“Apply the concepts of marginal utility theory‚ product differentiation‚ and revenue/profit maximization to some event in your personal‚ daily lives.” [1] Marginal Utility Concept Application From the three concepts at hand this is by far the easiest to exemplify. According to Sloman and Sutcliffe the concept of utility is directly related to that of satisfaction [2]. The satisfaction that one individual takes from consuming something is called utility. Now when we consider the utility concept
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Briefly explain the meaning of‚ and reasons for‚ strict liability. For strict liability offences it can be said that the prosecution does not have to prove the existence of mens rea for one or more of the elements of the actus reus of the offence. It is often said that no mens rea is needed for strict liability offences. This is probably an over simplification. A more complete answer would be that the prosecution does not have to prove the existence of mens rea for one or more of the elements of
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Total‚ average‚ and marginal product Total Product Curve The total product (or total physical product) of a variable factor of production identifies what outputs are possible using various levels of the variable input. This can be displayed in either a chart that lists the output level corresponding to various levels of input‚ or a graph that summarizes the data into a “total product curve”. The diagram shows a typical total product curve. In this example‚ output increases as more inputs
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Briefly explain the reasons of application of halls. Explain why you are suitable to HKU’s hall life. Specify additional information if any related to home living environment and/or travelling not covered or mentioned in Section C and D above: Since my family size is a bit big‚ we need to share rooms and facilities. Thus‚ our living condition is rather crowded. On the other hand‚ commuting time to school is time-consuming and long (more than one hour and forty-five minutes). I have to ride minibus
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that a firm is manufacturing is in direct connection with the marginal product. Sometimes‚ less is more and less employees using the right equipment and technologies are able to perform much efficient that a greater number of employees that are using old tools in their activity. . As you well said‚ marginal cost and marginal product are strongly connected. When the value of the marginal cost is dropping‚ the value of the marginal product is raising and vice-versa. The quantity of the inputs can’t
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http://disney.go.com/home/today/index.html and spend at least fifteen minutes navigating the site. Answer the following questions based on the information available online. 1) Identify three different revenue streams generated by the Disney Company. 2) What types of ancillary products can be purchased on the company website? 3) Does the website give some indication of Disney marketing strategies? 4) Do you think the Disney website is a “high traffic” site? Why or why
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Following are the characteristics of communications: • It is unavoidable – It is impossible not to communicate‚ since we communicate unintentionally all the time‚ even without the use of words. Our body language‚ the way we dress‚ the importance we give to arriving on time‚ our behavior and the physical environment in which we work‚ all convey certain messages to others. • It is a two-way exchange of information – Communication is sharing of information between two or more persons‚ with
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Identify and briefly explain three reasons why the New Christian Right might have failed to achieve its aims (9marks) The New Christian Right is a politically and morally conservative‚ protestant fundamentalist movement. The aims are extremely ambitious as they wish to make abortion‚ homosexuality and divorce illegal. They want to turn back to a time before liberalisation of American culture and society began. The New Christian Right may have failed to achieve its aims because the group lacked wide
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A. Identify and briefly explain three functions of religion (9 marks) Marxism believes it acts as the ‘opium for the exploited working class people’. Religion would cushion the pain of oppression and exploitation in unequal societies such as in a capitalist society. It legitimized and maintained the power of the ruling class – helps to maintain the status quo by preventing the less powerful from changing things. Feminists see religion as a conservative force because it acts as an ideology that legitimates
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Table of Content Task 1: 2 Briefly explain: manager‚ management and organisation. Discuss why managers are important for the success of an organisation; include examples to demonstrate your understanding. 2 Task 2: 4 Select one of the following companies or a company you are familiar with and answer the questions: Virgin‚ BT‚ any educational institute‚ or any retail store 4 a. Discuss the term organisational structure and its significance in achieving organisational success. Task 2 6 a. Draw an
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