Demand QD = 1‚000‚000 – 25‚000‚000P + 10‚000‚000PS + 1‚600Y + 50‚000T Supply QS = 8‚000‚000P – 100‚000PL – 120‚000PK – 150‚000T P = Average wholesale price of Sunbest ($ per case) PS = Average wholesale price of canned soda ($ per case) Y = Disposable income per household ($) T = Average daily high temperature (degrees) PL = Average price of unskilled labor ($ per hour) PK = Risk-adjusted cost of capital (%) QD = 1‚000‚000 – 25‚000‚000P + 10‚000‚000PS + 1‚600Y + 50‚000T 1. QD = 1‚000
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Microeconomics Economics is the study of allocation of scarce resources 1) Chapter One: The Principles of Microeconomics a. Four resources: Land‚ Labor‚ Capital (machinery)‚ Entrepreneurship (human capital) b. Principle #1: People face trade-offs‚ government also faces them‚ the main one the gov. faces is efficiency vs. equity i. Efficiency is when everyone who makes the most‚ keeps the most money ii. Equity would be if everyone was taxed the same
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sellers have perfect and symmetric information—optimal decisions. – Only purely private goods are transacted—no externalities. 3 • 1 Demand • • The objective of consumers is to maximize utility (satisfaction). The market demand for good x (Qd) depends on a variety of factors‚ including‚ but not limited to: – The price of good x (Px); – consumers’ money income; – consumer tastes and preferences; – number of consumers in the market; – price of related good y (Py); 4 Demand • Law of
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3 3.1 Market equilibriuM and efficiency Equilibrium Learning outcomes • Explain‚ using diagrams‚ how demand and supply interact to produce market equilibrium. • Analyse‚ using diagrams and with reference to excess demand or excess supply‚ how changes in the determinants of demand and/or supply result in a new market equilibrium. Money is a medium of exchange – you can exchange it for something you want that somebody else has. Having examined demand and supply separately‚ we
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number from 0 to 9 in order display the number of empty slots available and to display the word FULL when there are no empty parking slots available as shown below: 7-Segments Driver EN Counter Decoder Counter EX Counter The 7-segments display board Figure 1: Processes involved in displaying number of empty slots available and ‘FULL’ Design Procedure: 1. Synchronous BCD Up -down Counter Conditions: * One BCD up-down counter only responsible to count from 0 to 9. In
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Chapter 10 Prices‚ Output‚ and Strategy: Pure and Monopolistic Competition Solutions to Exercises 1. Pepsi and Coca-Cola bottlers face enormous supplier power from the syrup manufacturers‚ sell primarily to concentrated grocery store chains‚ and are constantly presented with many substitute firms who could provide their role in the value chain. Thus‚ despite high barriers to entry from high capital requirements‚ high switching costs‚ and closed distribution channels‚ their sustainable profitability
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the test. 3. Your responses will be evaluated based on whether you answered the question and the quality of the response. 4. Each question is worth 1 point unless otherwise noted. Formulas: 1. ED = %QD = Q2-Q1 P2-P1 %P Q2+Q1 P2+P1 2. Einc = %QD %Inc 3. Eab = %QDa %Pb 4. MC = ΔTC ΔQ 5. MR = ΔTR
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During each cycle‚ the inventory level is positive for a time: = Sd The average inventory level during this time is: = ( S + 0)2= S2 units The corresponding cost is = hS2per unit time Therefore‚ the Holding cost per cycle= hS2 × Sd=hS22d During each cycle‚ the shortage occurs for a time: = (Q – S)d The average amount of Shortages during this time is: = ( 0 + Q - S)2= (Q - S)2 units The corresponding cost is = p (Q-S)2per unit time Therefore‚ the Shortage cost per cycle = p (Q-S)2
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1. BIBLE QUIZ 2013 1. 2 CHRONICLES 1 2. Who was King Solomon? Son of David ch1verse 1 2. What did Moses‚ the servant of the Lord make in the wilderness? a. The tent of meeting of God ch1 verse 3 3. Who made the bronze alter? Bez`alel 1verse 5 4. Who was Bez`ael? Son of Uri/son of Hur 1verse 5 5. What did God say to King Solomon when He appeared to him in the b. night? Ask what I wil give you 1verse 7 6. Who said these words‚ "O‚ Lord God. Let they
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1. Safety inventory is inventory carried for the purpose of satisfying demand that exceeds the amount forecasted for a given period. Safety inventory is carried because demand forecasts are uncertain and a product shortage may result if actual demand exceeds the forecast demand. 2. Lead times serve to magnify the increase in variability due to demand forecasting. Therefore‚ lead time reduction can significantly reduce the bullwhip effect throughout a supply chain. Lead times typically include
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