Fundamentals of Microeconomics In the world today product and services are both key to the survival of mankind. Depending on the demand from consumers‚ companies will see an increase or decrease of the items they produce or the service rendered. In the article of trends in US gasoline and ethanol use and petroleum production and imports these items will be looked at; as well as a discussion of the fundamentals of microeconomics. First‚ in order to understand what the fundamentals of microeconomics are
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decision. The number of competitor is less and any oligopoly firms changes in the price and other economic factors or marketing strategy ‚it will affect the change in competitor firm. So the firms must attention about the other competitor change in the industry and also need to think over the market demand and cost of its product. In oligopoly market no one can ignore the reaction of another firms so they must be interdependences. For Instance‚ Hybrid electric vehicle started is more expensive than fossil
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Is it necessarily a good thing‚ in terms of the welfare of society as a whole‚ for the government to step in to break up a monopoly in order to create a competitive industry? A monopoly exists when one single firm is the only producer of a commodity in the market‚ allowing them to set prices as they wish and maximise profits due to the high barriers to entry. In this case‚ the firm is given the ability to exploit their consumers in terms of price discrimination based on price elasticity. In this
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224 casinos in the world. The most popular casino must be the one in Las Vegas. Besides‚ Cathy H.C. Hsu points that gambling has existed in Asia for many centuries and gambling has become part of daily life in many Asian cultures like India (Casino Industry in Asia Pacific Development‚ Operation and Impact). Many Asian governments are turning to gambling to bolster their economies‚ to capture taxes lost to illegal betting and to boost tourism. Why Hong Kong does not widely develop casino? In fact
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of carbon emissions companies are able to release into the atmosphere.” Acording to the article of WiseGeek: “A Cap and Trade system is a method for managing pollution‚ with the end goal of reducing the overall pollution in a nation‚ region‚ or industry.” The Cap and trade system has been introduced by many proponents to control control pollution in an effective way. This is one of the systems that governments can use to reduce Carbon Dioxide‚
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interest of the public. The Australia’s Two-Airline policy consists of two firms‚ which function within an industry with barriers of entry. One firm is government owned (Trans-Australia Airlines) and the other is privately owned (Annett Airline of Australia- AAA). Each of these firms enjoys approximately half of the available market. The government may intervene in a monopolist industry in order to protect the consumer. Monopolists are known for their inefficiency in the market by providing services
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decreasing function of output. 8. Since a monopoly makes excess profits beyond the normal rate of return on investment‚ an investor is likely to get a higher rate of return in the stock market by investing in monopolistic rather than competitive industries. 9. A Stackelberg leader will necessarily make at least as much profit as he would if he acted as a Cournot oligopolist. 10. Dominant strategy equilibrium is a set of choices such that each player’s choices are optimal regardless of what the other
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Running head: INTERNATIONAL TRADE AND THE ROLE OF INFORMATION TECHNOLOGY IN MICROECONOMICS Economics 103‚ Economics in the Information Age International Trade and the Role of Information Technology in Microeconomics 02/09/2014 Professor Asif International Trade 2 Microeconomics is a field of study that relies on the market decisions made by people and businesses regarding which goods‚ services and resources they chose to use (Mayer‚2010‚ p.2). These
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Domestic drug manufacturers have cast their eyes overseas for growth and four of them have received the certificate of pharmaceutical product (CPP)‚ one of the pre-requisites for obtaining an export licence from the Department of Drug Administration (DDA). According to the DDA‚ Lomus Pharmaceuticals‚ Deurali-Janata Pharmaceuticals‚ Elder Pharmaceuticals and National Health Care Nepal have received the CPP. The CPP is a must for drug manufacturers wanting to export their products. Once the CPP has
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Research and discussion of press article About the article | Title of the article : Extension Responds: Katrina’s aftermath : How Hurricane Katrina will affect energy and fertilizer costs? | Source (Newspaper) and link to the article : University of Wisconsin-Madison/Extension http://www.uwex.edu | Summary of the article :In 2005 Hurricane Katrina caused massive shortage on natural gas and fuel in the USA.Due to the location of the hurricane in southern USA‚ agricultural shipping‚ fuel production
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