The concept of elasticity in economics is taught mostly in secondary education. Students generally mix up slope and elasticity even though many textbooks explain the difference between them. This note is to substantiate explanations by Round and McIver (2006) in view of exploring possible...

In stock management, Economic Order Quantity (EOQ) is an important inventory management system that demonstrates the quantity of an item to reduce the total cost of both handling of inventory (Handling Cost) and order processing (Ordering Cost). The purpose of determining the EOQ is to minimise...

The aim of this paper is to illustrate the determination of the Economic Order Quantity (EOQ) or Economic Number of Orders (ENO) when the Total Ordering Cost (TOC) and Total Handling Cost (THC) are not equally the same. For this purpose, two assumptions of the basic EOQ model - (a) the constant...

As many pupil find difficult to understand the initial explanations of duopoly (two firms in a market), this paper attempts to provide a simplified mathematical illustration with a numeric example about the basic explanation of duopoly presented by Antoine Augustin Cournot (1801-1877). This...

In investment, particularly in the portfolio management, the risk and returns are two crucial measures in making investment decisions. This paper attempts to provide a brief theoretical explanation with examples on determining the returns and associated risk of shares, and of the portfolio of...

Though the efficient market and random walk are closely related to each other, the gaining of risk free return (the result of risk free price change) indicated in efficient market needs to be compromised with random walk. Ohlson (1995) demonstrates the price change model, which illustrates that...

Part 6 of network analysis illustrates the determination of efficient (optimal) minimum cost as the primary objective and its associated duration in relation to completion of a project in consideration of the crashed durations and cost slopes of activities, and the time based fixed cost, of a...

This section of Part 5 explores how the minimum duration of a project and its crashed cost in relation to the crashed cost of relevant activities and other cost or income, when the project is targeted to complete in its crashed duration. This part illustrates how the minimum duration and its...

For investing in profitable ventures, the firms intend to recover the investment made in them. Thus, the determination of the respective cost of capital of a venture can provide a base for making decisions on whether to accept the project profitably. In this context, this paper provides some...

Dynamic Programming (DP) is a process of deriving an optimal solution to a mathematical problem that has an objective function and environmentally varying limitations. DP has some difficulties to set up structural equations as in other management science techniques. In this context, DP,...