STUDY GUIDE COSTS OF PRODUCTION: Total Physical Product (TP)- total output or quantity produced Marginal Product (MP)- the additional output generated by additional inputs (workers). Average Product (AP)- the output per unit of input. Stage 1: Increasing Marginal Returns Stage 2: Decreasing Marginal Returns Stage 3: Negative Marginal Returns TC- Total Costs: Sum of Fixed and Variable Costs VC- Variable Costs: Costs for variable resources that do change with the amount produced
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Sample Test Questions for ECON 102 with answers marked 1. Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. 2. The adage‚ "There is no such thing as a free lunch‚" means a. even people on welfare have to pay for food. b. the cost of living is always increasing. c. people face tradeoffs. d. all costs are included in the price of a product. 3. Government policies resulting in reduced efficiency include (i) the welfare system
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explore and discuss the motivational factors that managers must be proficient with in order to accomplish the organization’s goals and objectives. This exploration and discussion will include aspects of different theories to understand how motivation affects the accomplishment of the organization’s goals and objectives. This exploration will be emphasized and interconnected with motivational theories to increase the success of today’s organizations and explain the impact managers have on the success
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FACTOR ANALYSIS Factor analysis is a general name denoting a class of procedures primarily used for data reduction and summarization. It is used in the following circumstances: • To identify underlying dimensions or factors‚ that explains the correlations among the set of variables. • To identify new‚ smaller set of uncorrelated variables to replace the original set of correlated variables in subsequent multivariate analysis. • To identify smaller set of salient variables from a larger set for
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P2 – Explain the potential effects of five different life factors on the development of an individual Genetics affect who you will grow to be in many ways. Deoxyribonucleic acid (DNA) is the language of life that is within every living thing‚ genetic instructions that form what we will become. There is still much of the language that scientists don’t understand‚ but after extensive research scientists have found that certain gene codes actually relate to increased chances of developing a cancer or
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Environmental Factors 1 Environmental Factors Axia College University of Phoenix October 8‚ 2011 Lisa M. Whyte MKT/421 Mc Clintock Environmental Factors 2 The rising technology has allowed our environment to be characterized as a global one. “The global economy" gave business the ability to market products and services all over the globe. It has also allowed them to develop partnerships
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MICRO CHIP COMPUTER CORPORATION FINANCIALS American Intercontinental University FINA310-1103B-08: Financial Management Sunny Onyiri September 2‚ 2011 Abstract This report paper will review both the selected financial statements and the Consolidated Statement of Operations for the year ended September 25‚ 2008 for Micro Chip Computer Corporation and answer four questions. These questions will bring to light the year-to-year percentage annual growth in total net sales and if the corporation
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organisation design. 2010: Drawing on empirical studies‚ critically examine how contingency theory explains the ways in which an organisation’s technical- economic environment influences its internal structure. 2009: In his critique of structural contingency theory‚ Child (1972)used the concept of strategic choice to show that organizational structures are not directly ’caused’ by contingency factors‚ but are always mediated by the decisions of senior managers. Explore the idea of strategic choice
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Micro Is the discipline of economics concerned with individual units such as a person‚ household‚ firm‚ or industry True Communism exhibits all the characteristics of a command system Which of the following describe a command system? Government ownwershiop of most or all property resources A government appointed central planning board Economics is a social Science concerned with the allocation of scarce Resources to meet the unlimited wants Of the members of a given society. Marginal
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entirely about $200m in funding of microfinance projects (Rogaly‚ 1996). The term micro-finance has over the years generated a lot of definitions by various authors. Armendáriz and Morduch (2010) have documented that despite several claims as to
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