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Cyclic Chains:
In Markov Chains the current state of the system depends on all previous states. It is a stochastic process. Sometimes transition probability matrices are different from State I to State II, State II to State III etc and from cyclic chains which repeat in the same order.Recurrent State:
A state is recurrent if it is certain to take place again, given that it has happened at least once, otherwise it is said to be transient. In other words, a transient state will take place only a limited number of times and then go away forever whereas the recurrent state is permanent. If a process is finite (i.e. has a finite number of states) and is irreducible, then all states are recurrent. This is the most common form of Markov Chain in applications.
Characteristics of irrelevant costs
Z or t Statistics If n ≥30 we use Z, if, n Ho: B = O that is, there is no relationship between X and Y HA: B≠ O There is a significant relationship between X and Y The l
Explain Profitability ratios in relation to sales a) Gross profit ratio b) Net profit ratio c) Operating ratio d) Operating profit ratio e) Expenses ratio
Question 1: (a) Use indifference curves to distinguish between income and substitution effects. (b) Hence, using the above techniques explain why the demand curve slope down
Cost volume profit analysis Meaning and definition Cost volume profit analysis is a technique for studying the relationship between cost volume and profits . profits of an
After determining the amount of working capital as in above, a specific amount say 5 percent or 10 percent may be added to cover contingencies. This is to be noted that facts depen
Status Resources We had classified constraints as scarce and abundant, depending respectively on whether or not the optimum solution "consumes" the entire available amount of t
Differnetial cost analysis uses
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What are the Advantages of cost accounting: 1. Cost accounting as an aid to management: cost accounting helps the management in carrying out of its functions, planning, organ
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