Explain the concept of profit maximization

That compromise consisted in the uniquely Stoic notion that external goods are of ethically neutral value, but are nonetheless the object of natural pursuit. The generally accepted answer is no. He maintained that the basic motive for free trade is human self-interest.

At that time philosophers, particularly the Peripatetic Athenion and—surprisingly—the Epicurean Aristion, were politically in charge at Athens, and made the crucial mistake of siding with Mithridates against Rome Bugh According to Boltzmann, if it approaches a neighbor molecule it is repelled by it, but if it moves farther away there is an attraction.

Types of equity funds: Raise price Lower price Keep price constant The choice of strategy will depend upon the pay-offs, which depends upon the actions of competitors. The basic idea is that human beings ought to develop their natural concern for others in a way that is congruent with the exercise of the virtue of justice.

The term is also applied in philosophy to designate the fading of postmodernism in the late 90s and especially in the beginning of the 21st century. It is therefore important to train the directors so that they adhere to the good corporate Explain the concept of profit maximization practices du Plessis et al.

Trustee is responsible to the investors in the MF and appoint the AMC for managing the investment portfolio. Stoicism may have developed within a worldview infused with presuppositions of a divinely-ordered universe Hicks Lives of the Eminent Philosophers.

The firm is presumed to use n variable factors of production; that is, factors like hourly paid production workers and raw materials, the quantities of which can be increased or decreased. The ratio between the share price and the post tax earnings of company is called as price earnings ratio.

Price stability may bring advantages to consumers and the macro-economy because it helps consumers plan ahead and stabilises their expenditure, which may help stabilise the trade cycle.

The philosophers in question, including the Stoic Diogenes of Babylon, made a huge impression on the Roman public with their public performances and, apparently, an equally worrisome one on the Roman elite, thus beginning a long tradition of tension between philosophers and high-level politicians that characterized especially the post-Republican empirepaving the road for the later shift of philosophy from Athens to Rome, as well as other centers of learning, like Alexandria.

InJohn Kenneth Galbraith — was the first to speak of an affluent society. But as Long again points out, the differences are also quite striking: While Stoics held that the Sage, who was something of an ideal figure, could achieve perfect knowledge of things, in practice they relied on a concept of cognitive progress, as well as moral progress, since both logic and physics are related to, and indeed function in the service of, ethics.

This is why we find an interestingly mixed record of Christian attitudes toward Stoicism. It may very well be that these latter things are not to be comprehended by the human mind, and even if one assumes that they are perfectly comprehensible, well what profit comes from comprehending them?

In this case there is only a flow into Population, the straight arrow. Here the area of study most directly connected to the discipline is that of ethics itself. Superior knowledge An incumbent may, over time, have built up a superior level of knowledge of the market, its customers, and its production costs.

There is also a significant presence on social networks, for instance the Stoicism Group on Facebook. Though this is fair enough for a single firm, the fact is that if all firms together attempt to increase their outputs in response to an increase in the price of the product, they are likely to bid up the prices of some or all of the factors of production that they use.

People perceive integrity of the organization in different ways. For the Greco-Romans this often involved—but was not necessarily entirely defined by—excellence at moral virtues.

Good system dynamics models are such a close approximation of reality that system dynamics modeling has achieved great success in a number of difficult problem areas, including business, the American urban decay problem of the s, epidemiology, ecology, and environmental sustainability.

This is about the simplest model possible. See Article History Alternative Title: Set of ideas, traditions and beliefs Differentia: Logic and Physics are related to Ethics because Stoicism is a thoroughly naturalistic philosophy.

It assumes that there are no changes in the rest of the economy while individual firms and industries are making the adjustments described in the theory; it neglects changes in the technique of production; and it pays no attention to the risks and uncertainties that becloud all business decisions.

Permalink Submitted by Menelaos Michelakis on Thu, The marginal variable cost, or simply marginal cost [MC y ] is, roughly, the increase in variable cost incurred when output is increased by one unit; i. This model was used to find the root cause of high systemic change resistance to solving the sustainability problem.

Corporate Governance Best Practices: To which he—rather cleverly, but indicatively—replied that he had merely assented to the proposition that it was reasonable to think of the objects as actual birds, not to the stronger claim that they actually were birds.

Entropy (order and disorder)

A builder and a dressmaker would be workers in the secondary degree.This lesson will tell you how to write and use a special type of function called a profit function.

After completing this lesson, you will also be. 1. Definition of accounting: “the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of a financial character and interpreting the results there of”.

OECD Principles describe corporate governance in terms of relationship between management of company, its shareholders, its board and other stakeholders. Is Ethics Rational? Teleological, Deontological and Virtue Ethics Theories Reconciled in the Context of Traditional Economic Decision Making ☆.

Stoicism. Stoicism originated as a Hellenistic philosophy, founded in Athens by Zeno of Citium (modern day Cyprus), c.


B.C.E. It was influenced by Socrates and the Cynics, and it engaged in vigorous debates with the Skeptics, the Academics, and the Epicureans.

Abadinsky, Howard (back to index) Organized crime is a nonideological enterprise involving a number of persons in close social interaction, organized on a hierarchical basis, with at least three levels/ranks, for the purpose of securing profit and power by engaging in illegal and legal activities.

Explain the concept of profit maximization
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