Microeconomics Topic 6: “Be able to explain and calculate average and marginal cost to make production decisions.” Reference: Gregory Mankiw’s Principles of Microeconomics‚ 2nd edition‚ Chapter 13. Long-Run versus Short-Run In order to understand average cost and marginal cost‚ it is first necessary to understand the distinction between the “long run” and the “short run.” Short run: a period of time during which one or more of a firm’s inputs cannot be changed. Long run: a period of time during which
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Microeconomic Analysis ECON 545 Keller Graduate School of Management ECON 545: Microeconomic Analysis The purpose of this paper to is outline and highlight the demand and supply associated with the need for physicians in today’s marketplace. In a microeconomic analysis‚ we will dissect the supply of physicians versus the needed demand‚ the elasticity of needs‚ total of production pricing‚ and profit or loss connected with this career choice. Demand Determinants The requirements to
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University of Asia and the Pacific School of Economics A Study on the Correlation between Fertility Behaviour and the Conditions of Labour Market‚ Capital Market and Legal Structure in Developing Countries Final Paper in Social Economics Course Submitted By: Gregorio A. Mabbagu Jose Romano S. Mira Erica Myra P. Yap Submitted to: Ms. Jovi Dacanay Faculty‚ School of Economics April 1‚ 2012 1 We dedicate this study to those unwanted babies who left our world very early…
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Introduction Foundations Basics Language of economics Fundamental problem facing mankind “Our resources are limited (scarce)‚ but our wants (aspirations to good life ‚ ambitions ‚ needs‚ dreams) are unlimited.” SCARCITY = Budget Constraint Proof Resources Limited * Time: 24 hours day * Time is money * 20 hours in bed (leisure) * Safe drinkable water = Less than 1% of total water * $2000 apt/studio‚ cook own food * $2000000 a month * Mansion
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resources in an attempt to satisfy their unlimited wants. Use PowerPoint slides 4-9 for the following sections Resources: The inputs‚ or factors of production‚ used to produce the goods and services that humans want. Resources are divided into four categories: 1. Labor: Human effort‚ both physical and mental 2. Capital: • Physical capital: Manufactured items (tools‚ buildings) used to produce goods and services. • Human capital: Knowledge and skills people acquire to increase their
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Smith’s concept of the invisible hand explain why markets move toward equilibrium? Do market participants need to know about the invisible hand for it to function? Explain your answer. Answer: Adam Smith’s concept of the invisible hand explains why markets move toward equilibrium because it does not limit consumers or producers of their choices on what to buy or sell. Manufactures/producers and customers choose to freely of what to sell or buy. Yes‚ market participants need to know the visible hand for
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COMPANY STRUCTURE Organizing structure is considered by many to be “the anatomy of the organization”‚ providing a foundation within which the organization functions”. There can be different kinds of organization structure‚ and firms can change their organization structure by becoming more or less centralized. Most organization have a hierarchical or pyramidal structure‚ with one person or a group of people at the top‚ and increasing number of people below them at each successive level. All
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whom the market has left with too little. 3.) If smoking generates external costs‚ why shouldn’t smoking simply be outlawed? How about cars that pollute?? The smoker’s pleasure is offset in part by non-smokers displeasure. There is where externalities come in play. This refers to all costs or benefits of a market activity borne by a third party‚ by someone other than the immediate producer or consumer. As a consequence the market will fail to produce the right mix of output. The market will under
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any market. In an imperfectly competitive market structure‚ however‚ efficiency is lost. The Economist’s article “Let Mexico’s Moguls Battle”‚ describes the lack of competition in the fixed and mobile phone markets in Mexico‚ shows its effects on consumers‚ and outlines the measures taken to promote competition. Figure 1 Figure 1 Telmex and Telcel abuse the lack of competition in the Mexican fixed and mobile phone markets respectively. These “two near-monopolies” control most of the market shares
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Organizational Structure LEARNING OBJECTIVES After reading this chapter‚ you should be able to: 1. Describe three types of coordination in organizational structures. 2. Justify the optimal span of control in a given situation. 3. Discuss the advantages and disadvantages of centralization and formalization. 4. Distinguish organic from mechanistic organizational structures. 5. Identify and evaluate the six pure types of departmentalization. 6. Describe three variations of divisional structure and explain
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