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Essay on Opportunity Cost

Opportunity cost provides a broad view of the monetary and nonmonatary factors in making a choice (Hall, 2000). This paper examines the concept of the individual opportunity cost for pursuing a Master of Business Administration (MBA) degree. It suggests that acquiring an MBA part-time while employed, as compared to a full-time student, minimizes the payback period for the cost of education at the expense of the non-monetary demands on time, … Read the rest

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Economics of Offshore Support in the Software Industry

As the United States is continually seeing a sluggish economy, many corporations are seeking ways to help the bottom line. Within the software development industry, many companies are taking advantage of the world economy and the emergence of highly technical third world countries like India and Pakistan.

At this time, outsourcing in India has become the rage of the industry and many of the U.S. based software companies. According to … Read the rest

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The Economics of Labour Markets Essay

The factors of production are the inputs used to produce goods and services. Labour demand is a derived demand, because it is a factor of production. Let’s consider what a competitive and profit-maximizing firm would do. The production function is the relationship between the quantity of inputs used to make a good and the quantity of output of that good. The marginal product of labour is the increase in the … Read the rest

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