Semester I Revised June 2012 Revised Business Economics I Syllabus for F.Y.B.Com from June 2012 onwards University of Mumbai Semester I Module I: Demand analysis Demand function and determinants of demand – Concept and importance of Elasticity of demand‚ Income‚ cross‚ promotional. Case studiesConsumer surplus‚ Demand forecasting: meaning significance and methods-case studies Module II Theory of production and cost Production function-short run and long run- Law of variable proportions- Isoquantproducers’
Premium Supply and demand
1st List of Things to DO at your OWN… Topics: Basics of Economics‚ Economic Systems‚ Demand‚ Supply‚ Market system Question # 01: Identifying What three basic questions must every society answer‚ and why? Question # 02: Determining Cause and Effect Question # 03: Determining Cause and Effect Question # 04: Organizing Use a graphic organizer similar to the one below to identify and describe the factors of production. Sr # | Factor | Description | 1 | | | 2 | | | 3 | |
Premium Supply and demand
Economics exam orientated question and solutions Money Explain the quantity theory of money? The quantity theory of money was first propounded in 1588 by an Italian economist. The credit for popularizing this theory in recent years rightly goes to the American economist‚ Irving fisher‚ who gave it a quantitate form in terms of his famous equation of exchange. At present there are two versions of the quantity theory of money. * The transaction approach * The cash balance approach The transaction
Premium Supply and demand Inflation Economics
the following changes in price cause total revenue to increase‚ decrease or remain unchanged? Explain why. (2 marks each) a Price falls and demand is elastic; b Price rises and demand is elastic; c Price falls and demand is unitary elastic; d Price rises and demand is unitary elastic; e Price falls and demand is inelastic. Question 2: a Define‚ describe and illustrate with a diagram‚ one opportunity cost for a person starting up their own business (2 marks) b Explain
Premium Economics Inflation Supply and demand
MID TERM Question 1 of 19 5.0 Points Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people‚ institutions‚ and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer Key: C Question 2 of
Premium Supply and demand Economics
Elasticity of Paint Kirsten Bradley American InterContinental University Microeconomics- ECON220 August 9th 2011 Elasticity of Paint I am a local painter dealing with the rise in paint cost. Paint previously cost three dollars per gallon and I used thirty-five gallons of paint per week. The cost of paint rose to three-and-a-half dollars per gallon. Accordingly‚ my usage of paint dropped to twenty gallons a week. As a result of the price increase‚ the price of elasticity demand has changed
Premium Supply and demand Elasticity Price elasticity of demand
Page: | 1 2 | 1. | Question : | (TCO 1) As a student of economics‚ when you speak of scarcity‚ you are referring to the ability of society to | | | Student Answer: | | employ all of its resources. | | | | consume all that is produced. | | | | satisfy economic wants given limited resources. | | | | continually make technological breakthroughs and increase production. | | Instructor Explanation: | Chapter 1 | | | | Points Received: | 3 of 3 |
Premium
Exam Review Questions Economics – CIA4U Chapter 1 – Basic Principles: 1. Economics is the science of a. needs and wants b. scarcity and choice c. facts and opinions d. resource allocations 2. Opportunity cost is a. the sum of all that is lost from making a choice b. the sum of all that is lost from taking one course of action over another c. the next best alternative choice d. the cost of making a choice 3. If a firm achieves its desired output consuming a certain amount of resources‚ it can
Premium Supply and demand Price elasticity of demand
#3 Key 1. Which is not characteristic of a product with relatively inelastic demand? A) The good is regarded by consumers as a necessity. B) There are a large number of good substitutes for the good. C) Buyers spend a small percentage of their total income on the product. D) Consumers have had only a short time period to adjust to changes in price. Answer: B 2. The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the
Premium
1. award: 1.50 out of 2.50 points The demand curve for product X is given by QXd = 500 - 5PX. a. Find the inverse demand curve. PX = 100 - 0.2 QXd Instructions: Round your answer to the nearest penny (2 decimal places). b. How much consumer surplus do consumers receive when Px = $45? $91.00 c. How much consumer surplus do consumers receive when Px = $25? $95.00 d. In general‚ what happens to the level of consumer surplus as the price of a good falls? The level of consumer surplus
Premium Supply and demand