1. *Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? Scarcity is a Ever-present situation in all markets whereby either less goods are available than the demand for them‚ or only too little money is available to their potential buyers for making the purchase. This universal phenomenon leads to the definition of economics as the "science of allocation of scarce resources." Opportunity cost is the cost of an alternative that must
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Total‚ average‚ and marginal product Total Product Curve The total product (or total physical product) of a variable factor of production identifies what outputs are possible using various levels of the variable input. This can be displayed in either a chart that lists the output level corresponding to various levels of input‚ or a graph that summarizes the data into a “total product curve”. The diagram shows a typical total product curve. In this example‚ output increases as more inputs
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would in turn allow the wearer to do things without being watched‚ therefore he or she could get away with virtually anything and everything. Obviously with such a powerful ring‚ many would assume that it would lead to moral corruption because it would allow the wearer to do anything they pleased without consequence. In a society that is so heavily dependent on the interaction and perception of others‚ with the Ring of Gyges there would be no limits to what one could do. To be completely honest‚ I
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that a firm is manufacturing is in direct connection with the marginal product. Sometimes‚ less is more and less employees using the right equipment and technologies are able to perform much efficient that a greater number of employees that are using old tools in their activity. . As you well said‚ marginal cost and marginal product are strongly connected. When the value of the marginal cost is dropping‚ the value of the marginal product is raising and vice-versa. The quantity of the inputs can’t
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based on the information available online. 1) Identify three different revenue streams generated by the Disney Company. 2) What types of ancillary products can be purchased on the company website? 3) Does the website give some indication of Disney marketing strategies? 4) Do you think the Disney website is a “high traffic” site? Why or why not? Who do you think visits most frequently? 5) Do you think the Disney website is an effective marketing tool? Why or why
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Compare/ assess HSBC and Citi-corps IT strategies. Do they invest in IT primarily as a way of cutting costs and improving their operational efficiencies‚ or do they invest strategically with a view to entrench their competitive positions? As noted in the conclusion of the article written by the Asia Case Research Center and the University of Hong Kong HCBC and Citigroup have both developed into global financial institutions. Both organizations have heavily invested in Information Technology and‚
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What does Water do? Why do we as humans need water? Why can’t we just go around all of our lives and do sports or activities without needing to drink water? What does water do for our bodies‚ and what happens if we drink too much/too little of it? We as humans need water because Water is essential to good health—and life. Up to 60 percent of an adult’s body weight and about 74 percent of a newborn’s body weight is water‚ making it the largest single substance in the human body. Water helps carry
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What is Religion and what does it do? Whether religion is the basis for the noblest events in human history‚ or a negative force responsible for the worst atrocities in history it plays a significant role in human existence‚ it also provides order and structure goals for humanity. According to Oxford Dictionary religion could be defined as “a belief in superhuman controlling power in a personal God or gods entitled to obedience and worship”. Through scriptural quotations‚ human experience
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Does crime pay? This is one of the most debated questions that has hit our shores in recent year. Ever since the introduction of basic human rights and many successful rallies against prisoner abuse‚ prisons have and are becoming increasingly pleasant places to lived. In this essay I aim to cover both sides of the story and give advice to the government on what is the next step. During my recent research I have found that roughly the average price to put one prisoner into prison cost £95‚000
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“We do what we have to do‚ so we can do what we want to do” Amalia Prida 14-0663 Orientation November 8th‚ 2013. UNIBE In life‚ everything is earned and nothing positive or good comes our way for free. We have to earn the things we want and sometimes do some things we don’t necessarily want to do. “We do what we have to do‚ so we can do what we want to do” is a famous‚ yet genuine quote that can be considered as a life lesson. This phrase is applicable to college students
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