WSGPR 7/7/03 4:33 PM Page i Managerial Economics: Theory and Practice WSGPR 7/7/03 4:33 PM Page ii WSGPR 7/7/03 4:33 PM Page iii Managerial Economics: Theory and Practice Edited by Thomas J. Webster Department of Finance & Economics Lubin School of Business Pace University Study Guide Amsterdam Boston Heidelberg London New York Oxford San Diego San Francisco Singapore Sydney Tokyo Paris WSGPR 7/7/03 4:33 PM Page iv WSGPR 7/7/03 4:33 PM Page v Table of Contents
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1. Neoclassical Theory Causes of Economic Growth a. Increase in labor quantity (population growth) b. Improvement of labour through training and education c. Increase in capital (higher savings and investments) d. Improvements in technology Neoclassicals believe that government control inhibits growth as it encourages corruption‚ inefficiency and offers no profit motive for entrepreneurship. Underdevelopment is seen as the result of government inefficient use of resources and state intervention
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CLASSICAL THEORY -The classical theory of employment is grounded in Say’s Law‚ the classical interest rate mechanism‚ and downwardly flexible prices and wages. -The aggregate supply curve is vertical at the full-employment level of output; the aggregate demand curve is stable if the money supply is constant. -Government macroeconomic policies are unnecessary and counter-productive; automatic‚ built-in mechanisms provide for full-employment output. KEYNESIAN THEORY -Keynesian
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“Unlike the fairy-tale youth who only runs away the better to be re-integrated into the family circle‚ even unlike Ulysses‚ that paragon of seafarers and no less master of home-comings‚ Robinson breaks once and for all with those he has rejected. Having wished to be nobody’s son he becomes in fact completely orphaned‚ completely alone‚ the innocent self-begetter in a kingdom of complete solitude.” Marthe Roberts’s quote rings through Don Quixote and Robinsons Crouse. All the characters and sometimes
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Briefing Paper November 2001 Economic Theory‚ Freedom and Human Rights: The Work of Amartya Sen This Briefing Paper reviews the ways in which the Nobel Prize winning economist Professor Amartya Sen has focussed international attention on the significance of fundamental human freedoms and human rights for development theory and practice. In the past‚ dominant approaches have often characterised development in terms of GDP per capita; food security in terms of food availability; and poverty
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Automotive Industry ECONOMIC THEORY Automotive Industry In the automotive industry there are many factors and policies that affect the automotive industry and its performance. The following topics and their impacts on the automotive industry are as follows: Supply and Demand (Sales) North American Free Trade Agreement (NAFTA) External Affects Labor Supply and Demand Federal Policies Economic Influence Supply And Demand High competition from foreign car imports causing US manufactures
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In this essay I shall be comparing all the aspects of the theme lost in the two non-fiction accounts Alive and Robinson Crusoe. My interpritation of lost is when you have no idea of your surroundings‚ this being geographically lost‚ also when you lose "your mind" having a block in your brain. I have chosen two extracts to pick out these themes and look at the way both authors include different linguistic features and structural features to help with the theme of lost. The two extracts I have chosen
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goods and decreases the demand for inferior goods. * Consumers’ Expectations- If consumers expect a product’s quality to increase in the near future‚ they will have a lower demand for the product today. Vice versa. Chapter One: Price Theory * Economics is based on incentives. People respond to incentives. * If the price of Pepsi increases‚ people realize they must give up more of other goods when they buy another Pepsi. * Scarcity = finite resources and infinite wants‚ we must
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ECON 3311 – Fall 2012 Extra Credit Homework – Game Theory 1. What is the Nash equilibrium in the following game? 2. Does the following game have a Nash equilibrium? Does it have more than one Nash equilibrium? If so‚ what are they? 3. Coca-Cola and Pepsi are competing in the Brazilian soft-drink market. Each firm is deciding whether to follow an aggressive advertising strategy‚ in which the firm significantly increases its spending on media and billboard advertising over
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The United States has tested many economic theories over the past century. Each theory had their own positives and negatives but which actually benefited the country as a whole‚ the most? The Supply-Side economic theory‚ in my opinion‚ accommodated the country more than the Classic economic theory or the Keynesian theory. The Supply-Side theory was best for America based on three categories‚ unemployment‚ poverty and business growth. With the Classic economic theory that was used before the Great Depression
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