focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee industry). Areas microeconomics covers: Ø Supply and demand Ø Competition Ø Monopolies Ø Profit and loss Ø Opportunity cost Ø Elasticity • Rigid laws:- Businesses may be doomed to be non starters due to restrictive business environment which may take the form of rigid government laws ( no polluting industry can ever be located in around 50 Km radius of the Taj) ‚ state of competition
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Michael Porter’s “Five Forces” Model Summary and interpretation by Prof. Tony Lima February 25‚ 2006 Figure 1: Porter’s Five Forces From Michael Porter‚ Competitive Advantage‚ Simon & Schuster‚ New York‚ 1985‚ p. 5 Prof. Michael Porter teaches at the Harvard Business School. He has identified five forces that determine the state of competitiveness in a market. The forces also influence the profitability of firms already in the industry. These five forces are summarized in the above diagram
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In The Economist’s “Sell Foam like Soap” publication‚ the beer industry and its symbiotic ties to advertising are highlighted and explained in a fashion that relates well to our economic study of the industry. The market structure of the beer industry has led to an effect of high seller concentration that leads our study to the importance of factors such as advertising and product differentiation. In “Sell Foam like Soap‚” the author highlights the issue of slumping sales and the major breweries’
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Business Proposal Will Bury’s Price Elasticity Anikki Manasseh ECO/561 April 22‚ 2013 Dr. Xiaodong Wu Introduction In order to find your place in the business world‚ one has to try and create something that is different or can revolutionize the outlook of one that is or as already existed. Getting into the business enterprise is one that is not an easy task and it does take commitment‚ dedication‚ and the ability to be persistent for cause of proving that the venture is one
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98). In regards to the article from Bloomberg online business newspaper‚ elasticity becomes present when Spark Therapeutics Inc. is in a turmoil of pricing decisions as their product‚ prominently known to reduce the degeneration of cells around the eye‚ has no close replacement. As a consequence‚ the demand for this product is
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properties in all directions.) 2. The beam material is stressed to its elastic limits and thus follows Hook’s law. 3. The transverse section which are plane before bending remains plane after bending also. 4. The value of young’s modulus of elasticity ‘E’ is same in tension and compression. The bending stress at any section can be obtained by beam equation. f = (M/I) y Where‚ M= moment at considered section. f = extreme fiber stresses at considered section. I = Moment of inertia at that
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Summary The primary goal of the experiment was to determine the structural stiffness of two cantilevered beams composed of steel and aluminum while maintaining both beams at a constant thickness and cross sectional area. The experiment also investigated material properties and dimensions and their relationship to structural stiffness. The experiment was divided into two separate parts. The results for the first part of the experiment were obtained by clamping the beam at one end while applying
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THE IMPORTANCE OF MICROECONOMICS 1. New Businesses o Entrepreneurs create businesses by purchasing and utilizing factors of production. In order to estimate the potential return on investment (ROI) of those factors of production‚ entrepreneurs must have a basic grasp of microeconomic concepts: supply‚ demand‚ cost‚ profit. Without such a grasp‚ it is impossible to know how much a particular good can be sold for in a particular area. Furthermore‚ without a grasp of costs and earnings
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Income Elasticity of Demand The Income Elasticity of Demand measures the degree to which consumers respond to a change in their incomes by buying more or less of a particular good. The coefficient of income elasticity of demand is determined with the formula: (% change in quantity demanded) / (% change in income) (McConnell & Brue). Income elasticity of demand is used to see how sensitive the demand for a good is to an income change. The higher the income elasticity‚ the more sensitive demand
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Analysis and Design of Cable Stayed Bridge Abstract Of the newly-built bridges‚ cable-stayed bridges are today very common worldwide for spans ranging between 200 and 900 meters. A cable stayed bridge has one or more towers (Pylons) from which the cables support the deck. This paper provides modelling‚ analysis and design of a prestressed harp type single pylon cable stayed bridge using MIDAS Civil. Keywords: cable stayed‚ box girder‚ prestressing‚ MIDAS Civil Introduction Of
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