TASK 1 Consider the following equation: MRSXY < PX/PY where MRS = marginal rate of substitution x and y are two goods P = price < = is less than {draw:frame} The graph above shown us the indifference curve budget line diagram which explaining the equation MRSXY < P X / PY. There are two ways to measure the consumer preferences or what the consumer wants. The first one is by trying to put a ‘value’ on the satisfaction a consumer obtains from consuming
Premium Supply and demand Consumer theory
An experiment to investigate the factors which affect Resistance in a wire What is resistance? A potential difference (V) applied across a wire of length (l)‚ there is in the conductor‚ an electric field (E). In this electric field the free electrons are not however under continuous acceleration (Ee/m). This is because they repeatedly collide with the moderately massive vibrating atoms losing their kinetic energy. The vibrating atoms having gained this kinetic energy now vibrate more. The resulting
Premium Electric charge Electricity Electron
First year of a baby’s life | A baby begins learning the basics of self-movement and begins to master the skills needed for hand-to-mouth coordination and holding objects. | 0 to 3 months | * Raise head slightly when lying on stomach * Hold head up for a few seconds‚ when supported * Hold hand in a fist * Lift head and chest‚ while lying on stomach * Use sucking‚ grasping‚ and rooting * Touch‚ pull‚ and tug own hands | 3-6 months | Babies are quickly
Premium Developmental psychology Child development Infant
discourages * Microeconomics: Choices of: * Individuals * Businesses * The way these choices interact in markets and the influence of the government * Macroeconomics: * Study of the performance of the national economy and the global economy * E.g. Why did incomes in South Africa grow rapidly between 2004 and 2007 WHAT‚ HOW‚ FOR WHOM? WHAT: * Goods or services * Changes over time HOW: Produced using productive resources called factors of production Factors of Production:
Premium Supply and demand
MIDTERM QUIZ No. 1 (Take Home) SECTION: _____________________________ DIRECTION: Write the CAPITAL LETTER of the CORRECT ANSWER on the space provided. Any form of ERASURES is strictly not allowed. 1. If you were running a firm in a perfectly competitive industry you would be spending your time making decisions on A. how much of each input to use. B. how much to spend on advertising. C. what price to charge. D. the design of the product. 2. Market power is: A
Premium Supply and demand Economics Monopoly
pay. Many factors are taken into consideration when the price of coffee is being determined. The main two factors are the supply that is demanded and the availability of substitutes‚ which will be discussed below. Coffee is a commodity enjoyed all over the world. Bistros in Paris to large franchise chains in the United States; the fact is people love coffee. Take a look at the causes for shifts in supply and demand for one of the best commodities in the world. These shifts can occur
Premium Coffee Starbucks Espresso
for many foods. In the article the supply of grains‚ wheats‚ and soybeans were destroyed by a drought near the Black sea. So the agribusiness division would sell and transport these grains and oilseeds to those who demand it. Of course the demand for these grains from this division would increase because those who were in need of those crops near the Black Sea would turn to the imports of these grain. When the demand for these grains increased so did the demand for the working capital. The companies
Premium Supply and demand Externality
The purpose of the article below is to provide how different human factors affect personal support workers within patient homes. It examines the biopsychosocial factors that may impact performance of the individual in the occupation. As the environment for personal support workers varies depending on the client demands‚ the factors are plenty with various consequences. These factors will be further discussed‚ along with consequences that arise and the overall effect on the worker. Overview of
Premium Psychology Patient Time
THE CLASSICAL ECONOMIST VIEW OF SUPPLY CREATES ITS OWN DEMAND IN THE NIGERIAN ECONOMY. The classical economists accepted Say’s Law of Markets‚ the doctrine of the French economist Jean Baptiste Say. Say’s law holds that the danger of general unemployment or “glut” in a competitive economy is negligible because supply tends to create its own matching demand up to the limit of human labour and the natural resources available for production. Each enlargement of output adds to
Premium Keynesian economics Capitalism Adam Smith
Chapter -1 1. The study of microeconomics includes the study of - Output and employment growth as markets expand in reaction to a rising price level in the economy. - Business investment and government spending in the marketplace. - The number of new jobs and income created as the economy grows. - How firms‚ workers‚ consumers‚ and investors interact and make decisions in the marketplace. Microeconomics is the study of the behavior of individual economic units: consumers‚ firms‚ workers
Premium Supply and demand Economics Costs