Journal Entry 6-1-12 I learned that its not always about immediate profit. The purpose of business is to prolong your business while making a solid profit each year. If you make 100‚000 dollars for 3 years that does not exceed what your profits would be if you made 75‚000 dollars a year for 25 years. The peace of mind alone knowing you have a trust worthy business partner as well as a set in stone job/business for your lifetime and retirement is often a lot more rewarding than a quick buck. I
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However‚ when rich Americans took vacations on the French Rivera it wasn’t until the 1920’s that tanned skin essentially became a fashion statement. Because of the great depression the 1930’s women got even skinner. There wasn’t much control over this although. Once the second world war passed‚ hips got larger and wider. The women of the 1960’s had a more androgynous and angular figure. In the 1970’s is when men really had to start adapting to body norms‚ so now‚ it wasn’t just the women who had
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2) Explain why a profit maximizing firm produces the output that equates marginal revenues to marginal costs (MR=MC). In a perfectly competitive market‚ producers are price-takers and consumers are price-takers. There are many producers‚ none having a large market share and the industry produces a standardized product‚ also free entry and exit of the industry. They produce using the optimal output rule: produce where marginal revenue equals marginal cost as Smith (1904) demonstrated. Figure
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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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demand and Long run demand‚ and c) Durable goods’ demand and Non-durable goods demand. 2 . What are the problems faced in determining the demand for a durable good? Illustrate with example of demand for households refrigerator or television set. 3 . Analyze the method by which a firm can allocate the given advertising budget between different media of advertisement. 4 . What kind of relationship would you postulate between short-run and long-run average cost curves when these
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1. [Sales Growth Rates‚ Sales‚ and Profits] Petal Providers Corporation opens and operates “mega” floral stores in the U.S. The idea behind the super store concept is to model the U.S. floral industry after its European counterparts whose flower markets generally have larger selections at lower prices. Revenues were $1 million with net profit of $50‚000 last year when the first “mega” Petal Providers floral outlet was opened. If the economy grows rapidly next year‚ Petal Providers expects its
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Profit Maximization Marginal revenue is the change in revenue which comes from the sale of an additional unit of output. The relationship with total revenue is that total revenue is used in the formula to calculate marginal revenue. A company can calculate marginal revenue by dividing the change in total revenue with the change in output quantity. Because of demand‚ as production quantity increases the revenue per unit will decrease. On the other hand‚ marginal cost is the change in the total
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The Lost Generation got it’s name from Ernest Hemingway‚ which he wrote in his novel‚ The Sun Also Rises‚ about this particular generation. The Lost Generation happened in the 1920’s and they were labeled the lost generation because as described in The Twenties‚ sections 4 Mass Media and the Jazz Age‚ “...greedy‚ materialistic world that lacked moral values.” In The Lost Generation Americans grew unsatisfied with their way of living‚ so people moved to different parts of Europe since it was know
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Session 2 : Principles of Accounting and Financial Reporting - Chapter Two Quiz 1. Which of the following is a difference between financial reporting for internal service and enterprise funds? (Points : 10) Internal service funds are reported in the governmental fund financial statements. Internal service funds are reported in the proprietary fund financial statements. Internal service funds are generally
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with the acquisitions of Uncle Toby’s‚ Jenny Craig and Novartis Medical Nutrition giving them a strong competitive position in the market place through research and development. Below are the Financial Profitability Statement Ratios for 2006‚ 2005. Profit margin ratio = Net income measures net income in each sales dollar. Net sales Dec. 06 CHF Sales $98.5 billion – Expenses $1.5 billion = Net income $97.0 = 9.8% Net sales $98.5 Dec. 05 CHF Sales
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