Assignment Eco 101 1. a) Briefly explain the factors that determine the price elasticities of demand and supply. b) The accompanying table presents the prices and associated demand quantities of ready-made garments of Bangladesh at different world incomes. Price of RMG Quantity demanded when Quantity demanded when world GDP is $ 65 trillion world GDP is $ 70 trillion $10 500‚000 800
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petrol has increased prices from years to years. Not only in Malaysia‚ but all the countries in the world are facing same trouble‚ petroleum prices keep increase until it become a economics burden for community. Petroleum prices $36.7 per litre in 1983. In 2005‚ it has increased to $79.9 per litre and last year‚ it also has increased to $134.1 per litre. So‚ what are the factors affecting the prices? First‚ we found out that the greatest single factor influencing petroleum prices is crude oil. So
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would consider it a scarce resource because a. water is necessary for humans ’ physical survival b. pollution will eventually destroy all life in the Great Lakes c. water is limited relative to people ’s unlimited wants d. water commands a very high price 3. The difference between a good and a service is a. that goods help satisfy unlimited wants; services do not b. that services are available in unlimited quantities; goods are not c. that goods are available in unlimited quantities; services are
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violence was pre-planned yet the union denied any conspiracy. The incident is recorded as the worst-ever for Suzuki since the company began operations in India in 1983 and adds to India’s recent incidents of labour disputes turning to violence. Microeconomic Problems of the company The Manesar plant suffered labour disputes with the management. The union had put forth their demands but the company was not ready to compromise. The workers had launched strike in 2011 demanding recognition of a new‚
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Introduction Foundations Basics Language of economics Fundamental problem facing mankind “Our resources are limited (scarce)‚ but our wants (aspirations to good life ‚ ambitions ‚ needs‚ dreams) are unlimited.” SCARCITY = Budget Constraint Proof Resources Limited * Time: 24 hours day * Time is money * 20 hours in bed (leisure) * Safe drinkable water = Less than 1% of total water * $2000 apt/studio‚ cook own food * $2000000 a month * Mansion
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range 1.714 - 4.875 ) (Table 2). The expected heterozygosity (He)‚ in average‚ was higher than the mean observed heterozygosity (Ho) for ‘Big Sister’ populations‚ and Ho higher than He for ‘Enfant Terrible’ (Table 3). Departure from Hardy–Weinberg Equilibrium were significant at a 5% level (P<0.001) for only 3 populations (BANA‚ CAMP and ITAR). Based on the estimates of the inbreeding coefficient over all loci‚ the significant deviations were due to an excess of heterozygotes (negative GIS = more observed
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The price ceiling is the maximum price a seller is allowed to charge for a product or service. An impact on society includes when the prices are so high of a product‚ that no one can buy it. A price floor is the lowest legal price a product or service can be sold at. When market price is at its lowest‚ it may still be too high for consumers to purchase products. Governments can intervene for any purpose‚ and they are the ones who set these price controls. Governments may intervene in the market
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Price Elasticity of Supply * Price Elasticity of Supply: * The degree of price elasticity of supply depends on how easily - and therefore quickly - producers can shift resources between alternative uses. Unlike PED‚ there is no Total Revenue Test for Price Elasticity of Supply. * Because there is a direct relationship between Price & Total revenue‚ they always move together. DETERMINANT OF PRICE ELASTICITY OF SUPPLY: TIME! THREE PERIODS: Market period--> short run --> long
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and Telcel’s market shares are big enough for them to hold monopolistic powers‚ allowing them to become “price-setters”. This allows both firms to produce profit-maximizing level of output (where the marginal cost curve intersects the marginal revenue curve). By doing so‚ they do not achieve allocative efficiency‚ the socially optimal allocation of resources (Qa in figure 1). Due to the price-setting powers these firms hold‚ both will be analyzed as purely monopolistic firms‚ implying some degree
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The Price of Fame Almost everybody dreams about being famous sport star or a great actor. But does everybody know how hard it is to have such kind of job? In my opinion being famous is very difficult and people who are famous deserve all the money they earn. A star should be polite and kind because he or she is an example to be followed for many young people. Famous people work hard long hours every day and do their best for their fans. Also I think that famous people don’t have private lives‚
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