* A rise in price reduces total revenue. The figure below shows Perfect Elasticity/Infinity or infinitely elastic PED = ∞ At a certain price demand is unending. If there is a small increase in price‚ the quantity demanded would fall from such a large amount to zero. Fairly Elastic Demand (as shown in the figure below) A fairly elastic demand curve is where PED is greater than 1 but less than infinity. The change in price brought about a greater change in the quantity demanded‚ reflecting
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Foundation Course Economics OUfc008 2 Open University of Mauritius - Foundation Course in Economics - Module 1 FOUNDATION COURSE IN ECONOMICS Module 1 OUfc 008 April 2013 3 Open University of Mauritius - Foundation Course in Economics - Module 1 ACKNOWLEDGEMENTS Course Author : Vinod Seegoolam Course Reviewer : Dr Chong Wang Cheong Ah Tow OPEN UNIVERSITY STAFF Course Supervisor : Perienen Appavoo (Open School Division) Project Coordinator : Premanand Koonjal (Open School
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1/20/2014 GTA V GTA San Andreas : PC Cheats GTA IV GTA San Andreas GTA Vice GTA III GTA Forums GTA Mods Looking for GTA V information? Find all the latest news‚ details and media at GTAV.NET. MTA: San Andre as De athm atch - De ve lope r Pre vie w The C hain Gam e GTA: Tre asure Hunt SA-MP Update : v0.2.2 R e le ase d San Andre as Multiplaye r v0.2 R e le ase d! Holiday Gifts for GTA O nline Los Santos Photography C lub: The Profe ssionals C apture Update R e
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Sports have had a huge influence in this world. Ever since the 1950’s‚ mass media has brought a mostly negative perspective in the area of athletics to the public. Many professional athletes have been perceived to be above the law. Sometimes‚ athletes will commit various crimes. If and when this occurs‚ mass media will plaster the event all over the airwaves for the whole world to see. This can result in the end of a player’s career. Sports have been getting way more intense since the 1950’s as well
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Pain Control During Infant Circumcision Circumcision is a painful surgical procedure frequently performed on newborn baby boys and often without available pain relief measures being used. The procedure‚ especially without pain relief‚ can cause short-term effects such as choking‚ gagging‚ and vomiting. Long term effects of circumcision without pain relief are not well understood‚ however‚ an increased incidence of intraventricular hemorrhage (IVH) and/or periventricular leukomalacia (PVL) has
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What is Market Failure? In a market where there is equilibrium‚ the resources are allocated in the best possible manner and there is ’allocative efficiency’. Allocative efficiency is when situation where Marginal cost is equal to Marginal revenue. However‚ this is not possible in the real world. Market failure exists when the resources are not allocated efficiently. Community surplus is not maximised and thus there is market failure. From a community’s point of view‚ producer surplus is not equal
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Why is it that a profit maximizing businessman would always raise prices when facing an inelastic demand curve but might or might not raise price when facing an elastic demand curve? Explain and justify your answers in detail. Elasticity and profit maximization behavior When facing an inelastic demand curve‚ a profit maximizing businessman would always raise price because increase in price will bring about increase in total revenue. On the other hand‚ when facing an elastic demand curve‚ he might
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------------------------------------------------- Drug Name: Hydrocodone/Acetaminophen Trade Name: Vicodin ------------------------------------------------- Indication: Relief of moderate to severe pain ------------------------------------------------- Safe Range: Peds: <40kg 0.2mg/kg-15mg/kg/dose q3-4h PRN. Maximum dose of acetaminophen 1000 mg/dose and 4000mg/day; Adult initially 10mg q3-4h PRN. ------------------------------------------------- Action / Where does it do its job: Reduces intensity of
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a. Explain the difference between merit goods‚ demerit goods and public goods (10 marks) Merit goods‚ demerit goods and public goods could all cause market failure‚ which is a situation where goods and services in a free market are not allocated efficiently. The ways in which these 3 kinds of goods cause market failure are different and will be explained below. Firstly‚ merit goods refer to goods with positive externalities. This means that its consumption or production can create unintended positive
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LECTURE NO: 2 (DEMAND & SUPPLY DEMAND: What is difference between need and demand? Need: want‚ desire‚ anything necessary but lacking. Demand: when our desires are backed by purchasing power. LAW OF DEMAND: A microeconomic law that states that‚ all other factors being equal‚ as the price of a good or service increases‚ consumer demand for the good or service will decrease and vice versa. In economics‚ the law of demand is an economic law that states that consumers buy more of a good
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