Perfect competition A perfectly competitive market is a hypothetical market where competition is at its greatest possible level. Neo-classical economists argued that perfect competition would produce the best possible outcomes for consumers‚ and society. Ex:- Wheat‚ rice Key characteristics Perfectly competitive markets exhibit the following characteristics: 1. There is perfect knowledge‚ with no information failure or time lags. Knowledge is freely available to all participants‚ which means
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Indian DTH (Direct to Home) Industry – An Economic Analysis Managerial Economics Assignment Indian DTH (Direct to Home) Industry – An Economic Analysis Prepared by: Prashant Vashishtha ePGP-03-055 Submitted to: Dr. Kausik Gangopadhyay Indian Institute of Management‚ Kozhikode 16-Jan-2011 1 Indian DTH (Direct to Home) Industry – An Economic Analysis Contents Contents............................................................................................................
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resources financially ‚ we as consumers are now faced with the choice of what to purchase and how much to purchase so that we may satisfy our appetite whilst still remaining well within our allocated budget. This scenario is basically the concept of economics’ placed into practice in one’s everyday life. To the average consumer purchasing products or goods that are relatively close to the product’s expiration date may seem risky‚ hazardous‚ life threatening to one’s health or to the more skeptical individual
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MC equals MR‚ the profit is maximized. From the above table‚ when output level is 140 minutes‚ marginal revenue equals marginal cost ($10000=$10000)‚ so the profit-maximizing level of output is 140 minutes. (d) When the industry exists positive economic profit‚ it will attract new firms to enter into the industry. However‚ no more licenses will be offered by government‚ so no any new firm entering the industry. (e)(i) Collusion is a formal or tacit agreement to limit competition by setting output
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Class Structure and Division in Lithuanian Society When we talk about the social class we often think that it is an outdated distinction existed before a few centuries‚ but even in the 21st century social class is important. Social class - a status hierarchy in which individuals and groups are classified on the basis of esteem and prestige acquired mainly through economic success and accumulation of wealth. These people have the same social‚ economic‚ or educational status. As well as England
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2.0 Factors that Cause Poverty It has many factors that cause to poverty for a country. This happens because on this world‚ it has too many people but just has few jobs and lack of foods for all people to survive. Some of the causes that cause to poverty are overpopulation‚ education‚ wars‚ corruption‚ and lack of resources‚ politics‚ and natural disaster and so on. 2.1 Overpopulation First of all‚ the factor that has cause to poverty is overpopulation. For example‚ Vietnam is one of the countries
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Chapter 1 The Big Ideas in Economics Think of why some goods should be allocated by money while some not. Why demand curve is downward sloping? Two effects: 1.Substitution effect (dominent) 2.Income effect (small) The demand&supply curve can be read horizontally or vertically. You should be familiar with both ways of reading. Chapter 3 Supply&Demand Concepts: 1.A normal good: a good for which demand increases when income increases. An inferior good: a good for which demand decreases
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Brief Historical Timeline Brief Historical Timeline of the Hacienda Luisita Land Dispute Spanish Period Hacienda Luisita was once owned by the “Compañía General de Tabacos de Filipinas‚” also known as “Tabacalera”‚ founded in November 1881 by Don Antonio López y López‚ a Spaniard from Santander‚ Cantabria‚ Spain. Lopez acquired the estate in 1882‚ a year before his death‚ and named it “Hacienda Luisita” after his wife‚ Luisa Bru y Lassús. Lopez was considered a financial genius and the “most
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In the world of economics‚ the two main recognizable concepts are supply and demand. These two simple lines influence the factors in the free market. This paper examines how the laws of supply and demand influence the process of reaching market equilibrium for USB flash drives. Law of Supply The law of supply states that‚ “other things equal‚ firms will produce and offer for sale more of their product at a high price than at a lower price” (McConnell‚ Brue‚ & Flynn‚ p. 54). The basic determinants
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STUDY OF LUBAGA DIVISION (KAMPALA DISTRICT) Background Lubaga division is one of the divisions that makes up the city of Kampala‚ Uganda. The division takes its name from Lubaga‚ where the division headquarters are located. Lubaga Division is in the western part of the city‚ bordering Wakiso District to the west and south of the division. The eastern boundary of the division is Kampala Central Division. Kawempe Division lies to the north of Lubaga Division. Neighborhoods in the division include Mutundwe
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