Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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QUESTION 1 a. A downward-sloping demand curve shows in both graphs when the quantity at each price is doubled what it was. However‚ the curve in demand for pharmaceutical drugs is drawn with a relatively steep slope as inelastic products. Equilibrium price down-sloping along the demand curve while quantity in both market increased to some extent. b. In inelastic demand of pharmaceutical drugs‚ the percentage change in price is greater than the percentage change in quantity demanded. While in elastic
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fresh and enthusiastic. Their smiles are genuine and their cries are true. Their hearts are pure - their innocence made us smile and sometimes made us cry. Teacher as we are‚ we have responsibilities and obligations to uphold. And that is to teach – to teach meaningfully every single day. Part of our obligation is to introduce these young minds the 26 letters from its sounds towards letter recognition. From pre-writing activities‚ tracing the different lines and luckily to write those letters all
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Why Teach? Alisha Anderson Grand Canyon University: EDU 576 March 6‚ 2013 Why teach? I believe that it was meant for me to become a teacher. I have a passion for learning‚ and I will make my classroom an adventure of learning. A teacher of the year also from Mississippi‚ Wynona Herchenhahn (2009) indicated that she was a product of good teachers‚ and I also think that I had many influences coming from great parents and teachers. I love teaching students‚ they bring out my best values. I
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The possibility that microorganisms exist was discussed for many centuries before their actual discovery in the 17th century. The existence of unseen microbiological life was postulated by Jainism‚ which is based on Mahavira’s teachings as early as 6th century BCE.[19] Paul Dundas notes that Mahavira asserted existence of unseen microbiological creatures living in earth‚ water‚ air and fire.[20] Jain scriptures also describe nigodas‚ which are sub-microscopic creatures living in large clusters and
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Subject: Business Economics Subject Code: BUECO5903 Course Coordinator / Moderator: Paul McPhee / David Spiers Assignment A: Microeconomics Student Name: Noor Aini Faiz Student Number: 30120381 Lecturer: Dr. Ganeshamoorthy Question 1: (a) Explain and illustrate using suitable diagrams‚ the impact of external costs and
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Macro Economic System and its Management. 1. Macro Economic Concerns: • Micro vs Macro Economics. • Major Building Blocks of Macro Economics: 1) AD & AS 2) Four Sectors: HHS‚ BS‚ GS & FTS 3) Two Markets: Commodity Market and Money Market. • Specific issues to be addressed in Macro Economics: o Rising Prices o Rising Unemployment o Falling GDP o Balance of Payments Crisis. • Tools of Macro Economic Policy and Management:
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* WHY TEACH MUSIC ON MY OWN PERSPECTIVE We have seen from the first part of this assignment some reasons on why teachers (or we‚ MAPEH major‚ because will also be a future educator someday) need to teach music. Actually‚ the first part came from the internet‚ which I researched to help me give some information and ideas on why teachers or we need to teach music. But if talking about my OWN POINT OF VIEW about it‚ for me‚ we need to teach music first of all because music is an essential part of the
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Dr. Kris De Jaegher Extra Material complementing Pindyck and Rubinfeld Chapter 2 Learning Objectives 1. Understand the meaning of demand and supply curves‚ and see how equilibrium is established; 2. Understand the meaning of the slope and intercepts of demand (and supply) curves; 3. Understand the difference between movements along demand and supply curves‚ and shifts of demand and supply curves; 4. Understand the effect of price ceilings and price floors; 5. Understand
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Price War between Airasia and Malaysia Airlines The purpose of the analysis is to evaluate the supply and demand of two main air line operators in Malaysia‚ which is Airasia and Malaysia Airlines by determines the price and quantity and change in the market of Airasia and Malaysia Airlines. Airasia is a leading airline company in providing low cost airline services while Malaysia Airlines is more towards providing high quality airline services. In the past time‚ the demand of Malaysia Airlines is
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