APPLICATION OF MICROECONOMIC CONCEPTS TO THE ECONOMY BACKGROUND Project Description: In this project‚ you will apply the theories studied in class to analyze the microeconomic forces affecting a business. Each and every data/graph/table should have the Source with it. The contents of your presentation must incorporate concepts from the course. RESEARCH OUTLINE Choose your industry and your company - Brief background of the company. Explain the circular flow diagram and concentrate on each
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Section 1-2 Ex. 26 Surgery vs. Splints – A study compared surgery and splinting for subjects suffering from carpal tunnel syndrome. It was found that among 73 patients treated with surgery‚ there was a 92% success rate. Among 83 patients treated with splints‚ there was a 72% success rate. Calculations using these results showed that if there really is no difference in success rates between surgery and splints‚ then there is about a 1 in 1000 chance of getting success rates like the one obtained
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| | | | | | | | | | | | | | | | | | Question 1 1 out of 1 points | | | When are buyers and sellers likely to engage in an exchange? Answer | | | | | Selected Answer: | d. All of the above statements are correct | Correct Answer: | d. All of the above statements are correct | | | | | * Question 2 2 out of 2 points | | | In a transaction for a rare painting valued at $1‚000‚000‚ by an avid collector‚ and at $950‚000 by the
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1. What is ethics? Ethics is the branch of philosophy that involves systematizing‚ defending‚ and recommending concepts of right and wrong conduct. As a branch of philosophy‚ ethics investigates the questions “What is the best way for people to live?” and “What actions are right or wrong in particular circumstances?” In practice‚ ethics seeks to resolve questions of human morality‚ by defining concepts such as good and evil‚ right and wrong‚ virtue and vice‚ justice and crime. 2. What is administration
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EXERCISES FOR MICROECONOMICS TOPIC 1 Economics: An Introduction (Chapters 1 & 2 in the Textbook) EXPLAIN THE FOLLOWINGTERMS ◎ Average benefit ◎ Average cost ◎ Economic surplus ◎ Economics ◎ Microeconomics ◎ Macroeconomics ◎ Marginal benefit ◎ Marginal cost ◎ Normative economics ◎ Positive economics ◎ Rational person ◎ Sunk cost ◎ Opportunity cost ◎ Absolute advantage ◎ Comparative advantage ◎ Attainable point ◎ Unattainable point ◎ Efficient point ◎ Inefficient
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References: Historical Gas Prices‚ Retrieved on March 9‚2012 from ‚ Retrieved from www.atlantagasprices.com/GasPriceSearch.aspx Markets Are Efficient‚ Chapter 1‚ Core Economics‚ Gerald W. Stone‚ 2008 Coffee Buffs from Amazon to Rio Poise Brazil to Top U.S.‚ Retrieved on March 14‚ 2012‚ Retrieved from http://www.businessweek.com/news/2012-03-13/coffee-buffs-from-amazon-to-rio-poise-brazil-to-top-u-dot-s-dot
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decide what to produce and in what quantities‚ it is first necessary to know what is obtainable. The PP curve shows the options that are obtainable‚ or simply the production possibilities. What is obtainable is based on the following assumptions: 1. The resources available are fixed. 2. The technology remains unchanged. 3. The resources are fully employed. 4. The resources are efficiently employed. 5. The resources are not equally efficient in production of all products. Thus if resources are
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is between “macroeconomics” and “microeconomics.” The motivating force for the change came from the macro side‚ with modern macroeconomics being far more explicit than old-fashioned monetary theory about fluctuations in income and employment (as well as the price level). In contrast‚ no revolution separates today’s microeconomics from old-fashioned price theory; one evolved from the other naturally and without significant controversy. The strength of microeconomics comes from the simplicity of its
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market’s price ceiling‚ the idea is based on theoretical analysis which could not be applied in the real situation. There are several assumptions made to support the idea of this article‚ however some of the assumptions are precisely impractical. 1. Applying monopolist scenario on ordinary circumstances As the article states‚ all economical approach in this article is for a monopolist who price-discriminates between two markets. However‚ could this monopolist scenario represent the whole drug
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Outcome 1 1) Holistic approach means meeting the needs of the person a whole‚ not just the physical needs such as pain and discomfort. Also looking at the emotional‚ mental‚ social and spiritual needs. There are various ways of managing pain and discomfort; these may be from a medical perceptive‚ but also by self-help. Every individual has a different pain threshold and this will determine what is tolerable and what pain intervention will be needed to keep it under control. Conventional medicine
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