Microeconomics Week 4 Homework Chapter 6: #4 An explicit cost is the monetary payment a firm must make to an outsider to obtain a resource. An implicit cost is the monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market. Say you owned a deli shop. Examples of explicit costs would be the salaries of your employees‚ the cost of the building (electricity‚ plumbing‚ etc.) and all the different ingredients and foodstuffs you need to
Premium Costs Economics Cost
ES2550 Microeconomics - OL2-MAR1813 Project Part 1 [Author name] [Date] Barnes & Noble books which Estimated Elasticity is -4.00 which I believe is elastic because it has a value greater than 1 decrease in quantity demanded is proportionally greater than the increase in price. Coca-Cola which Estimated Elasticity is -1.22 I believe is elastic because it has a greater then 1 Cigarettes which Estimated Elasticity is -0.25 I believe is inelastic because it has less than 1 in absolute
Premium Supply and demand Microeconomics Elasticity
While democracy in the Asia and Pacific has been growing rapidly‚ maturity of its democracy is still being questioned. Maturity of democracy is determined by high quality of democracy through where three main areas are in place including law enforcement‚ economic development and consolidated democratic institutions. The problem with third wave of democracy (Huntington‚ 1991) is that the change of political system from authoritarian to democracy does not automatically follow with the change in
Premium Southeast Asia Indonesia
Air Sacrifice – Mongolia Photo by Viacheslav Smilyk Lamas direct the entire ceremony‚ with their number determined by the social standing of the deceased. They decide the direction the entourage will travel with the body‚ to the specific day and time the ceremony can happen. Mongolians believe in the return of the soul. Therefore the lamas pray and offer food to keep evil spirits away and to protect the remaining family. They also place blue stones in the dead persons bed to prevent evil spirits
Premium Burial Grave Death
Imperialism of Africa and Asia had both good and bad effects. The people of Africa and Asia may not have directly benefited from imperialism‚ but overall what happened was necessary for the continents to compete with the rest of the world. The African people benefited when the slave trade was abolished. They gained technological advancements by industrializing. The longest lasting effect imperialism had on Africa and Asia is that they were able to function and participate with other nations in global
Premium Africa Europe Atlantic slave trade
Management Questions. 1. Leadership a. Michael O’Leary is credited with the fabulous expansion of ryanair. Compare his managerial style with Richard Brandson of Virgin and Stelios Haj-Ioannou of Easy Jet. Do you see similarities‚ differences? O’Leary is said to have a pugnacious and aggressive management style‚ using a flat management hierarchy whose ethos is to provide a low cost‚ reliable and competitive service. Ryanair decided to hire O’Leary and sent him to the States for studying
Premium Low-cost carrier Ryanair Southwest Airlines
Air pollution consists of chemicals or particles in the air that can harm the health of humans‚ animals‚ and plants. It also damages buildings. Pollutants in the air take many forms. They can be gases‚ solid particles‚ or liquid droplets. Sources of Air Pollution Pollution enters the Earth’s atmosphere in many different ways. Most air pollution is created by people‚ taking the form of emissions from factories‚ cars‚ planes‚ or aerosol cans. Second-hand cigarette smoke is also considered air
Premium Global warming Carbon dioxide Air pollution
The text under analysis is a sample of the emotive prose. John Cheever tells the story of the Towle family. The story centers around the family hearth as the war looms. The prevailing prose system used is dialogue intermingled with description in order to characterize every member of the family. General atmosphere of the text is ominous tension. The text is based on the effect of climax‚ but suspense and parallel constructions also play very important role in this text. We understand that the theme
Premium World War II
ACTIVE VOLCANOES IN ASIA Asia contains 60 percent of the world’s population and some of the most active volcanoes. The region has a varied geography from the jungles of Indonesia to the deserts of Saudi Arabia. Volcanoes of Afghanistan : Afghanistan has a complex geology and tectonic history. Active volcanoes are located in eastern afghanistan‚ in a region that marks the collision zone with the Indian plate. The country contains mostly rugged mountains‚ with plains in north and southwest
Premium Volcano Lava
Air pollution is something that affects us every day whether we know it or not. The definition of air pollution occurs when the air contains gases‚ dust‚ fumes or odor in harmful amounts. That is‚ amounts which could be harmful to the health or comfort of humans and animals or which could cause damage to plants and materials. However; air pollution is something that can be prevented and is there are things that we as humans can do to better the environment. The human impact of air pollution is
Premium Air pollution Acid rain Pollution