Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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STRAYER UNIVERSITY Arlington Campus Contemporary Business - BUS 508 Assignment # 5 Financial Management Outline: Tech stock companies Apple vs. Samsung March 14‚ 2013 By Natcha R. To Professor. Magies Sizer Select two (2) tech stock companies that attempted to make profits from rising consumer demand after the crash. Analyze how they attempted to make a profit after the crash and discuss any unethical practices. Evaluate the change in consumer demand trends after the crash
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The Merger of HP-Compaq Case Question 1: Was the merger sound strategically? HP was already a famous global company in 1990s. Although innovation was still critical to long-term success‚ HP’s industry was maturing and with that came the additional pressure of slimming margins‚ the importance of distribution efficiencies‚ and a more critical need for developing long-term relationships with customer. Although HP was the market leader in imaging and printing‚ its computing and IT-services businesses
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What is the macro gross anatomy? The macro gross anatomy is the study of organisms with the naked eye. What is the skeletal system? The skeletal system is a very important part of the human body this consists of 206 bones‚ which together with different structures make the joints of the system. Within the skeletal system the structures present are the cartilage‚ bone tissues‚ fibrous connective tissues which form the ligaments of the bones Scanlon and Sanders‚ pp.122‚ 2014). The skeletal system
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What exactly was covered in the great Patent Trial of the Century between Apple and Samsung? I’ve had a surprisingly hard time figuring this out. However‚ after reading the verdict‚ the patents themselves‚ and a bunch of news summaries‚ it seems to me that there may be less than meets the eye here. As near as I can tell‚ the jury found Samsung guilty of violating the following Apple patents: Patent 381‚ which covers inertial scrolling (the faster you move your finger‚ the faster a list scrolls)
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MARKETING PLAN FOR A NEW PRODUCT: PIZZA HUT’S ‘INSTA PIZZ’ (FROZEN PIZZA) [pic] MARKETING MANAGEMENT MKT-201 Prepared For AFREEN CHOWDHURY Lecturer Department of Business Administration East West University PREPARED By FAHMID KHAN ID# 2008-2-10-178 Date of submission: 15 April 2010 April 15‚ 2010 AFREEN CHOWDHURY Lecturer Department of Business Administration East West University Bangladesh Subject: “Submission of the marketing plan.” Dear Madam: It
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