Task 1 1.1 Organisations can be classified in terms of their business purpose‚ ‘for profit’ or ‘not for profit’ organisations. Organisations that seek to make a profit are mainly private sector businesses which provide goods/services and must make a profit to survive. They can break even or even make a loss for a very short time or they will cease to exist. The main structure of profit seeking organisations includes: 1. SOLE TRADER. Business owned by a single person‚ bearing full responsibility
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#12 1. Compare and contrast three policies used to correct the inefficiencies of monopolies(3)? The first policy is competition. It can breaks up the monopoly and stop the behaviors of mergers. But in order to make the competition policy works‚ the market should be large enough to support. The second one is the government policies towards natural monopoly. Nationalization(国有化)‚ which is the government put fix marginal price to charge consumers‚ it prevents monopolists charging different prices
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versus elastic good. 2. Externalities Explain the difference between a positive and negative externality. In your analysis‚ make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples? Guided Response : Review the discussion board posts of your classmates. What are some of the key differences between positive and negative externality
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ECON1050 Microeconomics –Final Exam Preparation Guide Anjum Siddiqui This exam preparation guide is entirely in line with the course outline that is available on the course website since the beginning of the course. The final exam will examine some core learning outcomes which I am listing below. Final exam will have multiple choice (predominantly) and some short answer questions. Focus Of exam is on later chapters that we have done and are going to complete. Other learning outcomes have
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Business Environment Contents 1. Understand the organisational purposes of businesses 3 11. Identify the purposes of different types of organisation. Define Anglo American’s purpose. 3 1.2. Describe the extent to which Anglo American meets the objectives of different stakeholders 3 1.3. Highlight responsibilities and also explain strategies used to fulfil them at Anglo American. 4 3. Understand the behavior of organisations in their market environment 5
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B. Answers to Short-Answer‚ Essays‚ and Problems 1. What are the major features of monopolistic competition compared to pure competition and pure monopoly? In monopolistic competition‚ there are a relatively large number of firms‚ not the thousands of firms as in pure competition. The monopolistically competitive firms produce differentiated products‚ not the standardized products of pure competition. Product differentiation means that monopolistic competitors engage in some price competition
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MONOPOLISTIC COMPETITITION Marshall’s perfect competition was an illusion. Mrs. Robinson’s imperfect competition and monopoly were also away from reality. Pure monopoly is a myth. Seller can claim monopoly only and only if he has command over buyer’s choice. No seller can have such a control because buyers have an alternative to buying. Not buying. So long as that option exists‚ monopoly remains a myth. In mid 1930s‚ Prof. Chamberlin developed his theory of monopolistic competition. He pointed out
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variable input‚ the average product equals the D. quantity of output divided by the number of workers 8) The increase in output obtained by hiring an additional worker is known as B. the marginal product 9) Which of the following is the best example of a long-run decision? A. An automobile manufacturing company is considering whether or not to invest in
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TOPIC 1: MARKET STRUCTURE AND MARKET POWER 1.1. Competitors Anyone that produces a substitute for a firm’s product. - Cross price elasticity: Measures the substitution degree of a product for another. P.E.>1 – The demand is elastic‚ a change in price is reflected as an even major change in demand. The extent of the variation is higher as higher is the substitution degree of a product for another. We can say two firms are competing when a price increase by one firm‚ drives its customers to the other
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Assignment: EC180 Assignment Analysis of Smoothies THEO FRANKLINOS SMOOTHIES Introduction This review is based on an economic analysis of the ‘Smoothie’ product market. Smoothies are chilled beverages made of pureed fresh fruit or vegetables often mixed with ice cream‚ yoghurt or milk. There is no main recipe for a Smoothie and the different manufacturers produce differentiated products with respect to the ingredients and texture of the drink. They may also add sugar and vitamins
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