Econ Answers Chapter 3 The price of train travel increases by 10% and the demand for train travel falls by 12.5%. The price elasticity of demand for train travel is – -1.25 The short run (retail) supply of freshly cut flowers is much less elastic than that of pot plants because: -florists cannot keep freshly cut flowers as long as pot plants If demand drops to zero at the slightest increase in price‚ demand is: - Perfectly elastic Price elasticity of supply will be greater when: - firms hold large
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Answers to Chapter 3 Exercises 3.1. DRAM factory. You own and operate a facility located in Taiwan that manufactures 64-megabit dynamic random-access memory chips (DRAMs) for personal computers (PCs). One year ago you acquired the land for this facility for $2 million‚ and used $3 million of your own money to finance the plant and equipment needed for DRAM manufacturing. Your facility has a maximum capacity of 10 million chips per year. Your cost of funds is 10% per year for either borrowing
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Principles of Microeconomics: ECON 202-01 “The Purpose of the Different Economies in our Society” Raquel Moss Mr. George L. Edwards July 20‚ 2012 The Purpose of the different economies is so that society is able to answer the three questions: what‚ how and who to produce to. Because we live in a society full of scarcity‚ we face the economic problems of limited economic resources with that being the main issue. The society design and organized our economy into three different categories:
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MGMT 202 – Human Resources Management Spring 2014 Study Guide – Chapter 13 (Page 558) What are the aspects that make benefits quite different from direct compensation? (1) Although direct compensation is subject to government regulation‚ the scope and impact of regulation on benefits is far greater. Some benefits‚ such as Social Security‚ are mandated by law. Others‚ although not mandated‚ are subject to significant regulation. (2) Organizations so typically offer benefits that they have
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Unit 202 – Improve Own Performance in A Business Environment Understand how to improve own performance 1.1 - Explain the purpose and benefits of continuously improving performance at work The purpose and benefits of continuously improving your performance is to give yourself an opportunity to work to the best of your ability and can also be noticed by others which could be beneficial in the future. 1.2 - Explain the purpose and benefits of encouraging and accepting feedback from others
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~ Chapter 3 – Integrative Negotiation‚ Strategy & Tactics Integrative Negotiation – Focuses on commonalities rather than differences. - Attempts to address needs and interests‚ not positions - Commitment to meeting the needs of all involved parties. - Invent options for mutual gain. ~ Integrative Negotiation Process‚ negotiators should manage Context and Process in order to gain the cooperation and commitment of all parties. ~ Contextual Factors 1. Free flow of information 2. Attempting to
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Ecotourism is defined as "Responsible travel to natural areas that conserves the environment and improves the well-being of local people. The basic principles and good practices of ecotourism are slowly beginning to spread. Even major international hotel chains‚ tour operators and attraction providers are starting to adopt environmentally responsible practices‚ such as recycling‚ use of renewable energy sources‚ water-conservation schemes and safe waste disposal Ecotourism theoretically means travel
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In chapter three‚ Paula Fredriksen elaborates on her sources of Paul and the Gospels on the historical Jesus. She starts with Paul‚ as his writing were the earliest accounts of Jesus which were written about 15-25 centuries before the first Gospel. Paul’s strongest argument was how non-Jewish followers of Jesus had Jewish laws. Since Paul relied on early Jesus traditions. Fredriksen compared Paul and Mark‚ due to Mark being the next earliest source on Jesus. While describing who Jesus was‚ Paul stated
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HERMES OUTSTRIPES DEMAND AND SUPPLY Based on Bloomberg article by Andrew Roberts‚ November 4 2011 Hermes wanted to build two more factory because they reach their full target until 4 November and since they know they quantity demand will always increase‚ their goal in 2012 to raise the quantity demand until 14 percent. They think Europe debt crisis would not effect their selling on 2011. They are thinking about increasing the price of their product due to the increase price for raw materials
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Chapter 3: Settling the Northern Colonies American Pageant Notes: How did John Calvin’s teachings result in some Englishmen wanting to leave England? Some Puritans were motivated by Calvin to break off from England and the rest of their religious group to start brand new lives. Explain the factors that contributed to the success of the Plymouth colony. The strong Puritan faith created a close religious community along with the available resources such as fur‚ fish‚ and lumber that helped the
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