opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost‚ scarcity and trade-off are important in our daily life because it affects us every day in different ways and helps us make better economic choices. To begin with‚ scarcity is a condition when humans have infinitive
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interest in poultry and poultry products have grown tremendously in the last 20 years faster than other food-producing animal industries on how the bird products are produced‚ processed‚ consumed and marketed. Almost every country in the world has a poultry industry of some kind. The biggest challenge of commercial poultry production is the availability of good quality feed on sustainable basis at stable prices. In spite of this challenge‚ commercial poultry production ranks among the highest source of
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Josiah Wedgewood Josiah Wedgewood’s competitive advantage comes from his innovations of marketing and the way he set his focus on the demand side vs. other industrial manufacturer who mostly focused on the supply side of the production. He took full advantage of being first mover to serve the growing middle class population. Wedgewood understood the importance of differentiation. He developed cream ware product with a single pale color that closely resembled porcelain. Cream ware line was cheap
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Sunk Cost-cost that has already been incurred and cannot be avoided no matter what a manager decides to do. A business segment should only be dropped if a company can avoid more in fixed costs than it loses in: contribution margin Which of the following techniques describe how a bottleneck should be managed: Find ways to increase the capacity of the bottleneck‚ ensure there is minimal lost time at the bottleneck due to breakdowns and set-ups‚ focus business process improvement efforts on the bottleneck
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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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Production Planning and Control In any manufacturing enterprise production is the driving force to which most other functions react. This is particularly true with inventories; they exist because of the needs of production. In this chapter the relationship of production planning and control to work-in-process inventories is stressed. Objectives of Production Planning Control: The ultimate objective of production planning and control‚ like that of all other manufacturing controls‚ is to
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Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
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1.1 Overview of the Television Production process Typically the audiovisual production should start from an idea and go till the circulation stage covering different stage of production‚ process of refinement in between. The audiovisual production process is broadly divided into following three stages. 1) Pre production‚ 2) Production‚ and 3) Post production Pre Production stage includes work on idea / concept‚ plan about the budget and the format for shooting‚ treatment‚ and research and script
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INTRODUCTION Too much homework for a student can cause stress and lead to health issues in the body and mind. Homework can be related to anxiety and stress that can affect school work negatively. Also spending a heck of times doing homework is not worth. It may help you with to improve your learning and achieve more. In my opinion‚ kids should not have too much homework because kids are just kids‚ all they probably want is to relax and have fun. PARAGRAPH 1 Kids already having 6 hours of school
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Did Rome have a good impact on us today? No‚ I think Rome had a bad impact on us today. Intro: This should include a hook‚ the claim‚ and your reasons. Do- you think Rome had a good impact on us today? Did Rome actually do more bad than good or or the other way around? Body: Reason #1 One of the reasons I think Rome was bad was the government. The government was not well organized and the branches fought against each other and didn’t really focus on helping Rome but just fighting to see whose
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