1) Some definitions 2) Economics as a science 3) Production possibilities frontier Reading Chapters 1‚2‚3 Definitions Economics: the study of the choices people make and the actions they take in order to make the best use of scarce resources in meeting their wants and needs Economic choices: Consider some activity X. Then a simple rule of economics is: If benefits (activity X)> Costs (Activity X)‚ then do activity X If Costs (activity X) > Benefits (activity X)‚ then do not do
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Economics 472 Economics of Renewable Resources Final Examination April 21‚ 2012 Time: 2 hours Answer any THREE questions. Do not attempt to answer more than three questions. The three questions that you answer will be given equal weight. 1.(a) Consider now a newly planted stand of trees. What decision rule should be employed for determining the “optimal” investment in the trees – the optimal rotation – given that the stand of trees is being managed on a Single Rotation basis? Explain
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’Brilliant’‚ ’Quite Good’‚ ’What?’‚ these are just some of the comments made recently in the press regarding economic development. I really‚ really like economic development. While it has been acknowledged that it has an important part to play in the development of man‚ it is yet to receive proper recognition for laying the foundations of democracy. Inevitably feelings run deep amongst global commercial enterprises‚ who are likely to form a major stronghold in the inevitable battle for hearts and
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Name: ________________________ Class: ___________________ Date: __________ ID: B Econ 2350 Midterm Exam‚ July 13th‚ 2010 True/False (total 20 points; 1 point per question) Indicate whether the statement is true or false. Please mark 0 for False and 1 for True. ____ ____ ____ ____ ____ 1. If the price of leeks falls by $2 per pound‚ then the demand for leeks will rise by 10 pounds. Therefore we can conclude that the demand for leeks is elastic. 2. Marginal revenue is equal to price if the demand
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Grains are very important for a healthy diet. It is commonly consumed by people and is used for many foods. In the article the supply of grains‚ wheats‚ and soybeans were destroyed by a drought near the Black sea. So the agribusiness division would sell and transport these grains and oilseeds to those who demand it. Of course the demand for these grains from this division would increase because those who were in need of those crops near the Black Sea would turn to the imports of these grain. When
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LaTrisha Zackery Assignment 1 Complete the table (Table 1) below‚ then draw the following curves: Short-run average product (AP) curve; Short-run marginal product (MP) curve. Table showing the Average and Marginal product of labour for a hypothetical firm Amount of labour( units) | Amount of capital(No. of machines) | Output of parts(Q‚ hundreds of parts) | Average product (Q/L) | Marginal product(∆Q/∆L) | 0 | 5 | 0 | - | - | 1 | 5 | 49 | 49 | 49 | 2 | 5 | 132 | 66 | 83 | 3 | 5
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Assignment 1 1. Looking at SCORE variable‚ the skewness is -0.0511422 and excess kurtosis is 0.208336. For the normal distribution‚ skewness is zero. Since the skewness for SCORE variable is negative‚ this indicates that the distribution is skewed to the left (the long tail will be in the negative direction). For the normal distribution‚ kurtosis is three. So K-3 measures excess kurtosis. Since the excess kurtosis for SCORE variable is positive‚ the distribution is leptokurtic (it has thick tails
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1. When comparing the composition of world trade in the early 20th century to the early 21st century‚ we find major compositional changes. These include a relative decline in trade in agricultural and primary-products (including raw materials). How would you explain this in terms of broad historical developments during this period? The typical composition of world production during this period experienced major changes. Focusing on today’s major industrial countries the industrial-employment composition
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UNIVERSITY OF WISCONSIN - LA CROSSE NAME___________________________________ Department of Economics Eco 110 - Microeconomics and Public Policy Donna Anderson‚ Ph.D. Sample Final Exam: Note: Actual Final will be shorter SHOW YOUR WORK! ** points 1. Provide the best answer to the multiple choice questions on the scantron sheet 2. Answer the short answer questions on the test. 3. Your responses will be evaluated based on whether you answered the question and the quality of the response
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1. (5 pts)What is the Hecksher-Ohlin Theory of Comparative Advantage? This is a theory developed by two Swedish economists to explain how countries develop comparative advantage in certain areas rather than others. The model works as follows: 1) Assume every country‚ for the most part‚ has access to the same technology. 2) Still‚ factors of production are difficult to move across national boundaries. 3) It follows from (2) that factors of production are relatively bound by geography and national
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