the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. An example of a supply & demand graph (a)People decide to have more children. This indicates there is an increase in the number of buyers‚ therefore increase in its demand. (b)A strike by steelworkers raises steel price Steel prices increases due to workers’
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ECONOMICS FOR MANAGERIAL DECISION MAKING-I (ECONOMIC ANALYSIS SIMPLIFIED FOR YOU) COURSE DURATION: 20 HOURS PER SEMESTER COURSE CREDITS: 02 1. ESSENCE OF ECONOMICS Problems of an economy; Solutions of these problems; Alternative system to tackle the problems; Economics‚ micro – economics & macro – economics; Basis building blocks of microeconomics – rationality‚ marginalism‚ opportunity cost‚ general & partial equilibrium. 2. FALLACIES AND PITFALLS Economics is about decision making
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If there are lot of barriers to entry there will be market structure such as monopoly or oligopoly; if there are no barriers to entry‚ or just few of them‚ there will be market structure such as perfect competition or monopolistic competition. When the barriers to entry are lots and strong‚ another producer will not be able to enter into the market because the costs and difficulties are too high‚ we will find a monopoly. In this type of market structure there are different kind of barriers to entry
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CONTENTS INTRODUCTION 1 METHODOLOGY 2 1. Nominal exchange rate (NER) 2 2. Real exchange rate (RER) 2 3. Nominal effective exchange rate (NEER) 2 4. Real effective exchange rate (REER) 3 DATA COLLECTION AND CALCULATION 4 ANALYSIS 6 1. The divergence between the NER and RER index (2001-2011) 6 2. The relationship between NEER‚ REER and trade competitiveness of the Philippines (2001 – 2011) 10 CONCLUSION 14 REFERENCE 15 INTRODUCTION The Phillippines is
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Economics 130: Exam 3 Study Guide 1) Which market model has the least number of firms? a. Pure monopoly 2) There is no control over price by firms in: a. Pure competition 3) Which is true under conditions of pure competition? a. A large number of firms b. Standardized product (meaning no product differentiation) c. Price takers (no exertion over product price) d. Free entry and exit in and out of the market e. Individual firms have a perfectly elastic demand curve‚ but whole industries
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written by John Bellamy Foster‚ the editor of Monthly Review and professor of sociology at the University of Oregon collaborating with Robert W. McChesney. The article came originally from the introduction of the book called The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the United States to China. The Great Financial Crisis and the Great Recession began in the United States in 2007 and quickly spread across the globe‚ which appear to be the turning point
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Practice Test Economics 01 Midterm 2 Fall 2013 Professor K.C. Fung Multiple Choice: Choose the best answer 1. Suppose price of baguette is $1 and price of sushi is $5‚ then to maximize total utility‚ a rational consumer should consume until: a) the marginal utility of baguette divided by the marginal utility of sushi is 1 b) the marginal utility of baguette divided by the marginal utility of sushi is 5 c) the marginal utility of baguette divided by the marginal
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+ 20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue‚ marginal cost‚ and demand curves‚ and show the area that represents deadweight loss on the graph. 3. In question 2‚ what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? 4. Show that if a firm is a natural monopoly‚ a government policy that forces marginal cost pricing will result in losses
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Surplus Use the graph below to answer the next few questions: Assume that the graph shows a perfectly competitive market. What is the consumer surplus? F+B+E Assume that the graph shows a perfectly competitive market. What is the producer surplus? A+C+D Assume that the graph shows a perfectly competitive market. What is the total surplus? A+C+D+F+B+E Now assume that a monopoly is the sole supplier to the market. How does that change the surplus measures? Use the graph below. Assume
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Philippine air transport industry and their effects on the state of competition and market structure of the industry. Until 1995‚ the country had a one-airline policy. This gave the Philippine Airlines (PAL) the virtual monopoly of the country’s air transport industry. The monopoly‚ however‚ created so much inefficiency that the airline was not conscious to keep its service to certain standards. The landmark for reform came in 1995 with the passing of Executive Order 219 establishing the domestic
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