Topic 2: Supply and Demand 1) Suppose that the demand for oranges increase. Explain the long -run effects of the guiding function of price in this scenario. Answer: In the long run‚ the higher price of oranges will signal more firms to enter the orange market‚ as it will seem more profitable than some other markets. As firms enter‚ supply increases‚ causing the price to fall relative to the short-run price and quantity to increase further. The higher short-run price has guided more resources
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American Dream America has long been known as a land of opportunity. Out of that thinking comes the “American Dream‚” the idea that anyone can ultimately achieve success. There is no doubt that all Americans possess an American Dream. In one of Arthur Miller’s greatest works‚ Death of a Salesman‚ he brings the American Dream onto the stage for evaluation. In his play‚ it shows that people are easily get lost between the illusion and reality‚ continued misconception of oneself may cause
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How has the language of the text been influenced by technology? Technology has changed vastly over time. Now language is being influenced “faster and better than before‚ across 3g” and its changing language as we know it. Text messaging has changed the face of communication completely giving us the ability to “talk” instantly and giving a vast nhe whole of time‚ from great carvings on dingy cave walls‚ to the printing press in the 15th centuryew lexical and grammatical look on language…for better
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This speech will explain how the concept of the hero has been devalued in modern times. I will show that the main reason for this devaluation is that the definition of what constitutes a hero has become a lot broader. To support my argument I will use following people‚ all sometimes descried as heroes: Theseus‚ Nelson Mandela and good old Shane Warne. Traditionally heroes were defined as a person‚ typically a man‚ who is admired for their courage‚ outstanding achievements‚ or noble qualities
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Has your cheese been moved? While recollecting reading of a book called “Who moved my cheese “and evaluating the same in world around us‚ led to writing of this post. It is a fact for individuals as well for organisations that any stream of earnings‚ workings or processes cannot be taken for lasting for ever without any disruption. Especially in today’s world where intelligence has moved to Artificial Intelligence and human behaviours are being imbibed in Robots to do routine jobs‚ changes or disruptions
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Why has there been a growth in gaming? The gaming industry has been growing massively over the last 20 years. Last year the gaming industry was worth £4.65billion‚ a rise in 2.7% from the previous year. These games are used for entertainment value and can be played anywhere with internet access. The gaming industry has even overtaken the music industry. This piece will describe exactly why there’s been a growth in gaming‚ including: free games‚ decline in other pastimes‚ Easy to play for generations
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ITM UNIVERSITY ECONOMICS DETERMINANTS OF DEMAND SUBMITTED TO: Miss. Surti Dahuja SUBMITTED BY : SHUMYLA KHAN‚ KINNI KANSANA‚ SAGAR VYAS‚ Shibu lijack DEMAND “Demand for a commodity refers to the quantity of the commodity which an individual consumer or a household is willing to purchase per unit of time at a particular price”. Demand for a commodity implies – a) Desire of the consumer to buy the product‚ b) His willingness to buy the product‚ and c) Sufficient purchasing power in his pocket
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The American dream has always been based on belief that everybody from anywhere can make it in society by working hard. This person will in turn become wealthy and rise in the hierarchy of the community to help create the American society‚ a classless society full of wealthy individuals. The American dream is also based on whether that person appears happy and is able to enjoy the newfound wealth. In The Great Gatsby‚ F. Scott Fitzgerald dispels the myth of an American classless society. This is
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Homeless: What Has Been Done To Decrease The Problem? One of the largest growing concerns in Toronto is the constantly increasing number of citizens who are finding themselves living on the streets. With the decrease in the number of available jobs‚ the population of homeless people has literally boomed. My questions are not as simple to answer as they may appear. Why is a large portion of our community forced to live on the streets? What has be done to decrease the problem? These are the questions
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To whom ever has been given the burdern of reading this paper‚ Vending Machines are a terrible idea. Vending machines are terrible for the fact that they require maintenance to keep running‚ They require a lot of people to spend their money at one in order to even potentially turn a profit. Vending machines are not cheap. They cost thousands of dollars ($) to purchase and maintain. The machines cost hundreds of dollars ($) to keep fully stocked. In total‚ over 1 year a business or a school‚ depending
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