Problem Set #3: Edited Version Page 100 – Problems and Applications 1. The three functions of money are medium of exchange‚ unit of account‚ and store of value. Medium of exchange refers to money being accepted as everyday currency‚ that you can go into a store and be confident in the fact that they will accept your money for goods and services. Store of value is defined as the ability of money to retain its value of time; in other words‚ $100 today will be $100 tomorrow‚ next month or 6
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Unit 331 Outcome 2 2.1 Explain how children and young people’s development is influenced by a range of the following personal factors. HEALTH Health problems are also personal factors‚ such as Asthma‚ which will affect the child’s breathing. Children may get breathless taking part in physical activities and will have to use an inhaler to open the airway. This affects their ability to take part in school activities. A childs health will also be affected during pregnancy if the mother is taking
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Problem Set 1 Gmt 201 Autumn‚ 2010 1. Consider the markets for DVD movies‚ TV screens‚ and tickets at movie theaters. a. For each pair‚ identify whether they are complements or substitutes: • • • DVDs and TV screens DVDs and movie tickets TV screens and movie tickets b. Suppose a technological advance reduces the cost of manufacturing TV screens. Draw a diagram to show what happens in the market for TV screens. c. Draw two more diagrams to show how the change in the market for TV screens affects
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Problem Set Seven Solutions Chapter 9 1. Two car manufacturers‚ Saab and Volvo‚ have fixed costs of $1 billion and constant marginal costs of $10‚000 per car. If Saab produces 50‚000 cars per year and Volvo produces 200‚000‚ calculate the average fixed cost and average total cost for each company. On the basis of these costs‚ which company’s market share should grow in relative terms? Answer: Average total cost is average fixed cost plus marginal cost: ATC = FC/Q + MC. Volvo’s average fixed cost
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Understand the operational requirements needed to ensure food safety Understanding the operational requirements in a food establishment is essential for you to make or sell food that is safe to eat. Following good food hygiene practices controls harmful bacteria and prevents any food safety problems. Food and Temperature control The temperature control rules are found in the Food Hygiene (England) Regulations 2006. All food operators must comply with temperature requirements. The ’cold chain’
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MARKETING IN THE OPERATIONAL CONTEXT: THE CASE OF IKEA I. Introduction In the recent years‚ the operations of many businesses have become global in nature. The internationalization of businesses phenomenon paved the way for various organizations to conveniently expand in other nations. By penetrating the international marketplace‚ organizations are able to acquire greater market in which to sell their products or provide business. One of the largest companies that has become global today
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Associate Level Material Appendix C Outcomes of the Revolution Part 1 Complete the grid by describing each military event and explaining its relationship to the outcome of the Revolutionary War. Military Event Description Relationship to the Outcome of the Revolutionary War Concord and Lexington The British secretary of state requested an army go to Concord to capture colonist supplies and arrest prevalent leaders. However‚ the colonists were alerted and met the British in Lexington‚ where
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troubles and sweat the parents‚ community‚ leaders‚ goes extra mile to provide the best of schools and education. In South Africa the citizens are have the right to basic education. Which includes the adult learning and access to higher education. Outcomes-based Education (OBE) was introduced and was controversial from the outset for educators and policymakers alike. The reason given for the implementation of OBE was to move away from the apartheid curriculum and to address skills‚ knowledge and values
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Affecting Outcomes for the Invisible Casualties of War – The Children of Incarcerated Parents On December 31‚ 2005‚ 2‚320‚359 people were incarcerated in the United States. Of these inmates‚ 107‚518 were female. As of 2004‚ the most recent date for which statistics are available‚ it is estimated that there are approximately 2.8 million children of incarcerated parents. Of this number‚ approximately 320‚000 are children of incarcerated mothers. The problem with these estimates is
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Problem Set 2 – Strategy I 1. Why do price misreads (or more generally the inability to observe prices with precision) encourage firms to lower prices? [Note: assume all prices are subject to misreads.] Misreads occur when a firm are competing with no information about competitors and assumes that competitors have taken an uncooperative pricing action when in fact they are cooperative. This assumption makes the firm react in an uncooperative manner‚ lowering the price. This asymmetric information
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