1. Five factors you should consider when assessing the suitability of hardware device for connecting to a computer is; Speed‚ Cost‚ Security‚ Capacity‚ Reliability. 2. When installing a new component into a computer system the tasks involved are; Add the component to the computer‚ either connecting in through an existing port or plugging it into an expansion slot in the motherboard. The available ports on most computers include serial‚ parallel and universal serial
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Price takers are defined as “Sellers who must take the market price in order to sell their product (Gwartney‚ Stroup‚ Sobel‚ Macpherson).” The price takers production is very small compared to the total market; this allows the price takers to sell their products at the market price. However‚ they can’t sell any of their products at a higher price relative to the market price. To better explain; the text states In a price-taker market‚ the firms all produce identical products (for example‚ wheat
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Congratulations‚ you are now in charge of a $100‚000‚000 corporation. Your company manufactures sensors. Sensors are devices that observe physical conditions. Your sensors are installed into the products your customers sell. Sensors are everywhere. Almost any product that has an automated function requires some sort of sensor. Your company was created when the government split a monopoly into identical competitors. When the company was a monopoly‚ operating inefficiencies and poor product
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Week I Quiz Results/Answers ECO561 1. Revenue increases when * producer surplus increases 2. An increase in the price of an inelastic good * increases revenues 3. Price elasticity of Demand increases when * people become less price sensitive over time 4. The purpose of a market in a market system is to * bring buyers and sellers into contact 5. By specializing in the production of one good‚ a company is able to benefit from economies of scale which increases its revenue. Which
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about the need to take supplements or medications when build muscle. If you are going down this path and on a mission to build muscle naturally then you need to forget them. While supplements play some role in maintaining good nutritional balance the truth is‚ they are really only necessary if you struggle to gain the right nutrition from your diet. But there is little doubt that the natural way is by far the best way so you need to be a little vigilant when you start hearing you need to be taking
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Altamirano 1 Victor J. Altamirano Professor Powers Business and its Publics 25 February 2012 Subsidizing Profits In contemporary United States policy‚ the conception of free market principles result in negative externalities for the public as well as market inefficiencies. To address these issues‚ the government has developed methods to sway commercial enterprise and its services through taxes and subsidies. Taxes are used to discourage certain transactions and production operations
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attempting to maximise profits. Explain the circumstances in which Home Farm might make supernormal profits in the short run‚ but only normal profits in the long run. (15 Marks) Supernormal profit is defined as extra profit above that level of normal profit. Supernormal profit occurs where Average Revenue>Average Total Cost (AR>ATC). Supernormal profit is also known as abnormal profit. Abnormal profit means there is an incentive for other firms to enter the industry. On the other hand normal profit is defined
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Theories of Profit There are various theories of profit‚ given by several economists‚ which are as follows: 1. Walker’s Theory of Profit as Rent of Ability This theory is pounded by F.A. Walker. According to Walker‚ “Profit is the rent of exceptional abilities that an entrepreneur may possess over others”. Rent is the difference between the yields of the least and the most efficient entrepreneurs. In formulating this theory‚ Walker assumed a state of perfect completion in which all firms are
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Name Your Price: Compensation Negotiation at Whole Health This case study is about a student Monroe davies who is in his second year at Harvard Business school and Jim Hummer who is the CEO of a company named Whole Health Management. Jim has met Monroe before and knows that Monore is interested in entering the whole health management. Jim has asked Monroe to design a compensation package for himself as Director Business Operations because Jim wanted to assess how Monroe reacts when faced by
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