BUECO5903 Business Economics Assignments Part A – Microeconomics Question 1: (a) Explain the impact of external costs and external benefits on resource allocation; (2.5 marks) The external cost and external benefit is a cost or benefit imposed on people other than the consumers and producers of a good or service. External cost is negative and may be detrimental to the third party‚ conversely‚ external benefits is positive and beneficial to third party. Because of this concept‚ it
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Cross-Contamination and its Role in Food Poisoning Outbreaks Cross-contamination is one of the most major causes of food poisoning (Food Standards Agency‚ 2014). It is defined as ‘the process by which a substance that is harmful or dirty spreads from one area to another’ (Cambridge Online Dictionary‚ 2014) .There are 3 different types of contamination in the food industry; microbial contamination‚ physical contamination and chemical contamination‚ with microbial contamination being a more frequent
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What determines culture? Discuss and use examples. Culture is the way of thinking and doing things that are passed on from one generation to another such as language‚ norms and values of society. It is the total pattern of human behavior which creates human beings and human societies. Culture is cumulative‚ by slow accumulation over many generations; culture is the product of human societies and of the individuals who compose them. Culture holds society together. It is the way of life that people
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TUTORIAL 1: DEMAND THEORY 1a) The demand curve for haircuts at Terry Bernard’s Hair Design is P = 15 – 0.15Q where Q is the number of cuts per week and P is the price of a haircut. Terry is considering raising her price above the current price of RM9. Terry is unwilling to raise price of the price hike will cause revenue to fall. Should Terry raise the price of haircuts above RM9? Why or why not? b) Terry is trying to decide on the number of people to employ based on the following
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cultural imperialism. Varying global standards - e.g. the use of child labor. The way in which multinationals take advantage of international differences‚ such as outsourcing production (e.g. clothes) and services (e.g. call centers) to low-wage countries. The permissibility of international commerce with pariah states. Foreign countries often use dumping as a competitive threat‚ selling products at prices lower than their normal value. This can lead to problems in
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Using Demand And Supply Analysis‚ Explain How Resources Are Allocated Through Changes In Price In A Market Economy There are two main kinds of markets‚ they are commodity markets where consumer buy goods and services; and factor markets when producers purchase resources such as labour. If a demand of a commodity increases‚ e.g. laptop‚ the manufacture Apple‚ for example‚ will need to increase resources to construct them. In diagram 1 below‚ the demand for laptops shifts to the right‚ from D to
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What is meant by ‘Civil Society’ and is it a useful concept? Introduction Although the term “civil society” can be traced to ancient Greece‚ as Martin Shaw has explained‚ the modern concept of civil society originated from the philosophical and political thinking of the late eighteenth and early nineteenth centuries. At that time the thinking “began to distinguish systematically between the spheres of state and society” (Shaw‚ 1996: 296-278). The essence of the concept of civil society was its
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auditors can effectively use nonfinancial measures (NFMs) in their analyses of fraud. Given that auditors can identify NFMs (e.g.‚ facilities growth) that should coincide with financial measures (e.g.‚ revenue growth)‚ inconsistencies between these two variables may be indicative of higher fraud risk. The results show that all of the respondents believed that financial measures should be accounted for most in an auditing‚ but more than half disagreed that only the financial measures dictate the performance
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Income Effect The equilibrium of the consumer is obtained on the basis of the assumption that the income level of the consumer remains constant and prices of the two commodities also remain constant. When income of the consumer changes or when any price level changes the equilibrium position will be affected. When income increases‚ prices of the commodities remaining the same‚ the budget line shifts parallel to the right. This happens because there is a change in the intercept part of the equation
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Speed of reaction for the cross to disappear when sodium Thiosulpahte is mixed with Hydrochloric Acid…. Introduction In class we carried out an experiment called `the disappearing cross`. When sodium Thiosulpahte solution is added to acid‚ the mixture gradually goes cloudy. This can be used to conclude how long the reaction proceeds for. We tried the experiment many times with different amounts of chemicals. In this experiment we will be seeing how the amount of chemical change‚ will affect the
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