I True or false.（2points*10） 1. If Good 1 is on the horizontal axis and Good 2 is on the vertical axis‚ then an increase in the price of Good 1 will not change the horizontal intercept of the budget line. 2. Henrietta’s utility function is U(x1‚ x2) = x1x2. She has diminishing marginal rate of substitution between goods 1 and 2. 3. Other things being equal‚ a lump sum tax is at least as good for a consumer as a sales tax that collects the same revenue from him. 4. Sharon spends all of her income
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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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UNIVERSITY OF BOTSWANA FACULTY OF SOCIAL SCIENCES DEPARTMENT OF ECONOMICS (2013/14) ECO 111 - BASIC MICROECONOMICS GROUP | LECTURER | OFFICE | LECTURE HOURS | LECTURE ROOM | A | Prof. N. Narayana | 240/113 | M‚ W & F 0800 | 252/LT-1 | B | Dr. J.B. Tlhalefang | 240/258 | M‚ W & F 1200 | 252/LT-2 | C | Ms. M. Seemule | 230/209 | M‚ W & F 0900 | 240/002 | D | Prof. N.P. Sinha | 240/105 | M‚ W & F 0900 |
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principles worked‚ but was I taken for a loop when I tried to balance out the equations. This is what I learned from this simulation and how it applied to real-world occurrences. Two Macroeconomic and Microeconomic Principles The two principles that I found that related to the simulation for microeconomics were supply and demand‚ and scarcity. These two principles both have a direct effect on what a people will do‚ on a personal level‚ when it comes to their economic decisions. The simulation showed
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whether each of the following is primarily a microeconomic or a macroeconomic issue: i. Setting the price for a cup of coffee. Microeconomic because this is technically the decision of an individual’s decision ii. Measuring the impact of tax policies on total household spending in the economy Macroeconomic because this is a government decision iii. A household’s decision regarding whether or not to go on vacation – Microeconomic because again‚ it is an individual’s decision
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players in Soft Drinks segment: Coca-cola 21 Trends In Consumption Patterns Trends in Consumption Patterns This article is designed to: 1. define economics‚ 2. define microeconomics‚ 3. define law of supply‚ 4. define the law of demand‚ and 5. to identify the factors that lead to a change in supply and a change in demand. Economics is defined as: The social science that deals with the production‚ distribution‚ and consumption
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As the world’s natural resources become scarce or too expensive‚ the world has begun to use substitute resources. One resource that is being used in place of gasoline is biodiesel. A renewable fuel‚ produced from agricultural resources such as vegetable oils‚ biodiesel has more than one good thing going for it. It reduces the emission of gases responsible for global warming‚ promotes rural development‚ contributes toward the goal of energy security‚ is renewable‚ and reduces pollution. Biodiesel
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Technical Questions Question No.1: What are differences between the microeconomic and macroeconomic perspectives on the economy? Question No.3: What are the four major types of markets in microeconomics analysis? What are the key characteristics that distinguish these markets? Question No.5:In macroeconomics‚ what are the five major categories of spending that make up GDP? Are all five categories added together to determine GDP? Application Questions Question No.3:In each of the following
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With regard to a hospital‚ a state university‚ and a museum‚ define (a) a possible primary aim‚ or goal‚ of each‚ (b) some of the constraints under which they operate‚ and (c) the relationship of (a) and (b) to the study of managerial economics. Name of Firm Primary Goals Possible Constraints We‚ the San Pedro Hospital community of health workers commit to: • Provide the best quality and compassionate health care services in satisfying all individuals with respect and reverence of their person;
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Economics is defined as the study of how the forces of supply and demand allocate scarce resources. Economics can be subdivided into microeconomics‚ which examines the behavior of firms‚ consumers and the role of government; and macro economics‚ which looks at inflation‚ unemployment‚ industrial production‚ and the role of government (Investor Word‚ 2008). Economics can be further divided to include positive economics and normative economics. Positive economics is the study of what is‚ and how the
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