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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Assignment | Sajanpreet kaur Brar. | atmc | micro economics | ASSIGNMENT COVER SHEET (INDIVIDUAL) SUBJECT CODE: | BUECO 1507 | SUBJECT TITLE: | BUSINESS MICRO ECONOMICS | ASSIGNMENT NUMBER AND TITILE: | 1‚ COST CURVES‚ MONOPOLY‚ MICROECONOMICS REFORM. BUECO1507 (ECONOMICS ASSIGNMENT) Answer 1.) Cost Curves a.) The Marginal Cost (MC) - The increase in the cost that accompanies a unit increase in
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media of advertisement. Question 4. What kind of relationship would you postulate between short-run and long-run average cost curves when these are not Ushaped as suggested by the modern theories? Question 5. How do demand forecasting methods for new products vary from those for established products? Assignment - B Question 1. What are the different methods of measuring national income? Which methods have been followed in India? Question 2. What do you understand by the investment multiplier
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results in a cost of $165‚000 for the degree. Opportunity cost is useful when evaluating the cost and benefit of choices. It often is expressed in non-monetary terms. For example‚ if one has time for only one elective course‚ taking a course in microeconomics might have the opportunity cost of a course in management. By expressing the cost of one option in terms of the foregone benefits of another‚ the marginal costs and marginal benefits of the options can be compared. As another example‚ if a shipwrecked
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New Jersey I. Government During the Revolutionary War in 1776‚ the first constitution of the state of New Jersey was written to create a government framework for the state. The constitution has been rewritten twice to address issues that arose with the original and subsequent versions. In the mid-1800s‚ New Jersey citizens wanted a more democratic form of state government so the 1844 constitution was drafted‚ providing for the separation of powers among the legislative‚ judicial‚ and executive
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1-page short essays (most important is a graphical analysis). 5. You need to show your student ID during exams. You are not allowed to take exams and quizzes in my other classes. Course Information: This course teaches an introductory level of microeconomics‚ which is the first-semester economics course for business majors. Selected topics include demand and supply‚ consumers’ choice‚ firms’ choice‚ economics of public sector‚ and several types of market structure. Although graphical analysis is emphasized
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Micro economics is a branch of economics which studies individual firms and consumers. The basis of micro economics is supply and demand; how does the market react to changes in supply and demand and inevitably how does it affect price. Microeconomic decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either be in terms of financial costs such as average fixed costs and total variable costs or they can be in terms of opportunity costs‚ which consider
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size alone; some degree of market power is achieved by firms producing differentiated products. New firms can enter and established firms can exit with ease ) I. "common form of the industry structure characterized by a large number of firms none of which can influence market price by virtue of size alone New firms can enter and established firms can exit with ease." Every year hundreds of new designers emerge into the retail industry. No matter what one’s style of clothing‚
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gives price PM This competitive output QC AC MR is less than price Price is greater than MC: loss of efficiency Price is greater than average cost Demand Positive economic profit Long-run equilibrium: no entry 1 Quantity Chapter 2: Basic Microeconomic Tools Efficiency and surplus: illustration $/unit The demand curve measures the willingness to pay for each unit Consumer surplus is the area between the demand curve and the equilibrium price Competitive Supply The supply curve measures
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Question Examine the possible effects of implementing a minimum wage in Malaysia from a microeconomic perspective. Abstract Minimum wages has always been a worldwide topic that is constantly argued in many countries. It has always been argued that once minimum wages is applied‚ there would not be enough competition among workers in the country. As a result‚ an important question had been brought out; who will benefits when the minimum wage rises? How is the distribution of income for poor
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