OUTLINE 1. Is economics a Science? Discuss 2. Sketch the following graphs: (a) y = x (b) Y= 3x + 1 (c) Y= 10 – 3X (d) Y = 3 3. Identify the 2 curves in question 2 which are positively sloped. Explain. (b) Identify which curve in question 2 is negatively sloped. Explain. (c) Identify which curve in question 2 has zero slope. Explain. 4. What does ceteris paribus mean? Why is the concept useful to economists? 5. Why does the distinction between a positive and a normative state matter for economics
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The Current State of the Economy Brandy Latham FP/120 February 05‚ 2013 University of Phoenix The Current State of the Economy Knowing the state of the economy is beneficial to people in general. People tend to make financial decisions based on current rates and financial income. By knowing the current market and the state of the economy‚ the public will be better prepared and be informed before making important financial decisions‚ like buying a house. The current economy is contracting
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Supply and Demand Supply and Demand Microeconomics vs. Macroeconomics The supply and demand simulation shows different aspects of economic structures. Although mostly focused on microeconomics‚ the simulation does show a small role of macroeconomics. The principles of microeconomics would apply to drop in rent prices to increase the supply being demanded. Another microeconomic principle shown in the simulation is the rise in demand when the cost of rent is lowered. Macroeconomics principles
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Demand and supply analysis of gold Gold is a precious metal which holds great value. It is yellowish in colour and it is used in making jewels and other valuable assets. It represents a store of wealth and economic strength to the world and is a strong force in international monetary command. Gold is the “backbone of all economies” (Baber et al.‚ 2015‚ p. 1). The investment role of gold has become significant in recent times after the 2008 financial crisis. The gold possesses strong‚ imperishable
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Supply and Demand Changes Of Verizon Verizon has gone through many changes in the last few years. The communication industry is extremely competitive and this company would not have had a chance of forming at all‚ except for the government ordered breakup of AT&T in 1984. Their targeted areas of communication are cellular‚ paging and PCS services for corporate and individual customers. They have been trying to expand their business for corporate local goods and services. The article I chose
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1. As price falls‚ Quantity demand rises 2. Goods for which demand is negatively related to income are called Inferior 3. In the market for tea‚ for some consumers Coffee is a substitute 4. When the price of demand for a good is more than one‚ an increase in the price of the product causes total revenue to Decrease 5. Movement along the demand curve for high rise apartments will be cause by a change in Price of the high rise apartments 6. To determine the relationship
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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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Chapter 2: Market Forces: Demand and Supply For this week read Chapter 2‚ pages 48-68 Answer the following questions: Question 7. On page 70 Suppose demand and supply are given by Qd = 14 –1/2P and Qs = 1/4P – 1. a. What are the equilibrium quantity and price in this market? Show your work? Hint: 1. Draw the demand and supply graph and label all initial points ( D0‚ S0‚ P0‚ E0)‚ following the use of comparative statics given your text on pages 62-65) 2. Set demand equal to Supply and solve the values
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top dollar for these apples‚ you decide you have to eat them. 2. Briefly explain why the following statements are either TRUE or FALSE: a. Even though school dormitory rooms are rationed by lottery‚ these rooms are still affected by economic forces. b. Because the U.S. postal service is a monopoly and Congress sets postal prices through legislation‚ market forces do not determine stamp prices. c. New York City government auctions taxi medallions
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Demand As the broadcast of the Barclays Premier League (BPL) was being cross-carried between SingTel and Starhub‚ the demand for SingTel’s mioTV decreased. The SingTel had differentiated its sports package from Starhub as they are able to broadcast the UEFA Champions league and UEFA Europa League. It was quoted from The New Paper Apr 27 2013‚ “We will ensure that existing SingTel customers who are on contracts will not be affected. However‚ those who wish to watch BPL on its own will most likely
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