What is the difference between micro and macroeconomics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. Micro and macroeconomics describe the same concept of economics at different levels hence they are intertwined ideas. Microeconomics is concerned with individuals in the economy like households‚ workers and business (Taylor & Greenlaw‚ 2016). It concentrates on how business establishes prices‚ how it is affected by taxes and it explains the concept of demand
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Unit Plan Unit Code: BES3500 Unit title: Business Capstone Semester: Year: 2015 Study Mode: International Lecturer Information Name Office Telephone Email Consultation arrangements Table of Contents Lecturer Information 1 Unit Overview 3 Welcome 3 Learning outcomes 3 Graduate attributes 3 English language proficiency 3 Teaching and learning 4 Communication 4 Contacting your lecturer 4 Online discussion 5 Adobe Connect 5 Email protocol 5 Communication expectations 5 Readings 6 Textbook
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BEO2264 MICROECONOMIC ANALYSIS TUTORIAL QUESTIONS TOPIC 1 Question 1 (a) Discuss how microeconomic theory can help to explain the effects of lowering the minimum wage for teenage employees in the retail industry (b) How is the usefulness of a theory evaluated (c) “Observation without theory and theory without observation are equally useless in explaining the complexities of the real world”. Discuss. Question 2 (a) Distinguish between positive analysis and normative analysis.
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Introduction to Microeconomics - Midterm Exam 2 Spring Semester - 2014 Chapter 7: Consumers‚ Producers‚ and the Efficiency of Markets 1. Consumer Surplus a. Willingness to Pay i. A buyer’s maximum price they are willing to pay ii. measures how much that buyer values the good iii. Consumer Surplus: the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. 1. consumer surplus measure the benefit buyers receive from participating in a market b. Using The Demand
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Busman notes: AOS3 -Operations Input: resources such as raw materials‚ labour‚ plant‚ equipment‚ capital‚ information used in any organisational production system Transformation process: the process involved in converting inputs into outputs Output: transformed inputs that are returned to the external environment as products or services Operations system: involves three stages; input‚ processing (transformation) and output Operations management: management of resources to achieve efficient output
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Sample questions for the Microeconomics Midterm Exam Summer 2013 The exam will cover chapters 1‚ 2‚ 3‚ 4‚ 5 and 6 There will be 100 minutes allowed to complete the exam. You will have three types of questions: multiple choice‚ true or false and explain‚ and analysis problems. True or False and Explain (Remember that there is one mark for True or False and 4 marks for your explanation) 1. Economics is only interested in fairness not efficiency. 2. If the marginal
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National Diploma in Business Level 3 Programme Number JW478 Unit Number and Title Unit 3 Introduction to Marketing Unit Code Y/502/5411 Coursework Title Assignment 1 Marketing Techniques Coursework Number 1 Information about each Coursework Task: Task No Assessment and Grading Criteria Assessment Methods / Evidence Hand out Date Hand in Date 1-3 Task 1 addresses P2 Task 2 Addresses P1 Task 3 Addresses M1 The task
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Unit 3: Introduction to Marketing Nike Market Research Market research helps Nike to make decisions by helping them to understand the changing dynamics of the market. Market research helps Nike understand who their target market are along with its competitors it has and where they differ. It helps Nike to make improvements‚ change their business plan or change their product. There are 2 types of market research‚ these are primary and secondary research. Primary Research Primary Research would
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Chris Wiginton 1/10/14 IS-3120 Unit 3 Assignment 3 Convergence of IP-Based Networks In the early days of the Internet‚ the only way to connect to the Web was by using a modem in conjunction with a dial-up connection. The modems‚ which stand for modulator-demodulator‚ were devices that converted analog signals into digital signals. Early modems operated at 1200 bps or bit/s per second to 2400 bps. Data transfer was slow and often unreliable. Today the Internet and the means to access the Internet
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NVQ 3 : Unit 6 – Working Together for the Benefit of Children and Young People 1. Explain the importance of multi-agency working and integrated working | When working with children it involves close working with different agencies. When children are growing up they require the use of different services‚ it is important for these services to work together so that they can help promote the child’s development and other life skills. Multi-agency working is an effective way of supporting children
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