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: The study of the choices that individuals and businesses make and the way these choices interact and are influenced by governments. 5. Macroeconomics: The study of the aggregate (or total) effects on the national economy and the global
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entry into these industries is largely unrestricted by government’s rules and regulations. One example of an MPC firm is the hawker stall. The set-up cost including the rental cost is low and due to the small-scale production of food‚ there is limited scope for EOS that act as a BTE. This weak BTE gives rise to the large number of hawker stalls being set up. With so many hawker stalls present‚ each hawker stall has a relative small share of the total food market. Thus‚ each hawker stall has only
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truthfulness of the following statements. I. All points to the interior of the budget constraint are affordable. II. All points that lie on the budget constraint cost the same amount of money. Response: Both I and II are false. * Edit Question 4 Shiela is maximizing her utility. Her MUx/Px=10 and MUy=40. Then the price of Y must be Response: 40 * Edit Question 5 Let I be the income of the consumer‚ Px be the price of good x and Py be the price of good y. If good is measured along the horizontal
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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. maximum that can be produced in the long-run. b. level where short-run average costs are minimized. c. level where long-run average costs are minimized. d. maximum that can be produced in the short-run.
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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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2012/13 TUTORIAL SHEET 1 THE THEORY OF CONSUMER BEHAVIOUR PROBLEMS 1. The following data represent 5 points on the supply curve for orange juice: PRICE ($ PER GALLON) QUANTITY (MILLIONS OF GALLONS) 1 100 2 300 3 500 4 700 5 900 and these data represent 5 points on the demand curve for orange juice: PRICE ($ PER GALLON) QUANTITY (MILLIONS OF GALLONS) 1 700 2 600 3 500 4 400 5 300 a. Graph the points of these supply and demand
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firms must believe the firm who made the investment will‚ indeed‚ alter their future behavior. The key to the credibility of the firm’s strategic commitment is irreversibility. If a firm could recover the cost of its strategic commitment after it was set in motion‚ much credibility would be lost. Therefore‚ the higher the proportion of an investment that is sunk‚ the more likely that investment would serve as a strategic commitment. 3. Explain why prices are usually strategic complements and capacities
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Application Note 010 GSM AT Command Set Application Note AN010 GSM AT Command Set Technical specifications and claims may be subject to variation without prior notice. UbiNetics has endeavoured to ensure that the information in this document is correct and fairly stated‚ but does not accept liability for any error or omission. UbiNetics Ltd Cambridge Technology Centre Melbourn Herts SG8 6DP Tel: +44 (0) 1763 285 183 Prepared by: Date: Document Number: Chris Cockings 09-04-2001 BCO-00-0621-AN
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to switch. 2. Increase P slightly above market P‚ no sales demand is perfectly elastic. 3. D curve is horizontal at the P determined by the intersection of market S&D curves Profit Maximzing decision 1. Since MR=MC 2. Set P (price) = MC 3. MR curve = Demand curve 4. Firms can sell all they want at this market price Q* is the profit maximizing level of output. 1.For output < Q*‚ P < MC. Increase output -->increase revenue more than cost-> More π. 2. For output >
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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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