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What do you mean by maximize profits?
profit maximization is the (short run) process by which a firm determines the price and output level that returns the greatest profit
Not-for-profit organizations must make economic decisions?
Yes, the term "not-for-profit" doesn't mean those organizations do not aim at maximizing profits. Just they are not distributing the profits to their shareholders or owners but using the profits to achieve the organizations' goals.
What is the difference between non-profit and not-for-profit?
There is not difference; they mean the same thing.
What does profit incentive mean?
profit incentive, or profit motive. This desire motivates entrepreneurs to establish new businesses and produce new kinds of goods and services.
What do you mean by production function?
The relationship between the amount of input required and the amount of output that can be produced with the help of them is called the production function. It specifies the maximum output that can be produced with a given quantity of inputs for a given level of engineering or technical knowledge. Let, a firm produced only one type of output with two inputs (L, K). Thus, the general equation of this simple production function is Q=f(k, L)---------(i) Eqn (i) reads: the quantities of output is a function of or depends on the quantities of labor and capital used in production.
What do you mean by maximize profits?
profit maximization is the (short run) process by which a firm determines the price and output level that returns the greatest profit
What is mean Quantity of work output?
Quantity of work output refers to the amount of work or tasks completed within a specific time period. It is a measure of productivity and efficiency in terms of how much output is generated from the input of resources such as time, labor, and materials. Increased quantity of work output often indicates higher levels of performance and effectiveness.
Not-for-profit organizations must make economic decisions?
Yes, the term "not-for-profit" doesn't mean those organizations do not aim at maximizing profits. Just they are not distributing the profits to their shareholders or owners but using the profits to achieve the organizations' goals.
What does it mean if a machine is efficient?
An efficient machine is one that can produce the desired output with minimal wasted resources, such as time, energy, or materials. Efficiency is measured by how well a machine can convert inputs into outputs while maximizing output and minimizing waste.
What does it mean maximizing human potential?
you are lovely
What does decision variable mean?
A decision variable is a variable in mathematical optimization and decision-making models that represents choices available to the decision-maker. It is the quantity that can be controlled or adjusted to achieve the best outcome in a given problem, such as maximizing profit or minimizing costs. In linear programming, for example, decision variables are used to define the constraints and objectives of the model. They typically take on values that are determined through the optimization process.
What is the quantity of work?
The quantity of work refers to the amount of work that needs to be completed or has been completed within a specific time frame. It can be measured in terms of tasks, projects, hours worked, or output produced. Tracking and managing the quantity of work is essential for productivity and project management.
What do you mean by quantity of work in relation to job?
Quantity of work refers to the amount or volume of tasks and responsibilities that need to be completed within a given period of time in a job. It represents the workload or output expected from an employee or a team in order to meet organizational objectives and goals. Monitoring and managing the quantity of work is essential for productivity and performance assessment.
What do you mean by cash profit?
Cash profit means profit after tax plus depreciation.
What does monthly profit mean?
a monthly profit means to make a profit every month in a company.
What does profit margin mean?
Profit margin means the amount of profit you make measured in a percentage. This can include:Gross Profit marginNet Profit marginMarkup Profit margin
What does Elmer Davis mean mean by quantity prosperity?
No
