Microeconomics Spring 2010 1. Your cousin Vinnie owns a painting company with fixed costs of $200 and the schedule for variable costs as below. What is the efficient scale of the painting company? Quantity of Houses Painted per Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | Variable Costs | $10 | $20 | $40 | $80 | $160 | $320 | $640 | 2. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500‚000 per year to rent the location and buy the stock. In addition‚ she would
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CHAPTER ONE Introduction Career selection is one of many important choices students will make in determining future plans. This decision will impact them throughout their lives. The essence of who the student is will revolve around what the student wants to do with their life-long work. Basavage (1996‚ p.1) in her thesis asked‚ “What is it that influences children one way or another?” Over the school’s front door at Rindge School of Technical Arts is the saying‚ “Work is one of our greatest blessings
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THE UNIVERSITY OF HONG KONG School of Economics & Finance 2010 Spring Semester‚ First Midterm Examination Economics: ECON1001 (J and K) Introduction to Economic I Version A AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
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Complete this section. The corner will be folded over and sealed by a member of the administrative staff. Department of Economics Surname (Family name) SUBMISSION OF COURSEWORK A fully completed and signed copy of this declaration form must accompany all pieces of coursework and dissertations submitted for assessment. ….……………………………………………………..……… Forename(s) It is University policy that coursework should remain anonymous to the marker wherever practicable and appropriate. It
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type of economy. Boyes (2011‚ p.6) reports that there are now close to 40‚000 transnationals companies‚ and increase of 300% on just 25 years ago‚ and that these companies make up approximately 33% of all private-sector assets. The world wide economic fact of life is that all over the world‚ people’s wants appear to be unlimited and exceed the resources available to satisfy those wants. Firms seem to have expanded across country boundaries in an attempt to satisfy those demands for resources and
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In everyday life‚ the outcome of your day can be altered by the simplest or most complicating choices. Antigone’s decision to bury her brother‚ Creon’s choice to sentence Antigone to death‚ and again Antigone’s choice to end her life were important decisions that other characters based their conclusions around. The choices of the characters in Antigone change the outcome of the play and the lives or choices of other characters.<br><br>The famous "first" decision of Antigone was to bury her brother
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Opportunity Cost Associated with Merger of Airlines Student ECN 202 February 15‚ 2013 The airline industry on Feb 14‚ 2013 announced the merger of American Airlines and US Airways forming the biggest airline company American (Mouawad‚ 2013). That leaves just three airlines‚ American‚ Delta Air Lines and United Airlines to offer domestic and international service. Airline executives claim that mergers are good for passengers as they provide more service to more destinations. If this
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The very famous economic saying “There is no such thing as free lunch”‚ popularized by the economist Milton Friedman‚ brings the concept of opportunity cost. It shows that every choice has a cost; something will need to be given up or sacrificed to get something else. In the quote‚ for example‚ no money was paid for the meal‚ but the time to eat the meal is the pay. This leads to the fact that analyzing the costs and benefits of going to college is an essential part
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6)Explain how scarcity and choice go together? 3 Marks ANS- Resources refer to all the factors of production. Scarcity means that resources which produce goods and services are less in relation to their demand. Though these resources are scarce they can be used for producing different goods. Due to scarcity of these resources‚ an economy cannot produce all the goods and services as required by its citizens. So some wants will have to remain unfulfilled. Therefore choice has to be made which means
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Cost Accounting Role Cost accounting is valuable to an organization if it significantly improves the decision making process within the organization by providing accurate and timely input regarding the cost behavior in organizations. Generally based on standard accounting practices‚ cost accounting is one of the tools that managers utilize to determine what type and how much expenses is involved with maintaining the current business model. At the same time‚ the principles of cost accounting
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