$500‚000 x 14% = $70‚000 Explicit Costs: What is paid for products/services = $80‚000 Total Economic Costs: Implicit Costs + Explicit Costs = $70‚000 + $80‚000 = $150‚000 b) Economic Profit: Total Revenues – Total Economic Cost = $175‚000 - $150‚000 = $25‚000 c) Accounting Profit: Total Revenues – Explicit Costs = $175‚000 - $80‚000 = $95‚000 d) New Implicit Costs = $500‚000 x 20% = $100‚000 Economic Profit: $175‚000 – ($100‚000 + $80‚000) = $ (5‚000) Chapter Two Technical Problem 1 Qd
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other economic sciences‚ sports economics mainly discuss the relationship between sports and economics‚ and about how limited sports resources are effectively allocated. Sports this special cultural phenomenon has the inseparable connection with social and economic phenomenon. Economy is the foundation of sports emergence and development‚ whose development restricts sports development. At the same time‚ the scale and development level of sports can reflect the status and level of economic development
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BUSINESS TOURISM MANAGEMENT EA [pic] INDIVIDUAL REPORT Business tourism can be defined as a convention‚ in the sense of a meeting‚ is a gathering of individuals who meet at an arranged place and time in order to discuss or engage in some common interest. Business tourism industry is growing rapidly worldwide.Business tourism is having its own features which define it from the other types of tourism‚ and I would mention it in order to explain the importance of the industry
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1A) What is the definition of opportunity cost? The best alternative that we forgo‚ or give up‚ when we make a choice or a decision is called the opportunity cost of that decision. 1B) Eason wants to spend $15 to buy a pack of sandwiches or a bowl of fish-ball noodles form a street hawker. Explain the effect on Eason’s opportunity cost of buying the sandwiches if a cockroach is found inside the noodle soup. Eason’s opportunity cost of buying the sandwiches is a bowl of fish-ball noodles‚ however
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1. Bagel restaurant is likely to be a constant industry because it is in the perfect competition industry. Bagel restaurant is in the perfect competition industry because there are few entry barriers in this industry. Anyone could enter this industry. In the short-run‚ existing firms might get profit just as the case of George’s bagel chain. However‚ in the long-run‚ the profit attracts new competitors into this industry‚ causing price competition. Because each firm will produce at the point where
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Alternative/dominant and resistant readings Dominant readings are the most common and widely-accepted interpretations of a given text. An alternative reading is any reading that differs from the commonly-accepted interpretation. A resistant reading is an alternative reading that contradicts the dominant reading. Think about the words resistant (the noun form of the verb to ’resist’) and dominant (the noun form of the verb to dominate) and it will help you to retain the meanings of the terminology
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Market Structure The beer industry is widely known for been an oligopoly. However‚ in our approach‚ we will explore the possibility of analyzing microbreweries in particular from a monopolistic competition market structure perspective. The beer market oligopoly is composed by three big players: Anheuser-Busch which holds 48 % of the market share‚ Miller Brewing Co.‚ with 18% and Coors Brewing Co. with 11%. Please refer to the below graph and table for information regarding the market
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The Dominant Paradigm Behavior change models have been the dominant paradigm in the field of development communication. Different theories and strategies shared the premise that problems of development were basically rooted in lack of knowledge and that‚ consequently‚ interventions needed to provide people with information to change behavior. The early generation of development communication studies was dominated by modernization theory. This theory suggested that cultural and information deficits
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1) Why has the United States brewing industry become more concentrated over the last two decades? I think that there is a couple of reason for this trend in the United States. One thing is that the consumption of beer has been slowly declining‚ in order to raise in market share‚ companies are having to think of ways to take customers away from other companies. This would lead to the rise in market share for some companies and the decrease or closer of over companies. Another risen is advertisement
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Economics for business by David Begg and Damian ward (3rd edition) chapters 1-8 Chapter 1: Economics for business. 1.1; What is economics? Economics is the social science that analyzes the production‚ the distribution and consumption of goods and services. It studies how individuals‚ firms‚ governments and economies deal with the problem of infinite wants and finite resources. Factors of production are the resources needed to make goods and services‚: land‚ labor‚ capital and enterprise. - Land
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