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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‘For the most part products are disposable‚ but just for that extra one song that changes your direction in life‚ the importance of popular music cannot be stressed enough’ – Steven Patrick Morrisey (Goddard‚ 2004 – p271) Why The Smiths are a culturally significant band. Introduction 80’s Britain can easily be considered one of the most controversial social/political decades of the latter half of the 20th century. The years leading up to this decade manifested the ‘troubles’ in Ireland
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IB English Crucible Commentary by Kim Le Select 2/3 sequential pages of significant thematic and literary value Pages Chosen: 124‚125‚ 126 The crucible is a play written by American playwright‚ Arthur Miller and is a dramatization of the Salem witch trials‚ in the late 1600’s. In the final 3 pages of the novel (124-126)‚ Proctor (the protagonists) of the novel faces the prospect of a hanging unless he confesses to his alleged crimes of witchery. The passage is of high literary value‚ cleverly
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Macbeth Commentary During life everybody has a downfall of sort‚ some maybe more significant than others. In selection #3 the purpose is to show the beginning of Macbethʼs downfall. Shakespeare uses literary devices like irony and the use of exclamation marks to illustrate this. Irony is used throughout Shakespeare’s plays‚ in Macbeth the device irony is used frequently. An example is at the dinner when Macbeth says “And to our dear friend Banquo‚ whom we miss:/Would he were here
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Theories of Profit There are various theories of profit‚ given by several economists‚ which are as follows: 1. Walker’s Theory of Profit as Rent of Ability This theory is pounded by F.A. Walker. According to Walker‚ “Profit is the rent of exceptional abilities that an entrepreneur may possess over others”. Rent is the difference between the yields of the least and the most efficient entrepreneurs. In formulating this theory‚ Walker assumed a state of perfect completion in which all firms are
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How Is Certainty Possible? Certainty is defined as being free of doubt. In philosophy is there such a thing that we know without any doubt? Do we know anything with absolute certainty? Although we may believe to have genuine knowledge in some cases‚ there are other cases in which we do not know‚ but only think we know. Now therein lies the problem‚ how do we distinguish what is absolutely certain and what is not? This is why the idea of knowledge and certainty is so important. Both empiricists
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Close look at Bon Marley’s Redemption song “Redemption song” was written and sang by the legendary Bob Marley. He was known as a reggae artist who mostly sang about social and political issues. His songs touched people all around the world. This song particularly‚ could be interpreted in so many ways; quite literally‚ it could be regarded to some people as a song about slavery in the 18th and 19th century. But the way the message in the song is delivered‚ the repetition of some key
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Possible Selves Possible selves refer to the selves taht you might become. "Possible selves are highly personalized‚ vivid‚ futuristic images of the self that feflect hopes‚ fears‚ and fantasies" (Hockenbury and Hockenbury‚ 2003). Some examples of positive hoped for possible selves might be the successful self‚ the creative self‚ the rich self‚ the thing self‚ or the loved and admired self. Some examples of the negative dreaded possible selves might be the alone self‚ the depressed self‚ the
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Profit Determination Prepared by John Hoggett and Clare Innes Measurement of Profit • Cash basis • Cash income received - Cash expenses paid – Revenues recorded when received – Expenses recorded when paid • Accrual basis • Profit = Income (incl. Revenues) - Expenses – Revenue is recognised when the anticipated inflow of economic benefit can be reliably measured – Expenses when the consumption of benefits can be reliably measured 2 Adjusting Entries • The need for adjusting entries-
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Should artists address social and political issues in their work? Yes! I think that it is necessary for us to give physical form to things we think and feel strongly about‚ especially when it comes to social and political issues. We use art in our everyday lives for communicating information‚ day-to-day living‚ spiritual sustenance‚ personal expression‚ visual delight as well as for social and political purposes. Art can be used for communicating specific information. Art can make a strong statement
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