Principles of Economics II – Microeconomics Homework #1: Ch 4~6 and Article Questions Article Questions Please download the associated article. “Fare Hike...” 1. Based on the article‚ are taxi fares more elastic or less elastic for drivers? Passengers? How do you know? Give at least 3 reasons. 2. If given a chance‚ do you think that cab drivers would have raised the amount that high? Why/not? Chapter Questions Ch 4 Questions: 1. Consider the market for eggs. For each of the events
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4318-1 4318 English 110 18 March 2011 Compare & Contrast Capitalism and Socialism These two economic and political systems‚ both having different concepts on how to govern a society‚ state capitalism and welfare capitalism ‚ state capitalism only benefiting equal rights and freedom for the few and welfare capitalism benefiting for all. In state capitalism‚ corporations are privately owned by people called capitalists. Capitalist are only on the motivation of pursuing their
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Supply and Demand (buying a car) There are a lot of things to consider when buying a car. There are short term and long term things that can cause problems with your decision. It is always a great idea to take time to decide what is best for you to do‚ when it is best for you to buy‚ what car you want to buy‚ and also if you can afford the car that you want to buy. I purchased a car a few years back and I had to determine all of these things. I had to get insurance quotes‚ an estimate on my car
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of fish means there is a low supply of fish and therefore the demand increases which accounts for the increase in price. The additional information that is needed to construct a measure is why the meat price decreased. One possible reason is there could have been an influx of meat that forced the price to be lowered because there was simply too much meat at the end of the year the price decreased in order to get rid of the surplus‚ the demand went down and the supply went up. 1. Define
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the economy achieved greater efficiency in the production of tables‚ how would the production –possibilities curve change? (f) If a more efficient method of producing chairs were developed‚ how would the curve change? (g) Suppose more economic resources (labour‚ materials‚ and capital) became available. How would the curve change? Q2. (15 points) The following table describes the production possibilities of two cities. | Red SweatersPer Worker per Hour | Blue SweatersPer Worker
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TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES COLLEGE OF BUSINESS EDUCATION Principles of Economics With Land Reform and Taxation (Econ 003) NAME : _______________________________________________ SCORE : ____________________________ MIDTERM QUIZ No. 1 (Take Home) SECTION: _____________________________ DIRECTION: Write the CAPITAL LETTER of the CORRECT ANSWER on the space provided. Any form of ERASURES is strictly not allowed. 1. If you were running a firm in a perfectly competitive
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* Question 1 0 out of 1 points | | | Duopolists A and B face the following demand curves: QA = 120 2PA + PB and QB = 120 2PB + PA. If both firms have zero marginal cost and they form a cartel‚ what is the profit-maximizing price and quantity?Answer | | | | | Correct Answer: | a. P = 60‚ Q = 120 | | | | | * Question 2 1 out of 1 points | | | Total surplus in a market is a measure of:Answer | | | | | Correct Answer: | c. social welfare created by the market
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Compare and Contrast United States and Canada All countries in the world are unique in different ways. We never take time to compare between two countries unless we have a chance to visit them. United States and Canada are two neighboring countries which shares several amenities and beauty. The two countries have several similarities but are different in many aspects. A comparison between the two countries based on geographical climate‚ language‚ economy and political system make these differences
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the law of demand and using examples and diagrams distinguish between movements along and shifts of the Demand curve. Demand is the amount of a particular good or service that a consumer is willing and able to buy at a given price ceteris paribus. The law of demand states that as the prices of a good or service increases the quantity demanded will decrease and vice versa‚ all other things being equal. The difference between movements along the demand curve and a shift of the demand curve is based
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Introduction –Demand supply and market equilibrium • It is the belief of many that the principles of demand and supply is very important to microeconomics. • However‚ the concepts that underline these principles are often confused. This presentation will outline the core principles behind these concepts. Demand • Demand can be defined as : the want or desire to possess a good or service with the necessary goods‚ services‚ or financial instruments necessary to make a legal transaction for those
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