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Q-1
Opportunity cost is a very important economic notion. It is the cost of your next best opportunity. In economics, this cost is a part of profit calculations. But in accounting it's not. Why do we use this notion in economics? How does it come into play in economic decision making? Please explain and elaborate.
Q-2
Choose an organization not previously selected that has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization. How has the Internet changed this balance for organizations?
Q-3
Explain the decision-making process when MR is greater than MC and when MC is greater than MR. Why does a manager want to operate at a capacity where MR=MC?
Q-4
As a student, what opportunity costs do you confront by enrolling in University of Phoenix's MBA program? Does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities? For your organization, are opportunity costs fixed costs, variable costs, both, or neither.
Use the regression equation to focus the demand for the product you chose for the next three periods. Assess what the results of the regression equation tells managers and how it is likely to impact decisions made related to maximizing profitabili..
How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on it? Use the notion of opportunity cost in your answer.
The three types of economic systems are Market Economy, Mixed Economy and Planned or Controlled Economy. How does each handle the issue of Scarcity? How does each system answer What, How, and For Whom questions?
determining profit or loss from an investment. three years ago you purchased 150 shares of ibm stock for 88 a share.
Using budget lines and indifference curves, prove to your colleague that he is wrong - decompose the change in price into two components: pure substitution effect, and income effect.
A trend analysis for a farm business could be performed using what kind of data for comparison?
Agree or disagree and explain. The AD schedule slopes downward because real income rises as the price level declines and everybody buys more as the real income rises.
Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X –X2. With no restrictions on the number of traps, and open access ..
Japanese GDP in 2010 was 480 trillion yen while U.S. GDP was $14.5 trillion. The exchange rate in 2010 was 87.8 yen per dollar. Japan had higher prices than the United States: the price level in Japan (converted to dollars) divided by the price level..
What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P (price) and Q (output). Then, plot the MC (marginal cost), D (demand), and MR (marginal revenue) curves graphically and illustrate the ..
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
The U.S. Entergy Information Agency supplies current and historical data for world crude oil prices. Look both at current and historical data on world crude oil prices. Over the last six months, do you think the price of crude oil has produced an ..
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