For a Firm, Let Total Cost Be TC(Q) = 160+10Q²

question 58

Multiple Choice

For a firm, let total cost be TC(Q) = 160+10Q² and marginal cost be MC(Q) = 20Q. What is the minimum efficient scale for this firm?

• A) 0
• B) 2
• C) 4
• D) indeterminate

Identify different leadership styles (e.g., delegating, participating, selling, and telling) and when to use them according to the readiness of the followers.

Recognize the factors influencing the choice of leadership style, such as the importance of decision acceptance, information availability, and situational clarity.

Differentiate between decision-making methods (authority decision, consultative decision, group decision) in leadership and their situational appropriateness.

Describe substitutes for leadership and situations where leadership may be less influential.

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Definitions:

Direct Method

A way of allocating service department costs directly to producing departments without any intermediate allocations, typically used in cost accounting.

Interdepartmental Services

Services provided between different departments within an organization, facilitating internal operations and support.

First-In, First-Out

A method of valuing inventory whereby the first items placed into inventory are the first ones considered sold.

Process Costing

A costing method used when homogenous products or services are produced in continuous processes.