Oluwatobi Onibatedo Eco 301 08/24.2013 WEEK 1 HOMEWORK Problem 1 1.a. Suppose the real GDP is currently $97 billion per year and natural real GDP is currently $100 billion. Measured as a percentage‚ what is the real GDP gap? Solutions Actual real GDP- Natural Real GDP =GDP gap over 100 = $97- $100= -3/100 = -3% GDP GAP is -3% The negative answer means the economy as a whole is in a recession. 1(b) Suppose natural real GDP is growing by $4 billion per year. By how much must
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Yajaira Marcano Professor Badi Sabet ECO 2023 April 15‚ 2011 There is a significant debate between proponents and opponents of environmental issues at the moment in our nation. 1) Please give your opinion concerning this issue. 2) Please explain what the Cap-and-Trade Bill is. The environment is essential in any modern economy‚ healthy and prosperity. It is therefore necessary for governments to recognize that environmental economics play an important role in the design of environmental
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Is it necessarily a good thing‚ in terms of the welfare of society as a whole‚ for the government to step in to break up a monopoly in order to create a competitive industry? A monopoly exists when one single firm is the only producer of a commodity in the market‚ allowing them to set prices as they wish and maximise profits due to the high barriers to entry. In this case‚ the firm is given the ability to exploit their consumers in terms of price discrimination based on price elasticity. In this
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Course Design Guide School of Business ECO/365 Version 4 Principles of Microeconomics Copyright © 2011‚ 2008‚ 2007‚ 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories‚ concepts‚ terminology‚ and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies
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C-Summer 2013 MICROECONOMICS The point of studying economics is so as not to be fooled by economists. Joan Robinson 9:30 a.m. – 12:30 p.m. T-R Room 3213 Mr. Jon Corrado OFFICE HOURS 12:30 p.m.-1:30 p.m. TR Office: 3633 jcorrado@ccc.edu COURSE DESCRIPTION Microeconomics is the theory of maximizing profit for a firm or utility for an individual. Topics include Elasticity‚ Marginal Utility‚ Monopoly‚ Oligopoly‚ Monopsony‚ interest‚ rent and wages. Macroeconomics and Microeconomics may be
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such a routine is not suitable for me. I know that I will have a kind of routine in academic life also but I think that working in an academic environment will be much more exciting because I can do research most of the time‚ learn many different topics and work in a variety of subject areas. Therefore‚ I have chosen to continue my education and pursue an academic career. As you can see from my transcript‚ I took several statistics and econometrics classes and these classes attracted me to study
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Bibliography: ❑ Lipsey‚ Courant‚ Ragan (1999). Microeconomics. 12th ed. United States of America: Addison-Wesley. 211-229. ❑ Lipsey‚ Courant‚ Ragan. (1999). Imperfect Competition. In: Lipsey‚ Courant‚ Ragan Microeconomics. 12th ed. United States of America: Addison-Wesley. 257-259. ❑ Lipsey‚ Courant‚ Ragan. (1999). Imperfect Competition. In: Lipsey‚ Courant‚ Ragan Microeconomics. 12th ed. United States of America: Addison-Wesley. 239‚259-271.
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before him. These questions deal heavily on microeconomics and macroeconomics with regards to managing approximately 3000 two bedroom apartments and their rentals. Your author will now address the questions as they were presented before him. Identify two microeconomics and two macroeconomics principles or concepts from the simulation. To begin‚ your author feels compelled to first give a brief description of what macroeconomics and microeconomics entails.
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THE IMPORTANCE OF MICROECONOMICS 1. New Businesses o Entrepreneurs create businesses by purchasing and utilizing factors of production. In order to estimate the potential return on investment (ROI) of those factors of production‚ entrepreneurs must have a basic grasp of microeconomic concepts: supply‚ demand‚ cost‚ profit. Without such a grasp‚ it is impossible to know how much a particular good can be sold for in a particular area. Furthermore‚ without a grasp of costs and earnings
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to be naturally forming. This enables Microeconomics and Macroeconomics to balance and stay stable. This essay will discuss the effect of supply and demand based off the data from the economic computer simulation from class. Microeconomics The simulation implemented different Microeconomics and Macroeconomics concepts and principles in the teaching process to show the little picture and big picture of economics. Below are the concepts of Microeconomics that I focused on during my learning.
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