1.0 Introduction According International Labour Organization‚ Minimum wage defines as the lowest basic wage guaranteed by the law as an attempt to put a floor under the wages of a particular subgroup of working population. The progress of minimum wages policy was started after the National Wages Consultative Council Act gazette on 15 September 2011. This provision replaced the Salary Determination Council Act 1974 which is seen not effective to protect the workers welfare in general. The provision
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its best‚ but it has not lessen‚ not as a result of income having increased‚ but as a result of consumers are now in more debt‚ generally by refinancing against rising housing prices. This is a perfect example of the definition of the marginal propensity to consume (MPC)‚ which is affected by consumer confidence and interest rates as they affect the rate of return on
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opportunity cost of going to the movies may be affected when: a. You have a final exam the following day b. The University will be shut down for a month starting today c. The same movie will be shown on TV tomorrow a) increase b) decrease c) increase 4. Explain if the following statements are true or false‚ Explain your reply d. The opportunity cost of choosing a certain activity is equal to the sum of all the benefits of all the alternatives not chosen. e.
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Economic Question 1: (a) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1‚ 1 and 2‚ 2 and 3‚ etc.) Output (units) | TC(＄) | AC(＄) | MC(＄) | 0 | 55 | ---- | 30 | 1 | 85 | 85 | | | | | 25 | 2 | 110 | 55 | | | | | 20 | 3 | 130 | 43 | | | | | 30 | 4 | 160 | 40 | | | | | 50 | 5 | 210 | 42 | | | | | 70 | 6 | 280 | 47 | | | | | 90 | 7 | 370 | 53 | | | | | 110 | 8
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What is Economics? Economics is the study of choices Choices must be made because resources are scarce Make a list of all the stuff you like to acquire assuming unlimited income Dr. S Home on ICWW Tons of boats F-350‚ Club Cab Season tickets to NYY‚ NJ Nets‚ NY Giants Condo in NYC Tickets to Cup Races Mobile Home Triumph TR-6 Toyota Landcruiser Realistic income Home near ICWW A boat Occasional tickets Toyota 4 Runner Choices mean we make trade-offs Opportunity Cost Informal
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D) point “C” is this individual’s consumption choice. 36) David consumes 140 in the current period and 210 in the future period. The real interest rate is 5% per period. David’s present value of lifetime consumption is A) B) C) D) 350. 340. 400. 210. 11 BUAD 350-Midterm #1 Sample 37) If Claudette gets a permanent increase in her income of $1000 per year‚ she saves an extra $200 this year and consumes an extra $800 this year. If the increase in income had been temporary
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Andy receives zero utility unless he consumes some of at least one good. The marginal utility that he receives from the two goods is given as follows: |Qp |MUp |Qc |MUc | |1 |12 |1 |24 | |2 |10
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from P1 to P2 and quantity fall from Q1 to Q2. The decrease in quantity demanded is not proportional to decrease in quantity demanded.In perfectly inelastic demand‚ change in prices leads to zero changes in quantity demanded. Inelastic demand of Plastic surgery: discussion questions When the price of plastic surgery increases‚ the number of operations decreases This statement is true. Increase in prices of plastic surgery will lead to decrease in demand for the number of plastic surgeries done
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consumer equilibrium. CDs cost 10 dollars each and cassette tapes only 2 dollars each. I consume CDs and cassettes. You consume only cassettes. What can you infer about my MRS (marginal rate of substitution) of CDs and tapes? What about your MRS. Since both individuals are in consumer equilibrium‚ for you‚ the MRS should equal the price ratio since you consume both goods. Hence MRS = 10/2 = 5. For me since I consume only cassettes at my equilibrium‚ it implies that I consider CD’s a neutral good. Therefore
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demand. The first approach is the Marginal Utility or Cardinalist Approach. The second is the Ordinalist Approach. We discuss these two approaches separately. Cardinal Utility Analysis: Human wants are unlimited and they are of different intensity. The means at the disposal of a man are not only scarce but they have alternative uses. As a result of scarcity of recourses‚ the consumer cannot satisfy all his wants. Continue reading. Total Utility and Marginal Utility: People buy goods because
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