1. Meet the Fiori family and its Fiori Pasta Company. Papa Don is the president‚ son Tony is vice-president of sales‚ and daughter Gina is vice-president of production. Fiori Pasta produces high-quality pasta products. It has estimated its demand curve for its pasta to be P=39.898-0.03757Q‚ This demand function has been given in terms of price. So to find the Total Revenue (TR) you need to multiply the above equation into Q (which is your quantity). TR=39.898Q-0.03757Q2 MR=39.898-0
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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Equilibrium in the goods market occurs where A) aggregate expenditure equals autonomous consumption. B) real GDP equals nominal GDP. C) aggregate expenditure equals real GDP. D) autonomous consumption equals induced consumption. 2) Other things equal‚ if planned investment spending is greater than actual investment spending‚ then aggregate expenditure
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Webster defines economics as "the science concerned with the making‚ selling‚ and using of goods” or in lame man terms wants and needs fulfilled with limited resources. The north and south had many differences due to diversification within their economies; such as; crop differences to the imposed tariffs on them to economic need for cheap labor i.e. slaves. The framers of the Constitution specifically tried to avoid dealing with slavery because at one time or another it was a critical part of their
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important means for enhancing the lives of the poor and therefore a major tool for economic and social development mostly in rural areas. Lately‚ contrary to this widespread belief‚ critics have raised eyebrows against this growing popularity of microfinance as a major tool for enhancing economic development. Contrary to belief‚ they are of the opinion that microfinance is a ‘make-belief’ that is hindering economic and social development rather than enhancing it. It is to this regard and in light
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1. Consider a personal computer market with two firms‚ X and Y. Suppose that Firm X and Y have the following total cost function: TCX=10QXTCY=10QY . The market is given by P=100-QX-QY. (a) Calculate the Cournot equilibrium outputs of firm X and Y in this market. (b) Calculate their market price in the Cournot equilibrium. (c) Calculate their profits in the Cournot equilibrium. (d) Suppose that firm X is considering implementing a proprietary technology they have developed. The onetime sunk cost
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Microeconomics vs Macroeconomics There are differences between microeconomics and macroeconomics‚ although‚ at times‚ it may be hard to separate the functions of the two. First and foremost‚ both of these terms mentioned are sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop
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COURSE: BACHELOR OF COMMERCE (BCOM) UNIT: INTRODUCTION TO MACRO-ECONOMICS QUESTION: MICRO-ECONOMICS AND MACRO-ECONOMICS INTRODUCTION Economics is the foundation of all commercial activity and comprises two areas: microeconomics and macroeconomics. Macroeconomics is concerned with the big picture‚ for example‚ the national economy and gross domestic product. By contrast‚ microeconomics is concerned with the small picture and focuses on theories of supply and demand. Microeconomics is
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FIELD EXPERIMENTS IN ECONOMICS By: Ravisha Sodha INTRODUCTION: Field experiments occupy an important middle ground between laboratory experiments and naturally occurring field data. The underlying idea behind most field experiments is to make use of randomization in an environment that captures important characteristics of the real world. Distinct from traditional empirical economics‚ field experiments provide an advantage by permitting the researcher to create exogenous variation in the variables
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ECONOMICS ANALYSIS FOR BUSINESS UNIT – 1 1. What is Economics? Economics is the science which studies human behaviour as a relationship between ends and scare means which have alternative uses. 2. Definition of economics According to “Adamsmith” Economic is a social science the deals with human behaviour pertaining to production‚ Exchange and consumption of goods and services. 3. What are basic concept of economic? * Resource allocation * Opportunity cost * Diminishing marginal
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marketing manager of Dynamic International Ltd. I will explain what are micro and macro environment factors and how do they affect his marketing decisions as well as consumer buying behaviour. I will propose him segmentation criteria‚ targeting and positioning for his products. Micro environment Micro environment consists of the different types of stakeholders outside the organisation. The constituents or stakeholders of the micro environment include customers‚ suppliers‚ creditors‚ distributors‚ dealers
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