whether or not firms are price takers Question 7 10 out of 10 points In economic analysis‚ any amount of profit earned above zero is considered "above normal" because Answer Selected Answer: this would indicate that the firm ’s revenue exceeded both its accounting and opportunity cost. Correct Answer: this would indicate that the firm ’s revenue exceeded both its accounting and opportunity cost. Question 8 10 out of
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is at max point Managers take production right up to the point where TC=TR; if they can [2] Oligopolies can benefit most from going past the profit maximising output because it gives them a market share advantage over their competition. The economic climate can affect managers’ ability to deploy this tactic. If a recession is on the cards then shareholders will be anxious and keeping them and profits high will be a priority to which managers must abide to keep their position. The Downsides:
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was until railroads started getting built on both sides. Building railroads did have downfalls though‚ as the building process was very hard on their bodies. It was also very hard to get supplies to the building. Then people invented different types of track to help evolve the building of the railroad systems. Railroads helped evolve the United States into what it is today‚ despite all the rough patches the Americans faced to make it happen. Beginning in the nineteenth century‚ railroads were built
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exchange rate is said to overshoot when its immediate response to a disturbance is greater than its long-run response. Exchange rate overshooting is an important phenomenon because it helps explain why exchange rates move so sharply from day to day. The economic explanation of overshooting comes from the interest parity condition. Question 4 (a) Using the AA/DD framework‚ explain the separate effects of a temporary monetary expansion and a temporary fiscal expansion on the exchange rate‚ output and
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It is not that easy to become a Hero to Zero in No time. I am not talking about Suresh Kalmadi‚ Barkha Dutt and Chetan Bhagat. This is a post about the class tests and examinations that tortured us during our school days. I was a champion of sorts in getting zero marks in class tests and examinations. When I joined a new school in Class 6‚ I became a hero with my joke-cracking skills ‚ own composed songs‚ Dancing ability and my secret weapon - Mimicry. My friends were also scared of me because of
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The Big Four were the men known in building the Central Pacific Railroad‚ the western portion of the First Transcontinental Railroad in the United States. The four men were Leland Stanford who was the President‚ Collis P. Huntington who was the Vice President‚ Mark Hopkins who was the Treasurer‚ and Charles Crocker who was the Construction Supervisor. Leland Stanford was born in the year of 1824 in Watervliet‚ New York‚ and was raised on family farms. Stanford began law school around the year 1848
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gaps in income levels may have had a hand as well. Numerous factors have led to the protests‚ including issues such as dictatorship or absolute monarchy‚ human rights violations‚ political corruption (demonstrated by Wikileaks diplomatic cables)‚ economic decline‚ unemployment‚ extreme poverty‚ and a number of demographic structural factors‚ such as a large percentage of educated but dissatisfied youth within the population. Also‚ some - like Slovenian philosopher Slavoj Žižek - name the 2009–2010
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Union Pacific Railroad was authorized to construct a transcontinental railroad with substantial financial support from the federal government‚ officers and directors of the company devised a plan to make an immediate profit from its construction by fraud. The vehicle for this fraud was a company called Credit Mobilier of America. The method was to have Credit Mobilier‚ which was entirely controlled by the same people‚ bill the Union Pacific for the costs of constructing the railroad. There was no
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global market for goods and services across geopolitical boundaries. Global sourcing often aims to exploit global efficiencies in the delivery of a product or service. These efficiencies include low cost skilled labor‚ low cost raw material and other economic factors like tax breaks and low trade tariffs. Common examples of globally sourced products or services include: labor-intensive manufactured products produced using low-cost Chinese labor‚ call centers staffed with low-cost English speaking workers
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Analyse the effects of changes in the exchange rate of the Australian dollar (against other currencies) on the Australian economy. Fluctuations in the exchange rate of the Australian dollar can have significant implications on the Australian economy. The exchange rate is the price of one currency in terms of another economy’s currency. Typically in the case of Australia‚ the Australian dollar is measured in terms of the US dollar. Changes in the exchange rate‚ whether the alteration is an appreciation
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