Có 40+ tài liệu thuộc chủ đề "Society and Business"
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Such a finding means that if each worker added to the group must be paid the same as all others, the cost of additional production obviously rises with the size of the working group.. And what happens depends on policies that minimize shirking and maximize the use of the technology by workers. The size of the firm obviously depends on...
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People are willing to extend favors in cooperative ventures in the knowledge that the favor will be returned.. People are more likely to cooperate with close family members and friends than far-removed strangers, and they will be less likely to cooperate with others, whether close at hand or far removed, when the cost of cooperating is high. The “game” they...
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An arrangement that reduced the threat of opportunistic behavior on the part of firms against workers was the much-criticized “company town.” In the past it was common for companies (typically mining companies) to set up operations in, what were at the time, very remote locations. In the company towns, the company owned the stores where employees shopped and the houses...
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The demand curve in Figure 6.2 drops down vertically by the per-worker cost of the fringe, from D 1 to D 2 . This happens because the firms are simply not willing to pay as high a wage to their workers if they have to cover the cost of the fringe. On the other hand, the supply of workers shifts...
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In their effort to get incentives right, it is altogether understandable why some firms will cover the cost of the MBA degree program for some of their workers (and not others). In general, firms can be expected to cover the cost of an MBA when they, the firms, can expect to capture the benefits. We hope our discussion of the...
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of meeting the limit of two units is shown in the lower half of Table 7.1. Marginal cost of eliminating each unit of pollution:. Remember that the EPA can control the number of tickets it sells. The higher the cost of the cleanup, the more. If the. government fixes the supply of rights at ten and sells those ten rights...
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monopoly on the product by raising the price after the buyer commits to it at the attrac- tive initial price. The seller may promise not to raise the price, but the buyer will be taking an expensive risk to trust the honesty of the promise. Also, such a contract can reduce the flexibility of the buyer as well as the...
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The market demand can be shown graphically as the horizontal summation of the quantity of a product each individual will buy at each price. If the price falls to $5, Anna wants two Cokes and Betty, given her greater demand, wants much more, six. If we continue to drop the price and add the quantities bought at each new price,...
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The determinants of the elasticity of demand are fewer and easier to identify than the determinants of demand itself. Together all these variables determine the position of the demand curve. If any variable changes, so will the position of the demand curve.. increases, the change will be reflected in an outward movement of the demand curve (see Figure 8.7). By...
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reflected by the budget constraint segment Y a , then the consumer can buy additional units of good X at the much lower price indicated by the segment a X of the budget constraint. Faced with such a pricing policy, the consumer will be willing to sacrifice Y – Y 1 units of good Y, to buy X 2 units,...
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13 This is the case because a reduction in the current time period might not stimulate current sales very much.. However, for highly addictive goods, current consumption can give an even greater increase in the future demand because the buyers “have to have more of it bad,” thus resulting in even more future consumption than would be the case for...
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We are only using comparative house sizes as a useful guide for narrowing the search or, in other ways, lowering the cost of your search. Indeed, one of the often-overlooked reasons for interview trips is not only to assess the person’s likely ability on the job, but also to assess how much he or she likes the new location relative...
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TABLE 9.1 Marginal Costs of Producing Tomatoes. Number Worker to Required to Cost of. FIGURE 9.2 The Law of Diminishing Marginal Returns. As production expands with the addition of new workers, efficiencies of specialization initially cause marginal cost to fall. At some point, however—here, just beyond two bushels —marginal cost will begin to rise again. The Cost-Benefit Tradeoff. Just as...
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Other specialists in the field have done that. 4 We only point out here that many of the supply and demand forces listed above are beyond the control of individual businesses. We only note, however, that the demand for healthcare services can be lowered by reducing, at least marginally, government subsidies for the healthcare of many Americans. This can be...
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Table 10.1 Total, Marginal, and Average Cost of Production. Marginal Cost (change in 3 or 4) (5). Average Fixed Cost (2) div (1) (6). Average Variable Cost (3) div (1) (7). Average Total Cost (4) div (1) or (6. Figure 10.1 Total Fixed Costs, Total Variable Costs, and Total Costs in the Short Run Total fixed cost does not vary...
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the agency cost?” Given that agency costs will always occur with expanding firms, how can the combination of debt and equity be varied to minimize the amount of costs from shirking and opportunism? That question is really one dimension of a more fundamental one, “How can the financial structure affect the firm’s costs and competitiveness?”. By debt, of course, we...
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Chapter 10 Production Costs in the Short Run and Long Run. The firm is producing as much as it can. A point b on curve IC 1 , for instance, the firm would lower its production level from 150 to 100 pairs of jeans per day.. At that point, the isocost curve is just tangent to isoquant IQ 2 ,...
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At q 2 (and anywhere else), the firm’s profit equals total revenue minus total cost (TR – TC). Graphically, total revenue is equal to the area of the rectangle bounded by the price and quantity, or 0P 1aq2. Similarly, total cost can be found by multiplying the average total cost of production (ATC) by the quantity produced. The profits of...
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One of the most important developments in the study of markets is the theory of contestable markets. Free entry has a particular meaning in the theory of contestable markets. it means that new firms entering an industry are not at any cost disadvantage compared to existing firms in the industry. Like a perfectly competitive market, a contestable market will be...
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First, the monopolist may have sole ownership of a strategic resource, such as bauxite (from which aluminum is extracted).. Second, the monopolist may have a patent or copyright on the product, which prevents other producers from duplicating it. Third, the monopolist may have an exclusive franchise to sell a given product in a specific geographical area. Fourth, the monopolist may...