NMIMS Global Access School for Continuing Education (NGA-SCE) Course: Business Economics SEM – I 1. Calculate Elasticity in the following cases: a) Assume that a business firm sells a product at the price of Rs 500. The firm has decided to reduce the price of the product to Rs 400. Consequently‚ the demand for the product is raised from 20‚000 units to 25‚000 units. Calculate the price elasticity of demand. ANSWER A: PRICE ELASTICITY OF DEMAND: MEANING: Price elasticity of demand
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society‚ laws are meant to control a society’s behavior by outlining the accepted forms of conduct. The law is intended to be a neutral aspect existent to solve society’s problems‚ a system specially designed to provide people with peace and order. Within the Canadian legal system‚ there is the Canadian criminal justice system‚ which is meant to guarantee the safety of citizens within the country and is used to sustain social control and deliver justice for a society. In the year of 2011‚ the Conservative
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$500‚000 x 14% = $70‚000 Explicit Costs: What is paid for products/services = $80‚000 Total Economic Costs: Implicit Costs + Explicit Costs = $70‚000 + $80‚000 = $150‚000 b) Economic Profit: Total Revenues – Total Economic Cost = $175‚000 - $150‚000 = $25‚000 c) Accounting Profit: Total Revenues – Explicit Costs = $175‚000 - $80‚000 = $95‚000 d) New Implicit Costs = $500‚000 x 20% = $100‚000 Economic Profit: $175‚000 – ($100‚000 + $80‚000) = $ (5‚000) Chapter Two Technical Problem 1 Qd
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VILNIUS GEDIMINAS TECHNICAL UNIVERSITY FACULTY OF BUSINESS MANAGEMENT DEPARTMENT OF ECONOMICS AND MANAGEMENT OF ENTERPRISE The role of small business in Lithuania. Support of small business in Lithuania and abroad. Vilnius‚ 2011 Content 1. Introduction 4 2. Small business in Lithuania 5 2.1 Definition of what is small and medium business? 5 2.2 Role of small and medium business in Lithuania. Its place in Lithuania‘s economies statistics 5 2.4 The
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The Canadian healthcare system is based on the publicly funded “Medicare” programme since the 60s. Canada’s healthcare system represents a national health insurance model which uses private sector providers while payments come from a government insurance programme that every citizen is obliged to pay. In 2013‚ the 35.2 million people living in Canada have spent in health $4.351 per capita in total (public‚ private and out of pocket) which represents 10‚2% of GDP‚ nearly to the average health spending
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find‚ grocery prices are high‚ and gas prices even higher. Some children would go without food at school if it wasn’t for the breakfast and lunch programs. Today we are going to discuss 5 main topics economic situation‚ health needs‚ the process‚ the benefits‚ and recent changes to the programs. Economic situation With the economy being in the poor shape that some believe it is in we rely on these programs to make everyday life possible. Some regulations that are in place with programs such as these
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"THE FEUDAL SYSTEM" CLU 3M1 Canadian Law February 23‚2014 CONTENTS About the Feudal System.................................................................................................................3 The Feudal System ’s Significance to the Canadian Legal System..................................................4 Bibliography...........................................................................................................................
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population heard that large farms are more productive than small farms? The public perception is heavily influenced by the media. The most common stance on small farm economics is usually sided with the large corporate farms‚ especially in large court battles. Here in the United States‚ the question was asked more than a half-century ago: what does the growth of large-scale‚ industrial agriculture mean for rural towns and communities? Small family owned and operated farms are still alive in America
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1A) What is the definition of opportunity cost? The best alternative that we forgo‚ or give up‚ when we make a choice or a decision is called the opportunity cost of that decision. 1B) Eason wants to spend $15 to buy a pack of sandwiches or a bowl of fish-ball noodles form a street hawker. Explain the effect on Eason’s opportunity cost of buying the sandwiches if a cockroach is found inside the noodle soup. Eason’s opportunity cost of buying the sandwiches is a bowl of fish-ball noodles‚ however
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THE UTILITY CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on
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