ECF2731 - Managerial Economics (Summer) Exam Information Coverage: The final exam includes all topics covered in lectures and tutorials (Hirshey Chapters: 1‚ 2‚ 3‚ 4‚ 7‚ 8‚ 10‚ 11‚ 12‚ 13‚ 14‚ and 16). The purpose is that the student demonstrates a good understanding of the key concepts and ideas in each chapter. To perform reasonably well in the exam‚ it will be sufficient to read the chapter references (Hirshey 2009) for each lecture‚ the lecture slides as well as the topics covered in the tutorials
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Business Proposal Nicole Bryant ECO/561 University of Phoenix April 14‚ 2011 Business Proposal In today’s economy‚ in order to stay ahead in this ever changing business world‚ there has to be a business plan that will be able to change with the economy. There a changes in the economy that make or break many businesses. Thomas Money Services‚ Inc. is a financial loan company that had been helping the community by providing mortgages and small business loans. The need to revamp or simply create
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first mind tells you do something then do it‚ don’t steer the other way. Well in my experience when switching from an old job to a new one I have compared the marginal benefits and the marginal cost to switch to a new job. When seeking new employment I had to keep in mind the pay I was looking for‚ the other benefits such as; health care cost how much of a difference will it be for me to switch from my old health provider‚ to my new health care provider. How much will I be charged for medical‚ dental
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___________. 3. Income tax payments are an example of ____. 4. Economic profit is defined as the difference between revenue and ____. 5. A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____. 6. The standard deviation is appropriate to compare the risk between two investments only if 7. The level of an economic activity should be increased to the point where the ____ is zero 8. The net present value
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MICROECONOMICS TOPIC 1 Economics: An Introduction (Chapters 1 & 2 in the Textbook) EXPLAIN THE FOLLOWINGTERMS ◎ Average benefit ◎ Average cost ◎ Economic surplus ◎ Economics ◎ Microeconomics ◎ Macroeconomics ◎ Marginal benefit ◎ Marginal cost ◎ Normative economics ◎ Positive economics ◎ Rational person ◎ Sunk cost ◎ Opportunity cost ◎ Absolute advantage ◎ Comparative advantage ◎ Attainable point ◎ Unattainable point ◎ Efficient point ◎ Inefficient point ◎ Production
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Relevant Costs Defined Relevant costs possess two characteristics: (1) They are future costs and (2) They differ across alternatives. All pending decisions relate to the future; accordingly‚ only future costs can be relevant to decisions. However‚ to be relevant‚ a cost must not only be a future cost but must also differ from one alternative to another. If a future cost is the same for more than one alternative‚ then it has no effect on the decision. Such a cost is irrelevant. The
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Business Proposal - Thomas Money Service‚ Inc. Scenario Reginald G. Jackson‚ Sr. ECO561 October 29‚ 2012 Susan McMaster Business Proposal - Thomas Money Service‚ Inc. Scenario The following pages will discuss the subsidiary of Thomas Money Service‚ Inc.‚ Future Growth Inc. (FGI). It will be presented as a business proposal with an emphasis on product differentiation‚ increasing revenue‚ and maximizing profit. As there is an absence of historical data‚ many assumptions must be made. Although
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3/13/01 9:40 M Page 9 PART I Purpose of Cost Accounting 9 CH01_Bragg_36794 3/13/01 9:40 M Page 10 CH01_Bragg_36794 3/13/01 9:40 M Page 11 CHAPTER 1 Role of Cost Accounting When properly implemented‚ the cost accounting function can have a pervasive influence in the modern corporation. Unfortunately‚ it is not always properly implemented because management often is not completely aware of all the uses to which the cost accounting function can be put. This chapter describes
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ACCOUNTING CO-ORDINATOR: P Gopaul Siphesihle Secondary PRODUCTION COST STATEMENTS LO2: AS 2: MANAGERIAL ACCOUNTING Prepare ‚ present‚ analyse and report on cost information for a manufacturing Enterprise by compiling a production cost statement. 1. The financial statements of manufacturing enterprises The financial statements of the manufacturing enterprise differs very little from those of the merchandising enterprise. Account titles on the balance sheet of the manufacturer are similar to those
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the unfair headquarters’ overhead cost allocation method of Korea insurance company. There are concerns towards the system by a manager. And that lead to reduce on net income of branches. Jin Kim is trying to develop more efficient systems. The reading text is about the headquarters’ cost allocation method of Korea insurance Co. Inc. Jin Kim‚ manager of the company‚ accused that the costing systems is inefficient as it leads to decrease in incremental cost inappropriately and discourages employees
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