The Question: Does temperature affect the elasticity of a rubber band? Our Hypothesis: We thought that in hot water that it will be the most elastic. Simply because hot water make things stretchy and moveable like balsa wood. Material: 1. Three Cups 2. Nine rubber bands (should be the same) 3. Cold Water 4. Hot Water 5. Room Temperature Water 6. Two pencils (you will see why later) 7. Four Ice Cubes 8. Water that is sitting in an indoor location 9. Stop Watch 10. Ruler Experimental 1. Take one cup
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ECON 1001 – INTRODUCTION TO MICROECONOMICS COURSE 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
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Name two types of market failure. Explain why each may cause market outcomes to be inefficient. Market Power- In some markets‚ a single buyer or seller may be able to control the market prices. Market Power can cause inefficiency because it keeps the price and quantity away from the equilibrium of supply and demand. Externalities- The impact of one person’s actions on the well-being of a bystander. Since buyers and sellers do not consider these side effects when deciding how much to consume and
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Examine the importance of the elasticity of demand in a government decision to impose a specific tax on the buyers of cigarettes Price Elasticity of Demand is the responsiveness of a change in the quantity demanded of a certain good to a change in its price. The formula for Price Elasticity of Demand is the percentage change in the quantity demanded of a certain good divided by the percentage change in the price of that certain good (Alain Anderton‚ p.55). A specific tax is a tax that’s amount
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following change to a determinant of supply and/or demand will affect the equilibrium price and quantity. Illustrate each answer with a supply-and-demand diagram depicting the shift(s) and the resulting effect on price and quantity a. Outbreak of mad cow disease kills off much of the cattle stock. b. The price of chicken‚ a substitute‚ declines sharply. c. A worldwide economic boom results in higher average incomes. d. Beef (red meat) is shown to cause high blood pressure
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Practical Applications 1 Consolidated Financial Statement Preparation Considerations Prepared for Oprah Hill‚ President of SSI Prepared by Tarun Sinha‚ partner‚ assurance‚ of Krishna Associations‚ CGAs September 30‚ 20X0 Introduction This report will identify the adjustments that will need to be considered in order to prepare the consolidated financial statements for Sterling Shoes Inc. (SSI) and Footsie Inc. (Footsie) Financial Accounting Issues Goodwill Acquisition
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CB2400 Micro-Economics Tick & Learn Elasticity Intended Learning Outcomes The “Tick & Learn” questions help you attain the following intended learning outcomes: Identify concept(s) you have learned which is (are) relevant to each question. Use the concept(s) to analyze each question. Notes to Students Attempt all questions and discuss your answers with your tutor and classmates in tutorials. 1) The price elasticity of demand measures A) how often the price of a good changes. B) the slope of
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Supply and Demand‚ Markets‚ Prices and Price Setting Cirilo "Lee" E. Montano Trident University Microeconomics ECO201 Allison Kaminaga‚ Ph.D. December 10‚ 2012 Explain what happens to price and quantity of coffee when the following events occur: 1. An advertising campaign highlights scientific studies that find drinking coffee can help reduce weight gain. a. What do you think would happen? People will buy more coffee‚ drink more coffee‚ and research what coffee will help them lose
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Practical Application A client comes to you for counseling. She states she is a Christian‚ in her third year of undergraduate school. She states she is struggling to choose a major because‚ “I am afraid that it may not be God’s will.” • What steps will you take to help her navigate this impasse? Why? • How might your personal position influence how you address this client’s concerns? Decisions come in all shapes and sizes‚ some are life threatening and others are simply insignificant. There are
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Effects of different liquids on the elasticity of a rubber band Luke lash and Charles baker Question: If we submerge rubber bands in different liquid substances‚ will its elasticity of the rubber bands increase? Hypothesis: If we use a more acidic substance like vinegar‚ then elasticity of the rubber band will increase. Background: We are conducting this experiment because although it has been done before‚ the substances that have been used before are generally ordinary. Others have used hot
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