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The comparability principle
Associations representing workers providing services - clerical, postal, teaching, etc. - have always attempted to apply the "principle of comparability" with wages of those in similar occupations, though it is often very difficult to compare workers in different occupations, since no two jobs are alike.
In 2006, a hospital with 130 beds had 8,795 admissions. The average length of stay?for every patient was 4.7 days. Assuming full capacity is 100 percent, detremine the occupancy ra
finding marginal product
Firm and industry supply schedules The plan or table of possible quantities that will be offered for sale at different prices by individual firms for a commodity is called su
INTERNATIONAL TRADE Definition It is the exchange of goods and services between one country and another. International Trade can be in goods, termed visibles or in servi
How economics contributes to managerial functions However economics is variously defined, it's basically the study of logic andtechniques and tools, to make optimum use of ava
Neoclassical Theory The neoclassical theory of economic growth began its career in the fifties and since the mid fifties a sizeable literature has developed. The theory largely
Airbus Boeing Demand P = 182.868 - 0.0003Q P = 198.6592 - 0.00013Q TVC Curve TVC = 104.8822Q - 0.001Q^2 + 0
Opportunity Cost This is the amount that is sacrificed when choosing one activity over the next-best alternative. In organization, an example of opportunity cost is seen in th
SHORT-RUN EQUILIBRIUM All firms are assumed to aim at maximizing profits or minimizing losses. The monopolist controls his output or price, but not both. The monopoly maxi
Opportunity cost is cost of a different that must be forgone in order to pursue a definite action. Put another way, the advantages you could have received by taking an alternative
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