Chapter -1 1. The study of microeconomics includes the study of - Output and employment growth as markets expand in reaction to a rising price level in the economy. - Business investment and government spending in the marketplace. - The number of new jobs and income created as the economy grows. - How firms‚ workers‚ consumers‚ and investors interact and make decisions in the marketplace. Microeconomics is the study of the behavior of individual economic units: consumers‚ firms‚ workers
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Microeconomics study guide Chapter 6 Notes: Firms and Production A firm converts inputs into outputs What firms want: 1. Profit : π = R - C 2. efficient production to maximize π -efficient production alone is not sufficient to ensure a firm’s π is maximized How they are organized 1. information exchange 2. incentives for workers Production Function q = f(L‚K) relationship b/w quantities of inputs used & max quantity of output that can be produced given current knowledge about
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retail bank overcomes the limitations of thirty-year-old "legacy" microeconomics systems to launch a high-tech operation that offers its customers a complete range of banking services over the telephone. Another bank is able to roll out‚ within three months of an acquisition‚ information systems that deliver the same level of service to all customers at all branches‚ new and old. (Richard 2002‚ 177) For these companies‚ Microeconomics has genuinely become an enabler of change that boosts competitive
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Oil rises above $103 ahead of Iran nuclear talks Published: Thursday‚ 12 Apr 2012 | 5:43 AM ET SINGAPORE - Oil prices rose above $103 a barrel Thursday in Asia as traders looked to negotiations this weekend over Iran’s nuclear program. Benchmark oil for May delivery was up 42 cents to $103.12 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.68 to settle at $102.70 in New York on Wednesday. Brent crude for May delivery
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Fundamentals of Microeconomics In the world today product and services are both key to the survival of mankind. Depending on the demand from consumers‚ companies will see an increase or decrease of the items they produce or the service rendered. In the article of trends in US gasoline and ethanol use and petroleum production and imports these items will be looked at; as well as a discussion of the fundamentals of microeconomics. First‚ in order to understand what the fundamentals of microeconomics are
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SUBJECT NAME : MICROECONOMICS SUBJECT CODE : BEC1001 ACADEMIC YEAR : AY 2012/2013‚ OCT SEMESTER “By submitting this work‚ we are declaring that we are the originators of this work and that all other original sources used in this work have been appropriately acknowledged. We understand that plagiarism is the act of taking and using the whole or any part of another person’s work and presenting it as our own without proper acknowledgement. We also
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CHAPTER 1 INTRODUCTION 1.1 DISCIPLINE OF ECONOMICS THEORY There are two different categories concerning economic behavior‚ the micro economics and macro economics. Micro economics The study of economic behavior of individual making units such as producer‚ consumer‚ household‚ and firms. Macro economics The study of economic system as a whole or on the basis of aggregate such as consumer price index‚ inflation rate‚ national income and unemployment level. 1.2 DEFINITION OF ECONOMICS
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Limited resourcesTime‚ money. * Inability to satisfy all of our wants * Faced with scarcity we must choose among available alternatives * Trade offs * Incentive: Reward that encourages and action or penalty that discourages * Microeconomics: Choices of: * Individuals * Businesses * The way these choices interact in markets and the influence of the government * Macroeconomics: * Study of the performance of the national economy and the global economy * E.g.
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I. MICROECONOMIC Micro-environment is preferred as ‘the operating system’ which includes the forces that has significant impacts on and can affect the organization’s ability to operate and serve its customer (Chaffey et al‚ 2009). This is influenced by the need of customers and how services are provided to them through the competitors‚ marketing intermediaries‚ and suppliers within the marketplace (Chaffey et al‚ 2009). 1. Customer Airasia provides to its customers the basic flight carrier
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Explain the Platonic concept of Forms. Plato believed that reality is more than what we sense around the world (e.g. taste‚ smell‚ hear‚ see and touch)‚ he believed that behind these physical realities lies a perfect version of them in which he called Forms and that the greatest thing we can learn is to have knowledge and understanding of them. Plato’s theory means that what we can sense around us (for example a chair) is just a mere shadow of the perfect version which exists in the world of Forms
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