Section 1 1) What is the primary goal of modernization theory in contrast to theories of capital formation? Compare and contrast Hoselitz’ formulation of modernization theory with Lewis’ theory of capital formation In the 18th century‚ during the Age of Enlightenment‚ an idea named the Idea of Progress emerged whereby its believers were thought of being capable of developing and changing their societies. This philosophy initially appeared through Marquis de Condorcet‚ who was involved in the
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1 Today Summarizing categorical variables Exploring the relationship between categorical variables - contingency table‚ proportions‚ conditional proportions‚ marginal proportions Ch 2‚ Sec 1-2‚ pages 15-29 Summarizing Categorical Variables: Blood Pressure (Exercise 2.37*) 2 A company held a blood pressure screening clinic for its employees. Data below is partial dataset for company employees. Create an appropriate display for blood pressure data among the employees. Blood pressure
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Report Pepsi Soft Drink in Thai Monopolistically Competitive Market Presented to Grega Libor‚ Prof.‚ Ph.D. Department of Business Economics Mendel University of Agriculture and Forestry Brno‚ Czech Republic Presented by Ms.Mananya Santikongka ID. 5415350098‚ Batch 15‚ No.3 Kasetsart International MBA program‚ Kasetsart University Managerial Economics and Business Strategy 2011 Contents Introduction Page 3 Company Information Page 3 Figure 1: The Market Share
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If the consumer obtains one more unit of Y‚ how many units of X must be given up in order to keep utility constant? ∆Y∆X= 4-22-8= 26= -13 ~ Utility unchanged‚ if consumer exchanges 1/3 units of X for 1 unit of Y. c. What is the marginal rate of substitution? X = 2‚ Y = 8 X = 4‚ Y = 2 ∆Y∆X=MRS -( 8-2 )( 2-4 )= - 62=3 8 6 4 2 1 2 3 4 5 Question 7: Suppose a customer has indifference map shown below. The relevant budget line is LZ
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function of sugar is to provide energy‚ however the body does not need nearly the amount of sugar that the average American consumes. The American Heart Association says Americans swallow 22 teaspoons of sugar each day; most of the added sugar comes from soft drinks and candy. The American Heart Association recommends limiting the amount of added sugars you consume to no more than half of your daily discretionary calories allowance. For most American women‚ that’s no more than 100 calories
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CHAPTER 3: MEASURING MACROECONOMIC PERFORMANCE: OUTPUT AND PRICES CRITERIA FOR EVALUATING MACROECONOMIC PERFORMANCE 1. Rising living standards – economic growth Tendency for the level of output (quantity and quality of goods and services) to increase over time. 2. Stable Business Cycle – minimising the volatility in fluctuations of real output‚ around its trend or potential output. 3. Relatively Stable Price Level – low (positive) rates of inflation. Inflation and deflation is the tendency for
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in an economy. a. What is the marginal opportunity cost of producing the second unit of clothing? 18-13= 5 The marginal opportunity cost of producing the second unit of clothing is 5 units of food. b. What is the total opportunity cost of producing two units of clothing? 22-13= 9 The total opportunity cost of producing two units of clothing is 9 units of food. c. What is the marginal opportunity cost of producing the third unit of clothing? 13-7= 6 The marginal opportunity cost of producing the
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equal to consumption (C)‚ plus savings (S). As a general rule people on high income have a greater likely hood to save more of their income than those people with low income. Low income earners are likely to spend most of their income. The word propensity means likelihood and in economies we use this word to discuss spending and saving habits. * Cultural Factors: For example in some East Asian economies some East Asian economies people tend to save more of their income then people in other
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Chapter 1: The 10 principles of economics Introduction: * The management of society’s resources is important because resources are scarce. * Scarcity refers to the limited nature of society’s resources. * Economics involves the study of how society manages its scarce resources * In most societies‚ resources are allocated through the combined decisions and actions of millions of households and firms. * Hence‚ economists must study: 1) How people make decisions 2) How
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ECO 212 Final Exam 1) According to economics‚ what causes us to have to make choices? A. unlimited resources. B. scarcity. C. unemployment. D. greed. 2) Why do consumers have to make tradeoffs in deciding what to consume? A. there are not enough of all goods produced. B. the prices of goods vary. C. not all goods give them the same amount of satisfaction. D. they are limited by a budget constraint. 3) What is the term in economics by
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