The Countrys Of Production Possibility Curve Economics Essay

The Countrys Of Production Possibility Curve Economics Essay (B) Assuming that the country is currently producing 40 units of goods and 70 units of services , what is opportunity cost of producing another 10 units of goods? 70-65=5units services opportunity cost (C)Explain how the figures illustrate the principle of increasing opportunity cost. Opportunity cost is the best alternative give up for the chosen option. This means without cost cannot make any decision. It also can describe as relation between choices and scarcity. The scarcity is come from factor of production is include labour, land capital and entrepreneur because it is limited resource. Therefore, we need make a choice to get a good product and giving up other product to fulfill. In the figure 1.1, company produces services and goods. In point A order to produce 80 units of services and the goods is 0 units, because the company must use all their resource in producing services. The company produces 10 units of goods and 79 units of services. The increase of goods is 10 units therefore company need to give up 1 unit of services to produce goods because no enough resource to make it. In point b, if the company wants to produce 40 unit of goods, the company could only produce 70 units of services due to the scarcity of resource. In point C, the company has already utilized all the resources in produce 100 units of goods, therefore, the company will have no other resource to produce services in the market. According to figure 1.1, point A, B, and C are the most efficiency allocation of resource in production possibility curve. Point G and F are not efficiency allocation of resource. Point G is the impossible points to produce the output, because the company didnt have enough resource such as labour, land, capital and entrepreneur to produce output. Point F is a wastage of resource, because the company no plan well. For example, Samsung Company produces LCD television and radio. When each additional produce LCD television, Samsung Company will give up produce radio and increase the sales of LCD television, because the resources are limited. When the Samsung Company used all resource to produce LCD television, Samsung Company fully give up produce radio. When increasing produce 10 units of LCD television, Samsung Company will decrease 10 units of radio for the additional producing 10 units of LCD television. So, the opportunity cost is 10 units of radio. (D)Now assume that technical progress leads to a per cent increase in the output of goods for any given amount of resources. Draw the new production possibility curve. How has the opportunity cost of producing extra units of services altered? Table goods and services: Units of goods 0 11 22 33 44 55 66 77 88 99 110 Units of services 80 79 77 74 70 65 58 48 35 19 0 In the figure 1.2, company increase 10 per cent in the output of goods. If the company utilized all the resources to produce goods, maximum units of goods can been produce increase to 110 units. When the company increases producing units of services from 0 to 19 units, units of goods can be produce decrease from 110 to 99 units. That means, the opportunity cost is 11 (110-99=11). While the company increases producing units of services from 19 to 35 units, units of goods can be produce decrease from 99 to 88 units because the resource not enough to produce more than that amount of goods and the rest. That means, opportunity cost is 11 (99-88=11). From the figure 1.2, the opportunity cost of producing extra units of services is constants at 11 units. Example, Sony Company produces camera and android hand phone. In long term, market have potential to increase the unit android phone ,therefore each additional produce android, Sony Company will give up produce camera and increase to produce of android hand phone , because the factor of production are limited. According to NEXUS PRO ECONOMI ASAS by Theng Kock Leing, the opportunity cost can be defined which 2 alternative goods and services when each goods produce must give up some services. 2(A) What are the equilibrium price and quantity? Equilibrium price: RM5 Equilibrium quantity: 12 millions (B)Assume that changes in fashion cause the demand for t-shirts to rise by 4 million at each price. What will be the new equilibrium price and quantity? Has equilibrium quantity risen as much the rise in demand? Explain why or why not. Demand is defined as a consumer desires to own and willingness to buy some goods and services at suitable price and time. Demand also can define as a consumer willing buy and pay for the goods and services. Willingness to get some goods and services without the ability to pay not defined as demand. For example, MR LEE want to buy Proton Saga but he dont have ability to pay the money therefore this is calling willingness not call demand. On the other hand, if MR LEE has the ability to pay the price of car then the willingness MR LEE will become demand. Supply is defined as quantity of goods and services willingness and ability to supply or produce by firm at a suitable price and time set by the consumer. Price will affect quantity supply by consumer because different price will supply different quantity. Supply goods and services will affect by certain period of time. When the changed of certain period of time, supply of goods and services will be changed. According to law of demand, while the price of goods and services increase will affect the quantity of demand decrease assume Ceteris Paribus. On the other hand, the price of goods and services decrease will affect the quantity of demand increase therefore the relationship of price and quantity is negative. According law of supply, while the price of goods and services increase will affect the quantity of supply decrease assume Ceteris Paribus. On the other hand, the price of goods and services decrease will affect the quantity of supply increase therefore the relationship of price is positive. When the demand for t-shirts rise by 4 million, the new equilibrium price is RM6 and the new equilibrium quantity are 14 units. The equilibrium quantity is rise to 14 units from 12 units as rise in demand. When quantity of demand t-shirts rise 4 million, the quantity demand curve shift to right with the quantity supply fix. With the increasing in quantity demand, quantity demand is more that quantity supply at the equilibrium price at RM5. The firm will increase the price of t-shirts from RM5 to RM6 to decrease the excess demand. The new equilibrium will achieve at price RM6 and quantity 14 units of t-shirts. With the quantity supply fix and the changing of quantity demand will make the price and quantity change. As the conclusion, the initial equilibrium price RM5 will change to RM6 and the equilibrium quantity increase from 12 units to 14 units as the increase quantity demand. (C) Now plot the data in the table and mark the equilibrium. Also plot the new data corresponding to (B) Price(RM) 8 7 6 5 4 3 2 1 Quantity demanded 6 8 10 12 14 16 18 20 Quantity supplied 18 16 14 12 10 8 6 4 New quantity of demand Price(RM) 8 7 6 5 4 3 2 1 Quantity demanded 10 12 14 16 18 20 22 24 Quantity supplied 18 16 14 12 10 8 6 4

Job Order Costing Process Costing and Activity Based Costing

Job Order Costing Process Costing and Activity Based Costing A cost accounting system is the sum methods and techniques used by businesses allowing them to track resources consumed in production and distribution of services or goods to consumers. These methods and techniques are used by the management in order to evaluate and reward staff performance, by employees in order to manage recourses efficiently while the cost accounting system is also used for external reporting requirements meaning balance sheets and income statements. The cost accounting system is usually designed to meet particular needs of individual companies, for that reason there are three main systems businesses apply according to their needs. Job Order Costing is a cost system used to accumulate costs of jobs also called batches. Job order costing is used when individual production centres or departments work on a variety of products rather than one king of a product during a specific period of time. Prime costs and factory overhead costs are the two categories of production costs monitored with this method. Process costing is a type of costing system used for production of small identical, low-cost items. Process costing averages the costs and cant be directly traced to individual products. Activity based costing (ABC) is designed to assign costs to activities. This method has become popular because of the fact that the complexity of businesses keeps growing and so does their need to assign increasingly large indirect costs to the appropriate department or activity. ABC is the process where costing is assigned based on the cause and effect relationship between costs and activities that drive costs. What are major objectives of a cost accounting system in a hospitality establishment? Within hospitality establishments cost accounting systems help successfully achieve the following management objectives: Measuring the various needs and generated revenues of departments Monitoring and controlling the progress of each department Department related data gathered is used to evaluate costs and make proper adjustments and corrections in operating procedures What are the major objectives of a cost accounting system system in a manufacturing company? In manufacturing and service companies cost accounting systems help achieve the following management objectives. They provide the managers with helpful information regarding planning, cost control procedures and determining unit production costs. In most cases manufacturing companies also use a complete job cost sheet which contains Cost Summary and Unit Cost information since manufacturing costs are not immediately recorded as current period expenses. These information include total and costs per unit for: Direct materials, which are the raw materials used in production which costs are directly traceable throughout the product manufacturing process. Direct labour, which are the wages and other pay roll costs of employees whose efforts are directly traceable throughout the product manufacturing process. Manufacturing overhead, is the category including all other manufacturing costs like utilities aside for the above mentioned ones. What are the procedures in job order costing, process costing and activity based costing. Job order costing process is a specific set of events which will usually occur with each job. Generally the process is as follows: an order (or sale order) is received for the batch of products, a production order is issued from the sale order materials and labour are ordered and tracked for the set of products, manufacturing overhead is allocated to the job using a predetermined rate (usually per labour or per machine hour). In fact manufacturing overhead will not affect the work in process account; instead it is changed to a control account. Direct labour and materials are charged by the accountant to the work in process accounts using the actual quantity acquired. These quantities are all tracked using a job costing sheet which will likely be already a computerized ledger and use used for each job. Spoilage which surpasses expected levels based on the job at hand is considered a period cost and is reclassified from work in process account into a separate account so it can be addre ssed by the management. Process costing procedures follow specific procedures and while exact procedures may differ between different companies and businesses, but they generally follow these steps. While other types of costing are initiated when a sale order is issued, a sale order is not required for process costing as it is a continuous process. The work in process accounts are separated departments and are named according to the department they reflect on e.g. Work in process- FB department. The first department in the production process makes the first entry into the work in process account, generally for the raw materials. While the products move from department to department entries are made to each work in process account of each department. Direct labour costs are recorded at each period. Actual overhead costs are recorded; no contra-account in needed because there is no over- or under-applied overhead due to the actual costs being applied. Indirect costs are applied to the overhead account in actual amounts. Activity based costing procedures can be more complicated to set up and operate than other costing systems. The activity based costing procedures are: Only if a cost driver cant be recognized a cost can be assigned on an allocative basis. Related cost pools are assigned to an overhead rate on costs drivers. Cost pools are used to assign costs; the basis depends on the business and industry. Costs can be assigned to units, batches or products. These pools can be combined to look at facilities, divisions, or other levels of cost classifications. Costs can then be evaluated in order to see how and where they are occurring, knowing this the management can discern what cists are controllable and how they arise. Which costing methods (job order costing, process costing and activity costing) are best suited to the following businesses and why: Old Home Bakery, Inc (a bakery that produces to order): It will be able to use job order costing because it is designed for businesses which work with orders rather than mass production. Apache Oil and Gas Refinery: Because the products are similar or identical the process costing is the appropriate method the business should apply. It is also recommended because the company uses an automated continuous process. The Sea View Resort Hotel: the hotel is best recommended to use the job order costing because it offers services and the method is designed for such businesses. Willie Wonkers Chocolate Factory: because the business produces a standard item which units are identical it is best to apply the process costing method. Harris and Harris Law Firm: Since this business offers services in the form of legal counselling or legal representation is it best to use the job order costing which refers to a desired unit which might not be identical to another offered service. Explain and evaluate LIFO, FIFO and AVCO techniques. LIFO stands for last-in first-out what means that recent purchases will be stored recorded and sold before the items that already existed in stock when the purchase was received. LIFO valuation is permitted due to the belief that an ongoing business does not realize an economic profit only from inflation. When prices are rising they must replace the inventory currently being sold with items oh higher prices. It also matches better current cost against current revenue and defers paying taxes on phantom income arising exclusively from inflation. LIFO is preferred by businesses because it delays a major negative effect of inflation; higher taxes. FIFO is the most commonly used method used by businesses to record the value of inventory. It is appropriate when dealing with many different batches of similar products. The method assumes that the next item that will be purchased will be placed at the end of the line of to-be-sold items of that kind meaning what was purchased first will be sold first. In an economy of rising prices (during inflation), it is common for new companies to use this method to report the value of merchandise to boost their balance sheet. While the older and cheaper good are sold the new and more expensive goods remain as assets in the businesss books, financial statement boosted by FIFO also increase the chances a business has to get a loan. AVCO is used to establish the value of an inventory by calculating the costs of units. In practice it provides us the results we want by dividing the total cost of good available for sale with the number of items for sale.

Negative Outcomes from Portrayal of Young Women in the Media Essay

When one thinks of media, one tends to relate media to television, news, magazines, newspaper articles, and so on. Many people do not think of media is something that portrays negative effects on young women. However, young women are more susceptible to lower self-esteem resulting in eating disorders or depression more today than ever before. The media projects negative and undermining images of women and one does not have to look very hard to realize this. The media projects images of unrealistic women who only look the way they do because of plastic surgery or airbrushing techniques. The media has much greater effects on young girls than anything else in our culture today. Our society has created an environment so obsessed with image that those who have the power give disapproval for being overweight, and give approval for being thin. This has created a generation of women so self conscious about their body that it starts to affect their health in many different ways. Where Portrayal Starts On average, boys and girls spend anywhere from two to six hours a day being exposed to television, the internet, magazine articles, video games, and so on. (4) This is a massive amount of time spent over the years viewing media. With time, all the advertisements become normal to us and we tend to accept what is being shown on the television. Some of this is perfectly fine. Watching televison, researching the internet, and magazine articles help one receive information. Although much of this information is a learning opportunity, many do not take the time to consider the negative affects media does have. Over time one starts to see repetitive advertisements and start to tune them out, which then we adapt to this, and it b... ...d how they really are in a positive way. Final Thoughts The outcome of how media effects young teenage girls is a grave concern that keeps growing. Campaigns and advertisements that put pressures on these young girls to be thin are continuously growing. These constant pressures to be thin and beautiful are drawing them away from being themselves. Girls are now starting to resort to harmful eating habits and body dissatisfaction at a young age. These unhealthy habits will start to ruin our young women, and will take an ultimate toll on our future. Women are beautiful the way they are. Our society does not need to take away from the happiness that one has by using computer imaging to bring one down. In a perfect world everyone would look the same and have the same beauty, but it is not a perfect world, which then makes everyone beautiful in their own way.

The Trial And Death of Joan of Arc :: St Joan of Arcs Heresy Trial and Death

On May 16, 1920, Pope Benedict XV conducted a ceremony at St. Peter’s Basilica in Rome to canonize Joan of Arc, often referred to as the Maid of Orleans. This ceremony was the final step in a process that was begun in 1849 by the Bishop of Orleans, Felix Dupanloup, over 400 years after St. Joan’s was tried, convicted and executed in the name of the Church. A study of her heroic deeds and an intensive review of her life, virtues and the trial transcripts that condemned her to be burned at the stake, resulted first in her beatification in 1909, and finally her canonization 11 years later in 1920 (Pernoud 245). Amazingly, two years after that, the woman who had been condemned, put to death, and then canonized as a saint by the Catholic Church, was declared the patroness of France (McBride 82). Jeanne d’Arc was born around January 6, 1412, in the village of Domremy in France (Thurston). At the time of her birth, France and England had been engaged in the longest war in history, which has come to be known as the Hundred Years' War. These two countries were fighting over whose right it was to rule. The English had occupied much of northern France, and the primary issue became the survival of France as an independent state rather than as part of an Anglo-French empire ruled by the English monarchy. The French were determined to drive the English out and crown Charles VII as their king (Reither 227-229).   Ã‚  Ã‚  Ã‚  Ã‚  Joan was a simple peasant girl who was raised in a Catholic home as the youngest of five children (Thurston). Her mother was very religious and had a big influence on Joan's life. Joan never learned to read or write, but was skilled in spinning and sewing. She was also always very strong and healthy (Michelet 8). At the age of thirteen, Joan began to have holy visions and hear the voices of saints she identified as St. Margaret, St. Catherine, and St. Michael (Thurston). Her voices convinced her to vow to remain a virgin (Lucie-Smith). When Joan was seventeen years old, the voices revealed her divine mission. Joan was told that she had been chosen to lead the French army into battle against the English, to drive them from French soil. The voices instructed her to go to see Robert Baudricourt, the Captain of Vaucouleurs, who would arrange for her to be taken to see the king (Michelet 12).

Declaration of Independence Essay

Change made by the Declaration of Independence would come in two waves, through, political freedom, and economic opportunity. Political freedom shaped the ideas and ambitions of the revolutionaries, while economic opportunity merely played as bonuses in the Revolution. First, political freedom for the colonies meant breaking away from England and being able to develop a sense of identity and a sense of self-government. This was established in the first steps towards independence, by the writing of the Declaration of Independence, by Thomas Jefferson. After Congress revised Jefferson’s first drafts of the Declaration of Independence, it was finally approved on July 4, 1776, and now commonly known as Independence Day. The Declaration of Independence was not a promise to the colonists, nor was it an excuse for the fight against England to occur. The Declaration of Independence was a challenge and a risk with the colonists and the rest of the world. The challenge was to test the morality of the colonists, and to push them to their limit in their fight for independence. Second, Once political freedom created fair taxes for the people, Americans needed not to avoid taxes, which led to more economic and trade opportunities, and the economy was able to blossom with little complaints, unlike the previous results of The Stamp Act and The Sugar Act, which preceded political freedoms. Social status was almost completely unchanged, apart from the ability for people to become important government figures, which could change their status in society, but only in aspect and relation to politics, therefore once again making political freedom more of a goal in the long run. Once the colonies were free from the grasp of the English government, they were able to explore their economic opportunities more freely. Before the success of the Revolution, importing goods came with a heavy price, that colonists were not allowed a say in. It is questionable if taxes are a factor of economic opportunity or political freedom, however the establishment of taxes are put down by government, and whether or not one has a say in the taxes they will pay, depends on one’s amount of political freedom. Finally, For the Declaration of Independence to give any freedom at all, it had to first allow for more political freedom. This enabled the possibilities of a stable economic base in which people and government could stand on. In turn these two freedoms would end up making way for more social and societal freedoms within the new country and constitution.

Describe Your Role in Delivering Learning Class Lessons Essay

I would plan activities in various ship canal such as an informal intelligence with the teacher about what weekly and fooling activities will be taking location. You ar aw be in advance of what you atomic number 18 required to do. There are release roles and responsibilities for you working together with the teacher to verify the pupils. Planning activities is in any case based on pupils individual needs, abilities and interests hence the importance of entire pupil observations and assessments also the continuous roulette wheel of identifying leaning needs, preparing, organising and implementing learning activities. The work you are covering fits in with the activities and topics which relieve oneself been plotted for the term. The object glasss of the learning activity and the type and direct of animation the pupils whitethorn need.The teacher may put provided about time away to discuss each weeks activities with the teaching associate. This would allow for any sug gestions to be made on how to improve or change things. Teaching garters should have a clear understanding of the learning objective for each activity and know what they should be doing to back up the children achieve this. There could be some children with special needs in the class and so will have different aims to the other children and may also require more support.The teaching assistant can plan setting up the room with the correct resources before the lesson takes place and laying out the gameboards and chairs etc, also support may be needed for some pupils, this should have been discussed before the lesson. The teaching assistant could work with one specific table or group of children or just go around the classroom and be available if any of the children ask for help and to identify future learning needs.

Human digestion Essay

The salivary glands are the first to act in the digestive process, which are commonly triggered by either the sight or the smell of solid food. Food enters the digestive piece of ground finished the mouth where the teeth, tongue, and salivary glands attention moisten and break down the food within minutes. The food accordingly becomes something called a bolus, which will travel through the pharynx, thus through the esophagus, and into the place upright. As the food travels through the pharynx the epiglottis is in place to disallow food from entering the lungs.Once the bolus enters the stomach it is broken down with acid secretions. The food is partially digested within the stomach. The bolus then becomes chyme (a semiliquid food). Chyme usually leaves the stomach during a condemnation frame of 2-6 hours. The niggling catgut is where just about of the digestion and nutrient absorption takes place with the care of secretions from the liver, gallbladder, and pancreas.The s mall intestine consists of three separate the duodenum, the jejunum, and the ileum. Anything that is not absorbed in the small intestine then enters the considerable intestine travelling through the sphincter. The sphincter prevents any(prenominal) of the remaining food from re-entering the small intestine. The large intestine is made up of two major parts the colon and the rectum. The colon aids in the absorption of remaining water, vitamins, or minerals. Anything left over by and by this process is considered waste product (feces) and is then excreted from the body via the anus, whichis attached to the colon. Reference gentleman Digestion Activity. Retrieved August 21, 2009 fromhttp//corptrain.phoenix.edu/axia/sci241/sci241-digestivetract.html