salary will b e 100)‚ but if the weather is sunny I will not enjoy the mountains so much (my salary is 30). If contrary to the tradition the weather is sunny and hot (with probability 0.3)‚ the b est choice will b e the b each (salary 120)‚ but sp ending my holiday on the b each when it is raining is horrible (salary 20). (a) Represent the problem and solve it. (b) How much am I willing to pay to a witch‚ if she is able to predict the weather? (c) How much am I willing to pay for a weather forecast
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Division of Business | Course: HNC/HND BUSINESS MANAGEMENT LEVEL 4 | Year: 2013 | Student Name: | Unit 1: Business Environment | Lecturer: | Date Issued: | Completion Date: | Fail Pass Merit Distinction P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 | P10 | P11 | P12 | P13 | P14 | P15 | P16 | M1 | M2 | M3 | D1 | D2 | D3 | | Learning Outcomes:On successful completion of this unit a learner will:1. Understand the organizational purposes
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& SCIENCE UNIVERSITY INTRODUCTION TO ECONOMICS (DEC 0053) ASSIGNMENT 1 (INDIVIDUAL) Due Date : 4th January 2013 (Friday) Format : Typeface: Arial‚ Font: 11‚ Spacing: Double‚ Cover Page: White colour Assessment : 50 marks Question a) Reference to the notes‚ article‚ internet and any text book on the Economic System‚ make a comparison between the socialist‚ capitalist and the mixed economy. Take one nation/country to explain that each economic system used by the nation/country. Your
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QUESTIONS : 1.What are the various factors which may influence the demand for intermediate goods like cables? Explain the most appropriate method of forecasting the demand for such an item. 2. a) Explain the method of cost-plus pricing and state its limitations. Point out cases where it is suitable. b) Briefly outline the statistical method of estimating cost function. 3. a) Explain the concept of law of diminishing marginal utility with a suitable example. Why is it relevant for managers in taking
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definition of economics? the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided Opportunity cost is that which we forgo‚ or give up‚ when we make a choice or a decision. The reason that opportunity costs arise is that resources are scarce. If your tuition is $5‚000 this semester‚ your books cost $600‚ you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15
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Chapter 1: What Is Economics? Overview As you read this chapter‚ look for answers to the following questions: • What is "scarcity" and why must all societies deal with it? • Why is economics sometimes called "the study of scarcity and choice"? • What are trade-offs and opportunity costs? • Why should everyone understand basic economics? • What are the factors of production? • How do different economic systems solve the problem of scarcity? Scarcity One discovery you have made is
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choose to analyze an article which illustrates why some of the "hot" items may be in rather low supply. Many assume the supplier would supply more to further increase profits. Price and quantity exchanged in the market is a bit more complex than the previous statement . We will start off the analysis by looking at the law of supply. The law of supply is a basic economic principle that states firms are willing to supply larger quantities at higher prices. In retrospect‚ they will supply lesser quantities
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home currency terms of expected future cash flows changes as exchange rate change. ISSUE 1: foreign risk exposure management Identifying Eurojet foreign exchange risk For Eurojet the risks that might arise currently for being an international business is the concentration of Eurojet airlines with significant exposures in Euro areas (Dublin Dusseldorf‚ London-Stanstead‚ Milan‚ Brussels‚) and North Africa‚ means that they need to be aware of this risks before they analyse‚ and agree on what to do
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Calculating the Four Firm Concentration Ratio (CR4) Definition: The four firm concentration ratio is the percentage of market share held by the largest 4 firms in an industry. Formula: CR4= Σ4i=1 si Calculation: (11‚834‚883 + 3‚845‚900 + 3‚696‚800 + 3‚650‚647) / 44‚582‚621 = 0.5165292996 = 0.516 (3dp) =51% Analysis: As the four firm concentration ratio is >50% this insinuates that this market structure is that of an oligopoly. Calculating the Herfindahl-Hirschman Index (HHI)
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If you were having a conversation with a Keynesian and a Classical economist‚ and the conversation turned to why the economy is experiencing high unemployment and what the government should do about it‚ how would each economist explain unemployment and what policies would each advocate? If I were having a conversation about why the economy is experiencing high unemployment and what the government should do about it‚ with a Keynesian and a Classical economist I think that the economists would explain
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