EXERCISES FOR MICROECONOMICS TOPIC 1 Economics: An Introduction (Chapters 1 & 2 in the Textbook) EXPLAIN THE FOLLOWINGTERMS ◎ Average benefit ◎ Average cost ◎ Economic surplus ◎ Economics ◎ Microeconomics ◎ Macroeconomics ◎ Marginal benefit ◎ Marginal cost ◎ Normative economics ◎ Positive economics ◎ Rational person ◎ Sunk cost ◎ Opportunity cost ◎ Absolute advantage ◎ Comparative advantage ◎ Attainable point ◎ Unattainable point ◎ Efficient point ◎ Inefficient
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Genetic modification means changing the genes in a living cell. There are two types of genetic modification: non-inheritable genetic modification and inheritable genetic modification. Non-inheritable genetic modification changes the genes in cells other than egg or sperm cells. If a lung disease is caused by defective lung cell genes‚ it might be possible to treat the disease by modifying the genes in those lung cells. Such changes are not passed to future children. Applications of this sort are
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TVM Exercises Be sure to use the following format for your answers: TVM Table (X%‚ Xn) Pmt (factor) Answer 1. You invest $5‚000 at 6% compounded annually for 10 years. How much will you have at the end of year 10? FV Table (6%‚ 10n) $5‚000 (1.791) $8‚955 2. You need $200‚000 10 years from now and know of an investment that pays a 10% return. How much do you need to invest today to achieve your goal? PV Table (10%‚ 10n) $200‚000 (0.386) $77‚200 3. You are required to
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Exercise 9 1. A farmer wanted to find the relationship between the amount of fertilizer used and the yield of corn. He selected seven acres of his land on which he used different amounts of fertilizer to grow corn. The following table gives the amount of fertilizer (in pounds) used and the yield of corn (in bushels)for each of the seven acres. Fertilizer Used (x) 120 80 100 70 88 75 110 Yield of Corn(y) 138 112 129 96 119 104 134 a. Find the least squares regression line. a. Calculate r and r2
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Chapter 1 The Problem-And It’s Background Potato as an alternative battery for scientific calculator is the chosen topic of the researchers. The researchers thought of many topics but the topic about the scientific calculator get their attention. They thought that scientific calculator is very useful to students especially to 4th year students. A scientific calculator is a type of electronic calculator‚ designed to calculate problems in science‚ engineering‚ and mathematics. They have
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Inventory Exercises 1. At Dot Com‚ a large retailer of popular books‚ demand is constant at 32‚000 books per ear. The cost of placing an order to replenish stock is $10 and the annual cost of holding is $4 per book. Stock is received five working days after an order has been placed. No backordering is allowed. Assume 300 working days a year. a. What is Dot Com’s optimal order quantity (EOQ)? b. What is the optimal number of order per year? c. What is the optimal interval (in working days)
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Vincent van Gogh and is titled The Potato Eaters. It was created in 1885 and displays the life of a peasant family and outlines the lifestyle that these individuals had to endure in this time period such as: living in a small
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study revealed no areas of stenosis of the coronary arterial system. The patient was given nitroclycerin sublingually p.r.n. chest pain and was given Procardia for his hypertension. His ECG normalized and on Tuesday he was subjected to a treadmill exercise test
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The exercise provided a great sense of bad arguments and the various fallacies. The quiz gave examples of fallacious appeals such as questionable authority‚ common belief; two wrongs do not equal a right‚ common practice‚ wishful thinking and indirect consequences. Generally speaking the multiple choice answers were tricky as most of the choices were very similar in content and form. The trick to identifying the correct answer is found in previous reading and looking forward. Key words or the
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Assignment 1 – Writing Exercise Post my Bachelor’s degree‚ having completed about 4 years of work at Nokia‚ the time had come for me to consider joining a full-time M.B.A. program‚ to boost my career further. I felt that the time was right‚ and conducted my research on potential schools‚ globally. Going by information that I read online‚ an email I received from our HR team at Nokia‚ along with some very positive feedback I received from a close friend‚ who is currently enrolled in the E.M.B.A
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