ME Assignments‚ TERM-1 ➢ LAST DATE OF SUBMISSION- 20.09.12 Roll no. Questions 12DM001 1.If the market demand curve is given by QD=15-8P and the market supply curve QS=2P‚find the equilibrium price & quantity graphically & mathematically. 2.Suppose the technology to manufacture computers improves but due to some recession in the economy ‚the income of the consumer falls. Assuming computers to be normal good‚ what will be the equilibrium price & quantity
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Bibliography: Allan. (2012) Revenue management and Hotel operations‚ 2nd Edition: London. Hayes‚ D & Miller‚ A. (2011) Revenue Management for the Hospitality industry‚ 1st Edition: New Jersey‚ Wiley and sons. Oren Netzer (2005) The Challenges of Yield Management http://www.imediaconnection.com/content/4976.asp
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Wiley & Sons. Kalb‚ I. (1992). Structuring Your Business for Success. New York‚ K&A Press. Slack‚ N. & Lewis‚ M. (2003). Operations Management: Critical Perspectives on Business and Management. Routledge. Stokes‚ D. (2008). Principles and Practice of Variable Pressure/Environmental Scanning Electron Microscopy. John Wiley and Sons. Wheeler‚ C. (2009). You ’ve Gotta Have Heart: Achieving Purpose Beyond Profit in the Social Sector. New York: AMACOM Div American Mgmt Assn.
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Principles of Economics According to Campbell‚ “Economics is the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants” (Campbell‚ 2005‚ p. 3‚ Para. 1). For example‚ an individual needs air; however‚ wants a lavish vehicle‚ which the vehicle becomes the economic want. However‚ economics is concerned with obtaining maximum satisfaction through the efficient use of scarce resources. Likely‚ economist view and study economics through
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Patents: General: Meaning of patent The word patent is not defined in the tax legislation. The legislation covers patents granted anywhere in the world except where it specifically refers to a UK patent. A patent consists of rights conferred by letters patent to the exclusive use and benefits of a particular invention. It will last for a specified period. The period for which a patent lasts is often referred to as the term of the patent. A patent is a form of protection for an inventor. A person
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The Hospitality Management The hospitality industry supported 7.5 million USA jobs in 2011(“selectusa.commerce.gov”). It includes a broad variety of service industries that incorporate food service‚ tourism‚ and hotels (“economywatch.com”). The business depends in large part on the number of people traveling for business or pleasure. Economy has a big impact on travelers’ decisions. When individuals and corporations are doing well financially‚ they are more likely to take vacations and spend
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Corporate Strategy "Sources of competitive advantage rarely yield added value that can be sustained over time." The following essay is going to attempt to assess the above proposition and try to find if it is possible to add value continually over a period of time. I will first discuss what competitive advantage is and what it means to a firm. Then I will explain the sources of competitive advantage and how the distinctive capabilities of a firm allow it to sustain added value. The discussion
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price from the buyers. 3. Freedom of Movement of Firms: If there is freedom of entry and exit of firms‚ then price will be stable in the market. However‚ if there are restrictions on entry of new firms and exit of old firms‚ then a firm can influence the price as it has no fear of competition from other or new firms. 4. Knowledge of Market Conditions: If buyers and sellers have perfect knowledge about the market conditions‚ then a uniform price prevails in the market. However‚ in case of imperfect
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Chapter: 5 Question: Categorize each seller below on the basis of the type of market it operates in. Explain each of your answers: a. A Cattle farmer b. A Computer market c. A picture framing shop is a large metropolitan area. d. A seller of Canadian dollars in a foreign currency markets. e. A life insurance company f. A liquor store in a remote village g. A visual Artist h. A Country that produces a valuable radioactive mineral found in no other part of the world. Answer to the question
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Microeconomics WA3 1. At its current level of production‚ a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit‚ the firm’s marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm’s current profit? What is likely to occur in this market‚ and why? Total rev | 12500 | Total costs | 10000 | TC=ATC(Q) = 10 ( 1000) = 10000 Profit=TR-TC
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