2) Explain why a profit maximizing firm produces the output that equates marginal revenues to marginal costs (MR=MC). In a perfectly competitive market‚ producers are price-takers and consumers are price-takers. There are many producers‚ none having a large market share and the industry produces a standardized product‚ also free entry and exit of the industry. They produce using the optimal output rule: produce where marginal revenue equals marginal cost as Smith (1904) demonstrated. Figure
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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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HRM chapter summary Chapter 2 (p. 35-45) The labour market: - Substantial increase in demand for labour reflects economic growth and population growth over the period. In spite of the recessions it continued to grow. - Another way of tracking growth in demand for labour‚ is looking at the total number of jobs. This figure can be high because of jobs held by people over the retirement age and those who have two or more part-time jobs. - What sort of skills are employers looking for? => long-term
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Partial Fulfillment of the Requirements for the Degree of Bachelor of Science in Business Administration Carlo E. Batoto Jessah Joy S. Gresos Ian F. Larita Roelyn D. Monte de Ramos Marjorie C. Samson Jelmar C. Zabala March 2015 TABLE OF CONTENTS CHAPTER 1. PROBLEM AND REVIEW OF LITERATURE Background of the Study 1 Review of Related literature 3 Conceptual Framework 16
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Organisational Change Chapter 2 The Nature of Change 1 Introduction The chapter: Discusses a number of frameworks for categorising change. Explains why‚ in order to be effective‚ it is necessary to understand the differences between various types of change. 2 Objectives To: Emphasise the complex nature of organisational change; Describe and discuss the multi-dimensional nature of organisational change; Analyse change situations in order to choose appropriate methods of
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Mills’s Chapter 2 titled‚ Determination and Consciousness in Marx showcases the varying ways to which an individual or society defines themselves through the material and non tangible things in life. His literary piece‚ and more so‚ this chapter focuses on how people from different societies are classified or categorized based on the level or amount of wealth they own or attain through their attempt towards upward social mobility. For instance‚ this determined level of consciousness in the Marxist
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Accounting for Government & Nonprofit organization versus for profit business. Business accounting has always been considered by some people to be the model for government accounting. But there are differences between one and another. Government and not for profit are governed mainly by their budgets. The budget covers the governmental decisions on how to raise money and where to spend it. Traditionally the budget takes center stage and one of the most public decisions in the government. They
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A charity for profit entity exists‚ and its role is to serve a charitable mission‚ but they are legally for profit. Profit charities basically focus on revenue and runs like a company. Their aim is generating profit for their company. Because it is a charity for profit‚ they have to pay taxes for the profit they made‚ while a nonprofit charity will not be taxed. Charites for profit can be categorized into two different sections. Firstly‚ the benefit corporation charities. They can maximize their
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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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Marketing Strategies of Catering Firms In Selected Towns in Rizal Chapter 2 This chapter present the RESEARCH METHOD‚ SETTING OF THE STUDY‚ SUBJECT OF THE STUDY‚ SOURCES OF DATA‚ PROCEDURE OF THE STUDY‚ and STATISTICAL TREATMENT MEMBERS: Genesis Garcia Rosalie Relloma Ma. Luz Noromor Mary Jane Gonzales Erllene Eris Astorga RESEARCH METHOD Basically‚ the Descriptive method of research will be utilized in the study since it is designed for the investigation
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