National University of Singapore EC1101E: Introduction To Economic Analysis Mid-Term Test Semester 1 (2009/2010) Answer all questions. |Production Possibilities of Motorcycles and Cars | |Combination |Motorcycles |Cars | |A |0 |6 | |B
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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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Team D Week Two Learning Reflection ECO/365 February 25th‚ 2013 Team D Week Two Learning Reflection 2.1- The relationship between the number of inputs and the law of diminishing marginal productivity is that as more input is added to an existing fixed input‚ eventually the additional output one gets from that additional input will fall. As input is increasing and a company hires more workers to increase‚ eventually it will fall and a company wants to try to stay out of that range. 2.2 –
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Discuss the main reasons for an organization to choose diversification as a strategic direction. When defining strategic directions‚ an organisation needs to analyze the context in which future operations will take place. The decision of entering a new market or to develop new products and services in an existing market needs to be though through focusing on increasing market share and increasing power over suppliers and buyers. Diversification‚ sometimes described as Horizontal intergration
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Chapter 7 1) For each of the following graphs‚ identify the firm’s profit-maximizing (or loss minimizing) output. Is each firm making a profit? If not‚ should the firm continue to produce in the short run? In the first graph‚ the firm is losing money‚ but it should not shut down because P > AVC. So the loss minimizing choice is to stay in business in the short run. To shut down would lead to higher losses equal to fixed costs and these losses would be more than the current losses. In the
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Problem Set 3 Name: Lauren Hensley Problem Set 3 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 6. 1. Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices. Price of crackers Quantity Demanded (per month) $3 80 $2.5 120 $2 160 $1.5 200 $1 240 $1.00 - $1.50: -0.333 $1.50 - $2.00: -0.6 $2.00 - $2.50: -1 $2.50 - $3.00: -1.66 If the price of graham crackers is $2.50 should firms raise or lower
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ECN 104 Final Exam December 9th 2011 104F11FE Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. An increase in income will cause a shift in the budget constraint a. outward. b. towards the good most consumed. c. inward. d. towards the good least consumed. ____ 2. If the consumption of one good is reduced‚ how must a consumer alter his consumption of another good in order to remain indifferent between two bundles? a. He must not change his consumption
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|Business Economics and the Distribution of Income | By the end of these course notes students are expected to have covered the following from the specification: • The range of market structures • How costs and revenues vary in different market structures • Changes in costs and revenues in different market structures The range of market structures |Type
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Land as a Factor of Production: Meaning and Definition: The term land in economics is used in a special sense. It does not mean soil or earth surface alone. Land in economics means natural resources. It includes all those things which are found under and over the surface of earth. In the words of Marshall: "The land means the material and the forces which nature gives freely to man’s aid in land and water‚ in air and light and heat". Characteristics/Features: The
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Chapter 12 Managerial Decisions for Firms with Market Power Market power is the ability of all price setting firms to raise price without losing all sales‚ which causes the price setting firm’s demand to be downward-sloping. When firms with market power raise price‚ even though sales do not fall to zero‚ sales do decrease because of the law of demand. The effect of the change in price on the firm’s sales depends to a large extent on the amount of its market power‚ which can differ greatly among
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