Equilibrium Lab Report Data Collection: 1. What card did you have? K=13 What was your trading partner’s card? Q=12 2a) . At what price did you eventually trade? 12 Your surplus: -1 2b) If you didn’t trade‚ why not? Economic Relevance 3. What is the predicted equilibrium? How does the most common trading price in your lab session compare to the equilibrium price? The predicted equilibrium was (13‚ 7). 4. Who was able to stay in the market? Who was shut out? In what ways did this
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LONG-RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION In the long run‚ a firm in the perfectly competitive market can earn only normal profit. So‚ the profit maximization under long run is: (1)Necessary condition P=LMR=LAR=LMC=LAC (2)Sufficient condition Slope of MC > Slope of MR We can establish this condition from the following analysis. In the above diagram for any market price OP1 the existing firms can earn supernormal profit as for the equilibrium output level OQ1. The average
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The Native Hawaiians Right to Self Determination Monikalynn Hawkins ANT 101 Introduction to Cultural Anthropology Dr. Ronald K. Bolender October 22‚ 2009 Ancient Hawaiian genealogy suggests settlement of the islands by Tahitian navigators sometime between A.D. 300 and A.D. 800. (Trask‚ 1993‚ p.4) Before the coming of colonizers‚ the native society was organized as a familial society‚ consisting of tribes and chiefdoms‚ which provided
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Profit Determination Prepared by John Hoggett and Clare Innes Measurement of Profit • Cash basis • Cash income received - Cash expenses paid – Revenues recorded when received – Expenses recorded when paid • Accrual basis • Profit = Income (incl. Revenues) - Expenses – Revenue is recognised when the anticipated inflow of economic benefit can be reliably measured – Expenses when the consumption of benefits can be reliably measured 2 Adjusting Entries • The need for adjusting entries-
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cotton prices. The changes in cotton clothing market give us a good opportunity to illustrate the Principle of Market Equilibrium that any time there is an imbalance between supply and demand‚ economies will normally move toward an equilibrium in which no individual would be better off doing something else. In fact‚ we have now seen that a market tends to have a single price‚ the equilibrium price at which the quantity demanded of a good or service is equal to the quantity supplied. When the demand and/or
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expected. a. A sum of money or an equivalent given to an employee in addition to the employee’s usual compensation. b. A sum of money in addition to salary that is given to a professional athlete for signing up with a team. Definition of ’Bonus’ 1. Additional compensation given to an employee above his/her normal wage. A bonus can be used as a reward for achieving specific goals set by the company‚ or for dedication to the company. 2. Bonuses are one of the ways employers reward their employees
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The movie Equilibrium directed by Kurt Wimmer‚ and the book 1984 written by George Orwell both explore what would happen when a government has complete control. When you let someone think for you and make all of your decisions‚ you lose what makes you human‚ which is your free will‚ and your ability to make conscious decisions. In both the text and movie they take away human identity to gain control. The key differences are the ways Big Brother and Father seize control‚ and what effect it has on
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continually shows us his determination. Pip had fallen for a girl who was in a higher class than himself. He was determined to learn to read and dress of a higher class so that he could impress Estella‚ Miss Havisham’s adopted daughter. Estella was a rude upper-class woman who continually demeaned Pip. Through all the offensive remarks made towards him‚ he still stopped at nothing to impress her and win her heart. He was a very hard-working man‚ and through his hard work and determination‚ he became wealthy
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Five Project Temperature and Equilibrium Virtual Lab June 15‚ 2010 Temperature and Equilibrium Virtual Lab This virtual lab studies the affects different temperatures have on two sets of molecules‚ both separate and when mixed. I will compare how these two sets of molecules react in colder temperatures; then hotter temperatures; and how the two react with each other. Then‚ based on these findings‚ I will offer theories of two case studies involving 1) honey added to two cups of tea
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Temperature and Equilibrium Virtual Lab Change is influenced by many different factors in many different situations. If you imagine the 400‚000 gallons of water in a stream at the top of a hill‚ you can picture that they will flow down the hill in order to reach equilibrium. But what if the temperature outside is -40 degrees Fahrenheit? How might this change the movement of the water molecules down the hill? This virtual lab will allow you to explore how temperature changes affect two linked
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