Problem Set 2 Name: Nichole Wharton 1. The following table presents data for wages in the market for internet security professionals. (HINT: in the labor market the roles are reversed. Those who want to hire labor are the demanders. The workers enter the work force providing labor to the market place so they are the suppliers.) |Wage |Quantity Demanded |Quantity Supplied | |$50‚000 |20
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www.LidarUS.com [pic][pic][pic][pic][pic][pic]Find Answers for: What Is Equi-marginal Utility? [pic] 1 In economics [pic] it is known as law of Equi-marginal Utility. It basically shows the behavior of a consumer in allocating his limited earnings among different goods and services. In short this law tells that how a consumer distributes his earnings between set of goods so as to get maximum satisfaction. Great Answer Report Xarsh 3 years ago Ads by Google • Download
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Full Cost Pricing Selling price arrived at by adding overheads and profit margin to the direct cost per unit of a product. In a manufacturer’s overheads computation‚ less than full capacity utilization of the plant is factored in to allow for fluctuations in the output. The profit margin is computed as a fixed percentage of the average total cost of the product. Pricing - full cost-plus pricing Full cost plus pricing seeks to set a price that takes into account all relevant costs of production
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THE MARGINAL WORLD The edge of the sea is a place in which wave‚ by wave had broken against the land‚ and where the ocean never rests‚ never stops‚ it is always in constant movement‚ it is always changing‚ and the ebb tide knows extreme parts of the world‚ and it is exposed to different temperatures. Living in there‚ in the shore‚ is difficult for animals only the most hardly and adaptable of them can survive‚ but there is a variety of species in there‚ there are also deep in the sand‚ were they
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BEO6600 Business Economics: Tutorial/Homework Assignment #1 & 2 Coverage: Introduction & Marginal Analysis 6. *Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? In economic situation‚ Scarcity means there are inadequate/ insufficient amount of supply of resources. Those resources are Human resources (labour)‚ natural resources (land and raw materials)‚ and manufactured resources (capital). Scarcity is where human wants are virtually
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MARGINAL AND ABSORPTION COSTING Marginal costing is a technique in which production units are valued at marginal cost of production and fixed costs are written off as period costs. It follows that‚ stocks are valued using only the variable cost of production whereas fixed costs are treated as relating to the period and must be taken off in total. Management accounting is based on marginal costing. TERMINOLOGY USED. Gross contribution: Is the difference between sales value and variable costs
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Discuss whether marginal utility theory is a realistic piece of economic analysis in explaining consumer demand. [13marks] Marginal utility is the extra satisfaction gained from the consumption of an additional unit of a good or service. It can be specified as the change in total utility divided by the change in quantity. The concepts of market demand and law of demand often utilized marginal utility as the backbone‚ the theoretical basis. An example would be the demand curve‚ which is usually
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the following short-run cost curve: TC = 800‚000 - 5‚000Q + 100Q^2 a) Compute the marginal cost curve for Ajax answer: Marginal Cost (MC) = dTC/dQ Since the derivative of a constant = 0‚ MC = -5‚000 + 200Q b) Given Ajax pricing strategy‚ what is the marginal revenue function for Ajax? Since Ajax is pricing as if it were a perfectly competitive firm‚ then‚ it’s price would equal its marginal revenue‚ thus: P = MR = $20‚000 c) Compute the profit maximizing level of output
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MARGINAL PRODUCTIVITY THEORY: A theory used to analyze the profit-maximizing quantity of inputs (that is‚ the services of factor of productions) purchased by a firm in the production of output. Marginal-productivity theory indicates that the demand for a factor of production is based on the marginal product of the factor. In particular‚ a firm is generally willing to pay a higher price for an input that is more productive and contributes more to output. The demand for an input is thus best termed
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Analysis of Cost‚ Profit and Total Revenue Prepared by: Cajucom‚ Mary Jane Constantino‚ Georgia Escuadro‚ Abigail Ferry‚ Yasmin Joy Orobia‚ Maribel Lopez‚ Rannel Tumale‚ Mary Joyce Submitted to: Mrs. Gina Braga Accounting versus Economic Costs Economic costs Are forward looking costs‚ meaning‚ economist are in tune with future costs because these costs have major repercussions on the potential profitability of the firm. ● Opportunity cost‚ or costs that are incurred
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