1. PRINCIPES OF ECONOMICS-MANKIEW CHAPTER 1- QUESTION FOR REVIEW (18) No 3. What is inflation and what causes it? = Inflation is an increase in the overall level of prices in the economy. Inflation happen because culprit is growth in the quantity o money when a government creates larges quantities of the nation’s money‚ the value of the money. No 5. Explain the two main causes of market failure and give an example of each! = Externality‚ is the impact of one person’s action on the well being
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Experiment 6: Microbial Cultivation Objectives: To successfully cultivate microorganisms from different sources to medium. Materials: Broth‚ Agar‚ Sterilized cotton swab‚ Procedure: 1) Get your broth with cotton swab inside containing your bacteria. 2) Remove the cotton and flame sterilize the mouth of the testtube. 3) Get your cotton swab inside‚ flame sterilize again the mouth of the testtube then plug it with cotton. 4) Grab the inverted plated media and flame sterilize the
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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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Macro-environment analysis of The Coffee Company for the Chai Latte powder product The Coffee Company is 100% privately owned and operated company. It has been in operation since 1998 and has over 10 years experience in the coffee manufacturing market. The Coffee Company provides fresh roasted coffee to over 1000 food service customers across Australia and its retail products are available in leading Australian retailers. The Coffee Company plant is based in Moorabbin and uses market leading
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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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Macro-environmental trends. This portion requires you to discuss and analyse the impact on the industry of the following factors (in case the industry competes in overseas markets‚ your analysis should have a corresponding dimension): · Social‚ cultural‚ demographic and environmental forces; · Political‚ governmental and legal forces; · Technological forces; and · Economic forces. Macro-Environment Definition Major external and uncontrollable factors that
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Mountaintop Removal Mining Do you ever wonder or consider where the energy is coming from when you flip the switch every time you need electrical power? I don’t think many people have any idea where that energy is coming from. The same disconnection can be applied to the food industry. This disconnection between these services that everyone is accustomed to having and using creates great problems‚ in my opinion. The coal industry has been fueling the United States for the last century. It used
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PHILIPPINE MINING LAW What is mining? Mining is the extraction (removal) of minerals and metals from earth. Manganese‚ tantalum‚ cassiterite‚ copper‚ tin‚ nickel‚ bauxite (aluminum ore)‚ iron ore‚ gold‚ silver‚ and diamonds are just some examples of what is mined. Why mine? Mining is a money making business. Not only do mining companies prosper‚ but governments also make money from revenues. Workers also receive income and benefits. History of Mining in the Philippines First Mining Law: Spanish
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