Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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QUESTION 1 a. A downward-sloping demand curve shows in both graphs when the quantity at each price is doubled what it was. However‚ the curve in demand for pharmaceutical drugs is drawn with a relatively steep slope as inelastic products. Equilibrium price down-sloping along the demand curve while quantity in both market increased to some extent. b. In inelastic demand of pharmaceutical drugs‚ the percentage change in price is greater than the percentage change in quantity demanded. While in elastic
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The possibility that microorganisms exist was discussed for many centuries before their actual discovery in the 17th century. The existence of unseen microbiological life was postulated by Jainism‚ which is based on Mahavira’s teachings as early as 6th century BCE.[19] Paul Dundas notes that Mahavira asserted existence of unseen microbiological creatures living in earth‚ water‚ air and fire.[20] Jain scriptures also describe nigodas‚ which are sub-microscopic creatures living in large clusters and
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Subject: Business Economics Subject Code: BUECO5903 Course Coordinator / Moderator: Paul McPhee / David Spiers Assignment A: Microeconomics Student Name: Noor Aini Faiz Student Number: 30120381 Lecturer: Dr. Ganeshamoorthy Question 1: (a) Explain and illustrate using suitable diagrams‚ the impact of external costs and
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Executive Summary In March 2014‚ my friends and I is interested in the development of a luxury hotel‚ planned to be operated by a well renowned hotel brand‚ a feasibility study was commissioned to be made. The purpose of this paper is to investigate the opportunities and risks of operating a high class hotel at the designated location. In order to determine whether a feasible operation of such an establishment is possible‚ the various key factors of competitive business in this particular market
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Macro Economic System and its Management. 1. Macro Economic Concerns: • Micro vs Macro Economics. • Major Building Blocks of Macro Economics: 1) AD & AS 2) Four Sectors: HHS‚ BS‚ GS & FTS 3) Two Markets: Commodity Market and Money Market. • Specific issues to be addressed in Macro Economics: o Rising Prices o Rising Unemployment o Falling GDP o Balance of Payments Crisis. • Tools of Macro Economic Policy and Management:
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Apple’s Product 5 Branding Strategies 5 Our Product 6 Unique Feature 6 Other Main features 7 Attributes 8 Image of the iDEAL Tab 8 External Analysis 8 Political Regulatory 8 Economic Factors 10 Social/Cultural Factors 11 Technological Environment 12 Industry Overview 12 Competitors’ Comparison 13 Internal Analysis 14 Customer Profile Analysis 14 Marketing Segmentation 14 Product Positioning 16 Marketing Objectives 16 Marketing Mix Strategies 17 Product Strategy 17 Our Product 17
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INTRODUCTION: The micro Environment The micro environment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself‚ its suppliers‚ marketing intermediaries‚ customer markets and publics. The business can take control over all challenges and influences in the micro environment. BODY: 1.1.1)Vision The vision of the business is what the business aims to achieve. It sets out where a business needs to go to be
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REVISION COMMON TYPES OF MICROBES 1 BACTERIA Difference between Gram Positive and Gram Negative Shapes of bacteria and examples What shapes have you learnt? GRAM STAIN: The process! You should work on your lab notes. LECTURE 2 GRAM STAIN Developed by a Danish called Christian Gram in 1884 Stain a heat-fixed smear with a dye like crystal violet and fix with Iodine Then wash with ethanol or acetone Finally counterstain with a dye of different colour such as safranin (what is its colour
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Dr. Kris De Jaegher Extra Material complementing Pindyck and Rubinfeld Chapter 2 Learning Objectives 1. Understand the meaning of demand and supply curves‚ and see how equilibrium is established; 2. Understand the meaning of the slope and intercepts of demand (and supply) curves; 3. Understand the difference between movements along demand and supply curves‚ and shifts of demand and supply curves; 4. Understand the effect of price ceilings and price floors; 5. Understand
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