THE UNIVERSITY OF THE WEST INDIES ST. AUGUSTINE FACULTY OF SOCIAL SCIENCES DEPARTMENT OF ECONOMICS ECON2000: INTERMEDIATE MICROECONOMICS I – 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
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Business Economics 201 Chapter 23: Measuring a Nation’s Income Macroeconomics: a study of the nation’s economy as a whole with a goal of explaining the changes that affect many households‚ firms‚ and markets simultaneously GDP: measures the total income of everyone in the economy and the total expenditure on the economy’s output of goods and services income must equal expenditure every transaction has a buyer and seller Can be computed by adding up expenditure by households or total income
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behavior that assume that firms explicitly or implicitly cooperate with each other to achieve outcomes that benefit all the firms” (Farnham‚ 2010‚ p. 490). 2. a. What is the firm’s Total Revenue? The firm’s Total Revenue is where (A)(E)= (Total Revenue)‚ This is the rectangle made by CAJG. “Total revenue is represented as a rectangle with Price (on the demand curve) as its height‚ and quantity (determined by MR=MC) as its width”
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Renewable energy is a microeconomics situation‚ it’s thriving for different type of business‚ and it’s becoming a substantial topic in the United States. Renewable energy is any energy that its source is naturally replenished‚ which is solar‚ wind‚ geothermal or hydroelectric action. There’s another type of source called fossil fuel which is coal‚ oil‚ or gas there are nonrenewable source. Fossil fuels provide energy at a lower cost than renewable energy‚ but fossil fuel is the largest source of
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production of what good(s) does the U.S. have absolute advantage? In the production of what good(s) does Malaysia have absolute advantage? In the production of what good(s) does the U.S. have comparative advantage? 6. What is the Hecksher-Ohlin Theory of Comparative Advantage? Apply this model to explain trade between Great Britain and the United States in mid-nineteenth century. 7. What were the Corn Laws? Explain how and why they were finally
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NAME: ANSWER KEY Econometrics First Test‚ Queens College‚ I. R. Kelly Thursday‚ September 27th‚ 2012‚ 9:25-10:40am Please put all answers on the question sheet. You have one hour and fifteen minutes to finish the test. Best of luck. 1. (6 points) How does a panel data set differ from a regular pooled data set? Give a specific example. A pooled data set is one that combines both time series and cross-sectional data; in other words‚ there are many cross-sectional units over a period of time
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When I started English 1010‚ I knew that I would learn a lot of things from this class and I knew that I was expected to know how to write an essay‚ but I did not know what else to expect from the class. At the beginning of the first day of class Professor Weaver said that she would teach the class the four learning outcomes to pass English 1010. In this class there are a total of four learning outcomes: reading‚ writing‚ reflection and technology use. I need to satisfy all four of those learning
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Economics Chapter 2 Chapter 2 * Opportunity cost is a ratio. It is the decrease in the quantity produced of one good divided by the increase in the quantity produced of another good as we move along the production possibilities frontier. * The outward-bowed shape of the PPF reflects increasing opportunity cost. The PPF is bowed outward because resources are not all equally productive in all activities. * When goods and services are produced at the lowest possible cost and in the
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coffee through grocery stores and licenses its brand for other food and beverage products. Starbucks is a multinational‚ billion Dollar Corporation and is considered to be a multinational coffee house chain. With the help of economic concepts‚ theories and current statistics‚ this recent study provides the current business operations of Starbuck Corporation in a detailed and in depth manner. Starbucks Corporations: Company profile Starbucks Corporation is the leading roaster‚ retailer and
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positive economic prosperity. -Some people contend that technology merely adds value to our economy solely as an instrument to speed up data processing‚ but is not a game change; on the other hand‚ economists should reevaluate the older models and theories of economics as they were not useful to provide a comprehensive picture in evaluating the economic landscape. -Some technology becomes obsolete while new technologies are being born (eg. Typewriters and word processing software); some technology
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