Sessions 6‚ 7 & 8 Economic Efficiency y Consumer Surplus A buyer’s willingness to pay (WTP) for a good p y( ) g is the maximum amount the buyer will pay for that good good. WTP measures how much the buyer values the good. Example: 4 buyers’ WTP for an iPod name Anthony WTP $250 Chad 175 Flea 300 John 125 Consumer Surplus Q: If price of iPod is $200‚ who will buy an iPod‚ and what is quantity demanded? q y A: Anthony & Flea will buy
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worker‚ confident‚ and attractive men. Many times I remember him getting ready to work while I was growing up‚ but I usually think of him with his lovely Sunday tuxedo. He had short wavy‚ dark brown hair and dark hazel eyes. His face was a slightly rectangle oval‚ which made him look both gentle and strong. He had high‚ wide big eyebrows and a triangular‚ slightly turned up nose. I used to sit on his lap to cuddle against his chin and I loved the feeling of his rough face due to his facial hair. He was
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ECON 600 Lecture 3: Profit Maximization I. The Concept of Profit Maximization Profit is defined as total revenue minus total cost. Π = TR – TC (We use Π to stand for profit because we use P for something else: price.) Total revenue simply means the total amount of money that the firm receives from sales of its product or other sources. Total cost means the cost of all factors of production. But – and this is crucial – we have to think in terms of opportunity cost‚ not just explicit
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ISSN 1045-6333 THE SHAREHOLDER WEALTH MAXIMIZATION NORM AND INDUSTRIAL ORGANIZATION Mark J. Roe Discussion Paper No. 339 11/2001 Harvard Law School Cambridge‚ MA 02138 The Center for Law‚ Economics‚ and Business is supported by a grant from the John M. Olin Foundation. This paper can be downloaded without charge from: The Harvard John M. Olin Discussion Paper Series: http://www.law.harvard.edu/programs/olin_center/ SHAREHOLDER WEALTH MAXIMIZATION JEL Class: D42‚ G32
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Reduced quantity 2. Raised prices. There is a transfer of wealth from consumers to producers. A portion of consumer surplus is shifted to producer surplus and also creates a deadweight loss. When prices increase from p0 to p1 due to price fixing‚ rectangle A‚ from consumer surplus gets shifted to producer surplus. At the same time there is also a deadweight loss of triangles B and C. The quantity that could be produced is reduced from Q0 to
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In 1990‚ Frank Stella created a collage of colors and shapes know as Midnight‚ Forecastle (D-22‚2x). Named after a chapter from the book‚ Stella was inspired by the novel Moby Dick as he made this piece. Through the mix of various forms and different colors and shapes‚ Stella illustrates a scene of Moby Dick surrounded by the wild waters of the sea (Frank). Stella’s use of these elements for this depiction helps relay the impression of chaos and peril that the great whale causes for the sailors within
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The science of matter and energy and of interactions between the two‚ grouped in traditional fields such as acoustics‚ optics‚ mechanics‚ thermodynamics‚ and electromagnetism‚ as well as in modern extensions including atomic and nuclear physics‚ cryogenics‚ solid-state physics‚ particle physics‚ and plasma physics. Physics (from Ancient Greek: φύσις physis "nature") is a natural science that involves the study of matter and its motion through space and time‚ along with related concepts such as energy and force
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1964. What was the day on July 15‚ 1965? (1) Thursday (2) Tuesday (3) Friday (4) None of these The average of x1 x2 x3 and x4 is 16. Half the sum of x2 x3 x4 is 23. What is the value of x1? (1) 18 (2) 19 (3) 20 (4) 17 What is the perimeter of the rectangle ABCD when AD = 3 and BD = 5 (Shown in figure) A B Q.4) Q.5) Q.6) Q.7) Q.8) 3 5 D C (1) 12 (3) 16 Q.9) (2) 14 (4) 18 If March 1 of a leap year fell three days after Friday‚ what day of the week will dawn on November
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Databases | Database Construction and Management 1. What is a database? A database is one or more large structured sets of persistent data‚ usually associated with software (database management system) to update and query the data. A simple database might be a single file containing many records‚ each of which contains the same set of fields where each field is a certain fixed width - From FOLDOC A database is a collection of data elements (facts) stored in a computer in a systematic way
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Mexica empire Huitzilopochtli: the Aztec god of war and of the sun. Calpulli: was the designation of an organizational unit below the level of the Altepetl "citystate" Chinampas: is a method of ancient Mesoamerican agriculture which used small‚ rectangle-shaped areas of fertile arable land to grow crops on the shallow lake beds in the Valley of Mexico. Pochteca: were professional‚ long-distance traveling merchants in the Aztec Empire. Inca:was the largest empire in pre-Columbian America Pachacuti:
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