In the background to supply‚ we notice about the terms "total product"‚ "marginal product" and "average product". These three figures are the foundation upon which the analysis of short-run production for a firm is analyzed. Total product is the total quantity of output produced by a firm for a given quantity of inputs. The usual framework is to analyze total product when in a variable input (labor) changes‚ for a given amount of a fixed input (capital). Diagram 1 In diagram 1‚ as the curve shows
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of the more basic concepts of economics. Scarcity needs trade-offs‚ and trade-offs result in an 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
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Costs of Production July 2011 Topics to be Discussed Measuring Cost: Which Costs Matter? How do Cost Curves Behave? – Cost in the Short Run – Cost in the Long Run How to Minimize Cost? How to draw Implications for Business Strategy? Topics to be Discussed Production with Two Outputs: Economies of Scope Dynamic Changes in Costs: The Learning Curve Estimating and Predicting Cost Measuring Cost: Which Costs Matter? Accountants tend to take a retrospective view of firms’ costs‚ whereas
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Electric Car has a history but is there a future in the UK or will there be a better option? The invention of the first Electric Car was in 1830 but was not perfected until the creation of rechargeable batteries in 1859. By 1912 50 companies were producing 34‚000 electric cars. Once the development of the electric starting motor occurred and the price of fuel was cheap then the electric cars industry vanished. The oil crisis in the 1970’s caused some re-emergence of electric cars but the high
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Hybrid Cars Hybrid cars are the transportation of the future. Humans have been driving around since the 1880’s. They started off as simple‚ one-cylinder machines‚ to today‚ where they are twelve cylinder animals. From fuel-efficient coupes‚ to gas guzzling SUVs‚ or even the ultra expensive supercars‚ all use gasoline. The use of this gasoline makes or breaks the selling point of the car. We base the cars off of their utility; the gas-guzzlers may be the ones with the most torque and pulling
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Car Industry Porters 5 Force Porter (1980) illustrates in this analytical tool 5 variables that determine the attractiveness of an industry for organisations in terms of profitability in their immediate environment. Using the forces in this model we can analyse how attractive the global car industry is to enter‚ the 5 forces are as follows. The threat of potential new entrants High barriers to entry is one of the determinants of whether a firm can enter into the industry or not‚ the
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mortgage loan‚ you can finally start looking at physical homes. This is where determining the difference between wants and needs comes into play again which is where a real estate agent comes in hand. Finding a real estate agent is step five in the home buying process. Once you have narrowed down the area you want to purchase a home‚ you want to find an agency that works in that area. To find a local agent you can ask for recommendations from trusted people who have bought recently‚ which is the best way
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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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The flying car would revolutionize the world and change normal living behaviors. With the advancing technologies that are emerging today flying cars are just around the corner. Within the next 10 years flying cars will hit the sky and be sold on a normal basis. New technologies such as fuel cells will make the flying car much more practical due to the fact that they will require a great deal of energy to operate. At first when the premiering sky car takes off to the market it will cost about that
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A solar car is a solar vehicle used for land transport. Solar cars combine technology typically used in the aerospace‚ bicycle‚alternative energy and automotive industries. The design of a solar vehicle is severely limited by the amount of energy input into the car. Most solar cars have been built for the purpose of solar car races. Exceptions include solar-powered cars and utility vehicles. Solar cars are often fitted with gauges as seen in conventional cars. To keep the car running smoothly‚
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