established maximum price a seller can charge. It means that the price is lower than the equilibrium market price and it cannot go above the ceiling price. The reason that government imposes ceiling price on item such as beef‚ flour‚ sugar and many more is because to ensure that consumers are able to buy these goods at a reasonable price thus prevent sellers to sell the goods at a high price. The application of this type of price control is suitable to reduce inflation. I take the price of sugar per
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Long Run Equilibrium (A) Firm and Industry: A competitive market is made up of a large number of firms with complete freedom of entry. Such firms together are called competitive industry. An industry can be defined as a group of firms producing homogeneous products with freedom of entry and exit and which earn only normal profits. Hence the concept of an industry is applicable only under competitive conditions. There is no fixed size of an industry though the analytical stability of an industry
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TITLE Vapour Liquid Equilibrium OBJECTIVE To find the Vapour-Liquid Equilibrium (VLE) relationship for binary mixture and to plot the equilibrium curve. INTRODUCTION The term equilibrium is referred to as when a system is in a static condition and there is absolutely no changes that occur as time goes by. Vapour-liquid equilibrium is a condition where a liquid and its vapor are in equilibrium with each other‚ a condition or state where the rate of evaporation is equal to the rate of condensation
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setting it is important for them to understand how market equilibrium is maintained. Simple economic principles such as supply and demand are crucial in the business world when it comes to everything‚ especially making very important day to day decisions. The Process The intersection of the supply curve and the demand curve is considered market equilibrium and the price point (investopedia‚ 2012). This is another way of saying that the economic forces are balanced or the point where supple equals
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Case in the news: Demand/Supply and Equilibrium This article is based on the fundamental idea of supply and demand of the iPhone 5 whose demand has outstripped its supply. Due to the fact that the demand is so high‚ even those who pre-ordered the new slim iPhone 5 had to wait until October to get this new phone. The sales have broken all previous records and stand tall at 2 million phones in the first 24 hours. According to the article people had been
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LONG-RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION In the long run‚ a firm in the perfectly competitive market can earn only normal profit. So‚ the profit maximization under long run is: (1)Necessary condition P=LMR=LAR=LMC=LAC (2)Sufficient condition Slope of MC > Slope of MR We can establish this condition from the following analysis. In the above diagram for any market price OP1 the existing firms can earn supernormal profit as for the equilibrium output level OQ1. The average
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chemical equilibrium is already achieved. A reaction is said to be at equilibrium when the following conditions exist. 1. 2. 3. Several factors such as temperature‚ concentration and pressure affects the rate of reaction which can cause an effect in the chemical equilibrium. A general rule is used to predict the direction in which an equilibrium reaction will move which is called the Le Chatelier’s Principle. It states that if an external stress is applied to a system at equilibrium‚ the system
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Lab O6 – Equilibrium Lab Application Purpose: An introduction to the qualitative aspects of chemical equilibrium. Starting with a reaction at equilibrium‚ one will change the concentration of various ions present in the equilibrium‚ and record the states of the changing equilibrium through observation. Theory: Equilibrium- the point at which a solution has become perfectly saturated; when their forward and reverse reaction rates are equal Concentration- a measurement of how much solute
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Chapter 2 Forces To study the effect of forces acting on particles. 2.1 Equilibrium of a Particle 2.2 Free Body Diagram 2.3 Force Vectors 2.4 Forces in a Plane 2.5 Forces in Space Expected Outcomes • Understand the condition for a particle to be in static equilibrium • Able to construct free body diagrams • Able to solve for the forces acting on a static particle 2.1 Equilibrium of a Particle www.classical.com/features 2.1.1 Condition for the Equilibrium of a Particle
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Module Manual: Going To Market: Managing the Channel & the Sales Force PGDM 2011- 2013 Course Credits: 04 Course Marks: 40 1-INTRODUCTION TO THE COURSE * Going to Market introduces the students to the sales and distribution discipline as the final delivery vehicle of marketing and covers elaborately its two constituents --Managing the Channel (External to the organization) and the Sales Force (Internal to the organization). * * A product or service has been
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