This website uses cookies to ensure you have the best experience. Learn more

Egt! Task 1 Essay

699 words - 3 pages

Economics and Global Business Applications
EGT1 Task 1

July 17, 2014
For a company to determine if it is profitable there are various factors that need to be assessed. An organization must produce a product, tangible or intangible, to produce a profit. The product must be produced at a cost that is low enough so that when sold, the mark up of the item is enough to pay the cost of production and make a profit. To determine profit you would deduct the cost of production from the total revenue made. Once an organization can determine the profit margin, it can plan on future endeavors.
Total revenue is defined as “the total number of dollars received by a firm from the sale of a ...view middle of the document...

Once Company A starts producing 10 or more units of product, marginal revenue will then start to decline.
Marginal cost can be defined as “the extra cost of producing one more unit of output,” (McConnel, 2012). Marginal cost occurs when an organizations total cost to produce one unit of output changes. Whether it is a decrease in the cost to produce a unit of product or an increase in the cost to produce a unit of product, this is marginal cost. The formula to calculate Marginal Cost is as follows, MC=change in TC/Change in Q. In the given scenario Company A’s marginal cost increases with the increase of units produced. The optimal units produced are between 8 and 9.
The profit from selling a product or a service is “the surplus remaining after total costs are deducted from the total revenue, and the basis on which tax is computed and dividend is paid,” (Business dictionary, 2012). Profit is what all organizations strive to achieve. If an organization is not making a profit, they cannot continue to operate. The profit amount is determined after all expenses to produce the product have been paid. This includes...

Other Papers Like Egt! Task 1

Hate Crime Laws Essay

2348 words - 10 pages facial bones broke and he fell backward onto the pavement, cracking his skull and dislocating his brain from the brain stem. Kennedy was taken off life support later that day. Moller was initially charged with his death, but the charges were reduced to manslaughter without the hate crime attachment, and he was sentenced to only 5 years. With good behavior and other benefits, Moller served a little over 1 year for the death of Sean Kennedy (Algren

Rational Emotional Behavior Therapy Case Study Conceptualization And Treatment Plan

2140 words - 9 pages -Behavior Therapy, 26(2), 63-88. Ellis, A. (2000). Can rational emotive behavior therapy (REBT) be effectively used with people who have devout beliefs in God and religion. Professional Psychology: Research and Practice, 31 (1), 29-33. Jones, S.L., & Butman, R.E. (1991). Modern psychotherapies: A comprehensive Christian appraisal. Downers Grove, IL: InterVarsity Press. Lega, L.I., & Ellis, A. (2001). Rational emotional behavior therapy (REBT) in

Holidays In Albania

1636 words - 7 pages Have you ever thought about having exciting and incredibly cheap vacations? Albania might be the right choice. According to My Travel Guide, Albania is ranked the fourth among ten places worth visiting in Eastern Europe (“Top 10 Eastern European Destinations”). One can encounter three kinds of vacations in this Mediterranean country: winter, summer, and cultural. The ideal places to spend your winter vacations are the Albanian Alps. They are

A Heart Of Darkness

1748 words - 7 pages In this short story, there are frequent significant subject and ideas that make the story, "A Heart of Darkness," by Joseph Conrad, and haunting novel. The main theme is absolute white power over the natives. The theme validates the corruption, and the dependence caused by the white people as they took over the Congo. White men were giving all the power; they had no self-control, and in the end they did not use wisely. The white men became

The Aspects Of Vulnerability Among The Exploited In Medical Research

2287 words - 10 pages to treat the disease. The people they decided to "experiment" on were a part of a very vulnerable population. These individuals were in need of medical care for their disease, a part of an ethnic minority, and (most) lacked the necessary education to understand what the researchers were telling them. The patients were presented with incentives such as burial insurance, free medical exams, and free meals (Klein 1). This seemed like a good offer

The Hitchhiker’S Guide To The Galaxy

1171 words - 5 pages The Hitchhiker’s Guide to the Galaxy As the human race makes life-changing discoveries, it is made apparent that there is always more to learn as the universe, instead of becoming familiar, is becoming absurd. The Hitchhiker’s Guide to the Galaxy, written by Douglas Adams, as well as the 2005 film adaption, portrays absurdity to be an all-encompassing system in the universe. Through the introduction and attempt to understand lack of reason, the

The Ford Motor Company Wage Increase Of 1914 And The Theory Of Incentives And Efficiency Wages

1252 words - 6 pages be productive, because if caught shirking the loss is high – they will not be able to find another job that pays such a high wage. Additionally, efficiency wages lead to competition among workers (and job seekers), not only those who were already in the job market, but also new incumbents attracted by the higher returns to work. This is illustrated in figure 1 below as an outward shift in the labour supply curve, and is empirically consistent

Historical Analysis Of The Economical Breakthroughs Of The Industrial Revolution

1396 words - 6 pages A Historical Analysis of the Economical Breakthroughs of the Industrial Revolution During the Industrial Revolution, many elements of society experienced huge breakthroughs that would change the way they functioned forever. Economics were definitely one of them. With many new inventions and many factories appearing, many, many, more resources were being created than ever before. Also, all of the revenue from these resources was being given to

Leadership Portrayed in Monologue from Shakespeare’s Henry V

1214 words - 5 pages , English soldiers they can feel the love from Henry, hence gained the needs of belongingness, this is one of needs in Maslow theory. Henry motivates their soldiers through the language he use. (Seargeant, 2009) Transformational leadership used by Henry, the relationship between Henry and English soldiers in terms of motivation and commitment. Under the leading of Henry, English soldiers regard this battle as commitment instead of task. (Weichun et al

Cuba Civil Rights

1906 words - 8 pages Picture a country that has limits on how much you can make random government imprisonments and more what do you do. That is the situation for the eleven million seventy-five thousand two hundred forty-four people of Cuba since the takeover of Fidel Castro. The US is opposed to Castro taking control of Cuba. Castro managed to ease the United States nerves when he said that Cuba was against all forms of communism. According to Lana Wylie the Union

US Freight System

1273 words - 6 pages facilities, the grassroots program allows ATA members the opportunity to promote a pro-trucking environment directly to your elected officials.” 1 This is only one of the several services these type of organizations offer to their members, members who are willing to pay for a membership for many other benefits different than the one in the previous example at first. The current strategy of NITL competitors is to diversify their services, and to

Related Essays

Egt Task 1 Essay

869 words - 4 pages smaller until it hits 15 units and you are now taking a loss for each unit produced. Profit maximization is determined by the greatest gap between TR & TC. Quantity TR TC Profit 0 $0.00 $10.00 ($10.00) 1 $150.00 $30.00 $120.00 2 $290.00 $50.00 $240.00 3 $420.00 $80.00 $340.00 4 $540.00 $120.00 $420.00 5 $650.00 $170.00 $480.00 6 $750.00 $230.00 $520.00 7 $840.00 $300.00 $540.00 8 $920.00 $380.00 $540.00 9 $990.00

Task1 Essay

968 words - 4 pages produce the widgets in order to produce maximum profit.The company should adjust and decrease the output until the marginal revenue is greater than the marginal costs otherwise the company would not have maximum profit and would not be beneficial to produce more widgets.A rubric is used in this Evaluation. Name of rubric: EGT Task 1 [View rubric] Final scoring method: Evaluator marks as “Meets Requirement/Does not Meet Requirement” | | Works Cited Gish, W. (n.d.). Formula for Calculating Marginal Revenue. Retrieved 05 25, 2013, from http://wiki.fool.com

Egt1 Task2 Essay

915 words - 4 pages EGT 1 Task 2 A. Define the following three terms: 1. Elasticity of demand The responsiveness or sensitivity of consumers to changes in pricing of products is measured with elasticity of demand. The more reactive consumers are to a price change, the more elastic or simply elastic a product is considered. The less reactive consumers are the less elastic or inelastic the product is (McConnnell,Brue 2011). 2. Cross-price elasticity (include

Freedom And Responsibility Essay

2141 words - 9 pages very next day, tables were placed in front of the Administration building. On October 1, Jack Weinberg, who was running the CORE (Congress on Racial Equality) table, was arrested by campus police after he refused to state his name and hand over his student card. As they brought a car to the plaza to take the limp Jack Weinberg, the students spontaneously surrounded the cop car and deflated the tires to keep the car from leaving campus. For 32 hours