Marginal cost of labour Study guides, Revision notes & Summaries

MAC3701 EXAM REVISION PACK.100% CORRECT questions, answers, workings and explanations. Whatsapp +25277 067 1186 for assistance.Section A Multiple Choice Questions 1. A common business decision is the make/buy decision where a manager must choose between buying an item or manufacturing it. The company must evaluate both the qualitative matters, as well as the quantitative matters that deal with costs. The following statements were made by a manager regarding qualitative matters which wil...

Human resource management anything associated with the management of work and employee relationship within an organisation anything associated with the management of work and employment relationships within an organisation firm has to create a human performance to meet the need of the firm through 5 HRM goals 2 broad categories THE ECONOMIC: 1. Cost-effective labour 2. Organisational flexibility 3.Human resource advantage THE SOCIO-POLITIC: 4. social legitimacy 5. manegeri...

Production Possibility Frontier Supply and demand diagram showing equilibrium Supply and demand surplus Increase in demand Decrease in demand Increase in supply Decrease in supply Consumer surplus Producer surplus Inelastic demand Elastic demand Unitary elastic demand Perfectly elastic demand Perfectly inelastic demand Inelastic supply Elastic supply Substitutes diagram Ad valorem tax Tax diagram Subsi...

Edexcel A-level Economics Paper 1 2024/2025 questions and correct answers Economics - answer The study of the allocation of scarce resources. Economic Goods - answer Resources that are scarce. Short Run - answer A time period where at least one factor of production is fixed. Long Run - answer A time period where all factors of production are variable. Productivity - answer The output per unit of input. The Economic Problem - answer Resources are scarce but wants are infinite. Sca...

Microeconomics QUESTION AND CORRECT ANSWER 100 % SCORE Free goods - ANSWER Goods that are not scarce and therefore available without limits. Zero opportunity cost e.g. Air Economic goods - ANSWER A consumable item that is useful to people but scarce in relation to its demand Opportunity cost - ANSWER The value of the next best alternative foregone Positive statement - ANSWER An objective statement that can be tested, amended or rejected by referring to available evidence Normativ...

What is the marginal productivity theory? - Says that demand for any factor of production depends on its MRP MRP (marginal revenue product) is what? - extra revenue gained from employing one more worker What is the marginal cost (MC) of labour? - the cost of employing another worker. Equal to the equilibrium wage in a perfectly competitive market. Why are the MRP/MPP curves downward sloping? - the law of diminishing returns When is demand for labour not affected when wages rise? - If there...

Purdue ECON 252 Exam 2 Latest Update Graded A capital accumulation the growth of capital resources, including human capital. when a country saves more, this grows faster. aggregate investment savings rate x GDP political creative destruction the process in which economic growth destabilizes existing regimes and reduces the political power of rulers. creative destruction refers to the process by which new technologies replace old ones, new businesses replace established companies, and new skil...

AQA A-level ECONOMICS 7136/3 Paper 3 Economic Principles and Issues Question Paper + Mark scheme [MERGED] June 2022 *JUN* IB/M/Jun22/E5 7136/3 For Examiner’s Use Section Mark A B TOTAL Time allowed: 2 hours Materials For this paper you must have: • the Insert • a calculator. Instructions • Answer all questions. • Use black ink or black ball-point pen. Pencil should only be used for drawing. • Fill in the boxes at the top of this page. • You will need to ref...

Busi 301 Final Exam, TWU, Sun Ming Yoo, 2019 Fall Latest Verified & Updated Answers 2024. Marginal Benefit - CORRECT ANSWER Change in Benefit / Change in control variable Marginal Cost - CORRECT ANSWER Change in cost / Change in control variable Maximize net benefits - CORRECT ANSWER the control variable should be increased until MB = MC Production function - CORRECT ANSWER P = F[K,L] K units of capital and L units of labor. Marginal product of labour and capital - CORRECT ANSW...

MAC3761_ STUDY SUMMARY NOTES. TOPIC 1 Cost Objects A cost object is any activity for which a separate measurement of costs is desired. In other words, if the users of accounting information want to know the cost of something, this something is called a cost object. Examples of cost objects include the cost of a product, the cost of rendering a service to a bank customer or hospital patient, the cost of operating a particular department or sales territory or indeed anything for which ...