Managerial Economics Assignment Submitted to Professor Amit Sharma 1. When the price of corn was "low‚" consumers in the United States spent a total of $8 billion annually on its consumption. When the price halved‚ consumer expenditures actually DECREASED to $6 billion annually. This indicates that: A. The demand for corn is elastic. B. The demand curve for corn is upward sloping. C. Corn is a Giffen good. D. The demand for corn is inelastic. Solution: C. Corn is a Giffen good
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that sustainable business success and shareholder value cannot be achieved solely through maximizing short term profits‚ but through market oriented yet socially responsible activities of the business. Therefore‚ the social responsibility and non price competition tools practices has become an important part of today’s business agenda‚ which indicate the commitment of the business to behave ethically and contribution towards improving the quality of work and social life of the workforce and their
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five years or so‚ house prices in the UK have been constantly changing. At times‚ house prices being on a rapid increase and at other times falling. This leads to a possibility of negative house equity. As per Sloman and Garratt: “negative house equity is whereby the outstanding value of a mortgage is greater than the value of property against which it is secured.” (Text Book) Supply and demand are the main determinants of house prices‚ as the equilibrium of house prices will fall if demand rises
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520 November 13‚ 2011. Professor Dr. Paul Frankenhauser Jr. ABSTRACT This assignment focuses on the role of leadership and how it can impact organizational performance. Examining the integrated case of Alan Mulally‚ CEO of Ford Motor Company‚ I will highlight some aspects of his leadership style and provide examples of how it is demonstrated throughout the case. While touching on Mulally’s leadership style‚ an assessment on communication openness is
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Price elasticity of demand (PED) is defined as the responsiveness of the quantity demanded of a good or service to a change in its price. Price Elasticity of Demand Percentage Change in Quantity Demand for product A Percentage Change in Price for Product A So‚ Percentage Change in Quantity Demand for Product A = PED X Percentage Change in Price for Product A Given‚ PED of Books= 2‚ Percentage Change in Price for Books = 10% So‚ Percentage Change in Demand for Books = 2 X 10% = 20%
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Alan turings enigma code breaker was a very important part of history. First I explain the enigma machine. The enigma made by germans was a method of sending codes across to other enigmas‚ it was a very difficult code to break as there were many settings included allowing for many combinations. There was 60 rotor positions‚ 17576 starting positions on rotor and a plugboard only available to military 26!/6! 10! 2to the power of 10. Options. To break this code the bombe machine was created which would
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Economics HL- IB Price elasticity and indirect taxes Q. Using at least one diagram‚ explain why knowledge of price elasticity of demand is necessary for a government when they are considering increasing indirect taxes on certain products. (16th May 2011‚ Economics- Paper 2(HL)‚ Time Zone 2) The government needs to understand price elasticity of demand when setting the price of the commodities and services it provides for the community (like public transport price). It also needs to be able
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Podmolik‚ Mary Ellen. ‘Area’s median home price up 1.7%: Number of homes sold rises 22% from year earlier’‚ Chicago Tribune‚ 20 July 2012. The price elasticity of demand in Chicago real estate market The newsletter reported the important data of Chicago real estate market in June 2012. Generally speaking‚ this market was experiencing great ascending trends during the short term before the data was released. The specific data is summarized in the following graphics. The market of Chicago real
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Attila the Hun Born‚ 406 AD Hajduboszermeny‚ Hungary Monique Silva Attila‚ frequently referred as “Attila the Hun”‚ was the ruler for the Huns from 434 until his death in 453. He was the leader of the Hunnic Empire. Huns were a group of Eurasian nomads‚ appearing from east of the Volga. Who migrated in to Europe c. 370 and built up an enormous empire there. Attila grew up in a rapidly changing world. His people were nomads who had only recently arrived in Europe. By the time Attila came of age
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the material price variance and usage variances for the month. 2. Calculate the labor rate and efficiency variances for the month. 3. How would your answers to Questions 1 and 2 change if you had been told that November’s planned production activity was 4‚000 units of A and 4‚000 units of B? 4. How would your answers to question 1 and 2 change if you had been told that November’s sales were 4‚000 units of A and 3‚500 units of B? SOLUTIONS: 1. (a.) MATERIAL PRICE AND (b.) USAGE
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