Before the nineteenth century transportation was a very hard and daunting task to do unlike in today’s world where it is fairly easy and fast to travel from place to place everyday. Back then there was only a few ways to transport people and goods around the country such as Horse and buggie or by boat. Transporting goods around the country was a much slower and longer process to do back then than it is today. Soon after during 1970 new ideas were being created to provide a faster and quicker ways
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used in civil engineering) to assess the particle size distribution (also called gradation) of a granular material. The size distribution is often of critical importance to the way the material performs in use. A sieve analysis can be performed on any type of non-organic or organic granular materials including sands‚ crushed rock‚ clays‚ granite‚ feldspars‚ coal‚ soil‚ a wide range of manufactured powders‚ grain and seeds‚ down to a minimum size depending on the exact method. Being such a simple
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Ronald Coase noted‚“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example‚ the opportunity set for this Friday night includes the movies‚ a concert‚ staying home and studying‚ staying home and watching television‚ inviting friends over‚ and so forth. The opportunity cost of taking job A included the forgone salary of $102‚000 plus the $5‚000 of intangibles from job B. Opportunity cost is the sacrifice of
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each day some amount of cod is brought to market. Supply is perfectly inelastic at that amount. How much cod is caught and brought to market varies day to day. Assuming the demand curve does not vary over time‚ use a supply and demand diagram to illustrate how the price is determined on different days. Explain how this process allows us to identify different points on the demand curve. Question 2: Consider the CEO compensation regression results on p.68 of the Brander-Perloff reading (on
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Last topic: THEORY OF THE FIRM Topic 5 Market Structures (I) Nature of the firm Theory of production Fixed v/s Variable factors Time periods Product concepts – TR‚ AR‚ and MR Product curves & Economic intuition Theory of costs – Short Run TC‚ FC and VC (AFC‚ AVC and SAC) SAC and SMC Cost curves & Economic intuition Relationship between product and cost curves Theory of costs – Long Run TC LAC and LMC Cost curves & Economic intuition Economies and Diseconomies of scale Theory of Supply Profit
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THE LAWS OF RETURN TO SCALE The laws of return to scale explain the behavior of output in response to a proportional and simultaneous change in input. Increase in inputs proportionately and simultaneously is in fact expansion of the scale of production. Statement: “As a firm in the long run increases the quantities of all factors employed‚ other things being equal‚ the output may rise initially at a more rapid rate than the rise of increase in inputs‚ then output may increase in the same proportion
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RATING SCALES INTRODUCTION Rating scales‚ as the name implies‚ are scales for rating each of the characteristics or activities one is seeking to observe or assess. A rating scale is a set of categories designed to elicit information about a quantitative or qualitative attribute. They enable an observer to systematically and objectively observe a person and record those observations. In the social sciences‚ a common example is the Likert scale in which a person is person selects the rating which
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There are several feats that one can accomplish in life that set him or her apart from other individuals. When thinking of specific “feats” that a person can achieve‚ several sports records come to mind. Someone can have the most touchdowns in football‚ score the most points in basketball‚ or score the most goals in soccer or hockey. However‚ records like these pale in comparison to pitching a perfect game. There’s something about retiring 27 batters in a row that astounds us to the point that unknown
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Cut Minimum Cost Flow Special case: Transportation and Assignment Problems Set Covering/Partitioning Traveling Salesperson Facility Location and many more The Transportation Problem The Transportation Problem The problem of finding the minimum-cost distribution of a given commodity from a group of supply centers (sources) i=1‚…‚m to a group of receiving centers (destinations) j=1‚…‚n Each source has a certain supply (si) Each destination has a certain demand (dj) The cost of shipping
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Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
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