or other orgs. Are considered are considered in isolation from the rest of the economy. • Macroeconomics – is concerned with the economy as a whole. An overall view of the economy and aggregate economic behavior is studied. Emphasis on topic such as total production‚ income and expenditure‚ economic growth‚ aggregate unemployment‚ inflation etc is studied. • The problem of economizing is essentially one of deciding how to make the best use of limited resources to satisfy unlimited want
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I. The Economist as Scientist A. Economists Follow the Scientific Method. 1. Observations help us to develop theory. 2. Data can be collected and analyzed to evaluate theories. 3. Using data to evaluate theories is more difficult in economics than in physical science because economists are unable to generate their own data and must make do with whatever data are available. 4. Thus‚ economists pay close attention to the natural experiments offered by history. B. Assumptions Make
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Profession. Journal Of Human Capital‚ 6(2)‚ 124-149. Miqueo‚ C. (1999). Women and doctors in medicine. Lancet‚ 354SIV65. Dacre‚ J.‚ & Shepherd‚ S. (2010). Women and medicine. Clinical Medicine‚ 10(6)‚ 544-547. Illinois State University. Department of Economics. Profit Maximinzation. Retrieved from http://www.economics.illinoisstate.edu McFarland‚ F.‚ Smith‚ J.‚ West‚ A.‚ & Rhoades‚ R. (2000). African American female physicians in South Carolina: role models and career satisfaction. Southern Medical Journal
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Chapter 1: Limits‚ Alternatives and Choices The fundamental economic problem Scarcity: – The basic economic problem arises because resources are limited‚ but human wants are unlimited. – Scarcity. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have. What is economics? • Economics is the study of how individuals and economies deal with the fundamental problem of scarcity. • Scarcity forces individuals‚ firms
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------------------------------------------------- The four economic concepts I employed in my report are: ------------------------------------------------- 1. Cost Control ------------------------------------------------- 2. Pricing Strategy ------------------------------------------------- 3. Fighting competition through innovation & branding ------------------------------------------------- 4. People ------------------------------------------------- I previously worked for
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[pic] Swinburne University of Technology (Sarawak Campus) HBE613 ECONOMICS Higher Education Division Microeconomics Test Term 1‚ 2013 12.5% of Total Unit Marks (to be marked out of 20) Time Allowed: 1 hour Name: ______________________________________ Student ID: ______________________________________ Swinburne University of Technology‚ Sarawak Campus Short Answer Questions There are 4 questions in this section. Each question is worth
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Figure 10-1 [pic] a) Refer to Figure 10-1. The marginal product of the 3rd worker is ______ b) Refer to Figure 10-1. The marginal product of the 7th worker is ______ c) Refer to Figure 10-1. The average product of the 4th worker ______ d) Diminishing marginal productivity sets in after ______ 15) If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units‚ then the average product of 12 workers is ______ 16) If 11 workers
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6 Cigarette Consumption “Short‚ snappy‚ easily attempted‚ easily completed or just as easily discarded before completion – the cigarette is the symbol of the machine age." New York Times‚ 1925 Annual cigarette consumption ICELAND NORWAY SWEDEN FINLAND per person 1998 or latest available data 2‚500 and above RUSSIAN FED. ESTONIA UNITED KINGDOM IRELAND NETH. BELGIUM DENMARK 1‚500 – 2‚499 500 – 1‚499 1 – 499 RUSSIAN FEDERATION GERMANY POLAND SLOVAKIA BELARUS UKRAINE
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1. Meet the Fiori family and its Fiori Pasta Company. Papa Don is the president‚ son Tony is vice-president of sales‚ and daughter Gina is vice-president of production. Fiori Pasta produces high-quality pasta products. It has estimated its demand curve for its pasta to be P=39.898-0.03757Q‚ This demand function has been given in terms of price. So to find the Total Revenue (TR) you need to multiply the above equation into Q (which is your quantity). TR=39.898Q-0.03757Q2 MR=39.898-0
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1. Consider a personal computer market with two firms‚ X and Y. Suppose that Firm X and Y have the following total cost function: TCX=10QXTCY=10QY . The market is given by P=100-QX-QY. (a) Calculate the Cournot equilibrium outputs of firm X and Y in this market. (b) Calculate their market price in the Cournot equilibrium. (c) Calculate their profits in the Cournot equilibrium. (d) Suppose that firm X is considering implementing a proprietary technology they have developed. The onetime sunk cost
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