Answer:
Explanation:
This question puts together two different perspectives based on different goals and metrics: economics and ethics. In economics, self interest is the driving force and productivity is one of the metrics used by managers and shareholders in measuring their profit making. In ethics, doing good for people and creating social value is the goal. The results cannot be measured anymore in units of productivity.
Peter Drucker in his famous book "Management: tasks, responsibilities, practices" says : "To know what a business is we have to start with its purpose. Its purpose must lie outside of the business itself. In fact, it must lie in society since business enterprise is an organ of society. There is only one valid definition of business purpose: to create a customer." That means to create value for society and not to maximize the profit.
I shall add a recent message sent by Richard Branson - the creator of Virgin Group - in his book "Screw business as usual" : Doing good can help improve your prospects, your profits and your business; and it can change the world." But with a condition: in that firm to exist an organizational culture based on positive values and not on profit maximization. In conclusion, ethics may impact positively on performance if and only if there is a managerial philosophy based on ethics and not on profit maximization, and on value creation. In this well-defined context profit and profitability are consequences and not driving forces of the whole business.
Answer: $252
Explanation:
GDP is calculated by summing up the value of final goods and services in a country within a period. This means that intermediate values are not included and this is done to avoid double counting.
The GDP contribution here therefore will be the value of the meals created;
= 50 * 5.04
= $252
Answer:
Explanation:
The meaning of terms is shown below:
Direct material: The material which is directly related to the production process of the product is known as direct material
Direct labor: The labor who are engaged in production process of the product plus their wages is known as the direct labor
Manufacturing overhead: All the indirect cost related to manufacturing is known as manufacturing overhead i.e depreciation on factory equipment, the salary of supervisor etc
The categorization is given below:
a. Windshield - direct materials
b. Engine - direct materials
c. Wages of assembly line worker - direct labor
d. Depreciation of factory machinery - manufacturing overhead
e. Factory Machinery lubricants - manufacturing overhead
f. Tires - direct materials
g. Steering wheel - direct materials
h. Salary of painting supervisor - manufacturing overhead
Answer:
Convenience store
Explanation:
a Convenience store is a retail store that provides a range of everyday products and impulse products. they are usually located in fuelling stations or along busy roads . these stores are usually opened for long hours
Answer:
62.50 units
$3,866.25
Explanation:
The price function is:
Profit as a function of quantity (P(Q)) is given by:
The quantity for which the derivate of the profit function is zero is the profit maximizing quantity:
The profit-maximizing quantity is 62.50 units
The economic profit for this production volume is:
The firm earns a profit of $3,866.25.
