...maximizes her utility—that which makes her as well-off as possible. The possible combinations from which the individual can choose are limited because of scarcity. In a market economy the individual confronts scarcity in the form of prices, the fact that time is scarce and in the form of limited quantities of goods he or she owns which can be sold to buy other goods. Prices here are the prices of the goods the individual buys and sells, and they include not just prices of consumption goods but also wages, interest, rents, and profits. For most of us the primary good we sell is our labor services, and since our time and abilities are constrained by scarcity the income we can hope to derive from the sale of our labor services is constrained by scarcity as well. Our other possible income sources including, interest, dividends or proprietor’s income form business profits, for example, are constrained as well. Furthermore, scarcity forces us to pay positive prices for the economic goods that...
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...the significance of social science allows for the better understanding of oneself in the world. He states thatsocial sciences is not concrete and differs depending on the generation. The social sciences needs to bemore heavily considered especially in our current society because there are many youths have no idea how their actions are affected by social structures.Sociological imagination is the interaction between the individuals and other individuals as well as the social structures in place. The term was coined by Mills in the 19th century during the industrial revolution. To have a sociological imagination, a person must be able to pull away from the situation and think from an alternative point of view. The movie lottery at birth helps us understand the concept of socio imaginti. Mills believed in the power of the sociological imagination to connect personal troubles to public issues. Soci imaginat is more applicable today than in Mill’s time because society is going through very fast transformations. Socio imaginati explains the nature of sociology and its relevance in daily life.Mythistory by McNeil is the concept that what may seem to be true to one historian may seem false toanother. This is an important concept because to get a full understanding of any subject we must read critically and analytically. That is to understand the context and the views of the writers and how it could’ve affected the text. The concept of Mythistory is significant to the course because it...
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...Introduction to Cooperative Marketing Zvi Galor www.coopgalor.com 1. Introduction - What is marketing? There exist today a wide variety of concepts of marketing and its nature. The very definitions of marketing have also undergone considerable development in the second half of the 2nd century, which is reflected in the literature mentioned below. Today we encounter several basic concepts of marketing and its nature. The five main marketing concepts are listed below [1]: - "The production approach - being a managerial orientation assuming that customers would prefer products which are both accessible and affordable. The main managerial function would then be the improvement of production efficiency and of the distribution system. . The product approach - being a managerial orientation assuming that customers would prefer products of the highest quality for a given price. The firm should accordingly devote its main resources to improvement of product quality... The sales approach - being a managerial orientation assuming that customers would (or would not) acquire the firm's products, in proportion to the efforts made by the firm to generate an interest in the product. The firm should accordingly locate potential customers and try to convince them, sometimes aggressively, that its products are something they cannot do without... The marketing approach - being a managerial orientation maintaining that the key to the attainment of the firm’s...
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...answer in the shaded/underlined field immediately after the question. The table below shows the hypothetical utility schedule for a consumer of chocolate candy bars. [pic] 1. Refer to the above table. This consumer begins to experience diminishing marginal utility when consuming the: A. Third candy bar B. Fourth candy bar C. Sixth candy bar D. Seventh candy bar B. 2. Refer to the above table. Marginal utility becomes negative with the consumption of the: A. Fourth candy bar B. Fifth candy bar C. Sixth candy bar D. Seventh candy bar D. 3. Refer to the above table. Based on the data in the above table you can conclude that the: A. Marginal utility of the fourth unit is 7 B. Marginal utility of the third unit is 18 C. Total utility of 5 units is 30 D. Total utility of 3 units is 34 C. 4. Refer to the above table. The consumption of which bar yields the greatest marginal utility? A. Third B. Fourth C. Sixth D. Seventh A. Wayne's Jacket Shop sells Wayne's jackets for $20 each. Wayne finds that when he hires different numbers of workers, the corresponding total revenues are as follows: [pic] 5. Refer to the above table. What is the marginal...
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...Project ON CUSTOMERS PERCEPTION REGARDING MUTUAL FUNDS ACKNOWLEDGEMENT “Every person I have known who has been truly happy, Has learned how to serve others” It was a highly eventful two months at KARVY Stock broking Ltd. Working with the highly devoted professional community will probably remain the most memorable experience of my life. Hence this acknowledgement is a humble attempt to earnestly thank all those who were directly or indirectly involved in my training and were of immense help to us. I would like to thank Management of KARVY Stock broking Ltd. for providing me the opportunity to undergo my training at KARVY This project would not have been possible without the guidance and help of Mr. Vikas Naib.I thank him for encouragement all the way right from the information retrieval to completion of the project and for standing by me right through thick and thin. I express my sincere thanks to Mr. Samir, my company guide, whose supervision, inspiration and valuable discussion has helped me to complete my project. His guidance proved to be the most valuable to overcome all the hurdles in the fulfillment of this project. I would also like to extend my thanks to Miss Sumina who helped me at various points of the project. Finally I thank all the employees of Distribution Department for providing me the perfect environment to complete...
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...individuals will provide different types of inputs – the nature of the contractual relationship between the providers of inputs to a firm may be quite complicated 2 Contractual Relationships • Some contracts between providers of inputs may be explicit – may specify hours, work details, or compensation • Other arrangements will be more implicit in nature – decision-making authority or sharing of tasks 3 Modeling Firms’ Behavior • Most economists treat the firm as a single decision-making unit – the decisions are made by a single dictatorial manager who rationally pursues some goal • usually profit-maximization 4 Profit Maximization • A profit-maximizing firm chooses both its inputs and its outputs with the sole goal of achieving maximum economic profits – seeks to maximize the difference between total revenue and total economic costs 5 Profit Maximization • If firms are strictly profit maximizers, they will make decisions in a “marginal” way – examine the marginal profit obtainable from producing one more unit of hiring one additional laborer 6 Output Choice • Total revenue for a firm is given by R(q) = p(q)q • In the production of q, certain economic costs are incurred [C(q)] • Economic profits () are the difference between total revenue and total costs (q) = R(q) – C(q) = p(q)q –C(q) 7 Output Choice • The necessary condition for choosing the level of q that maximizes profits can be found by setting the derivative of the...
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...stage 2 units. Document 1. Covers A sample program for stage 2 which covers unit 2AECO in the contexts of options from Economics D304 Sample lesson outlines for Business firms and markets–Unit 2AECO Notes and PowerPoint slides on Market efficiency and equity—Unit 2AECO A range of teaching and learning materials covering the concepts of Market efficiency and equity for the 2AECO unit and some applications of these concepts: 4.1 4.2 4.3 4.4 4.5 4.6 4.7 The Sundance film festival—A case study with suggested answers PowerPoint slides—Efficiency and equity, concepts and applications PowerPoint companion—Efficiency and equity, concepts and applications Extension activities—The concepts of efficiency and equity Extension activities discussion topics Emissions trading schemes (ETS) Review Questions—Efficiency and Equity, with suggested answers 2. 3. 4. 2 ‘Market efficiency’ PowerPoints and activities Document 1: Sample program for Stage 2 The purpose of this document is provide an example of how the Stage 2 units can be programmed by drawing on four of the Options from the Economics D304 subject and using them as contexts for unit 2AECO. In this sample program the options from D304 drawn on to provide contexts are Australian market forms, Firms and production and Environmental economics. While options from D304 can be used to provide contexts for the 2AECO unit, they will not be covered in their entirety (in terms of D304). Programming of Stage 2 Units using optional...
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...ASSESSMENT COVER SHEET |Unit Number and Title |Unit 2: Managing Financial Resources and Decisions | |Assessment Title |Managing Financial Resources and Decisions | |Course Title |HND Business | |Assessment Code |HND Bus-Unit 2/Managing Finance May 2013 | |Hand Out Date |27th May 2013 |Hand In Date |26th July 2013 | |Lecturer(s) |Mr. Haider |Internal Verifier | | | |Mr. David Ogila | | | | |Mr. Daniel R. | | | |Sources of information |Course Notes / Slides / Activities / Handouts. ...
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...PRICES & MARKETS Tutorial Exercises and Supplementary Materials RMIT University This document has been prepared for use in the Prices & Markets course at RMIT UniA versity. The file was compiled using L TEX, an open source typesetting system, and is viewable in all standards compliant PDF viewers. The PDF has been formatted for two-sided printing. Please address any queries to: pricesandmarkets@rmit.edu.au Copyright Martin C. Byford (2012). This version compiled on Thursday 6th December, 2012. Contents Using This Volume 1 Introduction to Demand and Supply 1.1 Quiz . . . . . . . . . . . . . . . . . . 1.2 Group Exercise . . . . . . . . . . . . 1.3 Homework Questions . . . . . . . . . 1.4 Homework Solutions . . . . . . . . . 2 Elasticity 2.1 Quiz . . . . . . . . . 2.2 Group Exercise . . . 2.3 Homework Questions 2.4 Homework Solutions iii 1 1 3 4 5 9 9 11 12 13 15 15 17 18 19 25 25 27 28 29 33 33 35 36 37 39 39 41 42 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
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...Cement Factory Acknowledgement Any accomplishment requires the effort of many people and there are no exceptions. The report being submitted today is a result of collective effort. Although we have solely prepared the report with the purpose of fulfilling the requirements of the course of “Financial Accounting” there are innumerous helping hands behind it that have guided us on our way. First we thank those people who helped us for creating such an opportunity for the students to broaden their frame of skills. We are gratified with their efforts. Our sincere gratitude also goes to our guide Mr. Tapan Mahmud, as well as our subject teachers who have helped us to perform term and be familiar to the practical aspect and uses of theoretical knowledge and clarifying the career goals. We are also grateful to all members of for providing several documents, papers, and services as well as sharing their experience with us. Finally, if we have mistakenly omitted to give credits, we want to accept the humble apology and we want them to know that without their support there will have differences in this task. Letter of Transmittal Tarpon Mahmud Lecturer, FBS Bangladesh University of Professionals Subject: Letter of Transmittal Dear Sir, It is our great pleasure to submit our Term Paper Report as a part of our BBA program to you that we were assigned to prepare under your direct supervision. We are fortunate enough that we have got an experienced and...
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...Economics 2: The World Economy Unit Student Guide Scottish Qualifications Authority Contents 1 2 Introduction to the Scottish Qualifications Authority Introduction to the Unit 2.1 2.2 2.3 2.4 2.5 2.6 3 What is the Purpose of this Unit? What are the Outcomes of this Unit? What do I Need to be Able to do in Order to Achieve this Unit? Approximate Study Time for This Unit Equipment/Material Required for this Unit Symbols Used in this Unit 1 2 2 2 2 3 3 4 5 5 6 7 7 11 18 24 31 37 41 51 60 68 75 DE3H 35 Assessment Information for this Unit 3.1 What Do I Have to Do to Achieve This Unit? 4 5 Suggested Lesson Plan Learning Material 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 Setting the Scene Outcome 1 - Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Outcome 2 - Section 1 Section 2 Section 3 Section 4 © Scottish Qualifications Authority 2004 Economics 2: The World Economy Unit Student Guide Scottish Qualifications Authority 5.12 5.13 5.14 5.15 5.16 5.17 5.18 6 7 8 9 Section 5 Section 6 Outcome 3 - Section 1 Section 2 Section 3 Section 4 Section 5 85 92 99 104 108 112 115 119 121 135 135 Additional Reading Material Solutions to Self Assessed Questions and Activities Copyright References Acknowledgements © Scottish Qualifications Authority 2004 DE3H 35 Economics 2: The World Economy Unit Student Guide Scottish Qualifications Authority 1 Introduction to the Scottish Qualifications Authority This Unit DE3H 35 Economics 2: The...
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...HBSP Product Number TCG129 THE CRIMSON PRESS CURRICULUM CENTER THE CRIMSON GROUP, INC. Converse Health System I don’t get it! We switched St. Luke’s from a profit center to a standard expense center, and yet they continue to encourage the PCPs to admit patients that we all know could be treated as outpatients. What’s going on? Maybe we should just switch back to profit centers and be done with it. The speaker was Gus Mahler, Chief Financial Officer of Converse Health System (CHS). He was speaking with Rob Shuman, M.D., CHS’s Senior Vice President for Medical Affairs, about his concern that, despite a change in the control structure and incentive system at one of the system’s hospitals, many primary care physicians (PCPs) were continuing to admit to the hospital patients who could be treated appropriately in a less expensive setting. He wanted to enlist Dr. Shuman’s help with the problem. BACKGROUND Converse Health System began through a merger of St. Luke’s Hospital and Medical Center with HealthGroup. St. Luke’s was a 283 bed tertiary care facility located in downtown Mansfield. HealthGroup consisted of two hospitals: Mansfield Memorial Hospital and Lakeview Medical Center. Mansfield Memorial was a 454 bed tertiary care facility located approximately 2 miles from St. Luke’s. Lakeview was a smaller hospital about 2 miles from Mansfield and St. Luke’s. The merger also involved a large visiting nurse association and several smaller providers, including an occupational...
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...of inquiry for uncovering the hidden reality of capitalism is through his own invented process of socioanalysis. Because of Marx’s legacy of revealing the reality of capitalism, Heilbroner compares him to Freud and Plato, all whose works are inescapable for the truths they have unveiled. Freud and Plato both unveiled hidden realities. Marx shared a further similarity in the sense that his “combination of insight and method permanently altered the manner in which reality would thereafter be perceived” (Heilbroner, 17). Marx’s works in his book Capital is still more relevant today than Adam Smith’s renowned work Wealth of Nations. Marx‘s book placed importance on technology and crises and social tension, and more importantly, undertakes the task of critiquing the political economy. However, the problem of Marxism is within trying to define it. Heilbroner believes that there exists a set of premises that can assist in defining Marxist thought, “so that any analysis that contains these premises can be properly classified as Marxist” (Heilbroner, 20). There are four main premises as described by Heilbroner; the dialectical approach to knowledge itself; the materialist approach to history; the socioanalysis of history; and commitment to socialism. Marxism has the political goal to overthrow the capitalist order and replace it with socialism, which will eventually lead to communism. “The self-declared objective of Marxism is as a force for revolutionary change, as a rallying ground...
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...Question 1.1: Explain how a change in the demand or supply affects the equilibrium price and quantity in any market. What is “demand”? Demand is the outcome of decisions about which wants to satisfy, given the available means. If you demand something (in the economic sense), it means that you intend to buy it and that you have the means (the purchasing power) to do so. In simple terms, when we talk about demand we are referring to the quantities of goods or services that the potential buyers are willing and able to buy. The law of demand states that if all other factors remain equal, the higher the price of a good, the less people will demand that good. Simply, the higher the price, the lower the quantity demand. Chart 1 above was downloaded from “www.investopedia.com/university/economics/economics3.asp” Point A,B,C clearly shows a negative demand relationship. As the price increases, the lower the quantity demanded. What is “supply”? Mohr et al (197:2004) defines supply “as the quantities of a good or service that producers plan to sell for a possible price during a certain period.” Producers must be able to supply the quantities concerned although there is no guarantee that the quantity supplied will be actually sold. The quantity sold will depend on the demand for the product or service. The greater the demand, the greater the quantity sold. Chart 2 above was downloaded from “www.investopedia.com/university/economics/economics3.asp” Points A,B,C clearly...
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...Unit 2 Assignment 1 Task A 1. The aim is what an organisation is trying to achieve. The objective is the steps that are taken to achieve an aim. Examples of aims: * Increasing market share * Growth of profit * Survival 2. SMART objectives: * Specific: Clear objectives of what they want to achieve; * Measurable: The organisation has to measure whether they could achieve or not; * Achievable: the organisation sets up objectives so he could achieve it; * Relevant: To assess if what they are going to do it’s going to be as they forecasted; * Timed: it’s the deadline when they set to achieve it. 3. The purpose for setting aims and objectives is to have a clear view of what the organisation is going to do, so that every member of the organisation is going to easily follow it and all of them to work towards the same target. Another purpose would be to give the organisation focus, achieve efficiency, helps plan strategies, gives a basis for assessing performance and allows managers to monitor performance and make changes if necessary. 4. The first person that is interested in an organisation’s aims and objectives is the owner, and after the stakeholders: they could be investors and shareholders. Because they also have invested money in the business. Investors They are the people that put money in an organisation/business and expect that the profit will be high and the risk will be low. They are also concerned about the...
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