Economic concepts assignment Example | Topics and Well Written Essays - 1000 words

Economic concepts - Assignment Example It is easy to identify, recognize and account for the explicit cost because these costs are documented in the company’s statement. Additionally, physical objects and money based transactions are usually involved in explicit costs (Arnold, 2008). Implicit cost: Implicit costs are also known as implied costs, economic costs, or notational costs. It is directly opposite to the explicit cost. Implicit costs are not actually exposed or accounted as costs. Implicit costs are commonly explained as opportunity costs or the loss of an opportunity in a specified time or condition. Implicit costs are usually related with the intangibles assets and often cannot be traced or documented. These costs include: waste of potential opportunities, wastage of time, and profit wastage. Implicit costs give up the potential paybacks and agreements in a certain transaction of business. Just place, an implicit cost is the loss of a potential profits or assets that did not come about (Gartner, 2009). QU ESTION # 2 U shape cost curve: It is a representation of how the average cost for manufacturing a single unit changes over with the passage of time. The average cost of manufacturing per unit is high in the beginning and decreases as overall production increases. It is because of the fact that the same fixed cost is shared by more units or product. However, if the marginal cost of producing one more unit increases the overall cost again starts to increase because of the diminishing returns. Hence, when it is plotted on a chart, the cost curve seems like the letter U and for this reason is known as U shaped cost curve (Leamer, 2009). Long run cost curve: The long run cost curve is also called cost function in the microeconomic theory. It relates the cost of production to the amount of production and shows the implications of the long run decisions and proceedings on the cost of production of the company. The long run cost curve is the combination of several short run average cost cur ves and is generally U shaped because of the law of diminishing returns (Mankiw, 2009). Average cost curve: The average cost or unit cost is identified by dividing the total cost of production to total number of units produced in the company. An average cost can vary with passage of time with the increase or decrease in the cost of production. The average cost curve is also U shaped because of the fixed cost being shared by increasing products and at the same time marginal cost increasing because of the diminishing returns (Wessels, 2000). QUESTION # 3 Law of diminishing return: This concept of economics stating that, as the quantity of new input (workers, materials, etc.) increases, the marginal product of an added input at same position will be less than the marginal product of the preceding input. For example, consider a plant that uses manual workers to manufacture its items for consumption. If every other factors of production stay constant, at one stage each added worker will give less output then the preceding worker. When this stage is confronted then each extra worker will give less and less returns. If new workers are continuously added, the factory will in the end turn out to be so crowded that added workers in point of fact reduce the competence of the other workers, lessening the production of the plant. Another general example of law of diminishing returns is described as follow: If the population of the city increased then per capita income is decreased. And

Interactive Whiteboards Essay Example | Topics and Well Written Essays - 750 words

Interactive Whiteboards - Essay Example "And the color, movement, sound and participation all come without messy chalk, stinky dry erase markers and copies of transparencies" (par. 2). Interactive whiteboards offer tremendous benefits not only for students, but also for teachers. They assist "people of many learning styles and save teachers time and space. Lessons can be saved into the system and can easily incorporate countless videos, maps, photos and websites. Teachers can pause videos and write notes on the screen, science classes can explore frogs through virtual dissection and geometry figures can be rotated, shrunk or expanded" (par. 18). In short, they make classroom instruction more efficient and learning more fun and interesting. The ability to harness the power, depth and breadth of the internet in this manner offers infinite new ways to try and reach out to students to grab their attention and improve their understanding of the material. There are many examples of ways in which this new technology has been and can be applied within the classroom. "Teachers can put a pyramid on the board and turn it so the class can see all the angles and sides. Students can count vertices by touching them on the board and setting them off in another color. Teachers can bounce between editing a paper on the board to searching for something online to illustrating what 1/16th of an inch looks like on a ruler" (par. 4). Any subject from math to literature to art and music can greatly benefit from these cybertronic chalkboards. This emerging hardware technology is significant because of its potential to revolutionize classrooms and teaching approaches. In the past, classroom instruction has tended to be one dimensional, very static, and non-interactive. Teachers would write on chalkboards or overhead slides, and would often be confined to the limited universe of often out-of-date instructional aids and materials to which they happened to have access. The ability of students to actively participate in a lesson, beyond raising their hand to answer the teacher's questions or make comments in a class discussion, was quite limited. With interactive whiteboards, teachers have the ability to take their lessons "outside of the box." Virtually any material available on the internet that pertains to the subject matter being taught can be summoned right then and there during a classroom lesson. This enables a much more detailed, nuanced and up-to-date discussion of the material. Further, students have a much greater opportunity to participate in the lesson in a meaningful way in which they can really interact with and digest the material. For example, at Centerville Elementary School in Minnesota, the technology prompted students to utilize their down time more productively, gathering around the board to review the material that had been taught earlier. "Using their fingers they dragged numbers on the screen into blank spots on a triangle as part of a math problem. When it's time for the class to leave for their next activity, one student pleads to the teacher, 'Can we check if it's right before we go'" (par. 11). As part of a literature lesson at the same school, teacher Tony Valenti used the device to bring to life the book