less. When marginal is equal to marginal cost‚ the firm cannot increase profit further. Marginal revenue is equal to marginal cost‚ which is 3 + 0.001Q equal to 12 - 0.004Q‚ the profit maximizing output is 1800 at $4.8.( Refer to figure 2) Figure 2 6.1aii) The allocative efficiency occurs when demand is equal to marginal cost. The value that consumers place on a good or service which reflected in the price they are willing and able to pay is equal to the cost of the resources used
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production of consumption goods in order for the people to survive and have subsistence level of living. Q2: 2. the shape of the AS curve is based on employment level and resource availability (1) horizontal part indicates a high level of unemployment because the resource of labor is available‚ employers can hire without increasing wages. This cause GDP to increase without an increase in price (2) upward slop is a strain on resources that are now not as commonly available. Firms can still increase production
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2011 H1 Economics Prelim Questions Raffles Institution With the help of a diagram‚ analyze the effects of China’s increasing control over rare earths mines on the Japanese economy. To what extent would China’s reduction in the export of rare earths pose a challenge to the West’s march toward a greener future? Evaluate the effectiveness of the Chinese’s government’s intervention in the market for rare earths To what extent do you agree with the view that the US trade position with China over
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variables whose values are measured in monetary units are called | | | Student Response | A. | dichotomous variables. | B. | nominal variables. | C. | classical variables. | D. | real variables. | | Score: | 0.25/0.25 | | | 2. | QZ12010 | | Suppose the money market‚drawn with the value of money on the vertical axis‚ is in equilibrium. If the money supply increases‚ then at the old value of money there is | | | Student Response | A. | a shortage that will increase
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BIO 102-BioJeopardy II Exam is February 27th Breathe In‚ Breathe Out 100-Name 4 different types of respiratory surfaces for organisms with examples Skin-frogs Gills-Fish (also skin) Tracheae-Insects (tracheal tubes directly feed body tissues across cell membranes‚ separate from circulatory system) Lungs-Humans (other mammals)-exchange of gases 200-1‚ Air rushes into the lungs of humans during inhalation because A) the rib muscles and diaphragm contract‚ increasing the lung volume. B) pressure
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the word exams‚ you usually get to be anxious about them‚ and about the possibility of passing or failing them. For me‚ exams are not a thing to be scared of. I know that some exams are very important in life but I don’t see a tragedy in failing them. You will always have a second chance to make things better as long as you will fight and learn more. I think that exams are not accurate measure of a person’s ability. Many people can get scared and they could panic and fail exams‚ not because
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1a) Explain how the different features of monopolistic competition and oligopoly affect price and output determination in these market structures. Both monopolistic competition (MPC) and oligopoly generally determine price and output based on the profit-maximising condition that marginal cost (MC) equals to marginal revenue (MR). Due to the different features of both monopolistic competition and oligopoly such as the barriers to entry (BTE)‚ which affects the number of sellers as well as market
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ECON 1. (Demand Under Perfect Competition) what type of demand curve does a perfectly competitive firm face? Why? A horizontal or a perfectly elastic‚ demand curve. A perfectly competitive firm is called a price taker because that firm must “take‚” or accept‚ the market price- as in “take it or leave it.” 2. Explain the different options a firm has to minimize losses in the short run. A firm in perfect competition has no control over the market place. Sometimes that price may be so low
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News Article Analysis Topic: Demand and Supply Headline: Used- car shortage looms as curbs bite Source: The Strait Times Date: 25th May 2013 Summary Supply of used-cars has decreased from 7000 to 2400 because MAS (Monetary Authority of Singapore) lifted loan curbs on these vehicles for 60 days. Moreover‚ suppliers are unable to increase supply of used cars since owners are not selling due to future loan restrictions. Under the old scheme‚ car buyers can borrow up to 100 percent of the purchase
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(b) Discuss whether the Singapore government should change its policies for managing the balance of payments. The policies for managing the balance of payments could be directed to the current account via expenditure switching (exchange rates and protectionism)‚ expenditure dampening or raising through Fiscal Policy and Monetary Policy‚ or through long-term measures like supply side policies (increasing general education‚ subsidies‚ etc.). The policies directed at the capital account could include
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