This chapter discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence: a. What you give up for taking some action is called the ______. b. _____ is falling when marginal cost is below it and rising when marginal cost is above it. c. A cost that does not depend on the quantity produced is a(n) ______. d. In the ice-cream industry in the short run, ______ includes the cost of cream and sugar but not the cost of the factory. e. Profits equal total revenue less ______. f. The cost of producing an extra unit of output is the ______.
Wednesday, September 7, 2016 Business Ethics MIS 111 - Legal Vs. Ethical Issues - Legal • Sometimes have a definitive answer • Determination is made by someone else - Ethical • Determined by a person, society or group Sometimes have a definitive answer • • You determine course of action - Being the Law • Doesn't make it right - Being right • doesn't make it legal - Recognizing Ethical Situations - Gut Check - Ethical Drift - Transparency Test - Who am I - Integrity vs. loyalty - Short term vs. long term - Speaking out - Normative Ethics • Stockholder theory - Advance capital to corporate managers who act as agents in advancing their ends 1