total revenue consists of the total profit over a period of time. The total revenue is calculated by taking the price of the widget and multiplying it by the quantity produced. For Example‚ the marginal value would be greater if the company made one more widget and the total revenue increased. There would be no changes in revenue if the company decided to sell another widget and the marginal revenue was zero. When calculating profit maximization using the total revenue/total cost approach
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Marginal Analysis Economics & Global Business Applications‚ EGT 1‚ Task 1 A. Explanation of profit maximization The total revenue‚ TR‚ is the overall amount of all sources of a business’s income. It consists of total sales or profit‚ over a period of time. The TR can be calculated by taking the price and multiplying it by the quantity. For example‚ if a business decides to retail another product and the total revenue does increase‚ thus the marginal revenue would be greater than zero
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PLAN INTRODUCTION Innovative Widgets is a large firm of about four hundred staff‚ and is the largest producer of widgets in Australia. Established in 1952‚ its widgets are used as components in a broad range of televisions. At Innovative Widgets we are dedicated to providing all internal and external customers with the best possible level of customer service. To ensure this‚ we have created our own customer service plan as followed: Vision Innovative Widgets vision is to be recognised as the
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a far away city called Leeuwenhoek‚ the main export and production product is the steel widget. Everyone in the town has something to do with steel widget making and the entire town is designed to build and export widgets. The town hall has the instructions for widget making. Widgets come in all shapes and sizes and any citizen of Leeuwenhoek can get the instructions and begin making their own widgets. Widgets are generally produced in small shops around the city. These small shops can be built
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Innovative Widgets will be considered a market leader in customer service. Mission Innovative Widgets aims to deliver friendly‚ professional‚ innovative and quality service to all internal and external customers. Product and/or service standards Consumer guarantees for products If you buy a product (such as widgets): • Its size must be in the range of 5mm‚ 6mm‚ 7mm‚ 8mm‚ 9mm and 10mm. • The tolerances of the size must be less than 3% than specified. Any wrong size of the widgets can be
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solutions to the following problems: 1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility‚ what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market supply and market demand‚ which is bigger than your own company
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handling customer complaints‚ monitoring team performance‚ and intervening to develop team abilities to overcome difficulties in providing quality customer service. Assessment description You will perform two role-plays in the context of the Innovative Widgets simulated business. In the first role-play‚ you will follow procedures to handle customer complaints. In the second role-play‚ you will recognise areas in which you can improve the performance of a customer service team member. You will then coach
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Economics 101 Spring 2011 Answers to Homework #1 Due 2/2/11 Directions: The homework will be collected in a box before the lecture. Please place your name‚ TA name and section number on top of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Please remember the section number for the section you are registered‚ because you will need that number when you submit exams and homework. Late homework will not be accepted so make
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Swing v. Steady Swing Manufacturing and Steady Manufacturing both operate in the widget industry‚ but with radically different cost structures. Swing is a capital-intensive‚ automated manufacturer‚ while Steady is a labor-intensive "job-shop." Monthly operating data are as follows: | |Swing Manufacturing |Steady Manufacturing | |Sales |5‚000 units |5‚000 units | |Price
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Volume-Based Product-Costing System to calculate cost of producing four products: Widgets‚ Gadgets‚ Smidgets‚ and Smadgets. To solve this problem‚ we calculated by using both traditional method and Activity-Based Costing method. It is followed by analysis of different methods’ application‚ advantages and disadvantages. The results of Traditional Costing and Activity-Based Costing Traditional Costing method: Take Widgets as an example‚ summing given direct labor 100‚000‚ direct material 100‚000 and
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