BUECO5903 Business Economics Assignments Part A – Microeconomics Question 1: (a) Explain the impact of external costs and external benefits on resource allocation; (2.5 marks) The external cost and external benefit is a cost or benefit imposed on people other than the consumers and producers of a good or service. External cost is negative and may be detrimental to the third party‚ conversely‚ external benefits is positive and beneficial to third party. Because of this concept‚ it
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production‚ such as labour (athletes/manager) are combined with capital (field) to produce‚ along with another team in the league‚ a product (fixture) that is sold to the consumers typically in a stadium‚ or via broadcast media. The model of perfect competition is a convenient benchmark for the economic analysis of sports labour market for two reasons. Firstly‚ it provides a theoretical basis for deriving a fair wage‚ i.e.‚ the players deserve their wage according to their performance and productivity
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CELTA-Pre course Task Answers/Solution Muhammad Ali Asad Task 1: Q1 Teacher with non-English speaking background‚ full time course Q2 Multilingual‚ Mixed ability group‚ day classes Task 2 Q1 * I learn a lot from the adults * They bring in the class rich experience * They understand different analogies * They are motivated for their reason to learn new language * They are Self disciplined Q2 * I bring to them different ideas * Help them to list down their specific goals
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both the general and niche markets of the baked goods industry. Other bakeries seen this as an opportunity to gain profit‚ such example are “Golden Harvest” from Australia and others independent bakeries. Bakery industry has a perfect competition market structure. Under perfect competition‚ any profit-maximizing producer faces a market price equal to its marginal cost. This implies that a factor ’s price equals the factor ’s marginal revenue product. Generally‚ a perfectly competitive market exists
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The Mystery of Leopld & Loeb On May 21‚ 1924‚ two nifty and wealthy Chicago teenagers attempted to commit the perfect crime. Nathan Leopold and Richard Loeb kidnapped 14-year-old Bobby Franks‚ bludgeoned him to death in a rented car‚ and then dumped the boy’s body in a distant culvert. Although they thought their plan was foolproof‚ Leopold and Loeb made a number of mistakes that led police right to them within only a number of days. The trial‚ which featured the famous Chicago attorney Clarence
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GRAMMAR: I have to sleep because I am very tired. MEANING: In this sentence have to is used to express the necessity of going to bed. We can use have + infinitive to talk about obligation. The meaning is quite similar to must. Have (got) + infinitive can also be used‚ like must‚ to express certainty.1 In general‚ have to expresses impersonal obligation. The subject of have to is obliged or forced to act by a separate‚ external power (for example‚ the Law or school rules). Have to is
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argue that this is shown in the very opening sequence as two pairs of feet approach in the train‚ and soon “cross” each other (or bump in to each-other) which is lead to the meeting of Guy and Bruno. When leaving the train‚ after discussing the “perfect murder”‚ Bruno himself mentions this theme as he is talking with Guy. Bruno explains his idea and then says “For example‚ your wife‚ my father. Criss-cross.” Even in the editing of the film‚ there are constant cross-cutting sequences and simultaneous
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drinking a cup of tea (negative) - I am not reading a book - She is not drinking a cup of tea (interrogative) - Are you reading a book? - Is she drinking a cup of tea? 3. Present Perfect Tense This is Tense which was generally assumed most was difficult to comprehended. Formulas of Present Perfect Tense: *With verb (positive) S + have/has + V3 (past participle) (negative) S + have/has + not + V3 (past participle) (interrogative) Have/has + S + V3 (past participle)? Example(s):
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design‚ and marketing efforts by both established and new competitors. Excess profits are eliminated in a perfectly competitive industry through expansion by established firms and entry of new firms‚ both of whom offer identical products that are perfect substitutes. The Oligopoly market structure results in long-run oligopoly market equilibrium that is identical to a competitive market price or output solution. In markets where competing firms produce identical products‚ the Bertrand model and competing
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there will be in a market and therefore its structure. If there are lot of barriers to entry there will be market structure such as monopoly or oligopoly; if there are no barriers to entry‚ or just few of them‚ there will be market structure such as perfect competition or monopolistic competition. When the barriers to entry are lots and strong‚ another producer will not be able to enter into the market because the costs and difficulties are too high‚ we will find a monopoly. In this type of market structure
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