higher levels of education needed to compete in a global marketplace. However‚ a major reason for falling birthrates is the high cost of raising a middle-class child in an industrialized country---a cost estimated at more than $200‚000 (exclusive of college tuition) in the United States. As developing countries become more industrialized and urban‚ they too face a high cost of raising children. In Mexico‚ where fertility rates have declined precipitously‚ the population is aging five times faster
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MEANING Profit maximization is the traditional approach and the primary objective of financial management. It implies that every decision relating to business is evaluated in the light of profits. All the decision with respect to new projects‚ acquisition of assets‚ raising capital‚ distributing dividends etc are studied for their impact on profits and profitability. If the result of a decision is perceived to have positive effect on the profits‚ the decision is taken further for implementation
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restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The restaurant uses seven hours of server time per unit of machinery time. Determine whether the restaurant is minimizing its cost of production when the ratio of marginal products (capital to labor) is 12. If not‚ what adjustments are called for to improve the efficiency in resource use? The ratio of prices PK/PL= r/w= 50/5=10 and The capital to labor MPK/MPL= w/r=12 These
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29‚ 2012 Martha Nussbaum: “Not for Profit: Why Democracy Needs the Humanities” Martha C. Nussbaum is the author of the book‚ “Not For Profit: Why Democracy Needs the Humanities.” The book begins by drawing the reader’s attention by explaining the “Silent Crisis.” She describes education in the eyes of the government‚ and in the eyes of the people. There is a connection made between education and the liberal arts. The title of the book‚ “Not For Profit‚” are three simple words that when put
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Is Profit Maximisation always the major objective of a firm? The production of goods and services in our economy today takes place within organisations‚ whether in the centrally planned economy or free market economy. Any firm within these societies all have the same tendencies to acquire a successful business. Attaining this succession through mission statements‚ goals and objectives is simultaneous through all businesses. Changes in these objectives can have forcible effects on the decisions
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discrimination enables firms to make more profit‚ firms‚ but not consumers‚ benefit from price discrimination Price discrimination is where a firm changes different consumers different prices for the same service. Consumer Surplus is the difference between what the consumer is willing to pay and the price they actually have to pay. In all three degrees of price discrimination firms are able to make more profit and eliminate any excess capacity they may have. Firms are able to do this by
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companies cost jobs and lower wages in Europe? [Date] Does outsourcing by multinational companies cost jobs and lower wages in Europe? ABSTRACT Outsourcing as a method of trade has been an increasing phenomenon throughout the last decade particularly by multinational companies of developed countries such as Europe to outsource their business operations to developing countries such as India‚ Bangladesh etc. However‚ this outsourcing by multinational companies raise a question regarding cost jobs
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Objectives of Firms Introduction to Business Objectives Standard theory assumes that businesses have sufficient information‚ market power and (importantly) motivation to set prices for their products that maximise profits This assumption is now heavily criticised by economists who have studied the organisation and objectives of modern-day corporations. Not only do most businesses frequently move away from pure profit-seeking behaviour‚ many are organised and operated in a way where profit is not the
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You Decide - Case Study HMO which stands for Health Maintenance Organizations are licensed health plans that place providers‚ as well as the health plans‚ with dealing with HMO’s there is a risk of medical expenses. The downfall with HMO is that patients must stay inside their network and if the go outside the network they will have to pay out of pocket expenses. HMO is very limited; many patients don’t like limitations when it comes to their decision about their health. PPO which stands for Preferred
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Profit Maximization Marginal revenue is the change in revenue which comes from the sale of an additional unit of output. The relationship with total revenue is that total revenue is used in the formula to calculate marginal revenue. A company can calculate marginal revenue by dividing the change in total revenue with the change in output quantity. Because of demand‚ as production quantity increases the revenue per unit will decrease. On the other hand‚ marginal cost is the change in the total
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