OPEN UNIVERSITY MALAYSIA Managerial Economics Assignment QUESTION 1 A certain production process employs two inputs labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following relationship: Q = 6L2 R2 - 0.10L3 R3 Assume that raw materials (input R) are fixed at 10 units. (a) Determine the total product function (TPL) for input L. (2 marks) (b) Determine the marginal product function for input L. (2 marks) (c) Determine
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Chapter 1 Introduction: The Role‚ History‚ and Direction of Management Accounting MULTIPLE CHOICE C 1. One of the objectives of management accounting is to provide a. stockholders and potential investors with useful information for decision making b. banks and other creditors with information useful in making credit decisions c. management with information useful for planning and controlling operations d. the Internal Revenue Service with information
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Effective communication is important in business dealing with employees and outsiders‚ such as vendors and clients. Because accounting is an intrinsic part of any business‚ good communication skills are vital in this area. Important financial tasks such as budget preparation and reporting‚ bill paying‚ payroll and recording income need to be presented properly to management and others to be useful and meaningful. Ads by Google Business Tax Advice Accounting & bookkeeping services Business reporting
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almost fulfilled her motivation for life. The “Meaning of Life” as Frankl sees it is that it can only be defined by the own person. Nobody can have the same meaning to their life‚ every human is different. “ For the meaning of life differs from man to man‚ from day to day and from hour to hour. What matters‚ therefore‚ is not the meaning of life in general but rather the specific meaning of a person’s
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chapter explains why managerial accounting is important to the future careers of all business students. It answers three questions: (1) What is managerial accounting? (2) Why does managerial accounting matter to your career? and (3) What skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility. I. What is managerial accounting? A. Examine the difference between Financial and managerial accounting • Financial
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practice of management is. Only within the last century did people begin to reflect systematically on their experiences and observations in attempts to sort out and identify those managerial practices that seemed to work better than others. These better practices were called principles but more closely resembled guides to managerial thought and action than scientific fact. Henry Fayol was the first to propose a general theory of management. He defined theory as “a collection of principles‚ rules‚ methods
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PROFESSIONAL COMMUNICATION Introduction & Definition Since the dawn of civilization man expressed his ideas and views in different ways to exchange his feelings and emotions. This way of exchanging the feelings is known as communication. Communication is one of essential conditions of social interaction. According to Brown‚ “Communication is the process of transmitting ideas or thoughts from one person to another for the purpose of creating understanding. According to Keith Davis‚
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Mass media is communication—whether written‚ broadcast‚ or spoken—that reaches a large audience. This includes television‚ radio‚ advertising‚ movies‚ the Internet‚ newspapers‚ magazines‚ and so forth. Mass media is a significant force in modern culture. Sociologists refer to this as a mediated culture where media reflects and creates the culture. Communities and individuals are bombarded constantly with messages from a multitude of sources including TV‚ billboards‚ and magazines‚ to name a few
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Table of Contents I. Introduction Pg. 2 II. Accounting Overview Pg. 3 III. Financial (Cost) & Management Accounting Pg. 4 IV. Management Accounting role in the Organization Pg. 6 V. Communication and presentation Pg. 7 VI. Management Process Pg. 8 VII. Conclusion Pg. 10 VIII. End Notes Pg. 11 IX. Bibliography/Further Readings Pg. 12 Introduction As a business owner‚ manager‚ and director of various business entities
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Economics and Managerial Decision Making Economics (text definition) The study of the behavior of human beings in producing‚ distributing and consuming material goods and services in a world of scarce resources Economics (Moss’ favorite definition) Economics is concerned with how people to allocate scarce resources among alternative uses. Scarcity Scarce means that there is not enough of the resource available to satisfy all the desires for it without imposing a system of rationing. Resource
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