do. There are usually a small amount of large firms and they usually control the market. Competitive firms will use the firms marginal cost to produce the price. The price of the good must be lower than the cost to produce it. To maximize the profits is when the price is equal to the marginal cost of production. The competitive firm must be producing at the point where price equals marginal cost. In monopoly firms they cannot just set a high price for their good because the customers will completely
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A Good Manager And A Bad Manger In this world‚ there are good and bad managers. What’s more‚ since people started working‚ they have been complaining. For example‚ many people disagree about managers. Whereas some people will see a manager as good‚ others will not. There are two managers this essay will mention‚ but their names have been changed to protect their identities. Mike and Jake have different personalities. Mike is a good manager‚ but Jake is not. For this‚ people get to disagree
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the development of capitalism as it allows us to calculate profits (Fischer‚ 2000). According to Pacioli‚ the hallmark of a successful business is what he calls the profit motive. This is the notion that successful business men and women must acknowledge and be influenced by the spiritual aspects of their lives. Or more specifically‚ Pacioli maintained that business people must insist on justice‚ honour‚ and truth‚ elements derived from an almighty being. For Paciloi‚ these three elements ought to
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WHAT ARE COSTS AND PROFITS? HUNGRY HELEN’S COOKIE FACTORY • Helen‚ the owner of the cookie factory‚ buys flour‚ sugar‚ flavorings‚ and other cookie ingredients. • She also buys the mixers and the ovens and hires workers to run the equipment. • She then sells the resulting cookies to consumers. 2 TOTAL REVENUE‚ TOTAL COST‚ AND PROFIT • The amount that Helen receives for the sale of its output (cookies) is its total revenue. • The amount that the firm pays to buy inputs (flour‚ sugar‚ workers
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school and you see that there’s not much requirements to get into these schools as long as you have money for tuition. Those are what you call for-profit schools. Now the question is are these schools actually good for you? Can they help you in the long run or just give you classes and you’re on your own after you get the degree. I feel that for-profit schools should not be federally regulated because these colleges provide opportunities for students ignored and rejected by traditional colleges‚ they
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if firm 1 builds 2 plants and firm 2 builds 4 plants‚ the market price will be 9 − (2 + 4) = 3 per unit. At this price firm 1 will make a profit of 2 × 3 − 2 × 3.5 = −1 while firm 2 will make a profit of 4×3−4×3.5 = −2. Assume‚ no firm will build more than 4 plants. Cost (Q) = 3.5 * Q Price = 9 -(Q1+Q2) 1. Set up a 4-by-4 table that records the profits of each firm for each possible choice of the number of plants to build. Then‚ use your table to answer the questions below. Price Firm
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A01- Profit and Loss A profit and loss account is something businesses use to show them their revenue‚ costs and profits for that certain year‚ therefore showing the total amount of profit that the business has made that year‚ it is extremely important for the business‚ in particular for the accounts department who will refer to the profit and loss account a lot. This is because it clearly lays out what the business has spent‚ and what the business has brought in‚ it is easy for the business
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The book tells us the story of a plant manager‚ Alex Rogo‚ who is trying to save his plant‚ at least show some improvements within 90 days to keep it open. Alex’s primary problem is that his plant can not consistently get a quality product out of the plant on time at the cost that can beat the competition. His plant is losing money and if he cannot make it profitable‚ the management eventually will decide to close the plant. In his fight to save his plant‚ a physician‚ Jonah‚ helps him in achieving
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1. [Sales Growth Rates‚ Sales‚ and Profits] Petal Providers Corporation opens and operates “mega” floral stores in the U.S. The idea behind the super store concept is to model the U.S. floral industry after its European counterparts whose flower markets generally have larger selections at lower prices. Revenues were $1 million with net profit of $50‚000 last year when the first “mega” Petal Providers floral outlet was opened. If the economy grows rapidly next year‚ Petal Providers expects its
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A goal is a desired future state that the organization attempts to realize. A plan is a blueprint specifying the resource allocations‚ schedules‚ and other actions necessary for attaining goals. Planning is the act of determining the organization’s goals and the means for achieving them. Managerial Decision Making Decision making is the act of making up your mind about something‚ or a position or opinion or judgement reached after consideration. Effective decision
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