If not‚ what adjustments are called for to improve the efficiency in resource use? The ratio of prices PK/PL= r/w= 50/5=10 and The capital to labor MPK/MPL= w/r=12 These two ratios are not equal‚ the restaurant should change inputs. To make the ratios equal the restaurant should use more capital and less labor. This tells us that the capital is 12 times as productive and 10 times more costly. Question2 A competitive firm sells its product at a price of $0.10 per unit. Its total and marginal
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IBM20400 International Human Resource Management Assignment 2 Question 1(25%) From an ethical standpoint‚ how would you evaluate the merits of Mr. Garbo’s employing Amber? Discuss. Mr. Garbo should not have been pressured by Mr. Davis to hire his daughter‚ Amber. The employment of a “friend’s” son or daughter may or may not be a good business practice. If Amber had been competent‚ mature‚ ambitious‚ energetic‚ and wanted to learn the business‚ then Mr. Garbo would have made a good decision
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1) FIRM OBJECTIVES: The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms‚ however‚ might not‚ and many times do not‚ make decisions based on the profit-maximization objective‚ or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization‚ (2) pursuit of personal welfare‚ and (3) pursuit of social welfare. Although firms are assumed to make decisions that increase profit in standard economic
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of the Firm The firm’s goal is to maximize profits‚ !. In order to do this it must decide what quantity of a good to produce given costs‚ technology and demand. A competitive firm is assumed to be able to sell as much as it wants at the market price without affecting price. So it takes price as exogenous (beyond it’s control) and does not worry about demand. In addition‚ for our purpose we’ll assume the firm operates efficiently‚ that is‚ whatever the level of production that the firm chooses
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allocating natural resources to private firms? Auction: Only way of allocating natural resources to private firms? “Is Auction the right way of allocating natural resources?” Time and again this question has come into limelight. Many scams still make us debate on this. Whether it is the 2G spectrum allocation scam or allotment of oil or Coalgate scam? Before getting into this debate lets first try to understand the rationality behind the allocation of natural resources - as on why do we need
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Bolaven Farms’ mission statement is “Growing the finest coffee is our passion. Restoring land ownership to the joy of the farming poor is our desire”. Its main purpose is to alleviate poverty and to produce premium organic coffee. Once earning the initial investment‚ its aim to reinvest 80% of its profit for community development sort of makes it a social business. SWOT Analysis of Bolaven Farm: Strength: Cheap labor‚ business with social cause‚ premium grade coffee‚ organic certified coffee‚ 75%
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Case Study #1 – Cola Wars Continue: Coke vs. Pepsi in the 1990s Cameron V. Collins MGT – 490 June 10th‚ 2011 Case Study #1 – Cola Wars Continue: Coke vs. Pepsi in the 1990s Introduction When it comes to soft drinks there are two top soft drink brands that come to mind‚ Coke and Pepsi. These two brands were invented in the 1800s and produced tasteful drinks that could be acquired at the nearest drinking fountain. The first drink produced by both companies‚ Coca-Cola by Coke and
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Movie: The Firm Sydney Pollack’s film The Firm is a drama based on an desire to escape from the law firm (Berndini‚ Lambert‚ and Lock) from which he was hired. The relatively small but wealthy firm wines and dines the ambitious Harvard Law Graduate’s (played by Tom Cruise) with money and gifts in order to make him part of their team. Overwhelmed by the gracious treatment and substantial offer Mitch McDeere takes the offer to be part of the Firm. The firm gets them caught up in a affluent lifestyle
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Purely competitive firms increase total revenue by Hint : Total revenue equals price times quantity sold. A purely competitive firm has control over one of these two variables. A. increasing production B. decreasing production C. increasing price D. decreasing price To increase revenue‚ firms look to increase price or quantity‚ as price multiplied by quantity equals total revenue. Purely competitive firms can sell as much as they want at the market price. Adding additional units of the product
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Today‚ human resources are seen as "the available talents and energies of people who are available to an organization as potential contributors to the creation and realization of the organization’s mission‚ vision‚ strategy and goals" (Jackson and Schuler‚ 2000‚ p. 37).There exist two models that seek to describe what strategy is and how an organization should develop such strategy. The first model known as the Industrial Organization (I/O) model is based on the assumption that firms competing in
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