Microeconomics study guide Chapter 6 Notes: Firms and Production A firm converts inputs into outputs What firms want: 1. Profit : π = R - C 2. efficient production to maximize π -efficient production alone is not sufficient to ensure a firm’s π is maximized How they are organized 1. information exchange 2. incentives for workers Production Function q = f(L‚K) relationship b/w quantities of inputs used & max quantity of output that can be produced given current knowledge about
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whether each of the following statements applies to microeconomics or macroeconomics‚ and why: 12 Marks Total a. The unemployment rate in Canada was 7.0 percent in January 2010 Answer: This is the macroeconomic statement because it describes the unemployment rate of the whole country. b. A Canadian software firm discharged 15 workers last month and transferred the work to India. Answer: This is the microeconomic statement because it focuses in an individual Canadian
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Executive Summary This report discusses the analysis Hubbard Foods as a company competing in cereal industry. The main focus of the report is analyzing Hubbard’s operating environment‚ evaluating strategic issues or challenges and recommending strategy to overcome company’s current issues. Firstly‚ Hubbard’s operating environment is categorized into external and internal environments. This includes analyzing Hubbard’s strengths‚ weaknesses‚ opportunities and threats in running and managing the business
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Olaf is that his wife‚ Inge‚ recently passed away. Inge was from Germany and wasn’t treated with very much respect in Minnesota. Olaf wants his wife to be buried on his farm and he is set on doing that but‚ he has some conflicts with the law. In Hubbard County‚ Minnesota where he lives‚ the law forbids that Inge should be buried on his farm. The story starts off with Olaf argueing with the sheriff about burying his wife on their property‚ which is against the law there. Once the sheriff makes his
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from 200 to 400 pounds? 5. Can you explain why the answers to parts 3. and 4. above are not the same? What does this imply about the slope of the production possibility frontier? --------------------- References: Grading Rubric Microeconomics: Unit 2 Assignment: PPF and Opportunity Costs | Content | Points Possible | Points Earned | Draw production possibility frontier (PPF) | 3 | | Analyze feasible/infeasible production | 2 | | Compute opportunity cost of increasing annual
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In the short story Where Have You Gone Charming Billy‚ Tim O’ Brien‚ examines a conflict with the main character Paul Berlin and his internal fear of dying. The story takes place around 1965-1973 during the Vietnam War. It is Paul’s first day at the war and he has been fighting his anxiety. He has already seen one of the twenty-six soldiers in his platoon die of a heart attack because of tripping a mine bomb. Many soldiers continuously tell Paul to just get used to the fear of the jungle however
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IB/AP Economics Unit 1 Introduction to Economics Introduction to Economics AP and IB Economics Unit 1 Definitions of social science and economics Definitions of microeconomics and macroeconomics Definitions of growth‚ development and sustainable development Positive and normative concepts Ceteris paribus Scarcity • factors of production: land‚ labor‚ capital and management/entrepreneurship • payments to factors of production: rent‚ wages‚ interest‚ profit Choice Utility: basic definition Opportunity
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teachings‚ belief structure‚ charitable missions and community involvement are similar to other traditional religions. Scientology ’s foundation can be followed back to Dianetics; however‚ the accounts of its beginning are mostly secretive. L. Ronald Hubbard‚ whom is the founder of Dianetics‚ used scientific methodology to the struggles of human existence; the result was Dianetics. The beliefs of Dianetics soon after progressed into The Church of Scientology. The Church of Scientology was first
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Oil rises above $103 ahead of Iran nuclear talks Published: Thursday‚ 12 Apr 2012 | 5:43 AM ET SINGAPORE - Oil prices rose above $103 a barrel Thursday in Asia as traders looked to negotiations this weekend over Iran’s nuclear program. Benchmark oil for May delivery was up 42 cents to $103.12 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.68 to settle at $102.70 in New York on Wednesday. Brent crude for May delivery
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Section A a. Explain the concept of dominant strategy equilibrium. 1. http://tuvalu.santafe.edu/~jkchoi/game4.pdf 2. http://econweb.umd.edu/~borowitz/dominant_strategy_equilibrium.pdf b. Discuss the concept of Nash equilibrium. 1.http://www.economics.utoronto.ca/osborne/igt/nash.pdf 2. http://www.columbia.edu/~rs328/NashEquilibrium.pdf c. Is every dominant strategy equilibrium a Nash equilibrium? 1. http://economics.fundamentalfinance.com/game-theory/nash-equilibrium
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