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The Break-Even Point. The break-even point (BEP) in economics, business —and specifically cost accounting —is the point at which total cost and total revenue are equal, i.e. "even". In layman's terms, after all costs are paid for there is neither profit nor loss. [1][2] In economics specifically, the term has a broader definition; even if ...
The variable ratio schedule produces both the highest rate of responding and the greatest resistance to extinction (for example, the behavior of gamblers at slot machines). Fixed schedules produce "post-reinforcement pauses" (PRP), where responses will briefly cease immediately following reinforcement, though the pause is a function of the ...
Article indices. v. t. e. In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables an increase in scale that is, increased production with lowered cost. [1]
Operant conditioning. Operant conditioning, also called instrumental conditioning, is a learning process where voluntary behaviors are modified by association with the addition (or removal) of reward or aversive stimuli. The frequency or duration of the behavior may increase through reinforcement or decrease through punishment or extinction.
Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs. In a single integrated system, EVM is able to provide accurate forecasts of project performance problems, which is an important aspect of ...
Contribution margin (CM), or dollar contribution per unit, is the selling price per unit minus the variable cost per unit. "Contribution" represents the portion of sales revenue that is not consumed by variable costs and so contributes to the coverage of fixed costs. This concept is one of the key building blocks of break-even analysis.
Self-administration is, in its medical sense, the process of a subject administering a pharmacological substance to themself. A clinical example of this is the subcutaneous "self-injection" of insulin by a diabetic patient. In animal experimentation, self-administration is a form of operant conditioning where the reward is a drug.
CVP is a short run, marginal analysis: it assumes that unit variable costs and unit revenues are constant, which is appropriate for small deviations from current production and sales, and assumes a neat division between fixed costs and variable costs, though in the long run all costs are variable.