellectual love. Jean Piaget‚ at the age of 10 published his first article‚ which described the albino sparrow he observed. Between the ages of 15 and 18‚ he published several more articles and most of them are mollusks. Jean Piaget was especially
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Lincoln Douglas Debate Case Outline Affirmative / Negative (Circle One) (Introductory Quote) It is because I agree with (author and qualifications) __________________________________________________________________ in the position that (main idea) _________________________________________ _________________________________________‚ that I feel compelled to affirm / negate today’s resolution‚ Resolved: ___________________________________ __________________________________________________________________
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informal report that will identify and compare a number of different motivational theorists and I will also identify one theorist that I would feel suitable to our managers Motivational Theorys Maslows Theory (Google Images) Maslows Theory is based on the belief that we are motivated by needs and the theory states we must satisfy basic needs in order to concentrate on the higher priorities. And only when the basic needs are met can we move on to the next steps 1. Pysiological – All individuals
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Advantages And Disadvantages Of Theory X And Theory Y? Douglas McGregor’s Theory X and Theory Y have both their advantages and disadvantages‚ though many would prefer to call them their strengths and weaknesses. The biggest advantage of using Theory X and Theory Y is that they are easy to understand. In addition to this‚ they can help a manager to focus on his thoughts on the different ways in which individuals relate to and carry out work. Although the theories are not used explicitly today‚ due
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Workplace Organisation 5 S’s WHAT IS 5S? • Developed by the Japanese • Workplace Organisation and Housekeeping System • Helps Create a Better Working Environment and a Consistently High Quality Process THE 5S PRINCIPLES • SEIRI – Organisation • SEITON – Orderliness • SEISO – The Act of Cleaning • SEIKETSU – The State of Cleanliness • SHITSUKE - The Practice of Discipline WHY DO IT? QUALITY EFFICIENCY 5S SAFETY ELIMINATING BREAKDOWNS EFFICIENCY • Time is wasted looking for tools‚ equipment
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machine guns rang in the distance‚ millions dead. 57‚000 British‚ 8‚000 French and Germans already dead in the first 24 hours. This is the Battle of the Somme‚ held on the River Somme in France. 1.2 million casualties. It started with British General Douglas Haig coming up with an idea of a “great push” through German lines. It was a trench warfare‚ massive artillery bombardments‚ thousand of soldiers going “over the top” into No Mans Land‚ and already many dead. Gains were minimal‚ but it turned the
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