1039 words - 5 pages
Supply & Demand Paper
How this whole world runs is based on the economics from country to country. Economics is the cause and effect of everything from; unemployment, bankruptcies, corporations going under, individual consumers, and the list goes on and on. Every aspect of business and society is related to economics.
With economics lie 3 central problems: what to produce and how much, how to produce it, and who do you produce it for. In our society, especially in the United States, we have one of the strongest economies in the world. In the past year or so, America’s economy has started to slip. For example, it kind of started with the bailouts of the major banks in the...
1677 words - 7 pages
1.) Write an essay on the assumption of the “Rational Self Interest”. Make sure that you touch on each of the three components of this assumption that we discussed in class. Comment on the relevance of this assumption in our daily lives.
Economics is defined as how we make choices with scarce resources to obtain our own needs, wants and desires. The Assumption of Rational Self –interests tells us that the definition of rationality means not doing something that will deliberately cause harm. We are told that with every decision we make, we must weigh the rewards against the punishments and that it is actually necessary for us to ask the question “What is in it for me”. There is actually a...
381 words - 2 pages
Thomas Sowell’s interview on basic economics covered many issue such housing crises, high Taxations, spending 17 % of our GDP on healthcare, trade balance, and currency threats in the future. His main focus was the negative side effects of government intervention in a capitalistic market that can lead to downfall of an economy such as the housing crises in 2008. Thomas Sowell wants to limit government intervention and promotes free trade, the same economics that was advocated by Adam smith and Milton Friedman, the right to buy and sell goods and services without interference from the State, the right to have economic freedom without price and wage control from the central government....
595 words - 3 pages
Axia College Material
Price Elasticity and Supply & Demand
Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity
Event | Market affected by event | Shift in supply, demand, or both. Explain your answer. | Change in equilibrium |
Frozen orange crops in California | Orange juice | Supply (left)—Not as many available oranges to offer consumers. | Price will increase and quantity will decrease. |
Hurricanes in the Gulf Coast...
566 words - 3 pages
Price Legalization and Marijuana Consumption
By: Mert Daryal (University of Western Australia) Undergraduate Journal of Economics The paper analyzed the effect of legislation on the consumption of marijuana. Methodology • Application of demand theory to illicit commodities to analyze the effect of legalization • Specially conducted survey of first-year students at the University of Western Australia to estimate effects of legalization and a possible fall in price on consumption Assumption • Price of marijuana would decrease following legalization Results • Consumption of marijuana is expected to increase by 4% if legalized; however, if legalization is accompanied with a 50% fall in price,...
8028 words - 33 pages
CA CPT June 2013 Question paper with Answer keys File provided to you by CAROCKS.WORDPRESS.COM
Website for CA, CWA, CS Students
1st session Marks: 100 Marks Time: 2 hrs.
Part A – Fundamentals of Accounting
1. Bill is drawn by Mr.Mohan on Mr. Mahesh on 30th January 2012 for one Month, then due date of the bill is_________ a) 28th February, 2012 b) 2nd March, 2012 c) 3rd March, 2012 d) 4th March, 2012 2. The expenditure Rs.2,000 incurred on a trial run of newly purchased machine is_________ a) Preliminary expenses b) Capital expenditure c) Revenue expenditure d) Deferred revenue expenditure 3. Unclaimed dividend is shown under ______ a) Other current liabilities b) Reserves & Surplus c)...
305 words - 2 pages
Polanyi’s embedded economy notion indicates a person or a group of people participating in daily rituals that incorporate economics; their practice of economics is camouflaged in a social institution morally sought out by their personal beliefs. At the simplest level, economics is the distribution and production of goods. When an economic institution is embedded in a noneconomic institution, people do not think about the production and distribution of goods but about their daily routine and expectations within a community. A person can perform daily tasks completed by a thought process that they are doing this task for religion, family, legal reasons, etc. but they do not do it for economic...
618 words - 3 pages
University of Dhaka
Management Information Systems (MIS)
Course Code: EMIS 505
Submitted to: Md. Abul Kashem
Submitted by: Nadia Shahrin Chandni
Student ID: 61323016044
Verifying consistency of empirical data is the motto of this paper. Data of four different kinds of businesses –Soft drink, Refrigerator, Paint and Life Insurance Premium- have been tasted to establish and examine estimate function. SPSS has been used as based software for the study.
Estimation is one of the core responsibilities of a manager. The aim of studying Managerial Economics, among other, is to equip managers...
2645 words - 11 pages
Examination Paper of Managerial Economics IIBM Institute of Business Management Subject Code-B-106 Examination Paper Managerial Economics Section A: Objective Type (30 marks) This section consists of multiple choices & Short notes type questions. Answer all the questions. Part one carries 1 mark each & Part two carries 5 marks each. MM.100
Part one: Multiple choices: 1. It is a study of economy as a whole. a. Macroeconomics b. Microeconomics c. Recession d. Inflation 2. A comprehensive formulation which specifies the factors that influence the demand for the product. a. Market demand b. Demand schedule c. Demand function d. Income effect 3. It is computed when the data is discrete...
1646 words - 7 pages
The city of Los Angeles has been without an NFL team since 1994 when both the Rams moved to St Louis and the Raiders relocated to Oakland. It has been proposed that a new stadium should be built to help attract teams that to come back to one of the biggest U.S. city’s without an NFL league franchise. In past years L.A. has been one of the largest media market in the country. With L.A. being second to none as the media capital, why not bring “Sports Entertainment” back to the city of angels. Los Angeles did just that when they decided and took a major step toward building a downtown stadium to lure an NFL team back to the nation's second-most populous city, despite questions about how a...
2736 words - 11 pages
MANAGERIAL ECONOMICS: SECTION A: PART ONE: MULTIPLE CHOICES:
1. A-MACRO ECONOMICS
2. C-DEMAND FUNCTION
3. B-ARC ELASTICITY
4. B-CONSUMER GOODS
5. C-THE INDIFFERENCE CURVE
6. A-FUTURE COSTS
8. B-GROSS NATIONAL PRODUCT
9. B-PRODUCT APPROACH
1. Concept of Demand Schedule: The inverse relationship between the price and the quantity demanded for the commodity per time period is called as the demand schedule for the commodity.
3. Various forms of Market Structure: The various forms of market structure are: Perfect Competition, Imperfect Competition and Monopoly
4. METHODS OF MEASURING NATIONAL INCOME:
We can measure national income either at the...
285 words - 2 pages
Axia College Material
Air Pollution Chart
After reviewing Ch. 8 and 9 of your text, complete the following table, then respond to the questions that follow:
|Issue |Sources |Health/Environmental Effects |
|Carbon dioxide (CO2) |Carbon Oxides |Affects Global Warming |
|Chlorofluorocarbons (CFCs) |Human Made Pollutant |Allows more solar UV to reach the Earth’s surface |
|Ground-level ozone (O3) |Human Made Pollutant |Smog, Global Warming, Lowers crop yields. ...
339 words - 2 pages
One of the first schools which studied economic growth and development in El Salvador is a school of Modernization. Among the fathers and greatest supporters of the theory of Modernization we may first of all name Simon Kuznets and his colleague from U.S. Walt Rostow. They believed that, from a quantitative statistical viewpoint, factors that are integral to the modernization perspective would be solely economic. Namely they are made up by Gross Domestic Product per head, level of inflation, value of exports and value of imports, annual economic improvement, part of business that is owned by private persons, general budgets deficit. Modernization theory mostly centers on a number of economic...
414 words - 2 pages
In a short-run production function, total product, average product, and marginal product changes as total product and labor increases. The total product increases rapidly up to 6.666 units of labor. This means that marginal product is increasing over the range of production when one additional unit of labor is added. While total product is increasing between 6.666 units of labor and 14 units of labor marginal product is decreasing. When a total of 14 labor units are used, total product has then reached its maximum at 1596. If 15 labor units are used, total product will begin to decrease. The marginal product of labor is 23 as labor is increased from 13 to 14 and the marginal product of labor...
2233 words - 9 pages
Econ 101: Intro to Microeconomics
Spring 2012, Handout 8 Solutions
More on Monopolies
1. A monopoly faces a market demand curve given by P = 42 − Q. Its marginal cost curve is given by M C = Q. (a) Find an equation for the marginal revenue curve. Graph market demand, marginal revenue, and marginal cost for this monopoly. Double the slope of the demand curve to get the MR: M R = 42 − 2Q. The
graph should show a line twice as steep as the original demand curve, but with the same price intercept. Note: the “double the slope” rule only works when the equation is solved for P! (b) Find the proﬁt-maximizing level of production for this monopolist. M R = M C to get 42 − 2Q = Q ⇒ Q = 14....
347 words - 2 pages
Name: Salman Chanmira
Kindly follow below mentioned process after your employee number has been generated. If you are facing any problems while logging in to ULTIMATIX then please. send mail to Ultimatix.email@example.com to reset the p/w (Please provide your Employee Number / Date of Birth/Date of Joining)
Visit Ultimatix web portal.
Ultimatix site name – https://www.ultimatix.net
Username: Employee No
Password : ChangePwd@Date of Birth (ddmmyyyy formate) (More than 3 invalid attempts of the password will lock the a/c. Minimum 8 digits Password with one capital letter, one special character).
If you are facing any...
616 words - 3 pages
Consider the following industry conditions in answering the following problems:
Market Demand: Q = 120 – P
Constant Marginal Cost: MC = AC = 24 (No Fixed Costs)
1. Find the industry price and output if the above industry was perfectly competitive. Find the industry price, output, and profits if the above industry was a monopoly. (10 points)
P=24 P=120-Q P=120-48
Q=120-24 MR=120-2Q P=72
2. Assume that two Cournot duopolists confront the above industry conditions.
a. Find each firm’s reaction function and graphically draw the reaction curves for both firms. (10...
360 words - 2 pages
Assignment # 2
Compute for the annual income tax payable present in an organize manner (Show the step-by-step procedure using the formula)
1.) A single individual whose taxable income amounts to P500,000
2.) A married man w/children whose ages are 23, 19, 15 & 8 earning monthly gross income amounting to P25,000. He contributes P450, P350 & P100 per month for SSS, Phil health & Pag – ibig respectively he also receives 13th month pay.
Taxable Income = P500, 000
SSS Contribution = P581.30
PhilHealth Contribution = P437.50
Taxable income = (Monthly Basis Pay) – (SSS+PhilHealth+Pag Ibig)
Taxable Income = P500, 000 – (P581.30 + P437.50+100)
1230 words - 5 pages
1. What was ITC’s motivation for creating the eChoupal?
a. What problems (discuss from a data and process focus) does it address?
With the development of technological revolution, ITC created the eChoupal. ITC supplied Internet access for remote villages. EChoupal was used to assemble and knowledge and share information through websites. There are many motivations for ITC to create the eChoupal.
1. The revenue of IBD was far behind
The First, IBD (the agricultural commodities export division of ITC) was “lagging behind the other divisions of the company” (Upton and Fuller, 2004, p.2). According to the data, IBD grossed $100 million in agricultural commodities sales while ITC’s other...
949 words - 4 pages
C5 Economic Environment of Business
Assignment 1(20% weightage)
INSTRUCTIONS a) This assignment covers Unit 1 and Unit 2 of the course materials. b) This assignment contains Part A Case Scenario and Part B application questions. Answer ALL questions in Assignment 1. c) This assignment contributes 20% towards final grading for this course. d) This is an individual assignment. No duplication of work will be tolerated. Any plagiarism or collusion may result in disciplinary action. e) Your assignment will be assessed on the factual answer provided based on your reading and analysis from various references related to this course. In addition, you should demonstrate a sound knowledge of the...
653 words - 3 pages
My business plan is of a restaurant KHANSAMAAZ-OWN a veg restaurant with free Wi-Fi connectivity will be on my own land of 1500 sq.ft. It is a shop located on west high court road in Nagpur.
The shop will be redesigned and the interiors will be done.
Khansamaaz- own will be a warm and a cozy place with expected customers belonging to families, couples and friends. The menu will serve the south Indian as well as north Indian dishes.
The restaurant would comprise of ten tables and would accommodate 60 people at a time.
The funds will be bought by mortgaging the property.
The chefs will have some experience.
773 words - 4 pages
1 a) Positive statement is a statement that attempts to describe world as it is. It can be tested by referring to available evidence .Normative statement expresses an opinion about what should be.
b) i) positive; ii) positive; iii) normative; iv) normative
2 a) CPI aims to measure price changes. These numbers tell that price level had been increasing at a constant rate during these three years.
b) Inflation rate in 2008= (114.6-111.9)/111.9 x 100=2.4
Inflation rate in 2009= (116.2-114.6)/114.6 x 100=1.4
c) Inflation rate decreased in 2009
d) These CPI numbers could be biased because of the new good bias and quality change bias (with the technological progress more...
1808 words - 8 pages
Environmental Concerns Associated with Fertilizer Use
Use of fertilizer materials has generated numerous environmental concerns in recent years. Concerns can be categorized by their effect on water quality, air quality, and human and animal health. In each case, constituents of primary interest are nitrogen and phosphorus, although others need to be considered depending on the fertilizer source. As previously covered, there are many available fertilizer sources including commercial fertilizers, biosolids and animal waste. Environmental concerns become a potential hazard with the misuse of these materials. Misuse generally arises when fertilizer application rates exceed agronomic...
4150 words - 17 pages
PHYSICAL EDUCATION ACTIVITIES
Inclement Weather Physical Education Activity
Resource Guide Correlated to Reading TEKS
Grade Level - Kindergarten Grade
Physical Education Activity
Purpose: to have students practice locomotor skills and spatial
awareness when moving in general space. Review what it means
to travel safely in general space (move away from others, watch
where you are going, avoid crashes, move to all the areas, don’t
follow anyone) and introduce the following movement cues:
police officer (the teacher who watches to see if students travel
safely), rule of the road, license (a card with student’s name and
1190 words - 5 pages
EEP1 Summer 2016
Problem Set 1
For full credit be sure to turn in your calculations.
The demand schedule (or demand function) for a good shows the total quantities (q) that buyers
are willing to buy at various alternative prices (p) in some period of time. For example, here is a
demand function illustrating the very special but convenient case of a linear demand (with q
measured in some physical unit of quantity such as bushels or tons and with p measured in
dollars per unit):
q = 2,100 -50p.
Sometimes it is convenient to express this in the inverse form showing the prices that buyers are
willing to pay for various quantities. This is called a demand-price function.
1. State the...
1014 words - 5 pages
Terms Comparison Paper
May 25, 2015
Terms Comparison Paper
According to the American Economic Association (2011) economics studies how people make choices when they want to utilize resources. This fundamental process links economics and health care together because health care professionals use economic principles in their everyday professional behaviors. Health care organizations do their best to use the same concept of economics when they decided how to allocate resources and plan how to use them because it is essential to their survival. Therefore, health care and economics are connected in the sense of sharing the same terms such as resources, quality, and cost. The...
1068 words - 5 pages
The Classical economics school of thought believe that laissez faire is the best way to run an economy in terms or regulating the markets. They thought that perfect and free competition would exist and that any extra restrictions and interventions would end up changing the dynamic of the equilibrium theory. Their main belief was that in the long run prices would always adjust to the demand of the public and so the economy would find a natural equilibrium where aggregate demand was equal to aggregate supply. This belief is derived from the assumption that both prices and wages are flexible and therefore are able to adjust to these such changes in demand and supply of workers. These views were...
1654 words - 7 pages
Economics of an Urgent Care Center in a Market of Emergency Departments
One of the contributors to the rising cost of Healthcare can be attributed to the over use of emergency departments (EDs) for non-emergency needs. In the greater Capitol/First/Beacon Hill area there are three major hospitals (Virginia Mason, Harborview, and Swedish) with emergency rooms and no urgent care centers with the exception of Group Health which is restricted to Group Health insurance members.
The question I asked myself is, “Why does Group Health have urgent care for their insurance plan members and the major hospitals in Seattle do not.”
Urgent vs. Emergency Care
A study by the CDC showed that...
536 words - 3 pages
|To: |Juan Carlos Ginarte |
|From: |Takisha Gause |
|Date: |6/7/2010 |
|Subject: |Measuring Economic Health |
Economic health can be comprehended by knowing the significance of gross domestic products, fiscal policies, the effect of fiscal...
1096 words - 5 pages
Need Answer Sheet of this Question paper, contact
ARAVIND – 09901366442 – 09902787224
Section – A (Marks – 25)
Attempt all questions
1. How is Price Elasticity measured?
2. State and explain the ‘Law of variable proportions’
3. Define ‘Production Function’. Explain with diagram, the three stages of the Law of Variable Proportions.
4. Define production function. State and explain the ‘Law of Diminishing Marginal Returns’
5. What is ‘Cost benefit analyses? Justify its use in the implementation of developmental projects.
Section – B (Marks – 25)
Attempt all questions –
1586 words - 7 pages
Australia’s known to produce the best wool in the world; hence it has dominance in the worlds market of Merino wool of 50% and greasy wool of 27% as of June 2001 (ABS, 2007). In the early 1970’s to stabilise the declining price of wool, the Australian Wool Council (AWC) implemented a minimum price floor scheme to protect the Australian wool producers. The price floor for wool began in 1974 and ended in 1991 as “there was no plan to cope with the sharp reversal in the supply-demand situation.” (Clancy, The reason wool was knocked to the floor, 2011).
1.2 Price floor
Price floor refers to the minimum price level in which a commodity can be sold in the market (Hubbard,...
1247 words - 5 pages
Economics: Micro and Macro Theory and Application
In economics, and cost accounting, total cost (TC) describes the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials, plus fixed costs, which are independent of the quantity of a good produced and include inputs (capital) that cannot be varied in the short term, such as buildings and machinery.
TC = FC + VC
Average cost equals to total cost divided by the number of goods produced (output). It is also a sum of average variable costs plus average fixed costs. Average costs may dependent on the time...
686 words - 3 pages
Specialized or Broad?
Adam M. Prins
Saint Leo University
The Bagby Copy Company is at a crossroads in terms of its organizational architecture moving forward. The company produces an array of copy machines and sells them worldwide. Currently, Bagby is deciding whether or not to specify production and sales by type of copy machine produced or by the country in which sales are to be made. Additionally, Bagby is deciding how to best group the makers of its wire harness assemblies which are required to operate its machines. The benefit of each of these options and the appropriate decisions remains to be discussed.
Bagby is weighing a choice between two types of...
605 words - 3 pages
Although modern communications technology has made it easier for people to communicate, urbanization apparently is still available. In the article Behind Instagram’s Success, Kevin Systrom uses telecommunication to carry out the many details of his business to colleagues and potential investors. Modern communication technology plays an important role in Mr. Systroms business because it not only helps his company grow but it also makes it easier for him to transact over long distance without having to travel or having to make himself available for face- to -face meetings. Mr. Systrom also uses the old way of networking. He uses his personal contacts to meet investors,...
488 words - 2 pages
Week 1 Assignment
• Read chapters 1-2 of the text book
• Read the power points posted (chapter 1-2)
Try to answer the study questions in page 26. Answers of these problems will be provided next week; however, you should try your best to answer these problems before check the answers.
Try to answer the following multiple choice questions. Answers of these problems will be provided next week; however, you should try your best to answer these problems before check the answers.
1. A primary reason why nations conduct international trade is because:
Resources are not equally distributed among all trading nations
2. International trade in goods and...
1200 words - 5 pages
HISTORY OF HEALTH INSURNCE
I stopped for a moment to imagine an average Americana’s world without a health insurance, what will become of such individual when the need for healthcare beckons? How will such individual offset the outrageous bill of healthcare? Health insurance is used in America to describe any program that helps pay for medical bills through the following: privately purchased and social insurance or a social welfare program usually powered by the government. Simply put, health insurance is any form of insurance that provides protection by offsetting the actual costs of medical services.
Before the onset of federal government’s intervention on health insurance, it can be...
375 words - 2 pages
This pack of BUS 640 Week 1 Economics of Risk and Problems contains:
Economics of Risk and Uncertainty Applied Problems
Please, complete the following two applied problems in a Word or Excel document. Show all your calculations and explain your results. Submit your assignment in the drop box by using the Assignment Submission button.
Volkswagen is considering opening an Assembly Plant in Chattanooga, Tennessee, for the production of its 2012 Passat, tailored for the US market. The CEO of the company is considering two potential options for the size of the plant: one is a large size with a projected annual production of 150,000 cars, and...
2924 words - 12 pages
Following this introduction on Nigeria’s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria.
Nigeria as the most populous...
2116 words - 9 pages
1. Which of the following is true under monopoly?
A. Profits are always positive
B. P > MC
C. P = MR
D. All of the above are true for monopoly
2. In a competitive industry with identical firms, long run equilibrium is characterized by
A. P = AC
B. P = MC
C. MR = MC
D. All of the statements associated with this question are correct
3. Which of the following is true?
A. A monopolist produces on the inelastic portion of its demand
B. A monopolist always earns an economic profit
C. The more inelastic the demand, the closer marginal revenue is to price
D. In the short run a monopoly will shutdown if P < AVC
4. Which of the following is true...
2089 words - 9 pages
June 2014 - Context 1 - Essay Model Answer:
The key here, as it always is, is to understand what the question is asking and then making sure that we answer it. An idea here would be to try to simplify the question, so that we really understand what it is asking us.
I think what is asking could be summed up with:
Should governments stop food from being used to produce biofuel.
The main starting point has to be the structure of the essay. Here the acronym DIC ED S P A C applies:
The obvious definition from the question is probably Government Intervention.
1417 words - 6 pages
Indonesia rely its economy through various activities. The resources and commodities includes agricultural i.e. tea, coffee, beans, etc.; Mining i.e. coal, crude oil, valuable stones, etc.; Plantation i.e. palm oil, and many others.
There are some tourism attraction spots that contribute in the GDP, such as Bali, Lombok, Yogyakarta, etc. Although, the maximum value of the resources have not achieved yet, the GDP of Indonesia is already top 5 in Asia.
Indonesia has made a positive and stable trend in these past ten years, few reasons that caused this to happen is the stability of the political condition that in a sense favor the people more and more, which pushes job creation...
6874 words - 28 pages
Partie 1: Economique
Les grandes questions que se posent les économistes.
La production dans l’entreprise.
La monnaie et le financement.
La coordination par le marché.
Imperfection et défaillance des marchés.
Puissance publique et régulation économique.
Déséquilibre macroéconomique et politique conjoncturelles.
Partie 2: Sociologie
Les processus de socialisation et la construction des identités sociales.
Groupes et réseaux sociaux.
Contrôle social et déviance.
Ordre politique et légitimation.
Partie 3: Regards croisés
Entreprise, institution, organisation.
Action publique et régulation.
Objectif: découvrir et définir les...
280 words - 2 pages
Identify the three major tasks of economics and discuss why they are important?
Base on this week lecture the three major tasks in economics are description, explanation and evaluation. The description is the process which allows company to have a better understanding in what is going in each department within the company. That way the company can find out what would need to be improving in order for the company to make changes so that the company can continue to grow. The company statement would have to be use in order to get the facts so the improvement can be made. The second task is explanation which involves analysis, the cause and effect in order to provide a better understanding of...
2551 words - 11 pages
Exploring The Role Of Government Watchdogs In Canada And Its Influence On Society, Economics, And Politics
In our increasingly neoliberalized and privatized society, the concept of governance and ethical conduct has been falling from the grips of public dialogue and discussion. Self-regulation has become a “mantra for both governments and private industry in the neoliberal era (Burch et al., 2013, p. 259). Given the onset of recent environmental disasters related to the oil and gas industry, the oligarchic telecommunications industry, and our crippling health care system, the role for government watchdogs becomes ever more so important. Thus for any type of change to...
1871 words - 8 pages
Demand: the quantity of a product that consumers are able and willing to purchase at various prices over a period of time
Market: where or when buyers and sellers meet to trade or exchange products.
It is important to remember that a want and demand are entirely different what consumer’s want they may not actually purchase.
Notional Demand: The desire for a product
Effective Demand: The willingness and ability to buy a product
The definition of demand assumes that the only factor affecting demand is price, economists refer to this as ceteris paribus
Ceteris Paribus: Assuming other variables remain unchanged
The relationship between demand and quantity is INVERSE