• Economics Efficiency and Cost
    1. Take the definitions of economics, efficiency, and opportunity cost. Explain what each one of them is, and then address how they are all interconnected (10 pts) ANSWER Economics is the social science that studies how consumers, institutions and society make the best choices under conditions...
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  • Prices and Markets Questions for Demonstration Lectures
    lecturer or email pricesandmarkets@rmit.edu.au Prices and Markets Demonstration Lecture Questions 1 Topic One: Markets, Demand and Supply 1. Explain the meaning of the following criteria used in determining market structure of Coca-Cola : • concentration • differentiation • barriers to entry ...
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  • Assignment #2
    Question 1: (a) Explain the impact of external costs and external benefits on resource allocation.( Solution: External cost or benefit may be defined as the cost or benefit imposed on people (third party) other than the consumers and producers of a good. The impacts of external costs are as...
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  • Fundamentals of Microeconomics
    27 28 29 33 35 35 37 38 41 42 43 45 48 50 51 51 TOPIC 2 TOPIC 3 iv TABLE OF CONTENTS 3.2.1 Total Utility and Marginal Utility 3.2.2 The Law of Diminishing Marginal Utility 3.2.3 Consumer Equilibrium 3.3 Ordinal Utility Theory 3.3.1 Choice and Priority 3.3.2 Indifference Curve 3.3.3 Budget...
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  • Economic Book Page Number
    The variables involved eg we use P or I for price or income; * The method used to calculate the percentage change (eg change in original price or average of original and final price or price at a point) Examples of formulae for price elasticity of demand Ep | = | %∆Q %∆P | | | | | Means percent...
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  • flex doc
    wheat grower, operating with a fixed land size, and fixed equipments in the short run. # of Workers (L) Bushels of Wheat (Q) Average Product (Q/L) Marginal Products (ΔQ/ΔL) 0 0 0 1000 1 1000 1000 800 2 1800 1400 600 3 2400 800 400 4 2800 700 ...
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  • Economics
    and existing firms may not exit. The long-run and short run don’t refer to specific period of time such as 3 months or 5 years, but the difference between the short run and the long run is the flexibility decisions makes makers have. 7. Because managers have greatest flexibility to choose inputs...
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  • Microeconomics Questions
    If we do not have scarce resources, will we have a law of demand? Will we observe price rationing for goods? The law of demand states the relationship between quantity demanded and price, showing that the lower the price, the higher the demand and vice versa. If we do not have scarce resources, there...
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  • Hero
    losses. And finally it does not provide a return on your investment (the reward for exposure to risk). The Break-even method can be applied to a product, an investment, or the entire company's operations and is also used in the options world. In options, the Break-even Point is the market price that...
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  • Notes
    April/May 2009/2010 (a) Briefly describe the FOUR (4) categories of economic resources. (12 marks) April/May 2008/2009 d) Distinguish between “labour” and “entrepreneurship”. (6 marks) Jan 2008/2009 c) Describe the FOUR (4) types of factors of production....
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  • Written Assignment #3
    profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm's current profit? What is...
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  • Tisco
    production possibilities that can be produced with given resources and technology. Production Possibilities Production Commodity Commodity Marginal opportunity Possibility A B cost of commodity A A 0 15 - B 1 14 15-14= 1 C 2 12 14-12=2 D 3 9 12-9=3 ...
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  • Economics
    right of each question. 1. After some level of output, marginal cost begins to rise because B (a) total costs always increase. (b) marginal product eventually decreases. (c) poorer quality inputs are hired as output expands. (d) average variable costs eventually increase. 2. If an isoquant...
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  • Managerial Economics Chapter 9
    CHAPTER 9 Three conditions for a market to be perfectly competitive? Many buyers and sellers, with all firms selling identical products, and no barriers to new firms entering the market. In perfectly competitive markets, prices are determined by The interaction of market demand and supply because...
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  • Micoeconomics
    profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm's current profit? What is...
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  • 12th Eco.
    Basic Economic Problems Theory of Consumer Behaviour Demand and Supply Equilibrium Price Production Cost and Revenue Market Structure and Pricing Marginal Productivity Theory of Distribution 1 33 47 77 103 117 143 161 183 205 229 247 10 Simple Theory of Income Determination 11 Monetary Policy 12...
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  • Case Study
    2: Consumer Equilibrium and Demand 32 Periods Consumer's equilibrium – meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis. Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget...
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  • 123examples
    1. What is the relationship between a monopolistic firm’s demand curve and the market demand curve? (Answer: They are the same.) 2. If the demand curve of a firm is the same as the market demand curve, in what type of market must the firm be operating? (Answer: Monopolistic.) 3. If a firm must...
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  • Economics Syllabus
    of the various methods used by economists in analysing economic problems; 3. develop an understanding of the global economy and of the relationships between rich and poor nations with respect to international trade and finance and the most important international financial institutions; 4. ...
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  • Applied Psychology
    describe the relationship between the quantity of the inputs used in production and the quantity of output from production. 3.Marginal product of labor-the increase in the amount of output from an additional unit of labor. 4.Diminishing marginal product-the property wherby the marginal product of an input...
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