Micro economics is a branch of economics which studies individual firms and consumers. The basis of micro economics is supply and demand; how does the market react to changes in supply and demand and inevitably how does it affect price. Microeconomic decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either be in terms of financial costs such as average fixed costs and total variable costs or they can be in terms of opportunity costs‚ which consider
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Introductory Microeconomics 2008 Exam Solutions Section A 1. C |Hours of tutoring per week|Total Opportunity cost |Marginal Cost |Wage Payment (Marginal | | | | |Benefit) | |0 |0 | | | |1 |$20 |$20 |$50
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Cost-based pricing is the simplest pricing strategy. Using this strategy price is set by adding some mark-up to the cost of the product. This strategy works if firm’s prices are not too high as compared to the competition. (Kotler P. ‚ Armstrong‚ Saunders‚ & Wong‚ 2005) Another cost-oriented pricing strategy is Break-even Pricing. Firms determine the price at which they can recover manufacturing and marketing cost‚ or make targeted profit. (Nagle & Hogan‚ 2006) Competition-based Pricing is when
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Case Example Delhi Metro Case Problem • MD of Delhi Metro worried as Projected revenues were Rs 674.5 million below the projected costs for next year • Rs 200 million promise from State • A shortfall of Rs 474.5 million • Another possible source of fund – City funds Delhi‚ Noida and Gurgaon- But unlikely due to problems in city Budget • How to solve his pending budget crisis? Case Problem (continue………) • Mr. Sreedharan glanced through a Business magazine while his thoughts travel in the
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Studying the Equality of Condition In his book “democracy in America”‚ Alexis de Tocqueville provides a thorough study of the equality of condition as a distinctive feature of the democratic America and discusses some of the consequences it might have. He begins his writing by introducing the reader that during his stay in America the equality of condition struck his attention the most. In America‚ the democracy has reached another level that has never been seen before or experienced in any of
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provides exact colony counts per gram of tissue by culture of five serial dilutions of the alfalfa water. In this study 1 package of alfalfa sprouts were cultured by a semi-quantitative technique that enumerated the number of gram-negative enteric organism in 1 ml of alfalfa water. Exact colony counts from the experiment were available only from cultures 10-2 and 10-3 CFUs. Other colony counts were reported as less than 10-3 or greater than 10-1 CFUs. Therefore‚ this quantitative and semi-quantitative
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Alisa Perry Mrs. Dwell English 9‚ Per 1 January 15‚ 2013 The Human Condition The human condition is based on attitudes‚ but not reactions. The human condition regrets the actions our emotions cause us to do. The human condition is an expedition where it encounters good and bad. The good of helping others or our surroundings in general. The bad of turning our mixed emotions into something more hurtful where we want the people whom have hurt us to experience the pain
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Chile would be a great place to live and work because of the living conditions and the opportunities in the country for doing business. Chile scored higher than 0.8 on the Human Development Index classifying them as a country with high human development. The HDI measures the quality of human life based on life expectancy‚ educational attainment‚ and whether average incomes are sufficient to meet the basic needs of life. All of the qualities measured in the HDI are great incentives to work and live
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after waiting 10 minutes. d) Place one full dropper of hydrogen peroxide into each test tube as quickly as possible. e) Compare the reactions in each test tube Data‚ Results‚ and Observations The enzyme catalase worked best under the controlled condition‚ it had the most significant visible release of energy. When it was placed in the hot water bath‚ the enzyme stopped functioning at optimum level
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GMO stands for Genetically Modified Organisms. This means they undergo a certain forced process where they are introduced to bacteria and viruses to receive different traits to resist diseases or the tolerance of pesticides. GMO crops have been in the news for a very long time and it’s safe to say there are some pretty heated arguments about the topic. These foods that have been introduced to GMO have been tested with the World Health Organization and humans are safe to consume them. All living
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