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More output for the same amount of input. When achieved, we call it an increase in productivity. Increases in productivity lead to higher standards of living. A firm can achieve higher productivity levels through technological changes as one method. Your book mentioned how this helped Wal-Mart and Amazon to rise to the top. Using the right combination of labor and capital a firm can also produce higher outputs especially when the labor is specialized. Other combinations will suffer from the law of diminishing returns realizing the marginal product of labor and the average product of labor falling. You have learned that cost of production depends a lot on productivity and efficiencies achieved. That economies of scale can bring down cost dramatically for some industries, providing society with goods and services that we have become accustomed to. We learned early on that population is a demand shifter, and when increasing, it is a shift to the right.
With these ideas in mind, is the cost of production, technological change, economy of scale, marginal product of labor important in our daily life?
Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning. Discuss the most appropriate form of ownership for your new business (assuming your current finan..
The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. a) Prepare a lease amor..
What can a managerial team do to avoid insufficient time devoted to strategic thinking do to too much time being spent on operational issues?
Leadership Style Scenario - What leadership style would you use to approach this employee?
If you do not want to use your company or cannot find a code of ethics you can search google for any company's code of ethics you like. For Example Google Search Costco Code of Ethics
Due to the changing environment and external triggers, contingency planning is necessary. What qualities make a future issue a "trigger"? Consider you are on the strategic planning team for a soft drink company.
"A monopolist can charge whatever she wants because she is the only source available." Is this statement true or false explain?
The concept of precision is introduced with regards to rounding numbers. One of the things mentioned is that the level of precision required depends on circumstances. What are five things that might require a great deal of precision in the calcu..
You and a friend decide to open a small business, with a storefront and Internet site. Discuss what methods of payment you are willing to accept.
Identify a common problem you face at work. Then apply the steps of the problem-solving process to the problem and describe what you now believe the resolution should be.
A Healthy County Community Health Council (the "Board of trustees") was set up; its goal was to improve the general soundness of the territory's people through a gathering wide prosperity change orchestrate that would turn away disease, advance ph..
Clark Jensen recently opened a Planet Smoothie franchise. So far, he is very satisfied with Planet Smoothie because in exchange for an initial franchise fee and an ongoing royalty payment, Planet Smoothie has provided Clark a formula for doing bus..
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