points A monopoly will usually produce Answer Selected Answer: where its demand curve is elastic. Correct Answer: where its demand curve is elastic. Question 2 10 out of 10 points Suppose a firm is currently maximizing its profits (i.e.‚ following the MR=MC rule). Assuming that it wants to continue maximizing its profits‚ if its fixed costs increase‚ it should Answer Selected Answer: maintain the same price. Correct Answer: maintain the same price. Question
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IGCSE London Examinations IGCSE Anthology for English Language (4355) For examination in May and November 2005‚ 2006‚ 2007 April 2003‚ Issue 1 delivered locally‚ recognised globally Anthology Anthology for English Language (4355) London Examinations IGCSE Edexcel is one of the leading examining and awarding bodies in the UK and throughout the world. We provide a wide range of qualifications including academic‚ vocational‚ occupational and specific programmes for employers. Through
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IGCSE REVISION NOTES The basic economic problem: scarcity and exercise of choice . igcse economics - Scarce resources & unlimited wants This is the reason for the existence of this subject. In reality most resources are scarce. Similarly individuals and nations have unlimited wants. [pic] The Basics [pic] Scare Resources There are only a limited number of resources such as workers‚ machines‚ factories‚ raw materials etc. Yet there are a number of different ways in which they could
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W. Cris Lewis MANAGERIAL ECONOMICS (Economics 4010) Business 302A T-TH 12:00-1:15 pm (Business 209) clewis@econ.usu.edu (CRN #10732) Office Hours: T-Th 10:00 a.m.–11:30 a.m. and by appointment Spring 2007 Text: H. Craig Petersen and W. Cris Lewis‚ Managerial Economics‚ 4th edition (New York: MacMillan) 1999 (Required) Workbook: H. Craig Petersen and W. Cris Lewis‚ Managerial Economics: Study Guide w/Software (New York: MacMillan) 1999 (Not required but useful and on reserve in the library). Course
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Write your name here Surname Other names Maha ejaz Edexcel International GCSE Centre Number 90005 Candidate Number 12233 Mathematics B Paper 2 Tuesday 15 January 2013 – Morning Time: 2 hours 30 minutes Paper Reference 4MB0/02 Total Marks You must have: Ruler graduated in centimetres and millimetres‚ protractor‚ compasses‚ pen‚ HB pencil‚ eraser‚ calculator. Tracing paper may be used. Instructions Use black ink or ball-point pen. Fill in the boxes at the top of this page with
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1 Managerial Economics 2010 Answers to All Tutorial Questions Topic 1 : What is managerial economics Questions from Chapter 1 of the Text (McTaggart‚ Findlay & Parkin) Review Question 1 (pp. 4) List some examples of scarcity in Australia today. An example of scarcity at the economy-wide level would be people with lower incomes being forced to choose between food and petrol due to high prices for both. An example of scarcity at an individual level would be a person unable to afford both
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Surname Centre No. Initial(s) Paper Reference 3 1 8 5 Candidate No. 2 F Signature Paper Reference(s) 3185/2F Examiner’s use only Edexcel GCSE (Short Course) Team Leader’s use only Information & Communication Technology Paper 2F Question Leave Number Blank A 1 Foundation Tier B1 2 Tuesday 20 May 2008 – Afternoon Time: 1 hour B3 4 B2 3 B4 5 6 Materials required for examination Nil Items included with question papers Case
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BTEC Short Courses Edexcel Level 7 BTEC Advanced Professional Award‚ Certificate and Diploma in Management Studies January 2007 Tutor support materials Edexcel Level 7 BTEC Advanced Professional Award‚ Certificate and Diploma in Management Studies Edexcel‚ a Pearson company‚ is the UK’s largest awarding body offering academic and vocational qualifications and testing to more than 25‚000 schools‚ colleges‚ employers and other places of learning here and in over 100 countries worldwide
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finds that it can sell 50 t-shirts per week. What is the price elasticity of demand for the logo t-shirts? Is the demand elastic or inelastic? Answer Ed = -1.675 (elastic) 2. Check out the following video (http://www.youtube.com/watch?v=ncZkrO06le8). Do the early shoppers appear to have elastic or inelastic demand on Black Friday? Answer Elastic. Very responsive to price changes. 3. In the accompanying table‚ assume that the price of ice skates increases from $10 to $20
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the basic assumptions of Economics. Ans- The basic problem of economics can be summarized in one sentence: How to best satisfy unlimited wants with unlimited resources. We can break this problem into two parts: Preferences - What do we like‚ what do we dislike. Resources - We all have limited resources. Even Warren Buffett and Bill Gates have limited resources. They have the same 24 hours in a day that we do and neither is going to live forever. All of economics‚ both microeconomics and
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