...consider when it comes to the cost of manufacturing a product. To determine to cost of manufacturing you need to know the costs required for the business, in production, the cost of selling a product to determine the price and when the product is sold, was there a profit or loss. The cost of manufacturing a good include the costs of materials, equipment, labor, materials for packaging, electricity and water, transportation, promotion and advertising, management and coordination and depreciation of fixed assets. (FAO) Things to consider when producing a plastic product would be what the plastic is going to be used for, will it be a bearing and wear application or a structural application, thermal requirements, what chemicals will be used to clean it, tensile elongation, tensile impact strength, water absorption, and how cost effective is the production. There are so many things to consider and to many to list. 3. 4. Economists make assumption like “nothing else changes”...
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...ECONOMICS. “PRINCIPLES OF ECONOMICS” FIFTH OR SIXTH EDITION, BY N. GREGORY MANKIW. I. MICROECONOMICS Specific markets. Not larger measures (GDP, etc.). The idea of a market. We live in a market economy. The market is a basic idea inside the system. The idea of a market in economics would be represented in a graph. Demand: the higher the price, the lower the demand. Supply: the higher the price, the more interested in producing in market. We have one point which is the equilibrium, with a price and a quantity of equilibrium. DEMAND Quantity: ������������ Main variables acting in the demand: Price (������������ ) of the own good or service: the higher the price, the lower the demand (negative or inverse relationship). Income (Y). two types of goods and services: o Normal goods (+ or direct relationship): incomes goes up, the demand for this product goes up. o Inferior goods (- or inverse relationship): income goes up, demand goes down. What makes inferior goods is not individual behavior, but behavior of the whole market, in a national point of view. There are not typical inferior goods, they change. Inferior means there are some goods which are better comparing to them. When the economics is better you don’t want to have inferior goods, but when there’s a recession that’s would make an advantage. Prices of other goods or services (������������ ). o Substitutes (+ relationship). If the price of the substitute good goes up, our demand will go up as well. Those...
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...exchanged The official definition Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders American Marketing Association Definition Marketing is not a function It is a way of doing business Modern Focus on Customer Marketing is any and all activities that directly or indirectly influence the choices that individuals or organizations make. Marketing Is it an Art or Science? Marketing is both Science and Arts • Science, by itself remains on an abstract level. • When science and art unite beauty of the subject blossoms into its fullness. • One may know the theory of the music but only when one masters the art of singing, the many splendored beauty of the nad brahma comes to life Marketing Components A Philosophy An Attitude A Perspective A Management Orientation Set of Activities, including: Products Pricing Promotion Distribution What is Perceived Customer Value? Product value Services value Personnel value Image value Monetary cost Time cost Energy cost Total customer benefit Customer delivered value Total customer cost Psychic cost Creating Value Exchange A B Delivering Value Communicating Value WHAT IS MARKETING Exchange Relationship Buyer VALUE Seller Changing Marketing Approaches Transactional Relational CRM The Concept of Exchange At...
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...considers the current issue of the EU treaty and the impact the outcome will have on Ireland. A referendum will be held to decide this outcome but it is noted that the political parties will have a strong influence on the public’s decision. As with all the EU countries, Ireland’s economy retracted sharply with the global financial crisis in 2008. They have recovered better than most of the EU but the major economic issue still facing Ireland is the unemployment rate which currently sits at over 14 per cent. Signing this EU treaty will impose tighter fiscal discipline on members by entrenching tougher tax regulations and limiting government spending (Halpin 2012). The overall aim of the treaty is based on the Keynesian theory of using monetary policy to create budget surplus. EU countries will reduce their budget deficits by the strict spending regulations outlined in the treaty. The downside to signing the treaty is the lack of control Ireland will have over the country. The primary avenue for government spending will be limited to tax increases. Ireland has been criticised for having one of the lowest personal and company tax rates in the EU. The benefit of the low corporate tax rate is the large foreign multinational corporations that create employment in Ireland. Increasing taxes could have a negative effect on the economy. If Ireland do not sign the treaty, although they will still be a member of the EU they will not be entitled to further financial assistance from the European...
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...SECTION 1 - INTRODUCTION 1.1 Background to the study Listed companies use financial statements as one of the major medium of communication with their stakeholders. Therefore, stock market regulators and accounting standards setters trying to improve the quality of financial statements in order to increase the transparency level in financial reporting. (Vishnani S., Shah B.K., 2008). Financial reporting by companies is effected via the preparation and publication of financial statements. These financial statements are required to exhibit certain degree of quality in terms of their information contents. Mines & Wahlen (2006) and Belkaoui (2002) opined that accounting information contained in the financial reports should possess certain qualities as relevance, verifiability, understandability, neutrality, timeliness, comparability, and completeness. When the financial reports disclose quality accounting information, according to Benston (2007), the decision of the users (investors, management, government, employees, creditors, analysts) of the reports could as well be qualitative and informed. While there have been a number of studies on this topic in developed countries (Collins, Maydew and Weiss, 1997; Lev and Zarowin, 1999; Francis and Schipper, 1999; Beisland, Hamberg and Navak, 2010), one is not aware of any expansive study that has explored the subject of value relevance of accounting information in Nigeria. It has not been comprehensively researched primarily...
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...Economics for the IB Diploma CD-ROM are provided below. Paper 1 section A: Microeconomics Chapter 2 Competitive markets: demand and supply SL/HL core topics Part (a) questions 2.3 (a) Answers may include: • Definitions of demand and quantity demanded. • Theory of demand: law of demand with reference to changes in demand and factors that can cause changes in demand. • Demand and supply diagram showing initial equilibrium price and quantity, and a leftward shift in the demand curve, resulting in a lower equilibrium price and quantity and showing that there is no contradiction. • Examples of demand curve shifts and movements along a demand curve. Answers may include: • Definitions of supply and quantity supplied. • Theory of supply: the law of supply with reference to changes in supply and factors that can cause changes in supply. • Demand and supply diagram showing initial equilibrium price and quantity, and a rightward shift in the supply curve, resulting in a lower equilibrium price and greater equilibrium quantity. • Examples of supply curve shifts and movements along a supply curve. Answers may include: • Definitions of normal good, excess demand, reallocation of resources. • Theory of demand and supply with reference to excess demand, the factors that can cause shifts in the demand curve and the role of price as a signal and incentive. • Demand and supply diagram showing initial and final equilibrium price and quantity following...
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...Strategies for Managing Surplus funds * Keith v Smith says the financial manager can consider a series of seven strategies for handling the excess cash balance with the firm: * 1. Do nothing : the financial manager simply allows surplus liquidity to accumulate in the current account. * This strategy enhances liquidity at the expense of profits that could be earned from investing in surplus funds. * 2. Make an adhoc investment: the FM makes investments in some what adhoc manner . * Such a strategy makes some contribution, though not optimal contribution to profitability with out impairing the liquidity of the firm. * It is followed by the firms which cannot devote enough time and resources to management of securities. * 3. Ride on yield curve: this is a strategy to increase the yield from a portfolio of marketable securities by betting on the interest rate changes. * If the financial manager expects that interest rates will fall in the near future, he would buy longer term securities as they appreciate more, compared to shorter term securities. * On the other hand , if the FM believes that the interest rates will rise in the near future, he would sell longer term securities. This strategy hinges on the assumption that the FM has superior interest rate forecasting ability. * Empherical evidence, however suggests that it may be futile to try to do better than average. The expected higher return is almost invariably accompanied by higher...
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...How Gender Inequality Is Explained Sociology How has gender inequality been explained? (Answer with reference to a range of theories and approaches) Critically assess the attempt of one of the feminist group to overcome gender inequality. Social stratification “A system by which a society ranks categories of people in a hierarchy’ (Macionis and Plummer: 2005: 190). Social stratification is common in different aspects throughout society and throughout history some of the most substantial categories affected are class, race, disabilities, sexuality and globally. However this essay shall be investigating the stratification by gender, referred to as gender inequality. There are many reasons for the disparity of gender “...circumscribed by its underlying social, legal, political, economic, and cultural characteristics” (Rives and Yousefi 1997:1). Gender stratification categories people in regard to their ‘sex’, this can be defined as anatomical differences and physiological differences between male and female for example the difference in chromosomes, sex organs and hormones. The word ‘gender’ has been socially constructed through the means of a stereotype and ideology of the social role, identity, position and behaviour of male and feminine through different institutions and aspects like the media, religion, culturally and historically. Up until the era of Suffragettes in the late 19th Century women were always deemed lower than men and inequality was highly significant...
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...its profits C. greater negotiating power with foreign minority groups D. greater negotiating power with labor unions 4. The prime transmitter of global competitive forces is the A. public utility firm B. financial management experience of the U.S. markets C. the multinational corporation D. the Federal Reserve System of the U.S. 5. Which of the following is an example of reverse foreign investment? A. Honda builds a factory in Ohio B. Apple builds a plant in Ireland that exports to the United States C. British Telecom issues new stock in the United States D. American investors buy shares in Sony 6. Which of the following theories identifies specialization as the main reason for international business activity? A. Product life cycle theory of international trade B. theory of diversification C. doctrine of comparative advantage D. theory of globalization 7. According to the capital asset pricing model A. only the systematic component of risk affects the required return B. foreign investments whose returns are uncorrelated with the market's return should have a higher required return than comparable domestic investments C. total risk of the investment is most relevant for small to medium-sized firms D. diversification is secondary to...
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...Topic 1 The Scope of Economic Analysis Question 1.1 “According to the definition of opportunity cost, the more alternatives that we have given up in undertaking an action, the higher the opportunity cost.” Please comment on this statement and explain your answers using examples. Ans Opportunity cost of an action refers to the value of the best alternative that must be given up in order to undertake that action. That is, the highest-valued option forgone. The statement in the question is uncertain and is determined by situation, because the opportunity cost is the value of the best alternative forgone rather than the sum of all the alternatives forgone. There are two possibilities. Firstly, if the value of one added option is higher than that of original best alternative forgone, the opportunity cost increase. By contrast, if each of the added options’ values is no more than that of original best alternative forgone, the opportunity cost remains constant. Example for the situation that the value of one added option is higher than that of original best alternative forgone: Suppose that you have $5,000 dollars at hand and you are considering spending this money on (Listed in the priority of the action’s value for you) |Original buying list |Value |Added alternatives |value | |1. Buy a notebook |10 |1. Buy a mobile phone |9 | ...
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...(p) − c (q (p)) . p Note, however, that there is a one-to-one correspondence between the price charged and the quantity the monopolist sells. Thus we can rewrite the problem in terms of quantity sold instead of the price charged. Let p (q) be the inverse demand function. That is, p (q (p)) = p. The firm’s profit maximization problem can then be written as max p (q) q − c (q) . q It turns out that it is usually easier to look at the problem in terms of setting quantity and letting price be determined by the market. For this reason, we will use the quantity-setting approach. 1 References: Tirole, Chapter 1; MWG, Chapter 12; Bulow, “Durable-Goods Monopolists,” JPE 90(2) 314-332. 233 Nolan Miller Notes on Microeconomic Theory: Chapter 9 P ver: Aug. 2006 P0 A B D Q0 Q Figure 9.1: The Monopolist’s Marginal Revenue In order for the solution to be unique, we need the objective function to be strictly concave (i.e. d2 π dq2 < 0). The second derivative of profit with respect to q is given by d2 (p (q) q − c (q)) = p00 (q) q + 2p0 (q) − c00 (q) . dq 2 If cost...
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...Wabash Watershed Wabash Watershed (1961-1990) Introduction Global warming is a resultant of Heat-trapping gases in the atmosphere. The release of these gases has increased in the last 500 years since the industrial revolution. There is an expectation that global warming will result to rising sea levels, droughts, fires, heat waves, extreme storms, heavy rainfall, floods, and melting of snow and ice. These changes as envisaged would affect agriculture and general food availability with devastating consequences for existence of life on earth. In additional, life would change completely because many systems are tied to the climate. For example, temperature changes would affect breeding cycle of insect, and this has implications on pollination and food availability for humans. Although short-term weather variations are normal and expected, long-term changes are deleterious to the environment and life on earth (Houghton, 2004). There is evidence that global warming is becoming worse primarily due to rise in carbon dioxide concentration in the atmosphere. In 1950s, the concentration of carbon dioxide was at 315 parts per million. Currently, the concentration is about 385 parts per million. To discover an increase in concentration of carbon dioxide throughout history, scientists have used bubbles of air trapped in ice and results show that the current concentration of carbon dioxide is the highest and has been, for more than 10,000 years (Maslin, 2007). Atmospheric carbon dioxide...
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...and Harry Braverman. I will discuss the critical and mainstream theories around the topic of worker motivation and then give examples to link them to current times, this will then lead to a conclusion supported by facts and theories. The main stream theorist I would like to draw upon first is Fredrick Taylor and his theory of scientific management. He linked productivity with economic reward and put forward the concept that worker are motivated primarily through pay or ''economic reward''. This concept of Fredrick has been accepted by management all over the world and still holds true for many business where productivity is linked to sales and then to economic rewards. [ (Locke, 1982, pp. 14-24) ]. Mayo conducted experiments between 1927 and 1937, that later came to be known as hawthorn experiments and came to the conclusion that physical, economic and social environment can effect workers productivity. These experiments were criticized by a number of theorist including Alex Cary, in the ''American sociological review (1976)'', and as such I won't be using them extensively for this essay. Abraham Maslow on the other hand came up with a more general approach to motivation, his theory came to be known as the 'hierarchy of needs', which stated that as one tier of need is fulfilled another tier of needs will emerge and thus motivate the workers to achieve them. The second set of theories are called critical theories and the most important theorist in this category is Karl Marx...
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...Table of contents 1. Introduction..................................................................................................................3 2. Interaction of resources between households, business, and government.............. 4 3. Scarcity, market mechanisms, price elasticity, gross domestic............................... 6 product (GDP), and foreign exchange 4. Trade and productivity............................................................................................... 8 5. Unemployment, inflation, and the business cycle..................................................... 8 6. Classical and Keynesian economics and aggregate supply and demand................ 9 7. Conclusions and outcomes..........................................................................................10 1. Introduction: The name of my company is Compact Atomic. Our company was created in March of 2014 by a team of highly specialized engineers that spent most of their careers working in research and development for corporate America, in the nuclear energy space. The idea to start a company came during lunch, on a typical week day as the founders were brainstorming for fun. The goal to produce self contained compact nuclear reactors had been murmured between them for a while, but conversations turned into actions, and soon after, they turned their backs on their stable and high-paying jobs, offered their resignations, and went on to pursue their...
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...nations. And now we are going to speak for this phenomenon. As we know international trade keeps prices low and quality high. Anytime a country in the past has tried to be self sufficient and not take part in global markets, they find that their business became inefficient due to lack of competition, prices rise and their products lack innovation. Thus they end up with hyperinflation. Moreover, Globalization can help bring world peace. As every country on the planet becomes more interconnected with every other country there is a serious incentive for all of the involved to keep the peace. Thomas Friedman, in his book “ the lexus and the olive tree” goes so far as to discuss the “golden Arches” theory of world peace. Economies that are developing globally have more economic growth than established economies demonstrating globalization. Benefits for developing regions are for example if you give a machine to USA to help raise productivity then it’s GDP would rise but only by a little cause their GDP has already reached a point and they don’t lack capital but if you give it to say South Korea then it would raise their productivity and production which would result in a drastic rise in GDP because they lack such capital and face low productivity. Therefore developing countries with the gaining of capital through globalization would establish faster. Another crucial point would be foreign...
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