ECO 365 - Week 2 Discussion Question Answers DQ 1: Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income? The concept of derived demand occurs when the demand of product exists due to demand of another product. In this case‚ demand of a labor is a form of derived demand‚ because the amount of labor hired will
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Supply and Demand Shopping for a personal computer these days involves more than comparing hard drive size‚ physical memory‚ and price. A couple of years ago‚ when I was in the market for a new computer‚ I knew I wanted a laptop‚ and that’s about all I knew. I researched the internet looking for the type of laptop I would need as an adult online student. The details I needed to consider were use‚ size‚ weight‚ battery life‚ warranty‚ and operating system. This was at the time when tablet computers
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for short term signage‚ such as point of sale displays. Blackboard Pty Ltd (Blackboard) is one of a small number of suppliers in Australia of vinyl film. In June 2012‚ Blackboard entered into a contract with PostersPLUS Pty Ltd (PostersPLUS) to supply PostersPLUS with cast vinyl film over a 12 month period. Between November 2012 and September 2013‚ Blackboard supplied PostersPLUS with film to the value of the $200‚000 pursuant to the contract. PostersPLUS used the cast vinyl film to manufacture
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is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants‚ through an exchange process. A demand is a want for which the consumer is prepared to pay a price. A want is anything or service the consumer desires or seeks. Wants become demands when backed by purchasing power. A need is anything the consumer feels to keep himself alive and healthy. A transaction consists of a value between two parties. Marketing is
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GMAC Gregg Schoenfeld ® Work-Life Balance: An MBA Alumni Report GMAC ® Research Reports • RR-05-09 • October 13‚ 2005 Introduction The issue of work-life balance has permeated the business community for decades (Carruthers‚ 2005; Spinks‚ 2004; Parsons‚ 2002)‚ and companies have responded with work-life programs to address the issues raised by their employees (Roberts‚ 2005). MBA students‚ as current and future members of the business community‚ are also aware of the issue. According to
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Week Two Summary Eco/365 Week Two Summary Week Two has been an interesting‚ yet exciting‚ week for Learning Team B. The topic of week two was production and cost analysis. Students were required to analyze the relationship between productivity and the cost of production. Week two also had students analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. Through the two discussion questions for week two students were able to take the information
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one ’s emotions and those of others; and possess the ability to direct information towards one ’s decision making actions ’. So‚ EI is the ability to determine‚ evaluate and control individuals and groups emotions. Today‚ where the technology‚ the demand of employees has increased‚ the leader with EI has become crucial to lead organizations to create and maintain the competitive advantage through increased performance‚ and effective use of time and resources. Therefore‚ EI is essential for leaders
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rate of 3%? Answer: P = $40/(0.05 - 0.03) = $40/0.02 = $2‚000 Topic 2: Supply and Demand 1) Suppose that the demand for 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
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What are the uses of National Income figures? Before understanding the uses of National Income figures it is of the utmost importance to define National Income and the three methods used to calculate it. National Income is the aggregate money value of goods and services produced by the factors of production over a given period of time in a country. It is the annual report and as a result it is referred as the real income‚ that is‚ income measured in terms of goods and services. When there is income
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The city of Atlantis is a small city with plenty of parks‚ sidewalks and minimum traffic. Housing consists mostly of detached homes and apartments. The following is a brief description of the simulation that takes a person thru supple & demand of two bedroom units. Having to determine the monthly rate of the two bedroom units or the quantity needed at the monthy rate. As property manager of Gold Life Management‚ there are seven complexes that need to be managed. As we are the only firm that rents
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