Explain the difference between a short-run and long-run
production function. Cite one example of this difference in a
business situation.
Answers
A production function is a mathematical expression that shows the relationship between inputs and outputs. The production function describes the relationship between the quantity of inputs used in production and the quantity of output produced. The long-run and short-run are two types of production functions that vary in terms of the time horizon under consideration.
In the short run, production capacity is constrained. As a result, some inputs are fixed while others are variable. The production function in the short run is more elastic, meaning that it can change quickly in response to changes in output levels. For example, a business may have a fixed number of machines that can only produce a limited amount of goods in a given period. In this case, if the business wants to increase production, it can only do so by adding more labor or other variable inputs. This may lead to diminishing marginal returns, which means that each additional unit of input will lead to less additional output.
In the long run, all inputs are variable. This means that the production function in the long run is less elastic and more difficult to change in response to output levels. For example, a business may decide to build a new factory to increase production. In this case, it can increase the number of machines, labor, and other inputs to produce more output. The long-run production function is more flexible, and businesses can optimize their inputs and outputs over a longer period.
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Related Questions
According to the video, what products were made by Biomedical Engineers?
imaging systems
prescription drugs
artificial limbs
lasers for surgery
naturopathic
Answers
Answer:
Imaging systems
artificial limbs
lasers for surgery
Explanation:
I just did the assignment
Answer:
→imaging systems←
→artificial limbs←
→lasers for surgery←
( 1, 3, and 4)
Explanation:
Doing the Assignment, but I hope this helps
The person above is correct so all credit to them↑↑
When comparison shopping, all of these hint at a good deal EXCEPT _____________________.
Answers
Answer: the sale price is the cheapest available.
Answer is …. there are more positive customer reviews than negative reviews.
Explanation:
except as authorized by law, the dmv will not disclose personal information without your consent. this consent will apply to all registered owners within this transaction. do you consent to such a disclosure?
Answers
Legal consent or making decisions on behalf of individuals. It is up to you as the registered owner to determine whether you want to provide consent for the disclosure of your personal information.
It is important to carefully consider the potential risks and benefits of disclosing your personal information and to make an informed decision based on your own circumstances and needs.
If you have any concerns or questions about how your personal information will be used, you may want to consult with a legal or privacy expert before making a decision.
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Legal consent or making decisions on behalf of individuals. It is up to you as the registered owner to determine whether you want to provide consent for the disclosure of your personal information.
It is important to carefully consider the potential risks and benefits of disclosing your personal information and to make an informed decision based on your own circumstances and needs.
If you have any concerns or questions about how your personal information will be used, you may want to consult with a legal or privacy expert before making a decision.
Consent occurs when one person voluntarily agrees to the proposal or desires of another. It is a term of common speech, with specific definitions as used in such fields as the law, medicine, research, and sexual relationships. Consent as understood in specific contexts may differ from its everyday meaning. For example, a person with a mental disorder, a low mental age, or under the legal age of sexual consent may willingly engage in a sexual act that still fails to meet the legal threshold for consent as defined by applicable law.
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How can a diverse economy like the United States, satisfy the needs of its consumers?
Answers
Answer:
Supply and Demand
Explanation:
Question #4
Multiple Choice
Values are principles that typically guide or influence an individual's decision-making process. Two
areas of life most often affected or influenced by values include
emotions and reactions
decisions and responses
physical health and feelings
attitudes and behaviors
Answers
The two spheres of life that are most frequently impacted or altered by values are attitudes and behaviors. The correct response is option (4).
Define attitudes and behaviors.An individual's attitude is defined as their mental perspective, or how they feel or think about someone or something. Behavior describes the actions, motions, conduct, or behaviors of an individual or a group toward other individuals. built upon. Experience and observation.
When people put more focus on their own attitudes and feelings, they tend to act more in line with those feelings, therefore there is a link between attitude and behavior. Additionally, when people feel greater responsibility for their individual actions rather than the actions of a collective, their opinions are more consistent with their behavior.
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if bob places improvements and permanent fixtures on property that he does not own, bob has created a(n):
Answers
Bob has placed improvements and permanent fixtures on property that he does not own, which could be considered an encroachment.
Encroachment is a legal term that refers to the unauthorized use or intrusion of one person's property onto another person's property. It can occur in various forms, such as the placement of improvements or structures, the excavation or removal of soil or other materials, or the blocking of access or view.
Encroachment can cause disputes between property owners and can lead to legal action if one party feels that their rights or interests have been infringed upon. To resolve encroachment issues, the parties involved may need to negotiate a settlement or seek a court ruling to determine the rights and responsibilities of each person.
Encroachment is an important issue in property law, as it can affect the value and use of property, and can also lead to safety hazards or other risks. To avoid encroachment issues, it is important for property owners to have a clear understanding of the boundaries of their property and to take steps to ensure that any improvements or structures are placed within the proper bounds.
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The correct question is
If Bob places improvements and permanent fixtures on property that he does not own, Bob has created a(n):
a. adverse possession.
b. encroachment.
c. avulsion.
d. hostile occupancy.
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If a harmful substance is used in a workplace, the company must provide what informational document to employees? A. Material safety data sheet B. Ergonomics checklist C. Guarantee D. Warranty Please select the best answer from the choices provided A B C D.
Answers
gwendolyn uses the allowance method to account for uncollectible receivables. gwendolyn should record blank bad debt expense blank . multiple choice question.
Answers
You should make an estimate of the bad debt expenditure at the end of the year and report it in the financial statements when utilizing the allowance method to account for uncollectible receivables. The right response in this case is option D.
The allowance technique is predicting the number of receivables that will probably be impossible to collect, and then setting up an allowance account to record this anticipated expense for bad debt.
This estimate is based on a number of variables, such as the business's prior experience with bad debts, the age of the accounts receivable, and the general state of the economy.
You should update the estimated bad debt charge at the end of the year in light of any new information that has come to light.
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Which document determines the number of shares in a company?
a stock prospectus
an annual bill of rights
a corporate charter
an annual report
Answers
Answer:
C. a corporate charter
A Corporate Charter is document determines the number of shares in a company.
What is Corporate Charter?
Corporate charter is a legal document which is issued with the Secretary of State or registrar in order to establish a company as a corporation and contain every detailed information about company's share. The corporate charter contain information about governance, structure, objectives, operation, other information about the company and information about that total company shares and how much the company is willing to sell.
Therefore, A Corporate Charter is document determines the number of shares in a company
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_____ are stories about a person’s life written by that individual.
Directories
Biographies
Autobiographies
Encyclopedias
Answers
Biographies is a book written by the individual
Hope this helps *smiles*
Answer: Autobiography
Example: The person above has to be a troll fr
QUESTION 4 Risk Management: The following phrase defines/explains Tier 1: • Tier 1 addresses the risk of an organization from the view of establishing and implementing a Governance structure that are inline with the strategic goals and objectives of organizations and the requirements defined by federal laws, directives, policies, regulations, standards, and missions/business functions. It also defines the following: o Structure • Establish the risk management strategy • Governance True O False
Answers
True By doing so, Tier 1 ensures that risk management is embedded in the organization's decision-making processes and aligns with its strategic direction.
The statement is true. Tier 1 in risk management refers to the level that focuses on establishing and implementing a governance structure aligned with the strategic goals and objectives of the organization. It involves ensuring compliance with federal laws, directives, policies, regulations, standards, and missions/business functions. Tier 1 is responsible for defining the risk management strategy and governance framework within the organization. This includes setting up the necessary structures and processes to effectively manage risks and ensure that risk management practices are integrated into the overall governance framework
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going public is complicated and expensive so most companies hire an investment bank to help them with the process. what needs to be completed before going public?…
Figure out how much money to raise
Find private investors
Create a prospectus
Both A and C
Answers
Both A and C need to be completed before going public. Companies need to figure out how much money they want to raise and create a prospectus, which is a document that provides information about the company's business and financials to potential investors. The correct option is d.
Before a company goes public, there are several steps that need to be completed. One important step is to figure out how much money the company wants to raise through the initial public offering (IPO). This involves determining the value of the company, the amount of capital needed for growth and expansion, and other factors that may affect the amount of money raised.
Another step is to create a prospectus, which is a legal document that describes the company and its financial performance. The prospectus typically includes information about the company's history, products or services, management team, financial statements, and risks associated with investing in the company.
Private investors may also be involved in the process of going public, but they are not necessarily required. Some companies may choose to raise money from private investors before the IPO to help prepare for the public offering. However, this is not always the case.
Overall, going public is a complex and expensive process that requires careful planning and execution. Hiring an investment bank can help companies navigate the process and ensure a successful IPO.
The correct option is d.
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economists forecast future economic conditions by studying variables that tend to fluctuate in advance of the overall economy. the most significant of these variables are known as leading indicators, and they compose the index of leading economic indicators. which of the following variables are measured as part of this index? check all that apply. government expenditures new applications for unemployment insurance technological advances hours worked by manufacturing workers consumer expectations true or false: short-run economic forecasts give the government useful information regarding expected tax revenues, but are not relevant to businesses because they cannot adjust output in the short run. false true suppose the most recent data show that the average initial weekly claims for unemployment insurance have recently increased. this change suggests period in the coming months.
Answers
Since economists forecast future economic conditions by studying variables that tend to fluctuate in advance of the overall economy, the variable that are measured as part of this index is A. Technological advances as a Leading indicator.
What is leading and lagging indicators?An example of a leading safety indicator would be the proportion of workers wearing hard helmets on construction sites. A leading indication is a predicted measurement. A lagging indicator is a measurement of an output.
Future economic trends are predicted using leading indicators. Although no single indicator can predict the future, there has historically been a positive or negative correlation between various indicators and performance.
Therefore, one can say that Economic conditions have an impact on lagging indicators. After a good phase, some lagging indications will normally appear, and after a weak one, other indicators will. One indicator is not proof or performance on its own; once more, these indicators were chosen based on past trends.
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See full question below
Leading economic indicators
Economists forecast future economic conditions by studying variables that tend to fluctuate in advance of the overall economy. The most significant of these variables are known as leading indicators, and they compose the index of leading economic indicators.
1. Which of the following variables are measured as part of this index?
A.Technological advances
B. New applications for unemployment insurance
C.The interest rate spread
D.Stock prices
E.The ratio of elderly to non elderly worker
Risks ordinarily assumed in business constitute consideration for the modification of a contract.
a. true
b. false
Answers
False. Risks ordinarily assumed in business do not constitute consideration for the modification of a contract. Consideration refers to something of value exchanged between parties to make a contract legally binding.
False. Risks ordinarily assumed in business do not constitute consideration for the modification of a contract. Consideration, in the context of contract law, refers to something of value that is exchanged between parties to create a legally binding agreement. Risks commonly associated with business activities, such as market fluctuations or economic uncertainties, are considered normal and inherent to business operations. These risks are not typically considered new or additional considerations for modifying an existing contract. For a contract modification to be valid, there must be new considerations provided by one or both parties, such as additional goods, services, or monetary compensation. Merely assuming the ordinary risks of business does not meet the requirement of providing new consideration for a contract modification.
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An innovative business idea that no one has never had
Answers
An innovative business idea that no one has never had is Offering virtual assistance to other businesses.
What is innovative business idea ?innovative business idea can be described as an idea in business that cn be developed so that it can be a way to earn a living by providing the services or the goods to the consumer.
It should be noted that this innovation can be the one that no one has ever done or the modification of the one that has been in exisitence, however providing the virtual assistance serves as one of the innovation in business that can ring profit.
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Complete question:
State An innovative business idea that no one has never had
At the start of every shift, mark, a delivery truck driver, plans out his route based on the addresses that he will be visiting to drop off packages. This can best be described as what kind of decision?.
Answers
The decision that Mark makes at the start of every shift, where he plans out his route based on the addresses he will be visiting to drop off packages, can best be described as a strategic decision.
Mark's decision-making process involves analyzing the various addresses and determining the most efficient and effective route to take. This requires careful consideration of factors such as traffic, distance, and delivery time windows.
By strategically planning his route, Mark aims to minimize travel time and maximize the number of packages he can deliver in a given shift. This decision is crucial in ensuring that Mark fulfills his delivery responsibilities in a timely and efficient manner, which is essential for the smooth operation of the delivery service
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A group of individuals who share a philanthropic or other vision may operate as an ___ if the association is small or if the organizers expect the endeavor to have a limited life.
unincorporated association
Answers
A group of individuals who share a philanthropic or other vision may operate as an unincorporated association if the association is small or if the organizers expect the endeavor to have a limited life.
Someone who arranges something (inclusive of an event) specifically via way of means of systematic making plans and via way of means of coordinating the efforts of others. the organizers of the festival. Community organizers have scheduled different activities across the town this weekend to have fun Martin Luther King Jr. Day. Philanthropy refers to charitable acts or different right works that assist others or society as a whole. Philanthropy can encompass donating cash to a worth purpose or volunteering time, effort, or different kinds of altruism.
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The basis of competition is freedom of ______ exercised in the pursuit of ______.
Answers
The basis of competition is freedom of choice exercised in the pursuit of money.
What is competition?Competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements.
The purpose of competition is for businesses to try to outdo each other in order to earn more.
Also, competition enable businesses come up with newer ways to please their customers, hence come up with amazing innovative ideas and better products.
Hence, the basis of competition is freedom of choice exercised in the pursuit of money.
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1. cash includes $ 1,200 in a petty cash fund and $ 12,270 in a bond sinking fund. 2. the net accounts receivable balance is comprised of the following two items: (a) accounts receivable $ 46,410 and (b) allowance for doubtful accounts $ 3,500. 3. inventory costing $ 5,151 was shipped out on consignment on july 31, 2020. the ending inventory balance does not include the consigned goods. receivables in the amount of $ 5,151 were recognized on these consigned goods. 4. equipment had a cost of $ 114,410 and an accumulated depreciation balance of $ 30,410. 5. income taxes payable of $ 6,000 were accrued on july 31. splish company, however, had set up a cash fund to meet this obligation. this cash fund was not included in the cash balance but was offset against the income taxes payable amount.
Answers
1. The cash balance includes two components:
- $1,200 in a petty cash fund.
- $12,270 in a bond sinking fund.
2. The net accounts receivable balance consists of two items:
- Accounts receivable amounting to $46,410.
- Allowance for doubtful accounts with a balance of $3,500.
3. On July 31, 2020, inventory costing $5,151 was shipped out on consignment. The ending inventory balance does not include the consigned goods. However, receivables in the amount of $5,151 were recognized for these consigned goods
4. The equipment has a cost of $114,410 and an accumulated depreciation balance of $30,410.
5. On July 31, income taxes payable amounting to $6,000 were accrued. However, Splish Company had set up a cash fund specifically for this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount.
In summary, the cash balance includes both the petty cash fund and the bond sinking fund. The net accounts receivable balance is the difference between the accounts receivable and the allowance for doubtful accounts. The inventory shipped out on consignment is not included in the ending inventory balance, but receivables were recognized for these goods. The equipment has a cost and an accumulated depreciation balance. Finally, income taxes payable were accrued, but a separate cash fund was set up to cover this liability.
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According to the textbook, prominent business leaders, such as Bill Gates and Muhammad Yunus, have sought to reform the underlying principles of ______ by urging firms to ______.
Answers
According to the textbook, prominent business leaders like Bill Gates and Muhammad Yunus have sought to reform the underlying principles of capitalism by urging firms to adopt a more socially responsible approach.
This approach is called "conscious capitalism," and it involves businesses considering the impact of their decisions on all stakeholders, including customers, employees, suppliers, and the environment. Conscious capitalism emphasizes the importance of creating long-term value for all stakeholders, rather than just maximizing profits for shareholders. By doing so, businesses can help to address societal issues and contribute to a more sustainable and equitable economic system.
According to the textbook, prominent business leaders, such as Bill Gates and Muhammad Yunus, have sought to reform the underlying principles of capitalism by urging firms to focus on social responsibility and sustainable development. These influential leaders emphasize the importance of businesses considering not just their financial success but also their social and environmental impact. They encourage firms to incorporate a triple bottom line approach, which takes into account people, the planet, and profit. This shift in focus aims to create a more equitable and sustainable world by fostering social innovation and responsible business practices.
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(PLEASE HELP) Why might someone choose to own a business rather than simply working as an employee at one? Compare and contrast the advantages and disadvantages that come with owning a business and discuss. Explore why you personally would or would not like to own a business one day.
Answers
Answer: Being a business owner can be extremely rewarding. Having the ... More importantly, you have the freedom to make the decisions that are crucial to your own business success.
Explanation:
:)
A milestone occurring in which of these increments of time will be the farthest to the left on a timeline? 4 months 5 days 3 weeks 2 years
Answers
Answer:
A milestone occurring in 3 years of increments of time will be the farthest to the right on a timeline.
Explanation:
Here in the given options the increments of time are given.
Here, 3 years > 8 months > 12 weeks > 60 days.
Because, 3 years ≡ (3 × 365) days ≡ 1095 days
8 months ≡ (8 × 30) days ≡ 240 days
12 weeks ≡ (12 × 7) days ≡ 84 days.
Therefore, a milestone occurring in 3 years of increments of time will be the farthest to the right on a timeline.
with the market price of gold at c$1,562.50 per ounce (c$ stands for canadian dollars), maritime resources corp., a canadian mining firm, would like to assess the financial feasibility of reopening an old gold mine that had ceased operations in the past due to low gold prices. reopening the mine would require an up-front capital expenditure of c$67.8 million and annual operating expenses of c$19.42 million. maritime expects that over a five-year operating life it can recover 174,000 ounces of gold from the mine and that the project will have no terminal cash flow. maritime uses straight-line depreciation, has a 21% corporate tax rate, and has an 11.2% cost of capital.
Answers
Answer:
Bro theres no question here (?)
Explanation:
NEED ANSWER QUICKLY BEFORE 11:59 AM
Answers
Answer:
The answer is "Danger Zone".
Explanation:
The danger zone would be where bacteria, which is spread from meats can be grown. It defines as around 40 to 140 °F (4 to 60 °C). It is also named this range of temperatures, in which it never leave stuff in conditioning for even more than 2 hours. In this, the meat mustn't be left out for further than 1 hour if its temperature is well above 90 °F, at higher than 140 °F, maintain hot meals.
What does an environmental management technician do?.
Answers
Why is liability an especially important type of car insurance?
Answers
Answer: If you cause a car accident, liability insurance will cover injuries to other people and damage to their property. Liability car insurance, sometimes called "third-party" coverage, is one of the most important types of car insurance.
Explanation:
What do we call a business that focused on building products that meet consumers' needs?
Answers
Answer: Market oriented business
Explanation:
Market orientation refers to the business philosophy whereby companies identifies the needs of their customers and make products that meet such needs or wants.
A business that's using market orientation will research the current trends in the market and make products that meet them. Strong brands use market orientation approach to meet customers needs.
The monthly expenses acquired when running a business are called...?
1)operating expenses
2)ending Inventory
3)beginning Inventory
4)start-up costs
Answers
Which of the following is an example of a soft skill?
A. Ability to use CSS spreadsheets
B. Ability to manage spreadsheets
C. Ability to work well with a project team
D. Ability to manipulate images using computer software
Answers
Answer:
Ability to work well with a project team
Explanation:
What are the goals of government regulation?
low unemployment, price stability,
economic growth
O high unemployment, price instability,
economic growth
low unemployment, price stability,
economic steadiness
O high unemployment, price instability,
economic steadiness
Answers
Answer: A) low unemployment, price stability, economic growth
Explanation: Government regulation attempts to promote growth, full employment, and price stability for the well-being of the citizens
The goals of an ideal government while making regulations shall include the following purposes,
low unemployment, price stability,economic growth.Therefore, the option A holds true.
What is the significance of government goals?The goals of a government can be referred to or considered as the qualitative and quantitative targets set by the government in order to foresee better conditions in the future. These are backed by economic plans and regulations.
For a developing or a developed government, the goals must be economically based while being regulated. These goals must include reduced poverty and unemployment in order to achieve a healthy economic growth.
Therefore, the option A holds true and states regarding the significance of the goals of a government.
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