Discuss with your peers the characteristics of an inelastic versus elastic good. 2. Externalities Explain the difference between a positive and negative externality. In your analysis‚ make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples? Guided Response : Review the discussion board posts of your classmates. What are some of the key
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Before seventeenth century the world population increased very slowly i.e‚it has been estimated that by 1650 the population had doubled since the year to about 500million.Over the following 200years the rate of increase was much faster ‚so that by 1850 the population had more than doubled to 1200million.After that‚ the population growth accelerated so rapidly that people talked about a population “explosion”;in 1927 it reached the 2000million mark and by the year 2000‚it had passed 6000 million
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1.0 Introduction NEIMOMA represents “How are you” in Chinese‚ which gives a good impression when the tourists first come to the hotel. NEIHOMA is a 3 stars hotel‚ which is situated on the seafront and a short distance from the main shopping center. The aim of this report is to increase the stars level from 3 to 4 when running the business. The purpose is to analyze the hotels’ actions from year 1 to year 3‚ with data and graphs explanation‚ to measure the overall performance. Firstly‚ this report
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PRMB022 Organisational Behaviour Assignment #2 Case Study ASSIGNMENT 2 – TASK AND GUIDANCE Stimulus Article The article on which this assignment is based‚ ‘WA Police documents reveal bullying‚ corruption‚ discrimination’‚ can be found at http://www.perthnow.com.au/news/westernaustralia/documents-reveal-bullying-corruption-discrimination-in-wapolice/story-e6frg13u-1225969425509. Scenario You work for a consulting firm that has been contracted by the WA Police Commissioner to advise
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1. Measuring the Cost of Living 1) Questions for Review # 2 Questions: Describe the three problems that make the consumer price index an imperfect measure of the cost of living. Answer: The 1st problem is called substitution bias. Consumers substitute toward goods that have become relatively less expensive. However CPI is based on a fixed basket of goods and it ignores the possibility of consumer substitution. The 2nd problem is the introduction of new goods. This means that consumers have more
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A theme that relates to trade with the Aksum’s is economics. Economics relates to the use of scarce resources. Goods and services produced by the Aksum’s were: tortoise shells‚ ivory‚ emeralds‚ gold‚ and salt. A major service the Aksum people provided was an extensive trading center for many countries and empires. Some of the countries and empires that traded and interacted with the Akums were: Egypt‚ Arabia‚ Persia‚ India‚ and the Roman empire. Aksum was a huge trading hub due to miles of coastline
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Was the Neolithic Revolution one of man kind’s greatest achievements? When one mentions the Neolithic Revolution‚ one would also mention what a great success the revolution was. However many have confused the difference between the Neolithic Revolution with an Era with a similar name‚ the Paleolithic Era. The Paleolithic Era was the times of the Neanderthals and the Cro Magnon. They were the nomads that roamed the world 6-7 million years ago. They originated from Eastern Africa. These early humans
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Activity 2 BSAD 1050 1. In a free market‚ greed prevents monopoly. Explain. A free market prevents a monopoly because it does not allow someone or‚ some company‚ to corner the market. There is always someone else that is willing to make or sell a product for the same or lesser price. For instance‚ in a free market there is not just one phone or cable company providing television or phone service. Other companies are allowed by law to provide those same services. Since the goal of the
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Explain why the American economy expanded so much and so fast between 1890 and 1920. Between 1890 and 1920‚ the American economy expanded hugely at an extremely fast pace. This growth saw‚ by 1900‚ people employed in manufacturing‚ mining‚ construction and services rise from 4 million to 18 million and the USA was producing 30% of the worlds’ manufactured goods. There were many factors that caused this growth such as the development of the railways‚ immigration‚ a large supply of natural resources
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Nevertheless‚ by the middle of the 1960’s Hungary was one of the most industrialized states of Eastern Europe. Moving onto production and investment‚ Hungary is quite detailed. Annual national income in Hungary‚ as in other centrally planned economies‚ is measured in terms of net material product (NMP)‚ which assigns values to material goods and "productive" services. In Hungary the NMP includes the values of the goods and services provided by forestry‚ mining‚ manufacturing‚ construction‚ transport
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