Chapter -1 1. The study of microeconomics includes the study of - Output and employment growth as markets expand in reaction to a rising price level in the economy. - Business investment and government spending in the marketplace. - The number of new jobs and income created as the economy grows. - How firms‚ workers‚ consumers‚ and investors interact and make decisions in the marketplace. Microeconomics is the study of the behavior of individual economic units: consumers‚ firms‚ workers
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SUBJECT NAME : MICROECONOMICS SUBJECT CODE : BEC1001 ACADEMIC YEAR : AY 2012/2013‚ OCT SEMESTER “By submitting this work‚ we are declaring that we are the originators of this work and that all other original sources used in this work have been appropriately acknowledged. We understand that plagiarism is the act of taking and using the whole or any part of another person’s work and presenting it as our own without proper acknowledgement. We also
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Limited resourcesTime‚ money. * Inability to satisfy all of our wants * Faced with scarcity we must choose among available alternatives * Trade offs * Incentive: Reward that encourages and action or penalty that discourages * Microeconomics: Choices of: * Individuals * Businesses * The way these choices interact in markets and the influence of the government * Macroeconomics: * Study of the performance of the national economy and the global economy * E.g.
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I. MICROECONOMIC Micro-environment is preferred as ‘the operating system’ which includes the forces that has significant impacts on and can affect the organization’s ability to operate and serve its customer (Chaffey et al‚ 2009). This is influenced by the need of customers and how services are provided to them through the competitors‚ marketing intermediaries‚ and suppliers within the marketplace (Chaffey et al‚ 2009). 1. Customer Airasia provides to its customers the basic flight carrier
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|ECON E-1010 | |Microeconomic Theory Spring‚ 2013 | Course Web Site: http://isites.harvard.edu/course/ext-23285/2013/spring Professor: Bruce Watson econe1010@dce.harvard.edu Lectures: Mondays 7:40 – 9:40 Science Center A Teaching Assistants: Teo Nicolais (For
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understand the concepts of macroeconomics and microeconomics‚ the definition and the concept of economics must first be explored and understood. Economics is the focus of how the production‚ consumption‚ and transfer of wealth affect the standard of living. Economics is broken up into main areas‚ macroeconomics and microeconomics. Macroeconomics is the greater aspect of economics as it focuses on aggregate production and consumption in an economy. Some of the topics that macroeconomics cover are the effects
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The notion of “fairness” is often the justification given for the government intervention in the market. Do you agree or disagree. 1.0 Introduction Fairness in the market can be defined as the equally distribution in the proportion of economic pie to every party. In the past‚ the economic prosperity is not uniformly allocated among the members of society. The wealthier will have a larger proportion of the economic pie whereas the poorer parties will only occupy a smaller part of the economic
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were microeconomics‚ mesoeconomics‚ and macroeconomics. Therefore‚ I will discuss these three concepts. I will briefly describe which of these are of greatest relevance to my studies and career. Also‚ I will discuss which topics I would mention as worthy of extra investment in time and effort. Microeconomics is the study of economics that focuses on the individual consumer and producer in a market economy. An example is that for Assignment 5.2‚ I discussed General Motors and Microeconomic Failure
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suggestions. The standard disclaimer applies. Asymmetric Information about Perfect Competition: The Treatment of Perfect Information in Introductory Economics Textbooks Abstract The theory of perfect competition is the most fundamental core topic of economics. Deviations from its underlying assumptions offer the format for the development of all other aspects of economic theory. For example‚ reducing the number of sellers and blocking entry initiates the discussion of monopoly‚ deadweight losses
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Lecture 1: Microeconomics and Biz Strategy References: Pindyck&Rubinfeld. Chap.1 What are the firm’s important functions and strategies ? 1. Selling need to know consumers purchasing behavior for example‚ what if the price increases: price elasticity of demand marketing/product positioning strategies Topics 3-5 lectures 2. Production Supply function/producers output decision how to produce? Firms output decision: Short run vs LR For example‚ should the firm continue producing
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