* 68% of people are spending between $188 and $286 per day in excess of accommodation costs.…
This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 6 through 10. Answer each question clearly and concisely.…
-The variance of sales of automobiles in US over past decades is correlated with time periods. As the economics growth, the variance would increase over time. Thus the square of error term is not constant but correlated with time, and there is heteroskedasticity. When stock market crashed, the market experienced very high variance while the variance is constant in normal periods.…
|Movies |Nominal Box Office |Year Released |CPI In year |Receipts in 2010 in Real Dollars |…
Econ 10 TA’s will hold a total of 18 hours of review sessions and 18 hours of office hours before the final. Please note that no help is available on the day of the final.…
- Incomes fell, budgets were unbalanced, governments introduced deflationary policies which made things worse, sufficient funds were not available to debtor countries.…
The Standard cost of quality model is similar to the group size model because both models reach an optimal “size” or “level” of “perfection”. These models are similar because they both have a definition of what is technically perfect although there may be other complications such as overcrowding, lack of quality, or other available alternatives. In the Standard cost of quality model this “level of perfection” is when the total quality cost is minimized. In the group size model the “perfect size” of a group is when the cost per a member is lowest. However these two models also differ. In the group size model the total cost per a member is lowest when both the fixed cost and variable cost are in equilibrium whereas in the Standard cost of quality model the total cost of quality is not lowest when the cost of poor quality and cost of achieving good quality are not in equilibrium. To make these two factors be in equilibrium it would raise our total cost of quality a little bit and our “perfect size” is no longer present.…
Suppose you are an intern in a consulting firm that provides businesses and government agencies with advices on various social and economic issues. You are involved in the project of advising a pharmaceutical company that is interested in penetrating the market of Luckland (a country endowed with rich natural resources). Your supervisor, the project manager, needs some vital facts about the adult population of Luckland and asks you to answer the following questions.…
6. What is the Hecksher-Ohlin Theory of Comparative Advantage? Apply this model to explain trade between Great Britain and the United States in mid-nineteenth century.…
A closed economic system is an economic model that only uses domestic exchanges of goods and services. The foreign produced goods and services that are bought by American households as well as factors of production acquired by American businesses from overseas owners are not included in the closed model. An example of a closed economic system would be communism. An open economic system is different from a closed economic model because this model includes all of the factors in a closed economy as well as the factors that come from foreign economies. These factors often lead to some sort of tax being paid to the government. An example of this type of economy would be capitalism.…
In a capitalist system such as the one in the US, everything is controlled by supply and demand. When there is a scarcity of a specific object/service, the demand for it is higher. A savvy businessperson will recognize the demand and will offer the product/service. Major chain stores are included in this system; they recognize a demand and try to fill it.…
With the question as stated: When would you want to own a business that sells price-elastic products? I think that any time could be a good time to own a price-elastic business. Obviously, the most opportune time would be when the economy is in the state that it is in today. The best kind of business to be in would be a store like Wal-Mart.…
The topics and methods we cover in this class should give you a better understanding of what’s happening in the real world with budget deficits, the national debt, unemployment and government “stimulus” policies. It will also prepare you for other macroeconomic intensive upper level courses such as intermediate macroeconomics, money and banking, and economic development.…
A production possibilities frontier (PPF) is a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.…
India has a comparative advantage in handmade rug production since handmade rugs are cheaper in India and by a similar argument we can claim that Canada has a comparative advantage in assembly line robot production.…