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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Module 2: The Scientific Method and Matter The Scientific Method Step 1: Performing Experiments Step 2: Making Observations Step 3: Proposing a Hypothesis Step 4: Confirming the Hypothesis Step 5: Proposing a Scientific Law Scientific Notation It is a mathematical expression in which a number is expressed as N x 10^n where N contains only one nonzero digit to the left of the decimal and n is an integer. Rules for Determining Significant Figures (digits) - All nonzero digits are
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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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QUIZ # 3: BMGT 110 SECTION I 1. One or more of your colleagues encountered the quote‚ which follows. And at first they gave it little or no thought. It read: “[p]rovide America’s taxpayers top quality service by helping them understand and meet their responsibilities and by applying the tax law with integrity and fairness to all”? In a couple of words what kind of statement is this: IRS Mission Statement. 2. Which type of merger is likely to receive the closest examination by the
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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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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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1. MGT-492 Quiz Questions 2. Which of the following is not a reason that people act positively to change? 3. The signs of _____________ resistance to change are identified as being critical‚ finding fault‚ verbalizing and expressing discontent (ridicule‚ using facts selectively) 4. The signs of _____________ resistance to changes are identified as agreeing verbally but not following through being a procrastinator or saying you will do something and don’t do it 5. ______________
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View Attempt 3 of 4 Title: Quiz 2 Started: April 19‚ 2009 10:20 PM Submitted: April 19‚ 2009 10:25 PM Time spent: 00:04:03 Total score: 30/30 = 100% Total score adjusted by 0.0 Maximum possible score: 30 1. What term describes a harmless noncancerous or precancerous tumor? Student Response Value A. malignant B. benign 100% C. metastatic D. lymphatic E. carcinogenic Score: 1/1 2. What is the name of the process by which cancer cells break off of tumors and spread to
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Econ 110 (L3) Midterm Exam Spring‚ 2007 Part I: Multiple Choice Questions – 50% Part II: Essay Questions – 50% Question 1 (15%) a) A professor would prefer to have all students attending lectures and have all question answered in class‚ than to give extra office hours to answer those questions raised by individual students. Explain his rationale based on economic theory you have learned. MC of lecturing an extra student is almost 0 during usual lecture hours but would be much higher
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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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