DeNorris Lee Economics 220 Unit 3 Individual Project March 1‚ 2011 PROBLEM: A firm currently uses 50‚000 workers to produce 200‚000 units of output per day. The daily wage per worker is $80‚ and the price of the firm’s output is $25. The cost of other variable inputs is $400‚000 per day. Although you do not know the firm’s fixed cost‚ you know that it is high enough that the firm’s total costs exceed its total revenue. Assume that total fixed cost equals $1‚000‚000. Calculate the values
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MGT 405 1. (10 pts) Because a government subsidy increases the number of mutually beneficial trades‚ it increases social welfare. Uncertain. A Subsidy is like an inverse tax. Consumers and producers benefit. The demand curve shifts down shifting the equilibrium‚ lower price for consumers and greater quantity sold for producers. Consumer surplus rises and producer surplus rises (area under the new price they receive). However the welfare is the sum of the new consumer surplus and the producer
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... macro environment‚ the airline industry‚ and Delta Air Lines. It covers both a historic period from 1996 to 2000 and a current period from 2001 to the present. ... Even though there has been current significant improvement in GDP‚ there are new concerns regarding deflation‚ the present jobless recovery‚ and the fact that production is increasing at a faster rate than demand. ... Subsequent analysis will focus on the changing factors that have lead to these results. When facing economic expansion
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Management Unit Title: Economics for Business Submitted by: B. M. Akhtaruzzaman London Guildhall College ATHE Level 6 Diploma in Management Unit Title: Economics for Business Submitted by: B. M. Akhtaruzzaman Table of Contents Introduction 2 Task 1 - Understanding of the Micro-Economic Business Environment 3 1.1: The Importance of the Micro-Economic Environment to Business Organisations 3 1.2: An Analysis of Business Objectives and Business Behaviour in the Economic Context 4 1
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FINAL EXAMINATION PROGRAMME: MASTER OF BUSINESS ADMINISTRATION (MBA): GENERAL AND TOURISM- YEAR ONE MODULE: ECONOMICS DATE: 21 NOVEMBER 2011 DURATION: 3 Hours EXAMINER: Mr I Govender INTAKE: JANUARY 2011 TIME: 09h00 – 12h00 TOTAL MARKS: 100 MODERATOR: Dr D Mukuvisi INSTRUCTIONS TO THE CANDIDATE: 1. Questions must be attempted in the answer book provided. 2. All queries should be directed to the invigilator; do not communicate or attempt to communicate with any other candidate. 3. You have THREE
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COUNSELLING MICROSKILLS: OVERVIEW IMCT© Skills to be trained • Counselling Microskills I The Four Corners Reflection of Feeling and Content Opening and Closing Questions 5-minute exercise I-Wish brainstorming Mind Maps • Counselling Microskills II Self-disclosure Advanced Accurate Empathy Immediacy Confrontation • Counselling Microskills III Summarization Goal Setting Therapeutic Alliance Suicidality and its Assessment Counselling Checklist THE FOUR CORNERS The Four
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can be replaced by similar product with best price for the customer. To calculate the price elasticity of demand the next formula is using: percentage change in the quantity demanded divided by percentage change in the price. The demand from economic point of view is not a need or want of customers to buy a product or service‚ but they willingness and ability to do so‚ taking into account the price of the good. If the consumers do not have enough money to purchase the product of service‚ no matter
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Economics report Question 1 a) Why does choice arise in economics? Use one example or more to discuss the concept of “rational choice” and opportunity cost. b) What do you understand by the law of demand? Pick a product and discuss two factors‚ which in your opinion would cause the demand curve to the left. Can you think of two other factors which would shift the supply curve of your product to the right? According to Sloman (2007)‚ economics is a social science that studies human
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1. 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? Keynesian economist believe that long periods of high unemployment are a result of inadequate overall demand and feel government intervention is a key component of a prosperous economy. The school of thought sees
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income grows by 4percent per year. a. To find the average inflation rate the money demand function is %growth Md − %growth P = %growth Y 12% - 4% = 8% b. Increase in real income growth will result in a lower average inflation rate. For example‚ if real income grows at 6% and money supply growth remains at 12%‚ then inflation falls to 6%. Here a larger money supply is required to support a higher level of GDP‚ which results in lower inflation. c. 1/k = V When people hold a larger
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