oranges increase. Explain the long -run effects of the guiding function of price in this scenario. Answer: In the long run‚ the higher price of oranges will signal more firms to enter the orange market‚ as it will seem more profitable than some other markets. As firms enter‚ supply increases‚ causing the price to fall relative to the short-run price and quantity to increase further. The higher short-run price has guided more resources into the market. 2) Suppose that the demand for oranges
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States; According to the Global Sports Media 2013 US Consumption Report. The report also displayed the growth of sports consumption via mobile devices In the US year after year. In 2011 it was recorded that 21% of Americans across the US followed sports through mobile devices (via smart phones‚ tablets‚ iPad etc.) It increased to 34% and then 35% in the years 2102 and 2103. These staggering numbers really opened my eyes as to how much sport consumption Americans really absorb in a year. After seeing
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reports were released in May 2011. PriceWaterhouseCoopers (PwC) Health Research Institute’s “Behind the Numbers: Medical Cost Trends for 2012” examined the medical costs for employers in 2012 and Medco’s “Drug Trend Report” looked at prescription drug prices and utilization trends. The following are highlights from each report5: PwC’s “Behind the Numbers: Medical Cost Trends for 2012” survey was completed during the first quarter of 2011. Survey participants included 1‚700 companies from the United
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THE CONCEPT OF CONSUMPTION AND SAVING. Consumption and savings are opposite by nature. The term consumption denotes expenditure and by savings we understand the act of preserving money for the future needs. Most of us are in the habit of meeting the present needs from our income. After that‚ if there remains anything‚ then only savings can be done. But in the long run‚ it is the savings that matters most. CONCEPT OF SAVING The concept of saving is important in the context of economics and
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VALUE Vs PRICE There are four major attributes of a commodity i.e.‚ an item or service produced for‚ and sold on the market has four major attributes. They are: • a value • a use‐value (or utility) • an exchange value • a price (it could be an actual selling price or an imputed ideal price) VALUE In simple words‚ value refers to the importance of a thing or utility of a commodity. But in economics the term “value” has a quite different meaning. According to the famous economist
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Price controls are usually justified as a way to help consumers‚ but those who advocate them often ignore their incentive effects. Consider‚ for example‚ rent controls‚ a popular form of a price ceiling. If the demand curve and the short-run supply curves are inelastic‚ then a sizable drop in rents may result in a very small shortage. The benefits to consumers (lower prices) will‚ in the judgment of most‚ clearly outweigh the costs to consumers (less housing). Further‚ the short-run supply of housing
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x Biology 11 Ms. Zwart 06.09.13 The Cooling Curve of Water Variables: Independent Variable: The independent variable is heat; we measure the temperature with a thermometer‚ which has a systematic error of ± 0.5 °C. Dependent Variable: The dependent variable is time; we know when 30seconds pass with the use of a stopwatch‚ which has a systematic error of ± 1 second. Controlled Variables: The controlled variables used in this experiment are; a 400ml beaker with the systematic error
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How Oil Prices Affect the Price of Food By Post Carbon | Wed‚ 21 December 2011 18:07 The current global food system is highly fuel- and transport-dependent. Fuels will almost certainly become less affordable in the near and medium term‚ making the current‚ highly fuel-dependent agricultural production system less secure and food less affordable. It is therefore necessary to promote food self-sufficiency and reduce the need for fuel inputs to the food system at all levels. The connection between
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The total consumption of alcoholic beverages in India is expected to touch 217.1 million cases in 2010‚ marking a growth of 8 percent from the previous year‚ according to a report. According to a report published by market research firm International Wine and Spirit Record (IWSR)‚ the total consumption of spirits in the country stood at 200 million cases in 2009. A case has 12 bottles‚ totaling nine liters. The Indian alcoholic beverages market is dominated by whisky‚ which accounts for more
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To begin with‚ we have to consider the background of UK cigarette consumption. In the UK‚ cigarette consumption is 25% higher than the Europe Union average‚ The table on this slide presents percentage of smoking 20 or more cigarettes a day‚ on average‚ take up 10% of men‚ and 6% of women. While‚ in young group‚ 26% of young men and 25% of young women aged 16-19 were light smokers‚ but only 4% and 3% respectively were heavy smokers. Consumer spending on tobacco products in 2008 amounted to an estimated
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