To produce espressos, a coffee shop has fixed costs of 200 dollars each day and variable costs of one dollar per espresso. The n
umber of espressos that the coffee shop sells on a given day depends linearly on the price of each espresso: If the price is $1.00, then they sell 200 espressos, and if the price is $2.00, then they sell 100 espressos. What is the choice of price that will maximize their profit?
Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called <u>fiat</u> money.
The term is derived from the Latin word fiat, because of this a dedication through authority—in this case, it is the government that decrees the fee of the currency and is not representative of every other asset or financial device consisting of gold or a check.
Fiat cash, in a wide feel, all varieties of money which are made criminal tender via a government decree or fiat. The term is, but, commonly reserved for criminal-tender paper money or cash that have face values ways exceeding their commodity values and aren't redeemable in gold or silver.
Economists differentiate amongst 3 special forms of money: commodity money, fiat money, and bank money.
To begin with, the term known as <em>''Total Quality Management''</em> refers to the efforts that an organization does in order to achieve a permanent environment where the employees continously improve their ability to provide the goods or services that are being demanded by the customers. Moreover, the ''total'' part of the concept involves the fact that all the departments of the organizations must work proactively and focus their efforts in order to improve their operations and not just the production area. Therefore that the TQM focuses on the customer and ensures on-time delivery as well.
Peer rating or peer review is a type of peer to peer evaluation or appraisal. This type of rating happens when members of a work group rates other group members using a particular rating scale. Employees are to rate their co-workers in peer rating and they provide feedback based on the set assessment criteria since their supervisors do not have the opportunity to carry out the reviews.