"Marginal Cost" Essays and Research Papers

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Assignment 1 ECO 740 SEPT 2014

following: a) Opportunity cost Opportunity cost or also known as the economic cost is the value forgone in order to persue another alternative which is the second best alternative. For example, an accountant decided to quit his job to open his own bookstore. The salary that he would had obtain if he did not open a bookstore is called an opportunity cost. b) Marginal Analysis Finding out the change in the total arising because of one additional unit. e.g. marginal revenue: the change in total...

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MAT 540 WEEK 1 TO 11(Strayer)

Company recaps tires. The fixed annual cost of the recapping operation is $60,000.The variable cost of recapping a tire is $9.The company charges $25 to recap a tire. a. For an annual volume of 12,000 tires, determine the total cost, total revenue, and profit. b. Determine the annual break-even volume for the Retread Tire Company operation. 4.    Evergreen Fertilizer Company produces fertilizer. The company’s fixed monthly cost is $25,000, and its variable cost per pound of fertilizer is $0.15. Evergreen...

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Introduction to Micro Econ

Loss for each could be the same. 3. (5 pts) A technology shift that reduces costs will cause total surplus to fall if there is a sufficiently large reduction in producer surplus True – Total Surplus equals Consumer Surplus plus Producer surplus. If a technology shift causes producer surplus to fall then the total surplus will all as well. 4. (10 pts) if a firm lays off workers during a recession, its marginal product of labor will increase. Uncertain. The firm could be laying off workers...

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Cost Allocation

Cost allocation for indirect costs Cost Pool – Set of costs that are added together before being allocated to cost objects on some common basis Cost Driver/ Allocation base Cost Object Cost Driver Rate = Total Costs in Pool/ Total Quantity of Driver Where total quantity of driver = practical capacity of driver Cost of excess capacity = Cost Driver Rate * Excess capacity Predetermined overhead rate - cost per unit of the allocation base used to charge overhead to products. Predetermined...

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Qrb 501 Week 2

Method. Manchester Foundry produced 45,000 tons of steel in March at a cost of $1,150,000. In April, the foundry produced 35,000 tons at a cost of $950,000. Using only these two data points, determine the cost function for Manchester. Variable cost: V = Change in Costs/Change in Activity. V = $1,150,000 - $950,000/45,000 – 35,000. V = $200,000/10,000 V = $20 Fixed cost: F = Total Cost - Variable Cost. At High: F = Cost – (V x Tons of Steel) F = $1,150,000 – ($20 x 45,000) ...

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Economics

from consuming, it is difficult or impossible to charge for its use which implies no private market as benefits cannot be denied to those who refuse to pay, for example public TV. Non-rival goods or non-exhaustible goods are goods for which marginal cost of its provision to an additional consumer is zero which implies that the ‘allocative efficiency’ price should be zero. A private market is hardly likely to exist in the situations. An example would be defence and law. Public goods are provisioned...

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Managerial Economics

describing its 30-month IRA accounts in the Boston World, a local newspaper. The most recent ad in a similar advertising campaign in Massachusetts Business, a regional business magazine, generated 1,000 inquiries. Each newspaper ad costs $500, whereas each magazine ad costs $125. A. Assuming that additional ads would generate similar response rates, is the bank running an optimal mix of newspaper and magazine ads? Why or why not? o No, the bank is not running an optimal mix of newspaper and...

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Problem 1

Problem 2-15 (3) Cloth used: variable, direct Problem 2-16 (1) Cost of goods manufactured: $310,000 Problem 2-17 No check figure Problem 2-18 (1) Cost of goods manufactured: $290,000 Problem 2-19 (1) Total variable cost: $321,000 Problem 2-20 Clay and glaze: variable, direct materials Problem 2-21 (1) Cost of goods manufactured: $690,000 Problem 2-22 No check figure Problem 2-23 No check figure Problem 2-24 (1) Cost of goods manufactured: $870,000 Problem 2-25 (Case 1) Goods available...

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Operation Process Flow

• Low Cost & Scale Economies (< 1960s) – You can have any color you want as long as it is black Focused Factories (mid 1960s) Flexible Factories and Product variety (1970s) – A car for every taste and purse. Quality (1980s) – Quality is free. Time (late 1980s-1990s) – We love your product but where is it? – Don’t sell what you produce. Produce what sells. S. Chopra/Process Flows • • • • 2 Operational Performance Measures • • • • • Flow time Throughput Inventory Process Cost Quality ...

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Thomas Money Service Business Proposal

the company can increase revenue, achieve ultimate production levels, determine how fixed and variable costs can be adjusted to maximize profits, suggest a mix of pricing and non-pricing strategies, and create barriers to entry into the market if possible. This proposal will also look into ways on how the company can increase product differentiation, and if there is other means to minimize the cost for the product. Increasing Revenue Based on the data from Thomas Money Inc. the first recommendation...

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