Suppose That You Have Returned from Your Fishing Expedition with 20,000

question 131

Multiple Choice

Suppose that you have returned from your fishing expedition with 20,000 fish.The market price is $3 per fish.Your average fixed cost was $1 and your total variable cost was $5,000.If the price jumps to $3.50 before you sell your first fish,how much extra profit,if any,do you earn?

• A)c and d.
• B)Extra profit is zero.
• C)Extra profit is enough to cover half of the fixed cost of your next trip.
• D)Extra profit is enough to cover all of the variable costs of your next two trips.
• E)Extra profit is $45,000.

Understand the different roles managers play according to Henry Mintzberg.

Recognize the functions of management and their significance.

Identify the skills necessary for effective management across different levels.

Describe the management process and its components.

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Definitions:

Dreams

Mental experiences that occur during sleep, often involving imaginary, vivid, and complex scenarios.

Hypnosis

A trance-like state of focused attention, reduced peripheral awareness, and heightened suggestibility, often used for therapeutic purposes.

Anesthetizing

refers to the process of using drugs or substances to induce a loss of sensation or consciousness, typically to perform a medical procedure without pain.

Childbirth

A significant life event involving the process of giving birth, which has psychological implications for the mother and family.