A firm’s ________ is measured as a stock while ________ is measured as a flow.

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  1. investment in new capital; capital
  2. capital; investment in new capital
  3. current labor force; current inventory
  4. planned inventory; current inventory

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Refer to the table below and answer the questions that follow.

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  1. Diminishing returns to labor start with the ________ worker
  2. Second
  3. Third
  4. Fourth
  5. Fifth

 

  1. Marginal revenue product of the ________ worker is $1,000
  2. Second
  3. Third
  4. Fourth
  5. Fifth

 

 

  1. If workers are paid $600 per day, then the firm is profit maximizing when it hires ________ workers.
  2. Two
  3. Three
  4. Four
  5. Five

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The ________ is the product of the marginal product of labor and the price of the output.

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  1. marginal factor cost
  2. total revenue
  3. average revenue
  4. marginal revenue product

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If labor and capital are complementary in production and a technological problem decreases the productivity of capital, then, ceteris paribus,

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  1. labor productivity is likely to fall.
  2. labor productivity is likely to rise
  3. wages are likely to rise
  4. Both A and C are correct

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The demand for ________ is a “derived demand.”

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  1. hot chocolate on a cold day
  2. S. Treasury bonds
  3. a dog groomer by a grooming shop
  4. hot dogs on the 4th of July

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describe what happened on the island of cicones

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describe what happened on the island of cicones

 

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Background &Description of Need

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  • Research, assess, recommend/select, and implement information technology that aligns with business needs and meets business objectives.
  • Plan, execute, and evaluate technology solutions to achieve strategic goals by managing high-performing teams and projects.

It also addresses the business strategy, project management and teamwork themes.

Assignment

 

  1. Section I of the Business Case provides the background on the business and its operation in sufficient detail to set the stage for the Description of the Need and the eventual technology solution proposed. It should summarize the key points, and not simply repeat the Case Study. It should provide enough information for the reader to understand how the Description of Need emerges from the business operation.
  2. Description of Need. Section II identifies an area where technology could improve the business. Review the Case Study and identify the strategic objectives and strategies that the business has considered that could benefit from an IT solution. Those objectives come from the organization’s mission and vision statements and the strategic objectives it has identified in a Strategic Plan. In the case of a small business, the “strategic plan” may exist only in the mind of the owner. Select one objective that would benefit from IT support and describe how technology in general can assist the business in meeting the objective.   You should explain why it is important to implement a technology solution. You should point out other benefits to the business that may be important and may result from a technology solution to support the selected objective, including those that may not be explicitly stated as “business objectives or strategies.”The next section of the Business Case will describe how the IT project that your group proposes will benefit the business, so do not describe a specific solution here.

These sections are to be presented in a few, short, well-written paragraphs.

Suggested approach to the business case assignment:

  1. Review the case study and list the most important business objectives.
  2. Consider which objective(s) would benefit from an IT solution.
  3. Decide which business objective(s) your team wants to use to develop an IT solution. This is your area of “need.”
  4. Section I of your business case will describe the case study business in general. For the area that you want to address with an IT solution, provide some information about how the current process is carried out to set the stage for your business case.
  5. Section II talks about how technology could help the area of “need” that you have identified.
  6. When you get to them, Section III will describe your specific proposed solution and future sections will go on to provide information about that solution and why it should be funded by the bank.

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