1. An explicit cost is a direct payment throughout the duration of running a business e.g. a wage, materials cost and rent. An implicit cost is where there is no actual payment as it more refers to the opportunity cost of what a firm has to give up in order to use another factor. Examples include depreciation of assets, loss of interest income on business funds, or the foregoing of a salary to add revenue to the business early on. 2. In economics, the short run is where at least one input in the production process is fixed and the rest are variables within a certain period of time. Long run is when all inputs are able to be adjusted in a certain period of time. A real world example of a short run would be when a firm cannot change a certain person’s salary in the ‘short run’ due to a contract for a certain period of time. They cannot alter the wage until the next contract renewal. 3. Total Product Total Fixed Cost Total Variable Cost …show more content…
The relationship between short run and long run average costs is that the long run average cost shows the minimum average cost that a firm can produce any type of output for that period of time without limitations on inputs. However, the short run is a certain period of time where at least one variable of the production process is fixed and cannot be altered for that period of time making the firm only able to maneuver using the other inputs available. The average cost decreases in the short run due to an increase in marginal returns representing a ‘U’ shape on the cost curve graph being at its optimal level of efficiency at the bottom of the curve. However, pushing past the optimal level will cause a sudden rise in the total costs of the firm as it has fixed variables. The average cost in the long run will not rise as sharply as in the short run due to the enabling of inputs to increase the size of the firm to combat the increased output in an economical sense. That’s why the long run cost curves are flatter than those of short
average price. In long term this will not be the case since the operating costs will
Short Term Memory and Long Term Memory Research evidence, theory's and studies supports the views that suggest long term memory and short term memory are separate stores. Short term memory is a system for storing information for brief periods of time. Some researchers (e.g. Atkinson and Shiffrin 1968) see short term memory simply as a temporary storage depot for incoming information, whereas others (e.g. Baddeley 1986, 1990) prefer to use the term 'working memory' to indicate its dynamic, flexible aspects. Long term memory, on the other hand, holds a vast quantity of information which can be stored for long periods of time. The information kept in this store is diverse and wide ranging and includes all of our personal memories and general knowledge.
No single firm can influence market price in a competitive industry; therefore a firm’s demand curve is perfectly elastic and price equals marginal revenue. Short-run profit maximization by a competitive firm can be analyzed by comparing total revenue and total cost or applying marginal analysis. A firm maximizes its short-run profit by producing that output at which total revenue exceeds total cost by the greatest amount.
Explicit basically means that it is right there on the surface. It is simply what an audience has been shown in the movie. For example, when people tell others about a movie’s explicit meaning, it would probably sound a lot like a plot summary. Implicit meaning, on the other hand, takes more thought to figure out. It usually conveys a message or a point to the audience. Explicitly, this is a crime movie. On the surface, the movie is simply about a group of men who met in a police lineup. It is mainly about man named Verbal that has a limp and talks a lot, however, cannot do a lot because of his disability. However, the implicit meaning of the movie is that Verbal knew all of the information since he was the one orchestrating it all. He purposely faked the limp so people would never think it was him. He did an amazing job because he tricked everyone and was able to blame it on another man. This movie really does show that you should never judge a book by its cover.
Short term memory is the focal point at that specific moment a human can notice, more specifically what holds your attention that causes you to focus in. Most humans can only hold around seven pieces of information in short term memory; for example when you are trying to type information that somebody is reading to you, sometimes you have to tell them to slow down or wait a few seconds. “There are two main tasks short term memory does: briefly stores new information and to work on that new information” (Morris, Charles G., and Albert A. Maisto. "Chapter 5- Memory."Understanding Psychology. Upper Saddle River, NJ: Pearson/Prentice Hall, 2008. N. pag. Print).
The film the Big Short, a film adaption of a book by the same name, explains the events leading up to the subprime mortgage crisis of 2008. It presents the complex economic mechanisms behind the crisis in layman’s terms by using analogies and metaphors to explain to the audience what the big banks were doing to destroy the global economy. While the primary focus of the film is about how relatively few organizations could have such a profound effect on the global economy, I came to the realization that it was much more than that. By the end of the movie I had come to the conclusion that society as a whole had become apathetic, cynical, and firm adherents to the adage that ignorance is bliss.
Matthews states that a short-story is a story which focuses on one single thing, instead of elaborate many of them (398). It creates a “unity of impression” meaning that all elements of the story are combined together to leave a single feeling or effect on a reader (Matthews 398). The author stresses that the singularity (i.e. one place, one event, one character) in a short story is the main key that leads the reader to develop this unified impression (398).
"Both methods estimate overhead costs related to production and then assign these costs to products based on a cost-driver rate. The differences are in the accuracy and complexity of the two methods" (1) , Now we will discuss why ABC can result in more reliable products costs than conventional labor based product costing system . In recent years, the nature of industrial production has fundamentally altered; we will discuss their characteristics. First we have machine production and capital intensive, Now machines are the main tool and at the heart of production; labors maintain machines and supervise them, and machines are the ones that dictates the pace and rate of production. The second characteristic is high level of overheads relative to direct cost; in modern businesses they tend to use overheads in different ways for example: some products need engineering time and some products require machine time so that products will use overheads differently. The third characteristic is highly competitive international market, transportation including fast freight and relatively cheap; one of the advantages is the use of internet ensures that customers can easily and quickly reach and find products and also cheaply, this environment is highly competitive so companies need to know accurately their range of prices in order to use this information to gain competitive advantage over other
Differential costs are the costs that can be avoided and are varied from one alternative to another. In other words, they are the costs which are borne by the company only if an alternative is chosen, whether these costs are variable or fixed (Kumar, n.d).
The short story is a concise form of narrative prose that is usually simpler and more direct compared to longer works of fiction such as novels. Therefore, because of their short length, short stories rely on many forms of literary devices to convey the idea of a uniform theme seen throughout the script. This theme is illustrated by using characteristics that are developed throughout the story such as, plot, setting and characters. The three main components are developed throughout the story in order to guide the reader to the underlying theme, which is necessary as a short story lacking a theme also lacks meaning or purpose.
Implicit memory is a memory that you didn’t mean to learn and remember but it unconsciously affects the way you act. Explicit memory is a memory that you know you have and can be consciously recalled. The main difference between these two types of memory is that implicit memory involves no awareness while explicit memory does involve awareness. To prime implicit memory, one must create signal cues that trigger a person’s memory to bring back previously learned information. One way to do this is to show someone a list of 4 or 5 words that all are names of animals. After showing this set of words to someone, one should show the person 4 or 5 pictures with parts of the image missing and have 2 animals that match the words that were previously
There are many different sources of short and long term capital in the market. Here are a few examples:
If you have long-term financing in place, that will mean you have stability and will not require looking for financing frequently as compared to short-term financing. It also means that it will be much simpler to plan your income and cash flows as you can recognize what your interest costs will be monthly. Short-term financing does not present you those benefits, as you have to continuously renegotiate the conditions of your agreement.
Short-term finance is an amount of money, which is borrowed, will be repaid in one year. (Nickels, McHugh, McHugh, N.D.)
Additionally, there are semi –variable (or mixed) costs. A “semi-variable cost” is a “cost that has both fixed and variable components. This cost is fixed for a set amount of produced products or sold services and becomes variable after this amount of production/sales is exceeded. If no production occurs, the fixed component still occurs”. (Definition http://www.investopedia.com/terms/s/semivariablecost.asp).