Macroeconomics 1102 Discussion Question 5 Part (a) Consumption function: is the relation of consumption with its determinants. Graphically drawn as:. Mathematically it is written as: C = C + c(Y – T) C: Consumption Spending C: Exogenous Consumption c : Marginal Propensity to Consume (0 < c < 1) Y: Aggregate Income T: Taxes Explaining the main components: Exogenous consumption: factors other than disposable income that affect consumption. So when consumers feel optimistic
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Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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1.0 MACRO ENVIRONMENT ELEMENTS There are many factors in the macro-environment that will effect the decisions of the managers of any organization. Tax changes‚ new laws‚ trade barriers‚ demographic change and government policy changes are all examples of macro change. 1.1 Political and Legislation Factors The political-legal dimension of the general environment also affects business activity. The philosophy of the political parties in power influences business practices. The legal environment
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Macro Systems Paper BSHS 325 Macro Systems There are three types of service practices in the Social Work industry: Micro‚ Mezzo‚ and Macro. Social Work can be a very rewarding field to be involved in however‚ at the same time it can by very complex as well. Social workers will deal with many different issues and are around a lot of domestic and societal challenges. Some find out that they have a hard time dealing with the challenges and have to change the focus in their
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What Is A Lesson Plan? There is some confusion about what a lesson plan* is and is not. A worksheet is not a lesson plan. A handout is not a lesson plan. A classroom game or activity is not a lesson plan. In fact‚ there is no need for a lesson plan to ever be seen‚ touched‚ considered or dreamed of by students‚ and nor does it even need to exist on paper or disk‚ though it usually does. A lesson plan is a teacher’s plan for teaching a lesson. It can exist in the teacher’s mind‚ on the back of an
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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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1. The state of California recently considered passing a tax on the services of doctors in that state in order to raise revenue to pay for universal health coverage for California residents. Suppose the average open heart surgery costs $100‚000‚ and at that price 23‚339 surgeries are performed each year. Fully explain what the most likely outcome would be in this market if a tax on surgeries is implemented. Use a graph if it will help. 2. Price Changes and Responses by Consumers | Price
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Stage 4 - Investigation 5.5.1 Definition of investigation and assessment Investigation and assessment is a process of gathering and analysing information and evidence to determine whether: • abuse has taken place • there is ongoing risk of harm to the adult at risk. 5.5.2 Purpose of investigation and assessment The purpose of investigation and assessment is to establish the facts and contributing factors which led to the referral. Central to this is establishing the views and wishes
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