If the steps are small, a step-variable cost may be approximated using a Variable cost function without significant loss in accuracy.
<h3>Variable cost function</h3>
- An expense for the company that varies according to how much is produced or sold is called a variable cost.
- Depending on a company's production or sales volume, variable costs grow or fall. They climb as production rises and reduce as production declines.
- It is a production cost whose level fluctuates in response to shifts in a business's manufacturing activities.
- For instance, the raw materials required to make a product's components are regarded as variable costs because they frequently change depending on the volume of units produced.
- The total variable cost curve depicts the relationship between total variable cost and the volume of output produced graphically.
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Households would provide factors of production to firms.
- The circular flow demonstrates the movement of money in the economy.
- The two-sector model of circular flow comprises households and firms.
- Money first flows from producers to households in return for production services in the form of wages.
- Finally, return to producers back in the form of payment for the purchase or expenditure made by households.
<h2>What do you mean by circular flow of money?</h2>
- The circular flow model demonstrates how money moves through society.
- Money flows from producers to workers as wages and flows back to producers as payment for products.
- In short, an economy is an endless circular flow of money.
<h2>What are the two types of circular flow?</h2>
There are two types of circular flow:
- Real flow: The term real flow means the flow of factor services from households to firms.
- Similarly, the flow of goods and services from firms to households.
- Money flow: The money flow refers to the flow of factor payments from firms to households for factor services.
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Answer:
b. False
Explanation:
In a competitive environment, pricing strategy is one of the strategies to ensure efficiency and profitability. But lowering of prices at the expense of deterioration in the quality of product offerings cannot be a recommended strategy.
The four competitive strategies specified by Michael Porter are namely, Cost Leadership, Differentiation, Cost Focus and Differentiation focus.
Under Cost leadership, a firm strives to offer it's products at the lowest cost and be the cost leader in an industry.
Differentiation refers to adding unique attributes and values to the products which differentiates such products from those of the competitors.
Cost focus refers to cost leadership when targeted at a particular marketing segment and similarly, differentiation focus is differentiation when applied to a specific marketing segment.
A firm cannot focus at price at the expense of quality of it's offerings. Thus, keeping prices down isn't all which matters.
The given statement " In the enumeration method the project schedule is calculated many times (perhaps 1,000 or more), and each time, the estimate for a particular activity is generated based on the likelihood of that time as determined by the project manager " is FALSE
Explanation:
Enumeration methods are used for solving combinational problems of optimisation. Combinatory optimization issues are difficulties where choices are binary, in which an object is selected or is not selected
(e.g. line, edge, node).
Basic schedule management strategies include starting and finishing dates for work in a project. Here the shadow bars stretch from the critical path-determined beginning date.
The Enumeration system includes census administration, handling money, computer awareness, Web surveying, information on housing records, post-enumeration analysis and web-based input and distribution of field information.
Answer:
3) Reject redundancies.
Explanation:
The statement is redundant because 2 of the three sentences essentially convey the same messange:
- [1] This community needs programs assisting those in the reentry process.
- [3] Basic fundamental information on reentry services is sorely needed in our community.
Those two sentences say the same, and one of the two can be dropped to express more clarity, and reject redundancies.
