Chapter 05 Production and Cost Essay Questions 1. Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run‚ if L = 250 and K = 25‚ what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate? When L=250 and K=25 then Q=94307. When L increases to 300‚ Q increases to 108‚127. When L increases to 350‚ Q increases to 121‚379. This shows the effects of diminishing marginal returns to labor as a factor of production.
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How a bank makes profit-an interesting primer by vinayak date. ‘Trust’ bank has opened 10 branches and has become operational on 1/4/2009.on 31/3/2010 it has total deposits of rs 1000 crores. Equity capital of rs. 100 crores divided in 10 crore shares of rs. 10 each. Given this basic data let us try working out basic parameters of banks business ‚ with certain assumptions‚ to keep things simple. Cost of funds----- Analysis of Deposit mix-4o% casa deposits. Of which 25%savings deposits
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COST ANALYSIS OBJECTIVES INTRODUCTION MEANING DEFINITIONS TYPES OF COSTS MONETARY COSTS REAL COSTS OPPORTUNITY COSTS ECONOMIC COSTS ACCOUNTING COSTS INCREMENTAL COSTS SUNK COSTS FUTURE COSTS PRIVATE‚ EXTERNAL AND SOCIAL COSTS FIXED / SUPPLEMENTARY / OVERHEAD COSTS VARIABLE / PRIME COSTS REPLACEMENT COSTS PRODUCTION COSTS SELLING COSTS CONTROLLABLE COSTS DIRECT COSTS INDIRECT COSTS SHORT RUN COSTS CURVES LONG RUN COSTS CURVES OBJECTIVES To understand the meaning of cost. To discuss different types
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Lecture Notes on Short-Run Producer Theory and Profit Maximization Lalith Munasinghe Production Functions We begin with a few definitions. Firm: An organization that turns inputs into outputs. Production Function (PF): The mathematical relationship between inputs and outputs. The PF is a technical relationship that specifies how much output can be produced from any possible combination of inputs. Example: an automobile is an output made from a complex combination of a variety of inputs
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provided by the state rather than by individuals‚ e.g.‚ the provision of security for both Internal and external purposes‚ the maintenance of law‚ the construction of roads‚ etc. Taxes can thus be considered as a compulsory payment from households and firms to government to enable the government finance its projects and programmes. History of Taxation Prostitution may be the oldest profession‚ but tax collection as a profession may not be far behind. In the Biblical stories taxation was a major issue
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to lose weight. 2. I want to open a home for the elderly. 3. I want to buy a new car. 4. I want to learn Spanish. 5. I want to graduate college with a 3.5 GPA or higher. Step 2: Re-write each of your established goals from Step 1 using the S.M.A.R.T. Goal format; (See the example in the Quick Reference Notes in the VIP2 Toolbox). 1. I want to lose weight. S= I want to lose 60 pounds by eating right and exercising more M= to fit in smaller sizes A= I will eat healthy foods
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Q.1. Assess an organization using the TQM characteristics: a) Select an organization that produces products or delivers a service The organization that our team will analyze for this exercise is the Detroit Lions. The product that the Detroit Lions provides is sports entertainment‚ which it does through various means centered around the fielding of a professional football team. b) Study the organization and obtain data (using various survey/observation and communication methods) Both
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project‚ company or asset using the concepts of time value of money (Wikipedia‚ 2004). Three inputs are required to use the DCF‚ also called dividend-yield-plus-growth-rate approach‚ include: the current stock price‚ the current dividend‚ and the marginal investor’s expected dividend growth rate. The stock price and the dividend are east to obtain‚ but the expected growth rate is difficult to estimate (Ehrhardt & Brigham‚ 2011). The advantages and disadvantages of using DCF approach will be explained
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CRITERIA OF A PROFESSION Nursing is gaining recognition as a profession. Profession has been defined as an occupation that requires extensive education or a calling that requires special knowledge‚ skill‚ and preparation. A profession is generally distinguished from other kinds of occupations by: a. its requirement of prolonged‚ specialized training to acquire a body of knowledge pertinent to the role to be performed - specialized education is an important aspect of professional status
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000 basketballs each day‚ which it sells to customers for $30 each. All costs associated with production and sales total $10‚000; however‚ if the manufacturer were to produce one additional basketball per day‚ total costs would increase to $10‚100. From these amounts‚ we can tell that a. the firm has negative profit. b. marginal cost equals $100. c. marginal cost equals $150. d. marginal cost equals marginal revenue. 2. A retailer has to pay $9 per hour to hire 13 workers. If the retailer
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