The term least-cost solution does not describe one specific principle in economics. Least-cost solution covers a wide diversity of economical topics that help form an ultimate solution. The term can be introduced in the context of a firms aim and objectives e.g. "profit maximization". In many cases firms may have other objectives such as providing quality to customers and thus may adopt techniques such as total quality management (TQM). Organizations such as Banks often prefer to focus on providing
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Chapter 4. Costs and Cost Minimization Problem Set 1. Suppose the production of airframes is characterized by a CES production function: Q = (L½ + K½)2. The marginal products for this production function are MPL = (L½ + K½)L−½ and MPK = (L½+ K½)K−½. Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital for an airframe manufacturer that wants to produce 121‚000 airframes. The tangency condition
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rule of law. World Bank‚ The Rule of Law as a Goal of Development Policy By Helen Yu and Alison Guernsey I. Introduction to the Rule of Law Politicians‚ lawyers‚ economists and policy-makers often use the term rule of law to characterize a certain type of legal-political regime. As the pace of globalization has increased in the past two decades‚ many developing countries have prioritized their policy agendas to promote the rule of law. This FAQ
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“From Your Friends to Archenemies” “The best way to destroy an enemy is to make him a friend.” The line between friends and enemies is not always very thick. Someone can easily switch from a trusted friend into a sworn enemy. In fewer cases‚ it is possible that some friends are actually our worst enemies. There are countless reasons for this. However‚ it demonstrates that the social realm is fluid and based on connections and bonds that can be forged‚ broken and repaired. Few things are cast in
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working environment‚ what causes it and how it affects the workplace. I will start by defining what stress is and how it might be perceived. Then I will take a look at the factors that cause stress and how these might show in result when working. I try to look at all the possible reasons for stress and through that hopefully to show how to avoid a stressful environment. I will not try to put straight answers on to paper‚ but to think why workers might be stressed‚ and how this affects the organisation
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1. Identify and explain the four (4) ways in which marginal jobs deviate from the norms expected of work. Then explain which members of the labor force have the highest likelihood of working in marginal job and why. According to the text‚ norms that are expected out of work are: (1) the job content should be legal; (2) the job should be institutionally regular; (3) the job should be relatively stable; (4) the job should provide adequate pay with sufficient hours of work every week to make a living
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the key economic indicator that investors and traders look at for direction of the market. The reason being that unemployment may bring about serious consequences to the economy. This essay will discuss the two types of unemployment and the economic cost of unemployment to a country. Frictional unemployment arises because people changing jobs will go through a period of unemployment. They include people who change job voluntarily‚ fired workers seeking re-employment‚ people being laid off temporarily
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working in a hospitality workplace you must be aware of your legal duty of care‚ ensuring the health‚ safety and security of yourself and others. You MUST: work in a safe manner follow all safety instructions and work as you have been directed to correctly use or wear any safety equipment or personal protective equipment‚ such as masks‚ guards‚ gloves or hair covers inform your employer about any hazards‚ injuries‚ faulty equipment or safety concerns cooperate with your employer‚ assisting them
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In your own words‚ define difference and inequality‚ and provide an example of each on City Road. This essay serves to define difference and inequality and provide an example of each within City Road‚ situated in Cardiff. It is clear that within city road‚ many differences are apparent‚ between the people that live and work there. From some of these differences‚ inequality can become apparent (The Open University‚ 2014). Difference and inequality although
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Effective Communication in the Workplace: The Factors that Affect Effective Communication in the Workplace Andrea Anderson The Mico University College Author Note This paper is submitted in partial fulfillment as a requirement of the Bachelors in Education‚ School Management and Leadership. 2012 Paper Outline The content of this paper seeks to delineate the factors that affect or hinder communication. In the latter of this document the following areas will be discussed: * Definition
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