MS 3229 2012/2013 SEMESTER ONE – CLASS TEST DEWT/ DCEB 2FT - ENGINEERING MATHEMATICS 2 Time Allowed: 30 mins Instructions To Candidates: 1. 2. 2. 3. 4. 1. All the SP exam rules are to be complied with. A ‘mathematical formulae and tables’ card is provided. All non-exact answers are to be corrected to 3 significant figures All answers are to be written in the answer booklet provided. Answer ALL the THREE questions. The level of pollution (measurements y in coded units) in a city and the corresponding
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treasury)‚ & Robert Morris supported dollar as American Monetary Unit This established the decimal system we use today with money – which is much easier than the British system‚ which was eventually decimalized in 1971. Coinage Act of 1792 - Set our monetary system based upon gold & silver – “Bimetallic System” for almost 75 years Designated both gold and silver as the monetary standard for the U.S. = Bimetallic Standard and lasted for almost 75 years Silver coins contained more metal than
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Economics and Macroeconomics Discussion Questions 1 Explain why both nations with high living standards and nations with low living standards face the problem of scarcity. If you won $1 million in a lottery‚ would you escape the scarcity problem? You would not escape the scarcity problem even if you won $1 million in a lottery because the problem of scarcity will always be present. There will always be unlimited wants that cannot be satisfied due to limited resources. 2 Why is money not considered
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resources are abused. even in the richest country some people go hungry. no country can produce enough products to satisfy everybody’s economic wants. it is impossible to produce too much of any particular good or service in a market economy. | 3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society? (Points : 1) | Yes‚ because the individual consumer does not have to pay for them. Yes‚ because the marginal benefit is greater than the marginal cost. No
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and has the short-run total cost function C = 640 + 20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue‚ marginal cost‚ and demand curves‚ and show the area that represents deadweight loss on the graph. 3. In question 2‚ what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? 4. Show that if a firm is a natural monopoly‚ a government policy that
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them. Scarcity is not eliminated when people become rich‚ movie goers are able to see the next The Social Networ installment‚ or people gain employment because of the movie’s release. In all cases‚ people will have wants that cannot be satisfied. 3. Economics is the social science that studies the choices that individuals‚ businesses‚ governments‚ and entire societies make as they cope with scarcity‚ the incentives that influence those choices‚ and the arrangements that coordinate them. 4. Microeconomics:
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cost equals: a. average variable cost at its maximum point. b. the change in total fixed cost divided by the change in quantity. c. the change in total variable cost divided by the change in quantity. d. total cost divided by quantity. 3. If a total product curve exhibits increasing returns to a variable input‚ the cost elasticity is: a. equal to one. b. greater than one. c. unknown‚ without further information. d. less than one. 4. A firm’s capacity is the output: a.
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feelings to intervene in that particular economic decision. However‚ that was only two people out of twelve; making it ≈17% which is a very low number. In other words‚ if only 17% of the humans in a market are making irrational decisions‚ then those ECON 001 SAQUICELA !1 decisions are not going to have a big impact on the level of rationality of the market. Although some humans in the market are making irrational decisions‚ the market remains rational. On the other hand‚ the rationalists strongly
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economic policies? One of the major reasons for why the GMD lost the civil war was because of their economic mismanagement‚ which then left the same problems for Moa and his government to deal with. So it is worth pointing out that it was not Mao who started the economic mess‚ but whether he helped to clear it up is what I hope to find out. The problems he faced included the hyper inflation‚ mass poverty across the country and a large debt owed to the west. Mao’s aims for his economic policies were
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What is Elasticity? - Elasticity refers to the degree of responsiveness in supply or demand in relation to changes in price. If a curve is more elastic‚ then small changes in price will cause large changes in quantity consumed. If a curve is less elastic‚ then it will take large changes in price to effect a change in quantity consumed. Graphically‚ elasticity can be represented by the appearance of the supply or demand curve. A more elastic curve will be horizontal‚ and a less elastic curve will
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