Managerial Economics 610 Essay Example | Topics and Well Written Essays - 1750 words

Managerial Economics 610 - Essay Example all potential candidates for promotion to attend a number of seminars and take an exam upon completion around key terms and concepts required to be mastered in order to cope with the demands of the new supervisory role. The success for promotion relates to a large extent on the quality of the answers you will provide to this exam, the way they will be presented and the justifications (where applicable) of own views put forward. Two key assumptions of perfect competition are that (1) each firm is too small to affect the market price and output of an industry and that (2) firms produce homogenous products. Thus, given these two conditions, it is not possible for perfectly competitive firms to view each other as fierce rivals in the market. The firms will be merely responding to market signals in the industry. In particular, each firm will respond to a given price. Prices are given in a perfect competition and no firm is able to influence the price because of homogeneity of products and as each firm is too small in relation to the market. When total revenue is less than the total variable cost, it is implied that total revenue (TR) cannot even pay for the total variable cost (TVC) of the firm. Variable costs are costs that vary based on the output of the firm. It means that additional costs are paid for by the revenue of the firm as output is increased. It therefore makes no sense for the firm to continue production in the short run. If TR>TVC applies, it need not follow that the firm is making a profit because the fixed costs are not necessarily covered for by the total revenue. In other words, TRTVC applies. Nevertheless when TR>TVC and TR

The Cause and Effects of Distracted Driving Essay

The Cause and Effects of Distracted Driving - Essay Example In this regard, the current essay hereby aims to proffer pertinent issues relative to distracted driving; including its accurate definition, the significant and main causes of distractions, the risk factors, and ways within which distracted driving activities could be prevented. According to the US Official Website on Distracted Driving, the term ‘distracted driving’ specifically means â€Å"any activity that could divert a persons attention away from the primary task of driving. All distractions endanger driver, passenger, and bystander safety† (par. 1). As disclosed, the types of activities identified as causing distractions to driving include the following: texting; using a cell phone or smartphone; eating and drinking; talking to passengers; grooming; reading, including maps; using a navigation system; watching a video; and adjusting a radio, CD player, or MP3 player (Official US Government Website for Distracted Driving par. 2). On the other hand, the CDC has identified and classified the three main types of distraction as: visual distraction, manual distraction and cognitive distraction (Centers for Disease Control and Prevention (CDC) par. 2). For visual distractions, these involve activities that cause the driver to take his or her eyes off from the road. Manual distraction, on the other hand, simply means that the hands of driver are taken off the steering wheel. Finally, cognitive distractions are activities that take the drivers’ mind off from what should be focused on. Due to the seriousness of the potential repercussions that result in injuries, not only of the drivers and passengers of the vehicles, but even bystanders and pedestrians, the National Highway Traffic Safety Administration (NHTSA) has issued a clearly defined policy statement that highlights the primary responsibility of drivers, as well as the task of driving, to wit: â€Å"The primary responsibility of the driver is to operate a motor vehicle safely. The task of