Economic order quantity

Most of the economics nowadays argue that the equality of the price of a good or a service with its marginal cost is a key condition to ensure the efficiency of allocation of resources (Hall, 1986). The ultimate goal of this pricing rule is the maximisation of social welfare. If the pricing rule mentioned above is not applied, we can examine two different cases. If the marginal cost of a good is below its price, it should be necessary to decrease the price so as to maximise social welfare. By…

“To those who possess it, and who want to exchange it for some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command” (Smith,1776,P.33). This suggests that if an individual has a good and wishes to exchange it for another; they can only exchange it for another good that requires an equal amount of labour…

as positive and negative impact. Job opportunity and increased economic activity are the positive impacts while negative impacts include environment degradation, cultural and identity deterioration, antisocial activities, increased quantity of waste generated, etc. 1.2 Tourism industry in Goa Tourism is one of the major activities in Goa. The tourism industry has the largest share in Goa's state gross domestic product and economic growth. Influencing palms, white sands, and shimmering waters…

make observations of themselves and carries their own thoughts and beliefs onto others, prejudice or acceptance is the result. In three selected short stories: Speech Sounds by Octavia Butler, Hands by Sherwood Anderson, and In Response to Executive Order 9066 All Americans of Japanese Descent Must Report to Relocation Centers by Dwight Okita relay important messages that prejudice knows no boundaries, has not changed, and acceptance occurs in both those who judge and are being judged.…

A Morbid Taste For Bones by Ellis Peters takes place in the year 1137 CE. It centers on Brother Cadfael, a monk at Shrewsbury Abbey, a Benedictine monastery in medieval England. He studies and grows herbs. A prior at the monastery decides that the Shrewsbury Abbey must have the relics of a saint for their chapel. They travel to Wales to recover the bones of Saint Winifred. Some of the monks travel to Wales and with the consent of Prince Owain of Gwynedd and the Bishop of Bangor, they go to the…

I learned that in Japan a travel agency offers to arrange self marriage ceremonies, and in California, two jewelers, Jeffrey Levin and Bonnie Powers who have a business called “I Married Me,” offer something called the Self-Wedding In-A-Box kit. Mr. Levin and Ms. Powers first heard of the practice from a friend who had performed ceremonies in the desert. "She had been doing it at Burning Man," Mr. Levin said. She told them self-marriage ceremonies had sprung up there in the late 1990s, but she…

Trickle-down economics comes in many forms. Supply-side arguments, these are economic arguments that are most normally associated with tax cuts for high earners, the 1% of Americans, these arguments are used to suggest that the wealthy would be more incentivized to raise output in the marketplace and create better jobs. Demand-side arguments, these as well are associated with subsidies and tariffs, they continue on the argument that the wealthy need protections in order to keep paying their…

The political system influences economic policy. Investors may be threatened suddenly. Differences Cultural between countries may diverge. The product should be suitable for local needs. And investors need to spend more money to establish a good business relationships in order to sell more products and get more profits. (Buzzle, 2016). (c) Evaluate Baskin 's investment in two places Abstract This paper…

contribute significantly toward economic development and improving the living standards of people. They also include clearing and settlement systems that are used to facilitate trade and channeling financial resources between borrowers and savers. Banks specializes on receiving deposit and assessing the credit worthiness of the borrower before issuing money. Banks are very critical in the economy because they ensure money circulations hence affecting the economic development of a…

Carrying costs are the ones that include storage, maintenance, insurance and other less tangible expenses, opportunity costs or costs due to product damages. In order to calculate the carrying costs in the project that I am responsible to establish, I am definitely going to base my answer on the following formulas: Inventory Carrying Cost (%) = Cost of Owning inventory per year / Inventory Value Cost of Inventory…