Question 1 The primary objective of a for-profit firm is to ___________. Selected Answer: Correct Answer: 5 out of 5 points maximize shareholder value maximize shareholder value Question 2 5 out of 5 points The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers? Selected Answer: Correct Answer: innovation theory of profit innovation theory
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Marginal Analysis and Profit Maximization Task A At the point of profit maximization within any firm‚ the aspects of both marginal revenue and marginal cost play a major role. The economically working definition of marginal revenue is termed as: the extra revenue that an additional unit of product will bring. It is the additional income from selling one more unit of a good; sometimes equal to price (MoneyTerms‚ 2005). The marginal revenue of the output of any given product ties closely in the
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Law of Equi Marginal Utility According to this‚ a consumer is in equilibrium when he distributes his given money income among various goods in such a way that marginal utility derived from the last rupee spent on each good is the same. Assumptions The main assumptions of the law of equi-marginal utility are as under: (1) Independent utilities. The marginal utilities of different commodities are independent of each other and diminishes with more and more purchases. (2) Constant marginal
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Law of Diminishing Marginal Utility’ A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product. EXPLANATION This is the premise on which buffet-style restaurants operate. They entice you with "all you can eat‚" all the while knowing each additional plate of food provides less utility than the one before
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Then come up out of the water‚ that first breath is wonderful -- tremendous utility. That is utility - the meeting of a need or being satisfied. Now Marginal Utility is the change in utility from one more good or service being consumed. So the amount of utility from the first cup of coffee or that first breath is huge. Diminishing Marginal Utility is the fact that each addition good or service consumed‚ creates a smaller and smaller amount of additional utility. In the examples above‚ that
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frequency of pap-smear exams for women. The new frequency recommendation was designed to address the family histories of the patients. The optimal frequency should be where the marginal benefit of an additional pap-test: Answer Selected Answer: equals the marginal cost of the test Correct Answer: equals the marginal cost of the test Question 3 5 out of 5 points The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What
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Overweight Teens don’t Necessarily Consume More Calories By Karen Rowan Published September 10‚ 2012| MyHealthNewsDaily 1 Overweight teens actually eat fewer calories daily on average than their trimmer counterparts‚ a new study finds. 2 Among 12- to 14-year-old girls in the study‚ girls who were very obese ate about 300 fewer calories on average daily than obese girls‚ and obese girls consumed 110 fewer calories daily than healthy-weight girls. 3 When the researchers looked at calories
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MARGINAL COSTING AS A COSTING SYSTEM Marginal Costing is a type of flexible standard costing that separates fixed costs from proportional costs in relation to the output quantity of the objects. In particular‚ Marginal Costing is a comprehensive and sophisticated method of planning and monitoring costs based on resource drivers. Selecting the resource drivers and separating the costs into fixed and proportional components ensures that cost fluctuations caused by changes in operating levels‚ as
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Ever wonder why dogs cannot consume specific foods? Some of the foods they cannot consume contain an enzyme or chemical that can affect their body. Dogs are omnivores which means that they can eat plants and meat. Even though they are omnivores‚ certain foods they eat can hurt them and can even be fatal to them. One of the foods that is terrible for canines is chocolate. Chocolate contains a substance called "methylxanthines" (People Food to Avoid Feeding Your Pets 4). Methylxanthines are chemicals
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DO MEN THAT CONSUME EXCESSIVE AMOUNTS OF ALCOHOL HAVE “ADDICTIVE” PERSONALITIES? LAZAGNA ROBINSON PSY325 STASTICS FOR THE BEHAVIORAL & SOCIAL SCIENCES PROFESSOR SAYDEE JONATHAN MENDS-COLE SEPTEMBER 22‚ 2014 The consumption of alcohol is consumed by so many individuals‚ both male and females‚ young and old‚ on a daily basis. I ’ve often heard the term "women can ’t hold their liquor." I think this‚ is because of their small frames and some of us don ’t know when enough is enough. I think having
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