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What are the statistical tools under parametric?
statistical tools under parametric
Discuss equilibrium of a firm under monopoly what are the conditions of equilibrium?
when marginal revenue equal to marginal cost,when marginal cost curve cut marginal revenue curve from the below and when price is greter than average total cost
Metal songs with the word under?
Under the Sun by Black Sabbath Under the Oak by Candlemass Under the Rose by HIM (marginal metal)
When marginal revenue equal to marginal cost?
At this intersection point on a graph, firms will earn maximum profit, even if this point is under average total cost.
When marginal revenue equals marginal cost?
At this intersection point on a graph, firms will earn maximum profit, even if this point is under average total cost.
Why marginal cost go decrease in initial phase under perfect competition?
Since, in a perfectly competitive market, prices are fought down to Price = Marginal Cost, the only way to make a strict economic profit is to lower marginal cost.
Is the area under the marginal cost curve equal to the total variable cost?
yes
What is the land holding criteria of marginal farmer?
Land shuld be under 1 ha
What are three different conditions under which production decision are made?
Production decisions are typically made under conditions of certainty, uncertainty, and risk. In conditions of certainty, managers have complete information about the outcomes of their decisions, enabling straightforward planning. Under uncertainty, they face unknown variables and potential outcomes, making it challenging to predict results. In risk conditions, managers have some information about probabilities of different outcomes, allowing for informed decision-making based on statistical analysis.
How do you calculate likelihood?
Likelihood is calculated by assessing the probability of observing the given data under a specific statistical model. Mathematically, it is expressed as the likelihood function, which is the joint probability of the observed data as a function of the model parameters. For independent observations, the likelihood is the product of the probabilities for each observation. Maximizing the likelihood function helps in estimating the parameters that best fit the data.
What are the conditions under which you can expect to be able to use a binomial distribution to model a probability distribution?
Two independent outcomes with constant probabilities.
State the arguments for using marginal costing approach in routine accounting?
- The Marginal costing technique is appropriate for decision making as it highlights those costs (and revenues) which will change as a result of the decision under review being put into effect. - As fixed costs are mostly overheads, and, under marginal costing these are all treated as period costs and charged into the income statement therefore marginal costing avoids arbitrary allocation of overheads to units of output. - Reporting profit on a marginal costing basis will be more closely relates to changes in sales volume and are less affected by changes in inventory levels. - An understanding of the behavior of costs and the implications of contribution is vital for accountants and managers as the use of marginal costing for decision making is universal.
