1. Name two types of market failure. Explain why each may cause market outcomes to be inefficient. Market Power- In some markets‚ a single buyer or seller may be able to control the market prices. Market Power can cause inefficiency because it keeps the price and quantity away from the equilibrium of supply and demand. Externalities- The impact of one person’s actions on the well-being of a bystander. Since buyers and sellers do not consider these side effects when deciding how much to consume
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1. Introduction When we say equilibrium‚ it is a state of balance. It is a condition where there is no change in the state of motion of a body. Equilibrium also may be at rest or moving within a constant velocity. A simple mechanical body is said to be in equilibrium if no part of it is accelerating‚ unless it is disturbed by an outside force. Two conditions for equilibrium are that the net force acting on the object is zero‚ and the net torque acting on the object is zero. Thus‚ the following objectives
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MANAGEMENT INFORMATION SYSTEM ON A GAS STATION A case study presented to Mr. Panfilo Actub In partial fulfilment for the degree Bachelor of Science in Business Administration By: Llegunas‚ Kristine Mabale‚ Cherry Ann Maceda‚ Jebbie Mahinay‚ Gezeil Monsanto‚ Nichelle Joy May 2013 “A world without Oil Industry is a world with no life....” INTRODUCTION Management Information Systems are one of the major tools available to business managers for achieving operational
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In this tutorial session‚ we practiced on classifying quality costs. What we were going to do was that classify fourteen different costs in to three quality costs which were price of conformance(POCs)‚ price of non-conformance(PONCs) and normal business(NBs). When we looked at PONCs‚ we should be careful of some key words like “loss of use” in question 5‚ “re-work” in question 6‚ “error” in question 11 etc which means failure. Since situation of non-conformance occurred‚ the company had a must
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Engineering Workshop 1 Exhaust Gas Treatment Index of contents Introduction Waste gas with harmful traces of gas must be burned in an afterburner. To destroy the harmful traces the temperature after the burner must achieve 900°C. The preheater can`t resist a temperature of 700°C. Therefore quench water in a mixer will be used to protect the heat exchanger. The waste gas has the following properties: Waste gas composition: Mole fraction(= 0‚9890
Free Heat transfer Heat Heat transfer coefficient
petroleum need to retailer at a higher price compare in buying this product to a legitimate seller such a gasoline station. With this observation the proponents decided in putting this kind of business in the area. The gasoline station will provide the fuel products that will benefits to those who consume the fuel product of Vitali and the other nearest barangay. Facilities for motor vehicle repair are often a part of the station. Of course today there are gas stations everywhere‚ but when cars
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shows the price of aluminium over the past six years. It can be seen from Figure 1 that the price of aluminium has fluctuated a great deal during this period. For example: between July 2008 and February 2009 the price fell by 57%; in August 2009 alone the price rose by 16%. In an essay of 1500 words or fewer‚ use economic analysis to explain changes in the price of aluminium over the period shown in Figure 1 and why the price fluctuations have been so great. Figure 1: The monthly LME spot price for aluminium
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Price discrimination Price discrimination is the practice of selling the same product at different prices to different customers‚ when there is no difference in the cost to produce the product. Price discrimination is done to maximize profits. This occurs when market prices are set differently to different buyers‚ according to the willingness of each buyer to pay (demand curve) rather than setting a uniform price. It can be seen in the image below how if the seller kept the uniform price of Africa’s
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Torque and Equilibrium Purpose: Apply principle of static equilibrium to determine a coefficient of friction. Research Question: What is the coefficient of friction between a meter stick and wall? Hypothesis: Tying a piece of string on to the end of a meter stick‚ put the other end of the meter stick against the wall so that the meter stick is horizontal and does not slide down the wall. Hang a weight on the meter stick sliding it to a point where the meter stick is about to come off from
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Background In Bangladesh‚ natural gas is one of the important sources of energy that accounts 75% of commercial energy of the country. Again‚ Bangladesh is important to world energy markets because of its large potential natural gas reserves. This resource really reduces importing fuel from other countries and saving large number of foreign currencies. All power‚ fertilizer and today the transport sector of Bangladesh are by no means dependent on Natural Gas. From the beginning of this century
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