DESCRIBING GRAPHS AND CHARTS The function of a line graph is to describe a TREND pictorially. You therefore should try and describe the trend in it. If there are many lines in the graph(s)‚ then just generally describe the trend. If there is only one or two‚ then use more detail. So‚ describe the movement of the line(s) of the graph giving numerical detail at the important points of the line. To describe the movement‚ there is some language which will always be useful. Below is a list of language
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Maximization of a firm. Profit maximization has always been considered the primary goal of firms.The firm’s owner is the manager of the firm‚ and thus‚ the firm’s owner-manager is assumed to maximize the firm’s short-term profits (current profits and profits in the near future).Today‚ even when the profit maximizing assumption is maintained‚ the notion of profits has been broadened to take into account uncertainty faced by the firm (in realizing profits) and the time value of money. In this more complete
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Whether it is by making mistakes‚ by observing others‚ or repeating a process over again‚ it is human nature to learn. In their book The Bell Curve‚ Richard Herrnstein and Charles Murray disagree and hold the position that human intelligence is inborn and measurable by IQ‚ which In turn shows how much success a single individual will have in life. The Bell Curve supports a class system‚ arguing that the intelligent are likely to become ever more dominant and prosperous‚ while the unintelligent are falling
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for Z is: A. -5. B. +5. C. -10. D. zero. 6. A product has utility if it: A. takes more and more resources to produce successive units of it. B. violates the law of demand. C. satisfies consumer wants. D. is useful. 7. The law of diminishing marginal utility states that: A. total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed. B. beyond some point additional units of a product will yield less and less extra satisfaction to a consumer
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express demand for a product when you are willing and able to purchase it learn about the factors that cause changes in demand What is demand? - combination of desire‚ ability‚ and willingness to buy a product Main Idea: Demand is a concept specifying the different quantities of an item that will be bought at different prices. the concept of demand is easy to understand because it involves only two variables—the price and quantity of a specific product at a given point in time. Demand Schedule-
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Stock Market Model (Sine Curve) Sine curve is a technique used in everyday life. Whether it be from sound waves‚ to electrical curves‚ or light waves‚ sine curve is all around us. One place that is hugely affected by sine curve is the STOCK MARKET. The stock market is where “ publicly held companies are issued or traded through either exchanged or over-the-counter market”(investopedia.com). The purpose of using sine curve is to show whether or not the market is a cycle mode or a trend mode
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For Case Study 9 (Apple Inc. in 2011)‚ the following questions are to be answered within 4-6 pages: 1. What are the chief elements of Apple’s overall competitive strategy? How well do the pieces fit together? Is the strategy evolving? 2. What are the key elements of Apple’s strategy in computers‚ personal media players‚ tablet computers‚ and smartphones? Have its strategies in its core businesses yielded success? Explain. 3. What does a competitive strength assessment reveal about Apple’s
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Determinants of Demand The concept of Determinants of Demand has coined from the Economics. The financial section of the world is the transient one. With the change of situation‚ it also changes its phase. Based on this‚ the curve of Demand changes its position in the Demand Graph. By seeing the curve lines in the graph‚ economists can determine the present demand background in the financial arena. Starting from unlocking the demands of a country’s financial background to any particular firm’s demand‚ everything
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Demand Estimation Dhruvang kansara Eco 550‚ Assignment 1 Professor: Dr‚ Guerman Kornilov January 27‚ 2014 1. Compute the elasticity for each independent variable. Note: Write down all of your calculations. According to our Textbooks and given information‚ When P = 8000‚ A = 64‚ PX = 9000‚ I = 5000‚ we can use regression equation‚ QD = 20000 - 10*8000 + 1500*64 + 5*9000 + 10*5000 = 131‚000 Price elasticity = (P/Q)*(dQ/dP) From regression equation‚ dQ/dP = -10. So‚ price
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Production Possibility Curve (PPC): Matthew Du A production possibility curve (PPC) also recognized as a production possibility frontier (PPF) is a helpful graph which shows the variations of two or more goods and services that can be produced while using all of the available resources efficiently (using all resources to its full potential) . (Riley‚ 2012) A production possibility curve may illustrate; scarcity‚ choice‚ opportunity cost‚ unemployment and economic growth. There are three basic
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