Unit 3 M1- explain the importance of cost‚ revenue and profit for a business organisation 1. Cost Profit is the different between the selling price and the production cost. Product cost include not only the cost of manufacturing a product but also all the other costs incurred in the process of producing or delivering a product or service. 2. Revenue The revenue of a business is‚ the income from its operations. It is important for the business to make the gap between costs and revenue
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This essay is going to examine how advertising strategies used in different market structures affects profits of the firms. This essay is being written based on Advertising‚ an article by Geoff Stewart‚ in which he examines “how do firms determine their advertising strategy”. In this article he uses Monopolies as an example of a non-competitive market and Oligopolies as an example of competitive markets‚ so in this essay Monopolies and Oligopolies will also be used as examples. However other competitive
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Cost Accounting: A Managerial Emphasis‚ EXHIBIT 11-1 Accounting Information and the Decision Process FIVE-STEP SEQUENCE Step 1: Gathering Information AN ILLUSTRATION The current manufacturing line uses 20 employees‚ 15 operating machines‚ and 5 handling materials‚ for a total cost of $640‚000. The rearrangement of the manufacturing assembly line is expected to eliminate materials-handling costs‚ equivalent to $160‚000. The cost of the rearrangement will be $90‚000. Historical
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able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which all inputs can be changed
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Cost Control and Cost Reduction A business enterprise must survive‚ grow‚ and prosper. Cost Control and Cost Reduction are activities necessary for ensuring that these objectives are fulfilled. With the liberalization of the Indian Economy and Globalization‚ there is now a cut throat competition from various concerns of the world. As a result there is now a race to secure a place for survival. This has increased the importance of cost control and Cost Reduction. Cost Control “Cost control
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Continental Congress: The First Continental Congress was made up of delegates from the colonies and met during 1774. In 1775‚ the Second Continental Congress began meeting right after the Revolutionary War. It declared that America was independent from Britain and in 1781‚ ratified the first national constitution‚ the Articles of Confederation. Constitutional Convention: The Constitutional Convention took place from May 14 to September 17‚ 1787 in Philadelphia. The task before the Constitutional
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In recent years‚ a trouble‚ which makes sociogists have to care and worry‚ is hight divorce rate. A lot of couples ready to divore after a few years marriage. To explain this problem‚ in my opinion‚ there are 3 reasons are the effect of Western culture ‚ the change of social conception and position of woman . Firstly‚ thanks to modern medias and cultural exchange‚the Western has inffuenced on thinking of young people. They would rather live for themselves than people who live around. They think
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COST ACCOUNTING M.ASAD ABBAS PAF KIET TABLE OF CONTENTS Executive Summary ......................................................................................................3 Introduction .....................................................................................................................4 Costing Strategy of Vesta Apparel.............................................................................5 Full Cost of the Primary
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Determining lung capacity Experiment: This is the experiment of determining lung capacity. All the students in the group measured three types of different parameters: vital capacity‚ expiratory reserve and tidal volume. “Lung volumeizing refer to physical differences in lung volume‚ while lung capacities represent different combinations of lung volumes‚ usually in relation to inhalation and exhalation.The average pair of human lungs can hold about 6 liters of air‚ but only a small amount of
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one-third will use five or more different medications (citation). Most of the times these medications are advantageous‚ however on occasion can cause an adverse drug event (ADE) to the person taking them. ADEs are a serious public health problem. An ADE is an injury caused by the use of a drug. The injury can result from an adverse drug reaction or overdose. It can also be caused by the use of the drug from a dose reduction or discontinuation of drug therapy (citation). Given the number of medications
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