2-2: Chapter Questions Action Items Q/ 01 Why study operations management? Answer All businesses want to hire bright people who can make the best decisions for the business as a whole‚ not the best marketing‚ finance‚ or operations decisions. They want employees who can see the big picture of how these functional areas interact. You will severely limit your career if you take a narrow functional perspective. Every decision is cross-functional in nature2. You will be working with operations and
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Assignment Questions (Semester 1‚ 2012) Microeconomics – Worth 20% of total assessment: Answer all five (5) of the following questions. Each question is worth 10 marks. Question 1: Explain and illustrate with diagrams the differences between diminishing marginal returns and decreasing economies of scale and cite causes and examples. (10 marks – 2.5 marks diagrams‚ 2.5 marks for explanation‚ 5 marks for causes / examples) Question 2
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Some review questions for Lecture 4‚ 5 and 6 4.1 When and in which areas MAY local officials overstate or understate the economic growth rates? Briefly explain. 4.2 Indicate FOUR economic measures which are supplementary to and more reliable than the GDP data. 4.3 Between 1952 and 1978‚ the average annual growth rates of GDP and population were 6.0% and 1.9% respectively. Then how to calculate the average annual growth rate of GDP per capita? 4.4 China’s GDP measured at current or official exchange
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Quiz #1 BSAD131 Fall 2013 1. Businesses differ from nonprofit organizations in that a business’s focus is on A. Price B. Plans C. Goods D. Profit E. Organization 2. What is the primary lesson to be learned from the economic scandals of the early 21st century? A. Businesses’ reputations depend on their profits B. Public confidence in corporate America depends on companies’ bottom lines C. Most businesses can focus on their bottoms lines to the exclusion of other factors
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The Three Basic Economic Questions 1. What to Produce? what items to produce and how much of each item to produce using its productive inputs in the most efficient manner. 2. How to Produce? one the decision has been made regarding what to produce. each country must choose which resources productive inputs will be used and in what combinations 3. For Whom to Produce? should the productive outputs be distributed based on social customs‚ personal wealth and ownership‚ or mandated by the government
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Chapter 16 Notes Lesson 1: Composition and Structure of Earth’s Oceans Water covers 70 percent of Earth’s surface. The five main bodies of water are: The Pacific Ocean is the largest and deepest ocean. It is larger than all of Earth’s combined land area. The Atlantic Ocean is half the size of the Pacific. It occupies about 20 percent of Earth’s surface. The Indian Ocean is between Africa‚ India‚ and the Indonesian Islands. It is the third largest ocean. The Southern Ocean surrounds
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Life of Pi Chapter Questions Author’s Note Who do you think is writing the author’s note? Is this part of the fiction of Life of Pi‚ or separate from the story? PART ONE Chapter 1 What does the sloth symbolize to Pi? Chapter 2 Why do you think the author interrupts the story with this chapter? Chapter 3 Why is Pi named after the Piscine Molitor? Chapter 4 Pi states that the common believe that animals in the zoos are unhappy is “nonsense” (16). What response does he give
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(F‚ M‚ etc.) on the subject lines. Multiple Choice: True/False (16 Intro) Net working capital F S Answer: b EASY 1. Net working capital‚ defined as current assets minus the sum of payables and accruals‚ is equal to the current ratio minus the quick ratio. a. True b. False (16 Intro) Net working capital F S Answer: b EASY 2. Net working capital is defined as current assets divided by current liabilities. a. True b. False (16 Intro) Days of working capital F S Answer: a EASY 3. Days of working
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CHAPTER 9 Three conditions for a market to be perfectly competitive? Many buyers and sellers‚ with all firms selling identical products‚ and no barriers to new firms entering the market. In perfectly competitive markets‚ prices are determined by The interaction of market demand and supply because firms and consumers are price takers. Price taker Buyer or seller that is unable to affect the market price. A buyer or seller that takes the market price as given When are firms likely to be
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The table given below represents the marginal valuation of a beekeeper (collecting honey) and an orchard farmer (producing mangoes). The beekeeper’s opportunity cost reflects the loss in honey collection resulting from the usage of the same orchard again and again. Table 1 Days used Total honey value ($) Marginal honey value ($) Beekeeper’s opportunity cost ($) Total value of mangoes ($) Marginal value of mangoes ($) 1 18 18 2 10 10 2 23 6 2 17 7 3 27 5 2 23 6 4 30 3 2 28 5 5 32 2 2 32 4
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