C. total revenue exceeds total cost by the largest amount. D. total revenue equals total cost. E. both b and c 2. The function a decision maker seeks to maximize or minimize is the ________ function. A. optimal B. decision-making C. objective D. marginal E. none of the above 3. Choice variables A. determine the value of the objective function B. determine the constraint C. can only take on integer values D. cannot be continuous E. both c and d 4. For an unconstrained maximization problem A. the decision
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How to increase productivity It’s a nice performance‚ but it’s no Utopia How many times in a day do you remind yourself to be more productive at work? How often your boss tells you to improve a bit? Even if you are satisfied with the pace you work with or the way you do your assigned tasks‚ there is always some tricky confusion in your mind whether I could have worked better? What else I need to do to make it better? There are so many blurred thoughts which actually pull and push you at
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sMarginal Benefit / Cost and Scarcity Paper Uploaded by 989 on Aug 1‚ 2005 -------------------------------------------------------------------------------- Marginal Benefit / Cost and Scarcity Paper Define the concept of scarcity: Scarcity: The goods available are too few to satisfy individuals’ desires. Scarcity is a central concept in economics. Resources are scarce if any individual would prefer to have more of that good or service than they already have. Most goods and services
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Productivity in the Workplace Owen Harvey December 2010 www.policyprogress.org.nz Foreword by David Choat (Director‚ Policy Progress) We all know that New Zealand could do better and be more effective in its economic performance. But when we discuss solutions‚ too often we gravitate to ‘big-picture’ macroeconomic ‘fixes’‚ which may (savings rates) or may not (tax cuts) have anything to do with the problem at hand. Owen Harvey doesn’t. His has been a consistent voice‚ urging to us
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Telecommuting Increases Productivity Telecommuting‚ also known as work-from-home‚ is a common practice among many business firms. In many articles‚ authors claim that telecommuting makes noticeable contribution to companies‚ increasing productivity by around 15%-50%. However‚ to some CEOs‚ telecommuting is not an attractive option. They think that most people exaggerate the significance of telecommuting because they worry about losing direct control over the employees. Actually‚ telecommuting can
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Organizational Culture and Productivity October 1st‚ 2014 Organizational culture is defined as the “shared social knowledge within an organizational regarding the rules‚ norms‚ and values that shape the attitudes and behaviors of its employees. It is one of the most important building blocks for a highly successful organization and an extraordinary workplace. Organizational success relies on the how to operate the business in a effective and productive way. Leaders of the organizations are looking
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Consumer Expenditure and Equi-marginal Utility Consumer behaviour theory tries to explain the relationship between price changes and consumer demand. Utility is a concept used to denote the subjective satisfaction or usefulness attained from consuming goods and services. This concept helps to explain how consumers divide their limited income / resources among different choices of goods and services that help attain them satisfaction (utility) The issue however is how we are supposed to measure
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HOW PRODUCTIVITY IS DETERMINED Productivity is the quantity of goods and services produced from each unit of labor input. Productivity’s key role in determining living standards is as true for nations as it is for stranded sailors. Recall that an economy’s gross domestic product (GDP) measures two things at once: the total income earned by everyone in the economy and the total expenditure on the economy’s output of goods and services. GDP can measure these two things simultaneously because‚ for
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you will be creating your brand: please think about what you are saying about yourself when you do any work for someone else! 1. Consider a monopolist where the market demand curve for the produce is given by P = 520 – 2Q. This monopolist has marginal costs that can be expressed as MC = 100 + 2Q and total costs that can be expressed as TC = 100Q + Q2 + 50. a. Given the above information‚ what is this monopolist’s profit maximizing price and output if it charges a single price? Answer: MR
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Improving Employee Productivity As you may already know‚ improving the employee productivity is one of the most important goals in any business. But‚ in spite of this‚ a lot of human resources professionals do not consider this field very relevant. Even though most of the human resources professionals do admit that their job is all about establishing schedules and rules concerning people management‚ only a few of them succeeds in bonding all these connections‚ in order to be able to increase
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