If you were having a conversation with a Keynesian and a Classical economist‚ and the conversation turned to why the economy is experiencing high unemployment and what the government should do about it‚ how would each economist explain unemployment and what policies would each advocate? If I were having a conversation about why the economy is experiencing high unemployment and what the government should do about it‚ with a Keynesian and a Classical economist I think that the economists would explain
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THE MACRO-ECONOMIC IMPLICATIONS OF MICRO-ECONOMIC MARKET FAILURES IN TELECOMMUNICATIONS – THE CASE OF SA. Nicola Theron ECONEX www.econex.co.za Department of Economics University of Stellenbosch nmb@sun.ac.za 1. INTRODUCTION This paper will examine the micro-economic market failures and the rationale for regulation in the South African telecommunications sector. The role of telecommunications in economic growth will be emphasized by analysing the effect that the micro-economic market failures
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guest satisfaction surveys show a clear indication of the value of a well-run Housekeeping Department and how hotel cleanliness is the most important issue in whether a hotel guest returns to a particular property or not. You are a team from a hospitality consulting company that has been contacted by the new owner of your assigned hotel. While the owner has a management contract for most aspects of the management of the hotel with the chain‚ he has gained approval to handle the operations of the
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QUESTION 1 a. A downward-sloping demand curve shows in both graphs when the quantity at each price is doubled what it was. However‚ the curve in demand for pharmaceutical drugs is drawn with a relatively steep slope as inelastic products. Equilibrium price down-sloping along the demand curve while quantity in both market increased to some extent. b. In inelastic demand of pharmaceutical drugs‚ the percentage change in price is greater than the percentage change in quantity demanded. While in elastic
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kinds of important tasks and responsibilities in the restaurant. Restaurant manager plays an important role in the hospitality and food and beverage department as they can motivate the staff and maintain the high quality service which will help the business run successfully. Manager can provide appropriate ambiance in the restaurant which will provide warm and comfortable environment for the customer. Waiter station and dividing sections of tables should be fully allocated before the start of service
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Starbucks Macro-Environmental Analysis Starbucks is very well positioned to take advantage of sustained income due to a variety of strategic macro-environmental variables affecting its performance. Starbucks stage is the entire world‚ therefore must take into consideration the local countries current technological‚ economic‚ cultural‚ and political/legal environment‚ but also the interplay between countries as well. Starbucks cannot simply adapt completely policies and marketing
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FOOD CODE 1 Message from the Director General Dubai’s vision is to establish a world-class food safety system that helps provide safe food to the residents and the several millions that visit the Emirate each year. We envision a system that ensures the highest standards of food safety - from the port to the plate. We would like the system to be so comprehensive and appealing that others are encouraged to use it as a model. Our vision will become a reality only when the government‚ food industry
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Econ 2200 Midterm #1 fall 2011 Section I Answer Four of the following six questions. Each question is worth 5 points. a. What is the difference between the Income Effect and a Change in Income? b. True or False: The slope of the budget line represents the rate at which the consumer is willing to trade one good for another at any given bundle. Explain. c. An Engel curve can be both positively and negatively sloped‚ why does this happen? d. What do we mean by the term “Consumer Surplus”? e
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are present‚ the market equilibrium use of natural resources is inefficient because the social benefit is less than the social cost. Positive externalities or external benefits impose a positive effect on the third party. Eg: Vaccinations provide a direct benefit to the patient and a spillover effect to the other people. MMR vaccination is given to patients to prevent them from contracting the disease Source: Business Economics Slides The demand curve (D1) depicts the price patients are willing
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1. PRINCIPES OF ECONOMICS-MANKIEW CHAPTER 1- QUESTION FOR REVIEW (18) No 3. What is inflation and what causes it? = Inflation is an increase in the overall level of prices in the economy. Inflation happen because culprit is growth in the quantity o money when a government creates larges quantities of the nation’s money‚ the value of the money. No 5. Explain the two main causes of market failure and give an example of each! = Externality‚ is the impact of one person’s action on the well being
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