THE UTILITY CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on
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Chapter 3: Government and the Economy In your own words‚ explain what an externality is. Externality is very easy to explain. An externality is the measurement of the difference in what something costs for you and what it costs for society in economics. Besides addressing externalities‚ what other important and beneficial roles does government play in our economy? Governments play
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Personnel Economics Application Paper Tournament is a kind of reward system where fixed rewards are used for a fixed group of people and the “distribution of rewards is based on the order of the participants’ performance” (Lazear & Oyer‚ 2009‚ p. 9). In this particular situation‚ four agents in one of Mitch & Murray’s offices are given a strong incentive to succeed in a sales tournament. Mitch & Murray uses a set of prizes that diminish in value as a person’s relative performance gets
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ECON EXAM 3 QUESTIONS Competitive Supply A perfectly competitive firm maximizes profit by producing the quantity at which: MR = MC. Consider a perfectly competitive firm in the short run. Assume the firm produces the profit-maximizing output and that it earns economic profits. At the profit-maximizing output‚ all of the following are correct except: price is equal to average total cost. People in the eastern part of Beirut are prevented by border guards from traveling to the western part of
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Test Bank for Cost Management A Strategic Emphasis 5th Edition Multiple Choice Questions The Institute of Management Accountants’ standards of ethical conduct for management accountants includes the elements of: Mark - incorrect Answers 1. A.Competence‚ confidentiality‚ integrity‚ and relevance. - Given 2. B. Competence‚ confidentiality‚ integrity‚ and credibility. 3. C. Competence‚ confidentiality‚ independence‚ and objectivity. 4. D. Competence‚ accuracy‚ integrity‚ and independence. According
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The purpose of this essay is to analyse the performance of Barratt Developments PLC as an example of any organisation in terms of business‚ economic and management concepts. One of the most important and influential elements of the business environment is the structure of the industry. How a firm performs depends on the state of its particular industry and the amount of competition it faces. (Book) To describe the characteristics of the modern construction industry we should look at the nature of
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UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Advanced Level ECONOMICS Paper 4 Data Response and Essay (Supplement) October/November 2005 2 hours 15 minutes Additional Materials: Answer Booklet/Paper 9708/04 w w w e tr .X m eP e ap .c rs om READ THESE INSTRUCTIONS FIRST If you have been given an Answer Booklet‚ follow the instructions on the front cover of the Booklet. Write your Centre number‚ candidate number and name on all the work you hand in. Write in
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Questions to idenfy a busines’s >> Business Profile: Major activities How is the business structured Types of products / services it provides Brief profile of the owner Previous experiences / qualifications Reasons for starting this business Personality traits / skills / competencies (Appendix 1) How does the owner believe he can successfully run the business What goals has he set for the business / time frame Outlining the short term goals for the business. Outlining
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pass-through security D. preferred stock 8. Suppose that short-term municipal bonds currently offer yields of 4%‚ while comparable taxable bonds pay 5%. Which gives you the higher after-tax yield if your tax bracket is (Note that this is NOT a multiple choice. You need to calculate the after-tax yield in each
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Velammal Institute of Technology Department of Computer Science and Engineering MG2452- Engineering Economics and Financial Accounting Question Bank Part A: 1. Define economics 2. Define managerial economics. 3. Define micro economics 4. Define macroeconomics 5. Differentiate micro and macroeconomics 6. Draw economic circle. 7. State the subject matter of economics. 8. What is scarcity? 9. What is firm? 10. What are the objectives of firm? 11. What are
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