To raise more revenue‚ Nobody State University increases its tuition so‚ this would not increase the revenue but it would decrease the revenue. If one increase then the other would definitely decrease. No it would definitely not result into more revenue to have more revenue Nobody State University would have to decline some enrollments in order to increase the revenue. Most likely Nobody States University will not decline enrollment so the cost of tuition would definitely be increased. Under
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CAVENDISH UNIVERSITY ZAMBIA. INTRODUCTION TO MICROECONOMICS BY. HASSAN T. KASOLO (DR) BAEduc (Iu)‚MA Econ(Muk)‚ Phd Econ(Rgse) 1 INTRODUCTION. OBJECTIVES AND GENERAL OVERVIEW The aim of this module is to introduce you to the fundamental principles‚ concepts and tools of microeconomics. This unit this primarily concerned with: -the ways individuals and house holds behave in the economy‚ -the analysis of the firms producing goods and services‚ -how goods and services are traded or otherwise distributed-often
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quantities supplied at all in response to a change in price‚ a. | advances in technology must be prevalent. | b. | the time period under consideration must be very long. | c. | supply is perfectly elastic. | d. | supply is perfectly inelastic. | ____5.Economists generally support a. | trade restrictions. | b. | government management of trade. | c. | export subsidies. | d. | free international trade. | Table 3-5
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Introduction to price discrimination In our study of the theory of the firm we have assumed so far that a business charges a single price for its products‚ naturally the reality is different! Most businesses charge different prices to different groups of consumers for the same good or service. Businesses could make more money if they treated everyone as individuals and charged them the price they are willing to pay. But doing this involves a cost‚ so they have to find the right pricing strategy
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for you 5. Assume that Chicken and Beef are substitutes. Following an increase in the price of Chicken‚ all other things equal‚ we should expect to see: The demand for Beef will increase. 6. Which of the following goods will have the most inelastic demand? Food (fewest substitutes) 7. Which of the following will cause the supply of bagels to increase? An increase in the number of bagel sellers in the market and An advancement in the technology used to produce bagels 8. Agricultural
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friction markets‚ demand creates supply (how shopping for products was done before internet shopping). Another concept that ties in with a friction-free economy‚ is the demand elasticity. The demand elasticity becomes more inelastic when the friction is higher‚ and more elastic when the friction is lower in an economy. In a friction-free economy‚ buyers can use the internet to quickly compare prices‚ read reviews‚ and purchase items. However‚ not all firms are affected the same. Even with the internet
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product is inelastic‚ the increased price will not effect consumption of the good to a great extent. So employment rates would remain relatively the same. The opposite effect would happen for elastic good. If labour costs make up a small proportion of total costs‚ then any increases in the wage rate would have little effect on employment‚ as total costs would have only increased by a small amount. Where labour and supply are both inelastic‚ employment costs are minimised. If they are both elastic‚ more
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First Midterm Study Dr. Reza Fazeli Econ.20A 1. The phenomenon of scarcity stems from the fact that a. most economies’ production methods are not very good. b. in most economies‚ wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services. d. resources are limited. 2. Approximately what percentage of the world’s economies experience scarcity? a. 10% b. 40% c. 85% d. 100% 3. The adage‚ "There is no such thing
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EC1000 Study Questions SPRING 2013 Introduction to mathematics 1. (a) The population of Mountainland was 45.7million in 2008 and 46.3 million in 2009. What was the percentage change (rate of growth) in population from 2008 to 2009? (b) The rural population of Mountainland was 18.3 million in 2008 and 17.7 million in 2009. What was the percentage change? (c) The data below show Mountainland’s real GDP (real output produced) for the period 2008-2010. Calculate the rate of growth in real GDP
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FORMATIVE WORK FOR ECONOMICS In this article‚ we will consider how a price-taking profit maximising business in perfect competition changes according to the change of the fixed factor cost-capital. A i) The short-run marginal cost (MC) curve of each business remains the same‚ but the short run AC curve of each business shifts downwards. Perfect competition is an industrial structure that includes many firms selling an identical product to many buyers and has no restrictions for new firms to entry
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