controversial assumption that compromises the neo-classical hypothesis is that firms always maximises profits (and minimise costs). This is further explored by incorporating more recent managerial models in particular Baumol. There are however a number of other generic managerial criticisms of the Neo-classical model‚ all of which have been widely investigated by economic literature. The first criticism concerns the inevitable conflict of interest between management and shareholders. In the modern economy
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n this study‚ latent growth modeling was used to look at mother’s and infants from 156 families to measure how the temperament in their infant was from 4 to 18 months of age‚ maternal stress‚ depression‚ negative parenting and family demographics. The study was to see what effects any or all have on temperament development. The main temperamental characteristics looked at in the infants‚ was their negative emotions (behavior) and regulatory capacity (response) because these are the main traits of
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Critically Examine Hobbes’s Conception of the State of Nature The concept of state of nature was developed by Hobbes in his famous work‚ Leviathan‚ in which he also set out his doctrine of the foundation of states and legitimate governments which was based on his social contract theories. Leviathan was written during the English Civil War‚ so much of his theory concentrates on the need for the presence of a strong central authority within society in order to avoid the evils of rebellion and civil
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Critically examine the claim that free will and determinism are incompatible One of the main questions that we face is whether or not‚ we as humans have genuine freedom. Are we free to make our own choices? Do we decide what happens in our lives in the future? Or are our lives set pathways in which we have no say at all? Are all our choices already decided? In other words‚ do we have free will or are our actions pre-determined‚ or both? Hard determinists‚ libertarians and soft determinists all set
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Critically examine the extent to which the Rule of Law (ROL) has been implemented in Zimbabwe in an attempt to resolve conflicts and peace making in the Government of National Unity (GNU) The term Rule of Law (ROL) has been defined differently by different scholars hence the varying interpretations and interpretations and implementation by different governments. It is against this background that this monograph would like to examine the extent to which the ROL has been implemented in Zimbabwe from
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Managerial Theories of Firm Marris and Williamson’s Models Marris’ Managerial Thesis of Firm Marris has put forth a significant thesis of firm as per which the managers do not optimise profits but in its place as per him‚ they look for to optimise profits balanced rate of increase of the firm. Optimisation of balanced rate of increase of the firm entails optimisation of the rate of increase of demand for the commodities of the firm and rate of increase of capital supply. If I symbolises
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(Baumol‚ 1962; Marris‚ 1964; Williamson‚ 1963)‚ profit maximization does not always serve as the only correct objective for a firm‚ especially at various phrases of the business on a timeline scale. A point-in-hand is Baumol model. As an alternative to profit maximization model‚ Baumol model works on the correlation between price and output decision with the objective of maximizing sales revenue‚ subjected to minimum profit constraint by shareholders. In profit maximization model‚ profit is maximized
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PROFIT MAXIMIZATION [See Chap 11] 1 Profit Maximization • A profit-maximizing firm chooses both its inputs and its outputs with the goal of achieving maximum economic profits 2 Model • Firm has inputs (z1‚z2). Prices (r1‚r2). – Price taker on input market. • Firm has output q=f(z1‚z2). Price p. – Price taker in output market. • Firm’s problem: – Choose output q and inputs (z1‚z2) to maximise profits. Where: π = pq - r1z1 – r2z2 3 1 One-Step Solution • Choose (z1
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The widely accepted definition of a sect is a religious group with characteristics‚ which distinguishes it from either a Church or a denomination. Many groups which fit this definition now prefer the less contentious title of "new religious movements"‚ because over the last fifty years‚ sects have become linked with brainwashing‚ mass suicide‚ and even a murder. One of the examples is the suicide of 900 members of the People’s temple. Sects are not a new phenomenon and they have always attracted
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CRITICALLY EXAMINE WHY THERE ARE MORE SMALL WARS IN AFRICA African history has gone through three major phenomena that are the slave trade‚ colonization and decolonization. Each has its positive and negative impacts on the people‚ the shape of the continent and her economic resources. Slave trade robbed Africa of its best brains as those sold were mainly targeted after challenging the chief an action that by then was a preserve for those with the morale courage to question decisions from the highest
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