All Rights Reserved 2– 2 CLASSIFICATION OF GOODS AND SERVICES Free goods are goods that have no production cost. Public goods are goods that are for common use and will benefit everyone. Economic goods are goods of value that can be seen and touched. Economic services are intangible things (with value) that cannot been seen or touched. All Rights Reserved 2– 3 LAW OF DEMAND Law of demand states that the higher the price of a good‚ the lower is the quantity
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Diff between economics vs managerial economics 1 The traditional Economics has both micro and macro aspects whereas Managerial Economics is essentially micro in character. 2. Economics is both positive and normative science but the Managerial Economics is essentially normative in nature. 3. Economics deals mainly with the theoretical aspect only whereas Managerial Economics deals with the practical aspect. 4. Managerial Economics studies the activities of an individual firm or unit. Its analysis
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Agricultural cooperative Concept of rural development Concept of rural communities History of Agricultural cooperative in Nigeria Roles of Agricultural cooperative in rural development Theories of rural development Empirical study Gap in knowledge 2.1 CONCEPT OF AGRICULTURAL COOPERATIVES An agricultural cooperative‚ also known as a farmers’ co-op‚ is a cooperative where farmers pool their resources in certain areas of activity. A broad typology of agricultural cooperatives distinguishes
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seventh unit of labor is 4. Given this information‚ what is the total cost of production when the firm hires 7 workers? a. $66 b. $76 c. $906 d. $946 3.) Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition‚ suppose that marginal cost of the third worker hired is $40‚ and the average total cost when three workers are hired is $50. What is the total cost of production when three workers are
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Ethics Game Simulation HCS 478 Ethics Game Simulation In simulation game‚ two dilemmas were presented. The first case is happened to a 16-year-old mother‚ RB. She is in her tenth hour of labor. Her parents are at bedside with her. Because of religious belief‚ they have chosen to limit the amount of medication and other medical assistance. Due to the length of her labor‚ her unborn child’s situation is getting worse. RB has not received any medication so far. Because of her fear and distress‚ fetal
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Managerial Economics : The Coca-Cola Company Almost all decisions in a company have an economic consequence. Managerial economics is an integral‚ relevant part of business management processes that involves cost‚ revenues and profits‚ considering not only the monetary costs‚ but nonmonetary costs as well – monetary‚ in terms of cash flow in and out and any excess revenue over costs or profit; nonmonetary‚ in terms of benefit for the consumer – whether its affect psychically is good or bad causing
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CHAPTER ONE Introduction to cooperative 1. Concepts of cooperatives The sprit of association is inherent which all mankind acquire it naturally. Not only human being but also animals cooperate themselves in order to survive and get and get what ever they want. The association that started in the family extended to form an organization through which their social and economic needs could be satisfied. The urge and desire to fulfill the need became the main reason for people to come
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1/3 units of X for 1 unit of Y. c. What is the marginal rate of substitution? X = 2‚ Y = 8 X = 4‚ Y = 2 ∆Y∆X=MRS -( 8-2 )( 2-4 )= - 62=3 8 6 4 2 1 2 3 4 5 Question 7: Suppose a customer has indifference map shown below. The relevant budget line is LZ. The price of Y is $10. 60 50 L 40 B 30 20 10 A M 0 10 20 30 40 50 60 70 80 a. What is the consumer’s income? Quantity Y
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‘How useful is game theory in analysing the deadlocks and progressions over the economics of climate change policy at the recent Copenhagen summit ?’ A secondary data and literature review based project October 2010 Mark Burke Introduction Aims and Methodology This project seeks to analyse how useful Game Theory is in explaining the decisions ( or lack thereof ! ) on economic policy taken by governments at the recent Copenhagen summit on climate change ( 6th – 18th December
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of dangerous working conditions or long hours was declared unconstitutional by the Supreme Court. 2. There are four views of federalism dual federalism‚ cooperative federalism‚ regulated federalism‚ and new federalism. Dual federalism is a two-layered system which is national and state. This means states did most of the governing. Cooperative federalism refers to supportive relations‚ partnerships‚ between national government‚ and the state government. It comes in the form of federal
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