Week One Discussion Question ECO 365 August 29‚2013 Week One Discussion Question What is economics? What role does economic play in your personal and organizational decisions? Provide an example of the role of economics in decision making? According to the background history of economics‚ economics is the study of how individuals and groups make decisions with limited resources as to fulfilling and satisfying ones needs‚ desire‚ and wants. Economics is also another term related to money
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Cost drivers‚ as propounded by Porter (1985) are the structural causes of the cost of an activity in the value chain. They determine the behaviour and level of costs within an activity. A cost driver can be completely‚ partly or not at all under the control of a firm. It is therefore important for a manager to understand these factors because according to the Neo-classical model of the firm‚ the firm’s objective is to maximise profit by producing a given level of output at the minimum cost level
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Check Your Understanding Week 5 (ANSWERS) o Chapter 9: Problems 3‚ 4‚ and 5 3. Electrical generation study of 56 British firms: a. VC = AVC(Q) VC = 1.24Q + .0033Q2 + .0000029Q3 − .000046Q2Z − .026QZ + .00018QZ2 b. MC = 1.24 + .0066Q + .0000087Q2 − .000092QZ − .026Z + .00018Z2 c. Z = 150(thousand) kilowatts SRAVC = 1.24 + .0033Q + .0000029Q2 − .000046Q(150) − .026(150) + .00018(150)2 SRAVC = 1.39 − .0036Q + .0000029Q2 SRMC = 1.24 + .0066Q + .0000087Q2 − .000092Q(150) −
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Elasticity is used to explain the degree of responsiveness of the demand for a product to a change in its price. Ep=Percentage change in quality demanded/Percentage change in price (Ep=Price Elasticity) Practical applications of Price Elasticity: 1) Helps in fixing the prices of different goods: It helps a producer to fix the price of his product. A higher price is charged if the demand for the product is inelastic and a lower price is charged if the demand for the product is elastic. Thus‚ the
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1. Inflation is a global Phenomenon which is associated with high price causes decline in the value for money. It exists when the amount of money in the country is in excess of the physical volume of goods and services. Explain the reasons for this monetary phenomenon. Ans: Inflation: In economics‚ inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. It can be defined as too much money chasing too few goods. When the general price
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ECONOMICS OF GLOBALIZATION SAURABH SINGH SCHOOL OF BUSINESS (2012) (GALGOTIAS UNIVERSITY) Name: Saurabh Singh MBA(Batch 1) 12SOB102234
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SUPPLY supply curve - in economics‚ graphic representation of the relationship between product priceand quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis. In most cases‚ the supply curve is drawn as a slope rising upward from left to right‚ since product price and quantity supplied are directly related (i.e.‚ as the price of a commodity increases in the market‚ the
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Week 7 : Week 7 - Exam #1 Time Remaining: | | 1. What phrase is often used interchangeably with the phrase market capitalization? (Points : 1) Market value Open Interest Trading volume Notional value | 2. Assume that an investor lends 100 shares of Jiffy‚ Inc. common stock to a short seller. The bid-ask prices are $32.00 - $32.50. When the position is closed the bid-ask prices are $32.50 - $33.00. The commission rate is 0.5%. The market interest
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Topic:Economic Globalization and the impact on economy development at Vietnam. Sub topic 1: The impacts of Economic Globalization on VN economy. 1.1 Positive 1.2 Negative Sub topic 2:Opportunities and Challenges for Vietnam enterprises in the process of international economic integration. 2.1 Opportunities 2.2 Challenge How to make use of the process of international economic integration in Vietnam Conclusion Solution Ok. Is everyone here? Right‚ let’s get started
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Name:____________________________ Date:____________ Period:____ Quiz #1 – Made in China 1) The exchange of silks and spices and the spread of Buddhism along the Silk Roads are examples of: A. Cultural Diffusion B. Self-Sufficiency C. Ethnocentrism D. Desertification 2) A British bank makes a loan to a South American nation. A United States corporation purchases large amounts of land in Guatemala. A Japanese investment firm becomes the major shareholder in a Bolivian silver
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