PEPERIKSAAN AKHIR SEMESTER I SESI 2011/2012 (PRINCIPLES OF MICROECONOMICS) 1. Which of the following is the best example of a variable cost? A. Monthly payments for hired labour. B. Property tax payments. C. Monthly rent payments for a warehouse. D. Pension payments to retired workers. 2. Malik wants to start his own business. The business he wants to start will require that he purchase a factory that costs $400
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Concentration Ratios ECO204: Principles of Microeconomics Name Instructor: XXXXXXXX XXX March 16‚ 2012 Oligopoly is a very common market form where the sellers are so small in numbers that the actions of any one of them would affect the cost of the products and competition would significantly visible. “Oligopoly is defined as an industry dominated by few firms that‚ by virtue of their individual sizes are large enough to influence the market price” (Case‚ Fair
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Introduction The purpose of this assignment is to apply the concept of microeconomics in analysis of the company that listed in Bursa Malaysia. We are required to select one of the companies that listed in Bursa Malaysia. Described the background and the type of products or services offered by this company. Besides that‚ we need to explain type of market structure that this company can be categorizes into and also explain the characteristics of that market structure. By using the annual report from
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OMEGA: An Improved Gasoline Blending System for Texaco MGMT 372 Blending gasoline is a critical refinery operation. Texaco implemented the system‚ OMEGA‚ in 1980 on personal and large computer systems. Computers were being installed at Texaco refineries in 1960’s and were mostly used for accounting purposes‚ data acquisition‚ process control‚ and refinery modeling. At this time‚ compositions of gasoline blending were being developed by trial and error‚ experience‚ and average response tables
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Microeconomics FEB11001X MIDTERM 2 7 December 2010 Name and Sirname: Student number GROUP number Calculators and dictionaries are NOT allowed. 1 Of Land‚ Capital and men (5 points) Consider a …rm that uses optimally its three inputs: land‚ capital and labor. Argue‚ in your own words (15 lines max!) why‚ in the optimal point‚ we must have equality between the marginal productivity of land‚ capital and labor. 2 Mono and Duo The …rm “Mono” is a …rm operating on a market with the
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ECON 202: Principles of Microeconomics Health Care Reform Health Care Reform 1. 2. 3. Health Care System. Inefficiencies in the Health Care System. Some proposals discussed. ECON 202: Princ. of Microeconomics Health Reform 2 1. Health Care System Now Health Care Spending as a Share of GDP ECON 202: Princ. of Microeconomics Health Reform 3 1. Health Care System Effect of high health cost on households Around 59% of individuals younger than 65 years of age receive
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Microeconomics Project Paper Course Project 1 Economics 545 Summer 2014 Session B Prof. William Mapp Patricia Shomo September 13‚ 2014 Situation C Last night about 7pm‚ I went to fill up on gas at the closest gas station by my home in Merrillville‚ Indiana. The Speedway gas station had gas for $3.49 a gallon for regular unleaded gas. Midgrade gas was $3.69 a gallon‚ Premium was $3.89 a gallon‚ and Diesel was $3.89 a gallon. I always try to fill up before the work week‚ as I do not want to get
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Introduction Foundations Basics Language of economics Fundamental problem facing mankind “Our resources are limited (scarce)‚ but our wants (aspirations to good life ‚ ambitions ‚ needs‚ dreams) are unlimited.” SCARCITY = Budget Constraint Proof Resources Limited * Time: 24 hours day * Time is money * 20 hours in bed (leisure) * Safe drinkable water = Less than 1% of total water * $2000 apt/studio‚ cook own food * $2000000 a month * Mansion
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Licensed to: iChapters User PRINCIPLES OF MICROECONOMICS: A G U I D E D T O U R PART ONE: INTRODUCTION Chapter 1 Chapter 2 Chapter 3 Ten Principles of Economics Thinking Like an Economist Interdependence and the Gains from Trade The study of economics is guided by a few big ideas. Economists view the world as both scientists and policymakers. The theory of comparative advantage explains how people benefit from economic interdependence. PART TWO: SUPPLY AND DEMAND I: HOW MARKETS
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Macroeconomics and microeconomics explained Macroeconomics and microeconomics forms the two major important studies within the branch of economics that are both essential in sustaining the overall growth and standard of the economy. They are interdependent and work in liaison with one another. However they differ in a number of ways both in terms of their scope and implementation. Whereas microeconomics tends to focus on smaller business sectors‚ macroeconomics focuses on the larger income of a
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