November 6‚2012 1. Conditions for profit maximization are: a) Difference between total revenue (TR) and total cost (TC) is maximized; b) Marginal revenue (MR) should be equal to marginal cost (MC) Explanations: If we assume that the company is facing a downward – sloping curve and it produces just one single product a) Profit = TR – TC. Profit will increase if TR increases and TC decreases. If company wants profit maximization‚ it should be TR maximization and TC minimization. The maximized
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research for Shamrock Components Plc by using theories I will assess the factors that would influence the decision of the senior managers and whether they should join the joint venture or not. Profit maximisation Profit maximisation is the process by which a firm determines the price and output level that returns the greatest profit. There are several approaches to this problem. The total revenue - total cost method relies on the fact that profit equals revenue minus cost‚ and the marginal revenue
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The SWOT of Non Profit and For Profit By Shelley Coulter Submitted: May 20‚ 2013 Instructor: Olivia Kerr PHI445: Personal & Organizational Ethics (BIJ1316A) Thesis: Believing in who you are and what your purpose in life‚ sets the standards on which you live. Shelley Coulter Introduction The highest ranking professions involve helping people. Among the lowest ranking occupations are those associated with the not profit and for profit organizations. The Mesopotamian Code
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of Teleological Ethics 1. Utilitarianism – Utilitarian moral theory is classical utilitarianism‚ 2. Varieties of ancient Greek virtue ethics – Aristotle Ethics is an Example a. The goal of ethics is to explain how one achieves the good life for human beings. There are only two basic kinds of prescriptive moral theories: teleological theories‚ deontological theories TELEOLOGICAL ETHICAL THEORIES Teleological moral theories locate moral goodness in the consequences of our behavior and not
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Contemporary ethical theory begins with G. E. Moore (1873–1958). Moore opened up new issues for consideration and altered the focus of ethical discussion. Moore believed that the task of the ethical philosopher is to conduct a “general inquiry into what is good.”This seems reasonably straightforward‚ down to earth‚ and useful. If you know what good or goodness is‚ and if you know what things are good‚ then you also know what proper conduct is‚ right? This‚ at any rate‚ is what Moore maintained
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CONSUMER BEHAVIOR AND UTILITY MAXIMIZATION Consumers are assumed to be rational. Given his money income and the market prices of various commodities‚ he plans the spending of his income so as to attain the highest possible satisfaction. It is possible to measure the amount or level of satisfaction that individuals get from consuming a commodity or a bundle of goods using the concept of utility. Two approaches to the concept of utility (Cardinalists and Ordinalists approach) describe how utility can
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Philosophy 121 Ethical Theories of Drug Reform In Popular Culture Rhonda Garcia For many years a hot topic of debate in the United States is whether or not we should legalize drugs. Many feel drug use is immoral‚ while others feel it is their natural right to choose to use drugs or not. I would like to discuss the history of drug reform and the moral perspective of natural law‚ utilitarianism and Kantian ethics over this pertinent issue that we face in the United States today. The first drug
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Profit vs. Not-for-Profit Organization A nonprofit organization is formed for the common good of the public. Nonprofit organizations are usually formed for some specific religious‚ charitable or educational purpose. A for-profit organization may be formed to conduct any number of lawful business activities. The primary reason to form a for-profit organization is to earn a profit for the owners of the company. Use of Profits Since a not-for-profit organization is formed to accomplish a specific
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Feminism is a broad term that generally means a movement that seeks gender equality and the end of sexism (MacKinnon‚ B. 2015). In ethical theory‚ feminism conflicts with the traditional approaches to morality such as‚ autonomy‚ impartiality‚ and neutrality; these values are often stressed in male dominated cultures. However‚ the female approach to morality centers on relationships (MacKinnon‚ B. 2015). It is important to note that while many women take both approaches to morality‚ men tend to
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Assignment: Maximizing Profits in Market Structures Paper XECO/212 University of Phoenix The structure of a market is defined by the number of firms in the market‚ the existence or otherwise of barriers to entry of new firms‚ and the interdependence among firms in determining pricing and output to maximize profits. This paper covers the following: the advantages and limitation of supply and demand‚ the characteristics of each market structure‚ the barriers to entry and how
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