levels in rivers used for generation. The population growth increases this nation’s basic living need for water. Of China’s 640 cities‚ 300 of them are suffering from inadequate water supplies (News Service Reports). Other issues related to water shortages within this nation are the insufficient management of this resource by government‚ including wastewater management and uneven distribution of river and rainwater; inadequate public awareness of environmental protection; and the overuse of underground
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1i) Demand function for air travel between the U.S. and Europe has been estimated to be: ln Q = 2.737 - 1.247 ln P +1.905 ln I where Q denotes number of passengers (in thousands) per year‚ P the (average) ticket price and I the U.S. national income. Determine the price elasticity and income elasticity of demand (8 points). From Lecture Module 3 Equation 4 we learned the alternative formulation of elasticity. Alternative formulation of elasticity EP = dQ/dP * P/Q = dlnQ/dlnP Natural log:
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This month we look at the STEM job shortage. The proponents of STEM say that we have an acute shortage of STEM graduates. But is that true? One indicator is employment numbers. Let’s take 2012. In that year we had twice as many people with STEM degrees (immigrants and native born) than STEM jobs available. 5.3 million STEM jobs vs. 12.1 million people with STEM degrees. With less than half of the immigrants with STEM degrees were working in STEM jobs. Wages are good measure of labor demand. If STEM
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employees results in a diminished productivity is a classic example of the principle of diminishing marginal returns to a variable input. The concept‚ as discussed by Thomas and Maurice on page 296 states that the law of diminishing marginal product is “the principle that as the number of units of the variable input increases other inputs held constant‚ a point will be reached beyond which the marginal product decreases. For example‚ I work in a pastry shop and we make cakes. I typically schedule
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in the United States‚ there has been a major water shortage due to the lack of rainfall. It is mainly in California and other Western states. According to the U.S. Geological Survey‚ “In 119 years of recorded history‚ 2013 was the dries calendar year for the state of California.” California’s snowpack usually provides about one-third of the water used in Californian farms and cities. In January 2014‚ it measured in at 12%. The water shortage has had many effects of people‚ farming‚ and the economy
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The American Nursing Association is an organization representing the interests of the nation’s 3.4 million nurses. The ANA advances the interests of nursing practices by establishing and maintaining nursing standards‚ promoting a safe and ethical work environment and advocating on health care issues that affect both the nurses and the public. ANA is one of the leading organizations advancing and improving the quality of health for all. The nursing profession is expected to be one of the most available
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me. Thanks Sultan Lashari 10 2629 LETTER OF TRANSMITTAL TO: Sir Michael Simon‚ Instructor micro economics FROM: Sultan Lashari‚ 10K 2629 DATE: 29th/November/ 2010 SUBJECT: Consumer behavior and Marginal utility We present our report on “CONSUMER BEHAVIOR AND MARGINAL UTILITY” that was assigned to us. This report provides information related to rational behavior of individual and utility of individual This report is divided into some parts‚ such as the INTRODUCTION. This part
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among production possibilities‚ calculating the cost of capital‚ analyzing comparative advantages‚ and even choosing which product to buy or how to spend time. 2. *(a) what is Marginal Analysis? (b) Why Is Marginal Analysis Important in Economics? (c) What is the role of Marginal analysis? Marginal Analysis is the process of considering small changes in a decision (control variable) and determining whether a given change will improve the ultimate objective this technique is widely used
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IA 710 CLASS 1 Scarcity‚ shortage and substitutability 1. Answer all parts: a) What do you think is meant by the concept of constrained choice? Why is economics often described as the science of constrained choice? b) Explain how scarcity‚ choice and opportunity cost are relevant when choosing amongst alternatives? 2. Define the concept of “opportunity cost” and discuss various examples. 3. Explain how the concept of opportunity cost may be used to explain the following:
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Global water shortage where will this lead to? Water is getting scarce and there are currently nearly a billion people around the world in need of sufficient water‚ this equals with about 1/6 of the world’s population. Although we thought that wars were caused mostly by religious disagreements and to prevent dictatorships etc.‚ the future wars are now influenced not only by those conflicts but by our natural resources’ scarcity and thereby lead to society collapses. It is getting increasingly
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