“Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which all inputs can be changed
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Interactive Management Science MS&E 107/207‚ Midterm Review The Flaw of the Averages Mindle 1 / Uncertainty vs. Risk * Risk is in the eye of the beholder * Risk reflects how uncertain outcomes cause loss or injury to a particular individual or group * Risk attitude measures the willigness to incur risk in the quest of reward * Different risks to the same uncertainty Mindle 2 / An uncertain number is a shape * A distribution * “Uncertain numbers” * Risk is subjective
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WHAT IS TIME AND WHAT CAUSES TIME? Australian writer and physicist Paul Davis has called time Einstein’s unfinished revolution. Einstein was first to introduce the concept of slowing of time with motion and in gravity. He was also a proponent of block universe view of time in which past present and future all coexist together laid out as a dimension on a time line. The Greek philosopher Aristotle had speculated that time may be related to motion; he however
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File size‚ Transfer Rate‚ and Transfer Time Larry Pfaff NT1110 ITT Technical Institute Table 1: Calculating transfer time File Size Transfer Rate Transfer Time 100 MB 56 Kbps 4.16 hr 100 MB 4 Mbps 3.49 hr 2 GB 56 Kbps 3.55 days 2 GB 4 Mbps 1.19 hr Convert file size and transfer rate to bits - S/R=T File size 100 MB Transfer Rate 56 Kbps = 4.16 hr 100*1048576*8/56000=14‚979.66 sec/60min=249.66 min/60(hour) = 4.16 hour File Size 100 MB Transfer Rate 4 Mbps = 3.49 mins 100*1048576*8/4000000=209
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It was drawn to my attention that we are presently calculating the average daily power factor as the sum of the all the power factor measurements taken during that day divided by the total number of measurements {∑Pf1+Pf2+Pf3+…Pfn}/n. According to teachings on this subject this is entirely incorrect. Furthermore a document was written about this very theory some years ago by one Mr. Lampkin and it is apparent that no change was made to correct the calculations (please refer to). The following is
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using the well-known drug methadone‚ helps fight the existing addiction- take drugs to stop taking drugs? When someone is fighting an addiction‚ one may decide to try and take action to cure their addiction by seeking help. Seeking help may consist of going through a treatment process of taking the well-known drug Methadone. This drug is known to help people fight their addiction to pain pills‚ heroin‚ crack-cocaine‚ and many others‚ or does it? The Methadone treatment is also known to start addiction
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No. 4 IV – Calcium November 26‚ 2012 Sterile Bandage A sterile bandage‚ also known as a sterile dressing‚ is any material that is free from infectious matter and that is used to cover an open wound or injury to help control bleeding and prevent additional contamination from the environment. One of the principle functions of the skin is to act as a guard against microorganisms‚ commonly called germs; debris; chemicals‚ and other substances from the environment‚ keeping the underlying
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onomics 1. The chief economist for Argus Corporation‚ a large appliance manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square
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divide has always existed between the rich and poor in society. However‚ during the Industrial Revolution in Victorian England‚ this rift reached its peak. The working class labored for long hours and received miniscule wages‚ whereas the bourgeoisie grew abundantly wealthy through the labor of the working class. Published in 1848 and 1854 respectively‚ Karl Marx’s The Communist Manifesto and Charles Dickens’ Hard Times both comment on these troubles. While Hard Times is a novel which tells a
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the “it girl” in school. What happens when the child has desires that are incomporable with those of their parents? The parents will still love their child‚ immensely‚ but deep down they still want their picture perfect son or daughter. Bet from “Average Waves in Unprotected Waters” wished her son‚ Arnold‚ to have a normal life without special needs. She goes out of her way‚ financially‚ to make this happen by purchasing a jacket that was too expensive for her lifestyle. The jacket symbolizes the
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