Use the Following to Answer Questions

question 3

Multiple Choice

Use the following to answer questions :
Refer to the figure below.
-A person weighs 60 kg (~132 lbs) and is running at a speed of 240 meters per minute.If you measured the amount of oxygen consumed in two minutes,you would find that the person had consumed approximately _______ of O₂.If you performed the same measurement on a person weighing 80 kg (~ 176 lbs) running at the same speed of 240 meters per minute,you would find that the person had consumed approximately _______ of O₂ in two minutes.

• A) 50 ml;50 ml
• B) 100 ml;100 ml
• C) 3 liters;4 liters
• D) 6 liters;8 liters
• E) 12,000 ml;12,000 ml

Describe the principles of contingency thinking and its application in management.

Understand the concept of total quality management (TQM) and its principles.

Know various quantitative approaches for inventory control, cost minimization, and demand forecasting.

Comprehend the importance of matching managerial styles and approaches to specific situations in contingency theories.

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Definitions:

MR = MC Rule

An economic principle stating that profit maximization for a firm occurs when its marginal revenue (MR) equals its marginal cost (MC).

Purely Competitive Seller

A seller in a perfectly competitive market where the product offered has no differentiation, and the seller is a price taker with no control over the market price.

MR = MC Output

The condition where Marginal Revenue (MR) equals Marginal Cost (MC) represents the profit-maximizing level of output for a firm.

Total Variable Costs

The sum of all costs that vary with output level in the short term.