Part 1 : Demand For Goods and Services Definition of demand Classification of Goods and Services Law of demand Factors That Influence Demand (Determinants of demand) Definition of demand One of the definition of demand is known as the desire to buy goods and services with the ability to pay at a given time period. Classification of Goods and Services From conventional Economic Perspective: i) Free goods – zero production cost. i.e. rain water and air ii) Public
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CHAPTER 1 INTRODUCTION 1.1 DISCIPLINE OF ECONOMICS THEORY There are two different categories concerning economic behavior‚ the micro economics and macro economics. Micro economics The study of economic behavior of individual making units such as producer‚ consumer‚ household‚ and firms. Macro economics The study of economic system as a whole or on the basis of aggregate such as consumer price index‚ inflation rate‚ national income and unemployment level. 1.2 DEFINITION OF ECONOMICS
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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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3rd Edition‚ June 2005 Eric Doviak Principles of Microeconomics on the Lecture Notes Preface Microeconomics is the study of the behavior of individual households‚ firms and industries as well as the supply and demand relationships between producers and consumers. You might think of a household as a consumer‚ but households are also producers. For example‚ take a look at your kitchen: you take raw materials (meat‚ cheese‚ vegetables‚ eggs‚ salt and pepper) as well as capital
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Section 1: “Cigarette tax hike sparks panic buying” By Ashley Hall Updated Thu Apr 29‚ 2010 What is the main issue presented in the media report? Discuss what has actually happened: In the year of 2010‚ the Federal Government raised taxes on cigarettes by an extra 25 per cent‚ resulting in an increase price of $2.16 to every pack of 30 cigarettes. A proclamation stated by Prime Minister Kevin Rudd on the crackdown on Internet advertising of cigarettes was mentioned. Mr. Rudd also affirmed
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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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study of microeconomics is important. 2) Define “ceteris paribus”. Explain why the device of ceteris paribus is so important in economics. Prepared for: Prof. Madya Habibah Lehar Prepared by: Nik Syahirah binti Nik Muhammad : 2012636032 : BA2F 1) The Importance to study Microeconomics. Microeconomics as has been stated by those who have studied Latin know that the prefix “micro-“ means “small‚” so it shouldn’t be surprising that microeconomics is the
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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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ECON 281 Fall Term Intermediate Microeconomic theory I University of Alberta XiaoGang Che Chapter One Overview 1. Defining Microeconomics and Macroeconomics 2. Microeconomic Modeling Tools • Constrained Optimization • Equilibrium Analysis • Comparative Statics 3. The Types of Microeconomic Analysis • Positive Analysis • Normative Analysis Chapter One 2 Microeconomics Defined Microeconomics is the study of how individual economic decision-makers such as consumers‚ workers‚ firms
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Running head: Module 1 Homework Module 1 Homework Michael J Feller Allied American University Author Note This paper was prepared for ECN 150: Introduction to Microeconomics‚ Module 1 Homework taught by Dr. Dani Babb. PART I Directions: Please draft a three page long document in APA format in which you address the questions below. You must cite at least three scholarly sources within the context of your work and cite your references according to APA
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