is the difference between the Income Effect and a Change in Income? b. True or False: The slope of the budget line represents the rate at which the consumer is willing to trade one good for another at any given bundle. Explain. c. An Engel curve can be both positively and negatively sloped‚ why does this happen? d. What do we mean by the term “Consumer Surplus”? e. Han gets utility from consuming soda. He neither likes nor dislikes water. Place water on the horizontal axis and soda on the vertical
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Assignment # 5 Q.1a) On the "blank" phase diagram below‚ label each of the regions with the phase or phases that are in equilibrium there. b) How many eutectic points are there in the Cu-P phase diagram? ______ How many eutectoid points? ______ How many peritectics? ______ How many peritectoids? ______ How many pure metal phase transitions? ______ How many congruent melting points??______ Q.2 a) A 90 wt% Ag-10 wt% Cu alloy is heated to a temperature within the b + liquid phase region. If the
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convenience store supply chain can be responsive? What are some risks in each case? 2. Seven-Eleven’s supply chain strategy in Japan can be described as attempting to micro-match supply and demand using rapid replenishment. What are some risks associated with this choice? 3. What has Seven-Eleven done in its choice of facility location‚ inventory management‚ transportation‚ and information infrastructure to develop capabilities that support its supply chain strategy in Japan? 4. Seven-Eleven
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Subject: Business Economics Subject Code: BUECO5903 Course Coordinator / Moderator: Paul McPhee / David Spiers Assignment A: Microeconomics Student Name: Noor Aini Faiz Student Number: 30120381 Lecturer: Dr. Ganeshamoorthy Question 1: (a) Explain and illustrate using suitable diagrams‚ the impact of external costs and
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St Atanagio is a remote island in the Atlantic. The inhabitants grow corn and breed poultry. The accompanying table shows the maximum annual output combinations of corn and poultry that can be produced. Obviously‚ given their limited resources and available technology‚ as they use more of their resources for corn production‚ there are fewer resources available for breeding poultry. Maximum annual output options Quantity of Corn (pounds) Quantity of Poultry (pounds) 1 1200 0 2 1000 300
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Experiment 6: Microbial Cultivation Objectives: To successfully cultivate microorganisms from different sources to medium. Materials: Broth‚ Agar‚ Sterilized cotton swab‚ Procedure: 1) Get your broth with cotton swab inside containing your bacteria. 2) Remove the cotton and flame sterilize the mouth of the testtube. 3) Get your cotton swab inside‚ flame sterilize again the mouth of the testtube then plug it with cotton. 4) Grab the inverted plated media and flame sterilize the
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CHAPTER 3 – QUESTION FOR REVIEW (61) No 2. Give an example in which one person has an absolute advantage in doing something but another person has a comparative advantage. = example of absolute advantage: in this case‚ time is the only input. So we can determine absolute advantage by looking
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Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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cost that cannot be recovered at the moment a decision is made. * Costs already incurred or ‘sunk’ are not relevant to your decisions * The only costs that should influence a decision about whether or not to take an action are those that we can avoid by not taking that action Economic Decision Any decision where securing something of value means going without some other thing of value Economic Naturalist Someone who uses basic economic concepts to
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constitutional monarchy. In modern-day Japan‚ the monarchy is‚ according to the constitution of Japan‚ ‘a symbol of the state and unity of the people’. Unlike China‚ Japan‚ at least officially‚ has had only one dynasty since the beginning of time (Beasley‚ 1999). There is a pattern followed in China’s where each dynasty has a stage of empire building‚ a stage of power or glory‚ and finally‚ a stage of decline. This pattern‚ however‚ is not apparent in Japan. The monarchy of Japan essentially consists of one
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