Assignment #1 The Economic Way of Thinking (Marginal Analysis and Opportunity Cost) 1. You are planning a trip to Ottawa‚ which is 400 miles. Except for the cost‚ you are completely indifferent between driving and taking the bus. The bus ticket costs $180. You do not know how much it would cost to drive your car‚ so you call Hertz for an estimate. The person you speak with tells you that for your make of car‚ the costs of a typical 10‚000 mile driving year are as follows: Insurance $2000
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We should change our eating habits and lifestyles to decrease Global Warming We should change our eating habits and lifestyles to decrease Global Warming Global abating is an abnormality which is disturbing our activity (lives) in added means than one. Over the last small years‚ its furnishings accept become added evident. Climatic alterations have acquired some exceeding accustomed catastrophes in the current little time and bodies have displayed a cardinal job in hastening the abating
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FIG 1.1 a) A scientific report is released which links chocolate consumption to a decrease in heart disease. This first question relates to the issue of demand. In economics we undergo a number of assumptions when considering the relationship between price and quantity demanded. A basic requirement for this approach is to view price as the most important aspect and other factors as constants. We refer to this as the ‘Ceteris Paribus’ (other-things-equal) assumption. The other factors are named
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5. Should it be illegal for a pregnant woman to consume alcohol? Consider the legal and health ramifications of your answer. They say one glass of red a wine is good for your health; however is it also healthy for women that are pregnant? Doctors surprisingly agree with the fact that woman can take a moderate amount of alcohol while being pregnant. Their recommendation of moderation is for the expecting mother to only consume 1-2 alcoholic beverages a day. They have done many test studies to
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The marginal or neglected can be seen to refer to individuals‚ a class or nation‚ to ideas that have been marginalised‚ to neglected forms such as poetry‚ and to the marginalised self. Philip Larkin is renowned for his use of the colloquial in his poetry‚ and he renews the importance of everyday language and words‚ that have been neglected and marginalised in forms of expression. His poems have the tone of the ordinary day. Through this use of language‚ he reflects on the loss of identity and to
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engages in many trade agreements with foreign countries with foreign investments into the Singapore economy making up a huge percentage of our economy. The figures in 1999 alone for foreign investments were around $31 billion. If there were to be a decrease in these foreign investments‚ a chain of reactions would follow but before explaining these reactions‚ I would like to start off with the following equation: Ad = C + G + I + (X – M) Where C is consumption‚ G is government expenditure‚ I is investments
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Title: Amount of Oxygen‚ Mung Beans (Vigna Radiata) Consume during Cellular Respiration Introduction: Cellular respiration is a catabolic reaction that refers to the process of converting chemical energy of organic molecules into a simplify form so it can be used immediately by organism. Glucose may be oxidized completely if sufficient oxygen is available‚ by the following equation: C6H12O6 + 36 ADP + 36Pi + 6O2(g) 6 H2O + 6 CO2(g) + 38 ATP + heat All organisms‚ including plants and animals
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ASSIGNMENT 1 What Happen the Petrol Price Decrease in the Ends of 2008 and its Effect on Consumers and Suppliers. Petrol is a petroleum-derived liquid mixture‚ primarily used as fuel in internal combustion engines. It also is used as a powerful solvent much like acetone. Petrol is very important in our life. Most current or former Commonwealth countries use the term "petrol"‚ abbreviated from petroleum spirit. In North America‚ the word "gasoline" is the common term‚ where it is often
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Why may protectionist policies increase rather than decrease during a period of increasing globalisation? Some countries may decide to protect their domestic market during a period of increasing globalisation‚ especially if economy is in a fragile state at that moment. One way they could protect themselves from cheaper imported goods and services import restrictions. These can be tariffs‚ for example a tax‚ or quotas‚ which limit the goods and services produces abroad and sold domestically.
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Explain and illustrate with diagrams the differences between diminishing marginal returns and decreasing economies of scale and cite causes and examples. Ans. The law of diminishing returns is also called the law of variable proportion‚ as the proportions of each factor of production employed keep changing as more of one factor is added. The law of diminishing returns does not imply that adding more of a factor will decrease the total production‚ a condition known as negative returns‚ though in
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