BEO6600 Business Economics: Tutorial/Homework Assignment #1 & 2 Coverage: Introduction & Marginal Analysis 6. *Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? In economic situation‚ Scarcity means there are inadequate/ insufficient amount of supply of resources. Those resources are Human resources (labour)‚ natural resources (land and raw materials)‚ and manufactured resources (capital). Scarcity is where human wants are virtually
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HEALTHCARE ANALYSIS HCS/539 August 5‚ 2013 The United States has an incredibly complicated and expensive healthcare system. Many health insurers and other organizations across the country have dramatically changed the way they do business in order to stay competitive‚ especially with the new climate that laws such as the Affordable Health Care Act have created. These organizations have developed new strategies and processes in order to participate in the insurance exchange program and
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their money on the cheapest products at the grocery store. This is usually the junk food‚ genetically engineered food‚ and food with words on the label that no one even knows what they mean. Thousands of companies everyday are finding ways to cut the cost of producing food. This includes changing the genetic makeup of food‚ adding preservatives and unhealthy chemicals‚ and feeding animals chemically engineered food to speed up their growth. All of these chemicals have a horrible affect on our bodies
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Give your opinion of the rising cost of health care’s overall impact on the U.S. economy It is more expensive for individuals‚ families and employers to have health care coverage because of the rising cost. Spending on the use of new technologies‚ treatment‚ and high cost for medical services. There has also been a high cost on local‚ federal and state government which led to high cost on to medical and Medicaid. This spending of health care has affected the economy and now people have to choose
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Explainthe relationship between the average cost and marginal cost curve? Answer: We usually assume that the Average Cost curve is U shaped The MC curve will intercept the AC curves at its minimum point. When AC is decreasing‚ MC lies below AC - because when MC is below AC‚ producing an extra unit of output will pull down average cots When AC is increasing‚ MC lies above AC - because when MC is above AC‚ producing an extra unit of output will raise average costs Therefore MC will intercept the AC curve
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The health care industry is a multi-million dollar industry. Health insurance‚ providers‚ technology management‚ and inpatient and outpatient procedures are among the many terms that we hear nowadays within this industry. The principal phrase that seems to be ringing in the ears of the government and policymakers are debt and cost-control. There are fundamental concepts that should be understood throughout the health care industry as it relates to finance. On one hand‚ many individuals have a general
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The RAND Health Insurance Experiment Sharing is caring‚ right? The logical answer would be that to share is to expense something for the sake of another and to expense for the sake of another is to demonstrate compassion. But then again that is contingent on if there are strings attached or an ulterior motive. The RAND Health Insurance Experiment (HIE) is the largest health policy study of its kind in U.S. history. In fact‚ it is the only experimental study of how cost-sharing measures affect people’s
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High Costs of Health Care & Affordable Care Act Kanakavelan Gothandaraman DeSales University Professor: Dr. Tahereh Alavi Hojjat FD505 – Microeconomics (Fall-2013) High Costs of Health Care & Affordable Care Act Table of Contents Abstract 3 Literature Review 4 Conclusion 7 References 9 Abstract In last two decades the world has seen almost all extreme scenarios of economic growth and collapse. The growth started with the communication boom in early 1990’s and followed by internet
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King is $ 20‚000. Ajax has the following short-run cost curve: TC = 800‚000 - 5‚000Q + 100Q^2 a) Compute the marginal cost curve for Ajax answer: Marginal Cost (MC) = dTC/dQ Since the derivative of a constant = 0‚ MC = -5‚000 + 200Q b) Given Ajax pricing strategy‚ what is the marginal revenue function for Ajax? Since Ajax is pricing as if it were a perfectly competitive firm‚ then‚ it’s price would equal its marginal revenue‚ thus: P = MR = $20‚000 c) Compute the
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Health Care Marketing Analysis: Prenatal Clinic Carmela West HCS 539 September 17‚ 2012 Beth Athanassiades Health Care Marketing Analysis: Prenatal Clinic The description of the product‚ price‚ place‚ and promotion will help provide the prenatal clinic with a marketing strategy that will result in its success. It is important to comprehend the importance of the four Ps. The examination of the relationship between the prenatal clinics’ marketing and partnerships can provide a better
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