1 INTRODUCTION 1.1 Definition of economics Economics is a social science‚ positive as well as normative‚ divided into microeconomics and macroeconomics‚ concerned with how society allocates limited factor inputs to produce goods and services to satisfy unlimited human wants. 1.2 Economics as a social science A social science is the study of a particular aspect of human behaviour using the scientific method. Examples of social sciences are economics‚ sociology and
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Chapter 14 1. 4 main types of market structure based on number of firms in the industry and product differentiation: perfect competition‚ monopoly‚ oligopoly‚ and monopolistic competition. 2. A monopolist is a producer who is the sole supplier of a good without close substitutes. An industry controlled by a monopolist is a monopoly. 3. The key difference between a monopoly and a perfectly competitive industry is that an individual‚ perfectly competitive firm faces a horizontal demand curve but
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Answers of Managerial Economics Homework #2 Chapter 5~Chapter 9 1.Using figure 5.3 as a basis‚ construct a series of four figures to show the effect of an increase in the demand for tanker service on the market price when (a) demand is extremely inelastic‚ (b) demand is extremely elastic‚ (c) supply is extremely inelastic‚ and (d) supply is extremely elastic. Answer: [pic] [pic] [pic] [pic] 2.Industry researchers R.S. Platou predicted
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PowerPoint Lectures for CHAPTER 1 The Scope and Method of Economics Principles of Economics‚ 9e ; ; By Karl E. Case‚ Ray C. Fair & Sharon M. Oster © 2009 Pearson Education‚ Inc. Publishing as Prentice Hall Principles of Economics 9e by Case‚ Fair and Oster © 2009 Pearson Education‚ Inc. Publishing as Prentice Hall Principles of Economics 9e by Case‚ Fair and Oster CHAPTER 1 The Scope and Method of Economics PART I INTRODUCTION TO ECONOMICS The Scope and Method of Economics
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A production possibilities frontier (PPF) is a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. At which point is the country’s future growth rate likely to be the highest? Briefly explain why. Point W (top) because it is where the most resources are used to produce capital goods. What happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? The
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The article discusses China’s growth in these recent years. It forecasts that China’s growth is not sustainable; thus growth rate will cease next year because the country is operating at full potential‚ facing the risk of overcapacity. In addition‚ China now has to face the severest national debt in its history‚ which puts its economy in extremely vulnerable state. The author also argues that China should stop relying on strong fiscal policy‚ but to initiate an economic reform if it wants to keep
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Using the data and your own economic knowledge‚ assess the case for financing universities mainly through charging fees to their students. Charging of fees means that payments will be taken from students instead of receiving subsidies from the government. Education is a merit good as it produces positive externalities (i.e. a better educated workforce that can increase productivity of the society) and is under-consumed as a result. Alternatives to charging fees include government funding‚ gifting
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AGR 3303 Genetics Exam 2 February 28‚ 2007 There are 25 questions and each correct response is worth 4 points. Please darken in the circles to spell your last name‚ FI‚ and MI and to record your UF ID and test code number. The test code number is located at the bottom of each page of your exam and should be recorded in the spaces provided for questions 76-80. Failure to correctly mark your the test code will result in a grade of 0 for your exam score. Once exams have been graded‚ your grade will
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Price Indexes 2. Jimmy is an avid candy connoisseur. Last year‚ he purchased 75 Snickers bars costing $2 each and 100 Butterfinger bars costing $1.25 each. This year‚ he purchased 150 Snickers bars for $1.50 each and 80 Butterfinger bars for $2 each. a. Assume that a typical consumer basket includes 50 bars of each type. Compute a consumer price index for each year and determine the percentage change in the index over the two years. The basket cost $162.5 ($2*50+$1.25*50) in the first
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GCSE Set Text – Aeneid II (268-280‚ 298-317‚ 624-654‚ 671-716‚ 768-795) 268 - 280 tempus erat‚ quo prima quies mortalibus aegris It was the time at which the first rest begins for weary incipit et dono divum gratissima serpit. mortals and creeps most welcome by the gift of the gods. in somnis‚ ecce‚ ante oculos maestissimus Hector 270 In my dreams‚ look‚ in front of my eyes Hector most gloomy seemed to stand visus adesse mihi largosque effundere fletus‚ before
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