consumer taste
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1. Profit Maximisation is the main objective of a firm" Discuss this statement with the help of an example.
A firm may continue to operate even if it does not cover its total costs if it can cover its variable costs and contribute to fixed costs. This situation often occurs in the short run when a firm is trying to ride out a temporary downturn in demand. Additionally, staying in operation may help maintain market presence and customer relationships, which can be crucial for recovery. Ultimately, the firm will reevaluate its viability if losses persist in the long term.
WTO agreements: Promote free trade; Boycott: Punish unfair practices; Offshoring: Reduce production costs; Foreign aid: Help needy governments.
How did the factors of production help european governments to establish industry?
Making decisions that help make business more efficient are part of production and operations management. Other characteristics include conscientious and tactical decisions.
The firm's network of relationships, such as suppliers, customers, competitors, and regulatory agencies, provides the connections between the firm and its environment. These connections help the firm to gather information, resources, and support, and also influence the firm's strategic decisions and performance.
Production theory helps us understand how firms make decisions regarding the combination of inputs to produce goods and services efficiently. It helps in analyzing factors that influence production, such as technology, resource availability, and costs. Additionally, production theory is important for understanding how changes in input quantities and technology impact output levels and firm profitability.
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No. Accounting information is used by managers to make decisions and plans; but it is also commonly used by investors to make investment decisions and creditors (such as banks) to make lending decisions.
Make or buy decisions help businesses determine if it is better to produce a product in-house, or outsource the production. When another business has a comparative advantage in production it is best to outsource production.
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Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
The location decision can have an impact on the production system due to the availability of resources and transportation. When supplies are close, production costs will be lower. In this case, the company can use a Just In Time production system to help reduce warehouse costs.
without quality person's help production people cannot do anything. they are always dependent on quality.because q.a. persons are much intelligent than production people. they are unable to run machine propely without q.a. persons help.
The Production Budget for The Help was $25,000,000.
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