1. Questions on Microeconomics
Microeconomics Question 1: Explain and illustrate with diagrams the differences between
diminishing marginal returns and decreasing economies of scale and cite causes and examples.
Diminishing returns is the decrease in the marginal (per–unit) output of a production process as the
amount of a single factor of production is increased, while the amounts of all other factors of
production stay constant. The law of diminishing returns states that in all productive processes,
adding more of one factor of production, while holding all others constant, will at some point yield
lower per–unit returns. It implies that there is an optimal number of any factor of production.
Dimishing returns to scale measures output according to the total scale of production, the common
level of all factors of production. For example, if all factors of production are increased by two, an
two–fold increase in total output would be considered a constant return to scale, while anything less
would be a decreasing return to scale and anything higher an increasing return to scale. Marginal
returns measure changes in output according resulting from changes in individual factors of
production, whereas returns to scale measure changes in output resulting from changes in all factors
of production. For example, if a car company decides to hire more workers in order to increase
production, it would be only be increasing one factor of production, labor, in order to do so. The
additional worker's effect
... Get more on HelpWriting.net ...
2.
3. Microeconomic Reflection
I have taken a few general education courses that relate to the content and of this class. My
introduction to microeconomics course talked a lot about perfect competition, oligopolies, and
monopolies and how they differed based on their pricing strategy, how much they produce and their
marginal cost and revenue. The course also discussed corporate social responsibility and how
economists often disagree about whether businesses have a corporate social responsibility or
whether they should just focus on actions that increase their profit. Additionally, the course talked
about different pricing strategies and how firms need to consider the Porter Five forces when
formulating their business decisions. In my macroeconomics class, we also talked about large scale
economic factors that businesses have to consider when implementing strategies, including interest
rates, growth rates, employment level, price stability, and currency exchange rate. We also learned
about how different industries have different entry barriers, like the airline industry with all the fixed
costs of airplanes and equipment, which lowers the threat of new entries into the market. The class
also talked about specific entry barriers, like economies of scale and network effects. Additionally,
in both of these classes, we talked about the role of compliments and how economic forces alter
their their supply and demand functions. Overall, we learned a lot about different factors on
astrategies and the role both
... Get more on HelpWriting.net ...
4.
5. Comparative Study on Consumption Patterns of Soft Drinks...
Comparative Study On Consumption Patterns Of Soft Drinks And Fruit Juices
A COMPARATIVE STUDY ON CONSUMPTION PATTERNS OF SOFT DRINKS AND FRUIT
JUICES
EXECUTIVE SUMMARY
Soft Drinks were common preference among all the individuals before juices were being introduced,
With the changing lifestyle and income levels, people are shifting their consumption patterns and
have therefore become more health conscious thus leading to increase in demand of juices.
Market Research is based on some underlying parameters like:
Changing consumption pattern
Health factor
Status consciousness
Varying lifestyle
The basic subject matter of the research, comparative analysis of Soft Drinks and Juices is focused
to study the mind/taste ... Show more content on Helpwriting.net ...
Microeconomics is defined as: The study of the operations of the components of a national
economy, such as individual firms, households, and consumers (www.answers .com accessed
02Oct07). This is a study of the relationship between the consumer and the supplier based on
various fluxuations in the market.
The Law of supply is defined as: A microeconomic law stating that, all other factors being equal, as
the price of a good or service increases, the quantity of goods or services offered by suppliers
increases and vice versa (www.answers .com accessed 02Oct07).
The law of demand is described as: A microeconomic law that states that, all other factors being
equal, as the price of a good or service increases, consumer demand for the good or service will
decrease and vice versa (www.answers .com accessed 02Oct07).
Supply and Demand: The market process is generally modeled using the economic concepts of
supply and demand. The plans/desires of consumers are embedded in the concept of demand and the
plans/desires of producers in the concept of supply. The plans of these two types of economic actors
are brought together in markets, which are the entities in which transactions occur. In a modern
economy, markets do not require that the buyers and sellers meet in a geographic place, so markets
no longer require actual "marketplaces."...
8. Microeconomics Essay
Microeconomics Essay The price of electricity has increased substantially in the last three years, as
a result of that; there have been apparent changes in the demand for electricity for the consumers
and it has affected the producers supply market. In the following essay, we are going to look at the
effect of the increase in the price of electricity in South Africa, using the supply and demand
framework. The reason for the increase of the price of electricity is to balance out the supply and
demand of electricity. The National Energy Regulators of South Africa (NERSA) has approved a
25% increase of the price of electricity for 3years starting from 2010 (Roodt, 2012). Supply and
demand are fundamental principles of economics, it is what ... Show more content on
Helpwriting.net ...
The increase in the price of electricity is equivalent to an increase in the cost of production. The law
of supply states that an increase in the cost of production will cause a decrease in the supply,
provided everything else stays constant (Parkin, 2010).We can clearly see this in diagram C, when
the price increased from P1 to P2, the supply curve shifts from S1 to S2, therefore decreasing the
quantity supplied from Q1 to Q2. The equilibrium also shifts from E1 to E2. As time passes the
mining industry will have enough time to adjust to the increase in the price of the electricity, which
increased the cost of production. The supply curve of the mining industry will become more
inelastic, this is because in the long run, the suppliers will find other more sufficient methods to
produce gold with less energy. So when the price does increase again, the change in the quantity
demanded will be affect much less. This is shown in Diagram C, when the S2 becomes S3, we can
see that the supply curve is becoming more vertical, indicating that the supply curve is more
inelastic. And in the long run, the only thing that changes is the elasticity of the supply curve, the
quantity supplied and the equilibrium remains the same.
3
We can conclude the essay by stating that as the price increases for electricity, the demand for the
electricity by the households will decrease
... Get more on HelpWriting.net ...
9.
10. Article Analysis 6
In today 's society, the rush of supply and demand runs the ever–living world that many people call
home. It runs so well that many have found ways to use this tool and create a mountain of riches that
most will never see. To understand this mountain and incorporate a successful plan, society needs to
understand how this mountain was built. It begins with a covering known as economics that leads to
a multitude root system known as microeconomics only to be fed by the morsels of supply and
demand. Though what seems simple in building this mountain, many factors exist waiting for their
chance to cause destruction. However, to understand our quest to the top, consumers must
understand the clues that are defined as economics, ... Show more content on Helpwriting.net ...
The Internet has also changed the way students learn. Online classes are more readily available
compared to several years ago. By means of online classes more adult students pursuing higher
education are able to make that dream become a reality. Students attending online classes offer
different viewpoints with fellow students and are able to communicate without feeling that a correct
answer needs to be given.
Of course the Internet brings lots of competition among retailers, which affects the supply
conditions within an industry. Companies overseas are able to place their products on the net, which
in return expands their market, and therefore sell to a larger area this causes force of lower prices
and creates a greater incentive for sellers to set apart their products or services.
The article emphasized on how changes in information technology can influence supply conditions
in the market with the following example, Encyclopedia Britannica. Encyclopedia Britannica at one
point was a very expensive set of research books that parents would purchase to help their child 's
education, however now with the internet available with many "free" online encyclopedias,
Britannica has had to market their product other ways. They now have a CD–ROM available, which
contains things such as video clips, audio clips, and pictures. This new Britannica format is less
expensive as the books.
The Internet offers so many different things to many different people.
... Get more on HelpWriting.net ...
11.
12. Difference Between Micro And Macroeconomics
The differences between Macroeconomics and Microeconomics
The two aspects of Macroeconomics and Microeconomics are important factors when considering
an academic approach to economics. The understand their significance it is firstly important to
define these two aspects of economics.
Macroeconomics
This aspect of economics, studies the economy as a whole. Macroeconomics requires a study of the
overall performance of the aggregate economy. This can be achieved by looking key measures such
as GDP, Unemployment rates and inflation, major indicators of the overall performance of the
economy itself. By studying this, it can help economists determine the correct fiscal and monetary
policies that would be required for a country to achieve, or if established, maintain a stable growth.
It is most common in Macroeconomics to use larger variables, which are present in the economy to
determine such growth, if we consider government spending, inflation, employment and
consumption when considering a nation's current and future economic outlook (Investopedia, n.d.).
Microeconomics
While Macroeconomics, discussed above deals with a broad approach to the economy,
Microeconomics is quite different. Instead, microeconomics focuses on key agents of the economy.
People or entities, such as households, workers or ... Show more content on Helpwriting.net ...
What was interesting about the article I found on Business Insider is how, and why these events can
impact microeconomics and that over the weeks to come we may find changes in the market and
certainly the price of oil, according to the article, in the short term. It has been suggested, that the
production, or availability of oil originating in Russia and Iran may be interrupted. This is likely to
be a short change to the market, one of the reasons for this is because Syrian oil production,
although a large reserve had ceased over three years ago (Holodny,
... Get more on HelpWriting.net ...
13.
14. Eco 201 Final Project (Selected Topic Is Ford Motor Company)
ECO 201 Final Project (Selected Topic is Ford Motor Company) Click Link Below To Buy:
http://hwcampus.com/shop/eco–201–final–project/ ECO 201 Final Project Guidelines and Rubric
Overview The final project for this course is the creation of a research paper. Every day, millions of
economic choices are made by people–from what brand of soap to buy to how many employees to
hire for a factory. Microeconomics provides us with the tools, models, and concepts to better
understand individual choices in the marketplace and how resource allocation is determined at the
micro level. The decisions made by individuals and households impact the market and influence
decisions made by firms. Firms use these tools as a way to determine pricing, ... Show more content
on Helpwriting.net ...
II. Explore the supply and demand conditions for your firm's product. a) Evaluate trends in demand
over time, and explain their impact on the industry and the firm. You should consider including
annual sales figures for the product your firm sells. b) Analyze information and data related to the
demand and supply for your firm's product(s) to support your recommendation for the firm's actions.
Remember to include a graphical representation of the data and information used in your analysis.
III. Examine the price elasticity of demand for the product(s) your firm sells. a) Analyze the
available data and information, such as pricing and the availability of substitutes, and justify how
you determine the price elasticity of demand for your firm's product. b) Explain the factors that
affect consumer responsiveness to price changes for this product, using the concept of price
elasticity of demand as your guide. c) Assess how the price elasticity of demand impacts the firm's
pricing decisions and revenue growth. IV. Examine the costs of production for your firm. a) Analyze
the various costs a firm faces, their trends over time, and how they have impacted your firm's
profitability. b) Apply the concepts of variable and fixed costs to your firm for informing its output
decisions. For instance, analyze how different kinds of costs (labor, research and development, raw
materials)
... Get more on HelpWriting.net ...
15.
16. Application And Understanding Of Economics
One requirement for any student taking a microeconomics class is to complete an end–of–the–
semester writing assignment. This assignment asks students to find five different articles from recent
news and analyze them in accordance with the various microeconomics topics discussed over the
course of the semester. This writing assignment in particular does not necessarily challenge the art
of writing, but rather, challenges the application and understanding of economics. Yes, writing is a
key component in the assignment, but the professor does not what the students' focuses to be on
argumentative strength or in depth writing. Rather, the professor seeks that students grasp the
somewhat complicated nature of economics, more specifically those relating to kairotic events in the
field, and be able to relay that in analytical writing.
One of the greatest challenges of this assignment will be for students to analyze and relate the event
and information back to their own lives. For one, the students will have to be knowledgeable enough
in the topics discussed in class. For the most part, the concepts aren't hard to grasp, but being able to
analyze them in a way not strictly given to them might prove to be difficult. One important criteria
of the assignment, is that all of the articles chosen must be related to one of the indicated
microeconomics topics and all articles must relate to different topics. This is to expand the students'
knowledges of understanding of the many different
... Get more on HelpWriting.net ...
17.
18. Microeconomics Simulation
The concept of supply and demand has been around for hundreds, if not thousands of years. It is one
of the most crucial concepts in both macroeconomic and microeconomic arenas. What is comes
down to is, the price and quantity demanded go hand–in–hand and the price and quantity supplied
are directly related. If anyone is to understand market behavior of individual consumers and the
decision making processes of businesses and consumers, then they need to understand how
fundamentally important microeconomics is. The Simulation From this week of instruction, the
simulation demonstrated how a fictional apartment management company is impacted by several
monetary influences. The concepts of microeconomics can be classified as changes in equilibrium,
... Get more on HelpWriting.net ...
19.
20. Applying Microeconomics On Microeconomics And Microeconomics
Throughout this paper, individuals will gain an understanding of the objectives that students should
feel are important while learning about microeconomics. In addition, individuals will understand
how easily we use microeconomics on a daily basis. For instance, individuals use free trade without
thinking about it. There is a lot of material to learn from microeconomics, but one can only feel that
knowing how to make a profit and how the labor market operates its income distribution is
important because opportunity cost gets businesses to succeed. Individuals will understand how one
can relate to external cost. External cost occurs every day because individuals/organizations do not
think about the next minute. For example, within a ... Show more content on Helpwriting.net ...
However, when it comes to the economic questions, business will notice that some of their products
and services will be limited because they will use opportunity cost. Therefore, when individuals
make such decisions they must consider the opportunity cost. "Opportunity cost is what you
sacrifice to get" something (O'Sullivan, Sheffrin, & Perez, 2014, p. 29). Everybody sacrifices
something in order to gain. For example, I have been using opportunity cost for the past two years
because I want to get my associates degree. When organizations sacrifice something, they typically
made trades. For instance, if an employee wants a weekend off, the manager must agree that the
employee can trade the weekend with another employee. Some individuals use opportunity cost
without much knowledge, just as economics, because we all want something; yet, in order to get
something we must give something. We all sacrifice something major/minor just to survive the
world. Meaning, individuals work to have an income, yet the income will be to purchase
miscellaneous items; therefore, individuals that work will sacrifice everything to gain something. In
addition, market equilibrium is important to businesses because business owners do not want to
change prices if they do not have to. "Market equilibrium is a situation in which the quantity
demand equals the quantity supplied at the prevailing market price; therefore,
... Get more on HelpWriting.net ...
21.
22. Microeconomic
I. MICROECONOMIC
Micro–environment is preferred as 'the operating system' which includes the forces that has
significant impacts on and can affect the organization's ability to operate and serve its customer
(Chaffey et al, 2009). This is influenced by the need of customers and how services are provided to
them through the competitors, marketing intermediaries, and suppliers within the marketplace
(Chaffey et al, 2009).
1. Customer
Airasia provides to its customers the basic flight carrier service and carry the customer 's purpose of
traveling between different destinations, but at a lowest fare among other airlines.(AirAsia Annual
Report, 2010) The customers of Airasia are mostly from low and middle class people in society. The
... Show more content on Helpwriting.net ...
1. Demographic force
Job catalogue and income aspects are the key focuses of Airasia for targeting the
segmentation(Kotler et al, 2010). Most the customers of Airasia are students and low or middle class
income people. Students and low incomes people are likely to concern more about fare price, while
middle income people want a balance between price and quality. Eventually, Asia is becoming the
potential market of the world and this creates more opportunities for traveling and carrier services
especially in Asia Pacific region.
2. Geographic force
Choosing and activating flight destinations of an airline is critically important, as it will affect the
productive of market scale and business expanding trend (Kotler et al, 2010). For Airasia, the
current cities and countries that it is mostly operating are the big cities in Asia and no local flight in
one destination country. This tactic can achieve the faster expanding market goal (AirAsia Annual
Report, 2010).
3. Culture force
The customers' consumption propensities are differential as national differences (Jones & Miskell,
2007) which mean of differences in culture. However, Asia has tried to build up a mixture of
23. cultures and to give different experiences to its customers. In general, Asia cultures prefers to spend
less money and save more, thus spending too expensive flight ticket for traveling is still not an
absolute choice for all the Asia customers and because
... Get more on HelpWriting.net ...
24.
25. Economic Cost versus Accounting Cost
CHAPTER
The Cost of
Production
7.1 Measuring Cost: Which Costs
Matter?
7
Economic Cost versus Accounting Cost
● accounting cost equipment. CHAPTER OUTLINE
7.1
Measuring Cost: Which Costs
Matter?
7.2
Costs in the Short Run
7.3
Costs in the Long Run
7.4
Long–Run versus Short–Run Cost
Curves
7.5
Production with Two Outputs–
Economies of Scope
7.6
27. Because fixed cost does not change as the firm's level of output changes, marginal cost is equal to
the increase in variable
... Get more on HelpWriting.net ...
28.
29. Personal Reflection Of Microeconomics
I have gained much respect for Economics as a field of study during this course. Being a political
science major, I can honestly say that there isn't all that much science in many of the topics.
Conversation in political science can be argumentative and normative without concrete reason or
evidence. Economics, on the other hand, is intuitive and backed by research. More refreshingly,
economics simply puts its research out for the world to see, and sure individual economists may
voice their opinions about public policy, but as a field, it is based mainly on positive statements; it
tells it like it is without venturing into how it should be. Economists do have a rough job in a way,
they can't simply do research by conducting regular experiments like altering the nation's monetary
supply or increasing the minimum wage to study the effects on unemployment. It is impressive that
they find a way to use existing data to draw their conclusions. They really make the most out of
what they are given. Additionally, it is nice that assumptions about complex economic topics are
made so even students in basic principles courses can understand the concepts in simple economic
models.
I think that what we learned on market economics is the correct way of thinking about human
interaction and the functioning of markets. Microeconomics offered an interesting, and potentially
more useful, perspective on the market because it essentially told us how our individual decisions
affect the market.
... Get more on HelpWriting.net ...
30.
31. Essay on Microeconomics Quiz Review
Chapter 9
1. All firms, no matter what type of firm structure they are producing in, make their production
decisions based on where: marginal revenue equals marginal costs.
2. According to the table below, when profits are maximized, profits are equal to: $2.
3. Many economists believe that the market for wheat in the United States is an almost perfectly
competitive market. If one firm discovers a technology that makes their wheat taste better and have
fewer calories than all other wheat offered in the market, the wheat market would become less
competitive because: the products would no longer be similar in the wheat market.
4. When talking about economics profits in a perfectly competitive market, the difference between
the ... Show more content on Helpwriting.net ...
short–run market supply; left; increase.
21. Which of the following lists the three main characteristics of a competitive market? many buyers
and sellers, similar products, easy entry into the market
22. Total revenue minus total cost equals: profit.
23. A firm participating in a competitive market with costs described in the table below would
always shut down: if the price is equal to $2.
24. When revenue is insufficient to cover cost, the firm suffers a loss.
25. Sunk costs: are costs that have been incurred as a result of past decisions.
26. According to the figure below, this firm would shut down in the long run if: the price fell below
$5.
27. One difference between implicit costs and explicit costs is that: explicit costs are included in
accounting profits, whereas implicit costs are not.
28. Holding all else constant, an increase in the price of hot dogs would cause: the marginal revenue
(MR) curve in the market for hot dog buns to decrease.
29. Marginal revenue is: the change in total revenue when the firm produces additional units.
32. 30. According to the figure below, if the firm is maximizing profits, profit is represented by the area:
(A – B) × C.
31. Firms will always stay in the market if: the price they charge is greater than their minimum
average variable cost (AVC).
32.
... Get more on HelpWriting.net ...
33.
34. Supply and Demand Simulation
1. The simulation illustrates a number of different economic concepts. The relationship between
supply, demand and price is highlighted. The simulation shows what happens under normal
conditions when the price of a good changes. For example, when the price increased the supply of
the good increased but the demand fell. As a result, the market was no longer in a state of
equilibrium (Riley, 2012). Thus, the concept of supply–demand equilibrium was identified. This is a
microeconomic concept, following from the definition of microeconomics as the study of economics
relating to individual decision–making (NetMBA, 2010).
The simulation, when discussing the issue of supply, price and demand also touched on the issue of
price elasticity of demand. The price elasticity of demand for a product determines by how much the
demand for the product drops when the price increases or gains when the price decreases. This
statistic the elasticity is different for all types of goods and it can change as the price changes even.
For example, we learn that discretionary purchases tend to have a higher price elasticity of demand
than non–discretionary goods. For goods that have a combination of these attributes, elasticity can
change. Gasoline is a good example some driving we need to do, but some driving is optional. If the
price of gas goes up too high, we might cancel the road trip, but we will still drive to work. Price
elasticity of demand can help understand these types of dynamics for
... Get more on HelpWriting.net ...
35.
36. Differences Between Micro Economics And Macroeconomics
This report will reveal information about differences between Micro Economics and Macro
Economics and the interrelation of them with regard to the drafting of economic policies to remain
economically current and relevant with global competitive markets. Moreover, it contains
explanation of the minimum efficient scale and clarification how firms and companies can maintain
selling at premium prices in the long run, with several examples of well–known companies.
Question 1 – A part
Differences between Micro economics and Macro economics – First of all, let`s get to know what is
the Microeconomics and Macroeconomics. Microeconomics focuses on issues that influence
individuals and companies. This could mean studying the supply and demand for a specific product,
the production that an individual or business is capable of, or the effects of regulations on a
business. ... Show more content on Helpwriting.net ...
For instance: they vary in their Nature, Scope, Purpose, Need objective, Instrument and Analysis.
Microeconomics is a study of scarcity and choice, which manages the choice making issues of what
to produce, how to produce, for whom to produce and who will choose that what to produce
business firms and households and the strategies taken by the legislature for these unites. While
individual firms and house hold choices are not the matter of worry of Macroeconomics. It takes
care of the issues of national pay, unemployment, output, input, export–import, GDP, inflation,
government budget deficiencies and so on. While both fields of economics regularly utilize the same
standards and formulas to solve problems, microeconomics is the investigation of economics at a far
smaller scale, while macroeconomics is the study of large–scale economic issues. In addition, Micro
economics cope with normal demand and supply. On the other hand, macro economics deals with
Aggregate Demand and Aggregate supply (A. T. Clement and H. Keith,
... Get more on HelpWriting.net ...
37.
38. Microeconomics
Question 1) With examples give 5 reasons why the study of microeconomics is important.
Microeconomics is a field of economic study that focuses on how an individual 's behaviour and
decisions affect the supply and demand for goods and services. For the purpose of microeconomics,
the actions of individuals, households and businesses are crucial, unlike the study of
macroeconomics, which focuses on national and international economic trends. Despite the
differences between the two fields, however, micro–level trends and the study of microeconomics
are considered the basis of modern macroeconomics. Macroeconomics is concerned with the big
picture, for example, the national economy and gross domestic product. By contrast,
microeconomics is ... Show more content on Helpwriting.net ...
Ceteris Paribus is a Latin phrase that translates approximately to "holding other things constant" and
is usually rendered in English as "all other things being equal". In Economics the term "Ceteris
Paribus" is used quite often to assume all other factors to remain the same, while analysing the
relationship between any two variables. For example, when discussing the laws of supply and
demand, one could say that if demand for a given product outweighs supply, ceteris paribus, prices
will rise. Here, the use of "ceteris paribus" is simply saying that as long as all other factors that
could affect the outcome such as the existence of a substitute product remain constant, prices will
increase in this situation.
One of the disciplines in which ceteris paribus are most widely used is economics, in which they are
employed to simplify the formulation and description of economic outcomes and the theoretical
relationship of cause and effect. When using ceteris paribus in economics, assume all other variables
except those under immediate consideration are held constant. For example, it can be predicted that
if the price of beef increases, ceteris paribus, the quantity of beef demanded by buyers will decrease.
In this example, the clause is used to operationally describe everything surrounding the relationship
between both the price and the quantity demanded of an ordinary good. This operational description
intentionally
... Get more on HelpWriting.net ...
39.
40. microeconomics
3. Consider the market for minivans. For each of the events listed here, identify which of the
determinants of demand or supply are affected, also indicate whether demand or supply increases or
decreases. Then draw the diagram to show the effect on the past and quantity of minivans A. People
decide to have more children. Answer: It is expected to have more children, and household spending
will increase, demand will reduce household wagon. From the supply point of view, due to
population increases, station wagon for home consumption will increase, so the producers will
increase supply. Ans in: . If people decide to have more children, they will want larger vehicles for
hauling their kids around, so the demand for minivans will increase. ... Show more content on
Helpwriting.net ...
TV demand curve unchanged. The result is the equilibrium price of the TV down, the equilibrium
quantity increased, as shown in Figure 4–8. Ans in: The technological improvement would reduce
the cost of producing a TV screen, shifting the supply curve to the right. The demand curve would
not be affected. The result is that the equilibrium price will fall, while the equilibrium quantity will
rise. c.Draw two more diagrams to show how the change in the market for TV screens affects the
markets for DVDs and movie tickets Ans: Because the TV and DVD are complementary goods, TV
prices fall so that the increased demand for DVD. Increased demand caused DVD equilibrium
prices, the equilibrium quantity increases, as shown in Figure 4–9. Ans in : The reduction in the
price of TV screens would lead to an increase in the demand for DVDs because TV screens and
DVDs are complements. The effect of this increase in the demand for DVDs is an increase in both
the equilibrium price and quantity Ans 2: As TV and movie tickets are substitutes, TV movie ticket
prices fall so that reduced demand. Reduced demand equilibrium that movie ticket prices, reducing
the number of equalizer, shown in Figure 4–6. The income factors determining demand affected the
stock market crash to make people 's dividend, dividend income decreased demand for home station
wagon will be reduced. Ans 2 in : The reduction in the price of TV screens would
... Get more on HelpWriting.net ...
41.
42. Microeconomic Concepts
Title Page
Microeconomic Concepts
Charlie Edwards
Contents Page Page
Title page 1
Contents page 2
1.0 Summary 3
2.0 Introduction 3
3.0 Over view of Qantas group 3
4.0 Products and Services 4 4.1 Economy and Economy plus 4 4.2 Business Class 5 4.3 First 5
5.0 Internal and external factors 5 5.1 Internal factors 6 5.2 External factors 6
6.0 Market structure 7
7.0 Conclusion 8
8.0 References 9
Microeconomic Concepts
1.0 Summary
The purpose of this report is to look at and identify the basic ... Show more content on
Helpwriting.net ...
5.2.3 Social factors are very important because Qantas must keep improving the fleet of aircrafts to
stay ahead of the competition.
5.2.4 The environmental impacts on an airline company can be very dramatic due to the weather
conditions which can be very unexpected this can cause delays it can also pose a risk in the air if an
aircraft happens to get caught in it
5.2.5 Companies always have to update their technology because there are other comparison
websites which engage higher competition
6.0 Market structure
Qantas is a private sector company. By this they're aiming for increase in profit margins, growth and
they want to survive all current economic climates and most
45. Microeconomics
TUTORIAL WEEK 1 ANSWERS Comparative Advantage and the Basis for Trade Question 1 a)
What is the production possibility curve and what does it reflect? b) With this in mind, construct a
PPC for two products and label two points, one attainable and one unattainable. Next consider what
it means to be on the PPC. c) Consider two points on the PPC. Now consider a movement along the
PPC from one of these points to the next. Look at the initial situation and the final one. What does
this movement along the PPC suggests and what economic concept does it illustrate? d) What will
cause the PPC to shift out? Answer a) Textbook Definition: "the PPC captures all maximum output
possibilities for two (or more) goods, given a set of inputs ... Show more content on Helpwriting.net
...
Since the agent is working less hours this implies that the agent is producing less of both goods.
Thus the PPC will shift in as indicated in the diagram below for the production of Nuts and Coffee.
Coffee PPC2 PPC1 Nuts In this diagram, PPC 1 represents the before–siesta PPC and PPC 2
represents the after–siesta PPC. Question 4 In a two–person economy, William can produce 6
watches (if he works only on watches) or 18 boxes per day (if he works only on boxes), while Kate
can produce 8 watches (if she works only on watches) or 12 boxes per day (if she works only on
boxes). Which of the following combinations of watches and boxes can be produced by William and
Kate if they work together, share their produce and use all the available time in a day? 3 (a) (b) (c)
(d) 8 watches and 10 boxes 10 watches and 12 boxes 16 watches and 0 boxes 14 watches and 6
boxes Answer (a) is an inefficient production point, (c) and (d) are clearly unattainable, (b) is correct
(note that the cost of one watch for William is 3 boxes...) Question 5 Assume that there are only two
countries in the world and they produce two goods, cars and cotton. The opportunity cost of a car in
Country A is 50 units of cotton and the opportunity cost of a car in country B is 300 units of cotton.
In this example: (a) Country A has a comparative advantage in cotton (b) Country B has a
comparative advantage in cotton (c)
... Get more on HelpWriting.net ...
46.
47. Economics in Today's Society
Economics is defined as the study of how the forces of supply and demand allocate scarce resources.
Economics can be subdivided into microeconomics, which examines the behavior of firms,
consumers and the role of government; and macro economics, which looks at inflation,
unemployment, industrial production, and the role of government (Investor Word, 2008). Economics
can be further divided to include positive economics and normative economics. Positive economics
is the study of what is, and how the economy works and normative economics is the study of what
the goals of the economy should be. Simply put positive economics looks at how things such as
current gas prices directly affect individual buying power and how that buying power affect ... Show
more content on Helpwriting.net ...
A change in anything that affects supply besides price causes a shift on the supply curve. Factors
that affect the supply curve are; price of inputs, technology, expectations, and taxes and subsidies. If
a producer finds that the cost for producing specific items is getting higher than supply of that item
will begin to decrease as it is not economically sound to continue to make a large amount of these
items. Technology has a direct affect on supply, as it becomes easier and less expensive to produce
an item more of that item is produced. As with the demand curve expectation also has an affect on
the supply curve, if consumers expect the cost of a product to increase they will buy more of that
items which causes a decrease of supply. An example of this would be when the price of gas is
expected to raise people will fill their car up and also fill gas containers. Tax also has an effect on
the supply curve as it does on the demand curve, as taxes increase on a specific items then the
supply for that particular items increase as people stop purchasing the item. In an article titled
"Research focuses on Dining Pattern, Demographics," it was reported that dining out has declined.
This decline is closely related to housing problems and rising gas prices. The research indicted that
the most effected by the economy problems are the "Baby Boomers (ages 43 to 62) research show
that these individual tend to reserve dining out for special occasions. The
... Get more on HelpWriting.net ...
48.
49. Microeconomics And Macroeconomics Of Microeconomics
Abstract
Economics is an enormous field. The term economics is the broader term, however within this, there
are additional fields such as microeconomics and macroeconomics. The difference between
microeconomics and macroeconomics is analogous to the human body and the individual cell that
makes up the human body. Macroeconomics is involved with the wide lens aspect of society. In
other words, macroeconomics focuses on the broader large scale economy of a society.
Macroeconomics focuses on larger economic issues such as national employment rates, gross
domestic product, interest rates, as well as currency exchange rates just to name a few examples. On
the other hand, microeconomics focuses more on the narrower lens of an economy. This approach
focuses on the individual businesses and customers as far as economic decisions are concerned.
Specifically, microeconomics studies the decision making process of the consumer. Microeconomics
ask the question, how do consumers spend their money? According to Investopedia (find source),
microeconomics is at the heart of consumer purchasing.
The Use of Utility in Microeconomics
The Impact of Key Economic Principles
Economics is a fascinating topic within our world. Pause and take a minute to look around.
Assuming you are not on a deserted island, everything you see is influenced by economics. The
clothes you wear, the food you eat, the electricity you are using, are all influenced by economics.
Our world is so greatly influenced by
... Get more on HelpWriting.net ...
50.
51. Microeconomics
Microeconomics and the Laws of Supply and Demand
The supply and demand simulator provides students with a real world situation of several factors
within economics. The factors covered within the simulator are: microeconomics and
macroeconomics principles with concepts, the shift of the supply curve and shift of the demand
curve; simulator also discussed price ceilings which all affect the rent price and the occupancy rate
of residents. The scenarios are based on the information of Goodlife Management within the city of
Atlantis. The scenarios are based on the situations that occurred in which the user is faced with
factors that influences the equilibrium such as adjusting the rental rate of the apartments in order to
maximize revenue. Other ... Show more content on Helpwriting.net ...
The simulator taught lesions on each principle in regards to supply and demand which helps when
making the proper decisions on market shifts either negative or positive. Microeconomics principles
help to make the decisions that directly affect your supply and demand goal for the company.
Macroeconomics decisions can be forced upon a company because an outside factor such as the
government or put a price ceiling on a product or renters payments. This affects the company's goals
while also trying to still maintain your own supply and demand
... Get more on HelpWriting.net ...
52.
53. Netflix Microeconomics
The article, On Wall Street, Netflix Is a Comeback Kid – But Can It Stay on Top?, shows how the
risk that Netflix leaders took payed off in the long run (Knowledge@Wharton, 2013). In 2011, the
company took a risk and changed their strategy and pricing, while lead to a drop in subscribers and
profits. The article says that many thought this was a poor decision, but Netflix stuck with it. By the
first quarter of 2013, their risk payed off, and Netflix became the best–performing stock in the
Standard & Poor's 500 index. Because Netflix leadership didn't listen to naysayers, and didn't
change their long term strategy when profits plummeted, they now are incredibly popular, and have
an ever increasing number of subscribers.
This article resonated with me because, as a user of Netflix, I am interested in how the company is
run, and how it became so popular. It is also interesting because last term I took a microeconomics
course, and wrote an essay about the economics of Netflix. Since I have a fairly good idea about
Netflix from an economic perspective, it is thought–provoking to view the same company from a
leadership perspective and consider how the leadership influenced economics and vice versa.
Concepts from this article apply to the five practices in a number of ways. ... Show more content on
Helpwriting.net ...
During this week's reading, I was mostly considering smaller risks that could pay off relatively
quickly, but this article made me consider long term risks. For Netflix, at first it looked like their
risk had produced a very negative result, but after a couple of years, taking that risk proved to be a
smart business move. So what this article made me think about was not looking at the immediate
results, but looking at the future results and making decisions based on that; not just abandoning a
path if it looks like it's not immediately working
... Get more on HelpWriting.net ...
54.
55. Microeconomic Principles
I. DEFINITIONS Net Profit Margin (NPM) NPM of a firm is simply the percentage of net income
(NI) from total operating revenue (TOR). This indicates, after subtracting tax, how much profit the
firm has generated. For example, if IKEA accumulates, over a single period, total sales revenue of
$100M, but recapitalizes part of that income (about $50M), and needs to pay tax of 40% of the
earnings, it will end up with a free cash flow of $30M. NPM is simply $30M / $100M x 100%,
which equals 30%. Capital Capital includes any long term assets that are invested into an
organization for it to be able to run its operations, whether providing goods or services. For
example, if there is a start–up pizza restaurant, it will require a capital ... Show more content on
Helpwriting.net ...
Monopoly A monopoly of a market will exist when three attributes are identified: there is only one
producer, there are barriers to enter such a market, and there are no close substitutes for the product.
This produces a perfectly inelastic demand curve. In a hypothetical example, Schrute Farms is a
large coffee bean producer. It is a family business and has been for years, and it does not produce its
coffee beans unless these are cooked and in a state that they can't be replanted to yield any crop, thus
maintaining its exclusivity for the product. Business Profit versus Economic Profits Business profit
or accounting profit is simply the net income of a company (total revenue minus total expenses),
however an economic profit is a tougher profit to achieve. This is because it takes into account the
missing investment opportunities. For example, if investment option A generates a 50% return while
investment option B only generates 10% and option A was chosen exclusively: the business profit
would simply be that of option A (50%) while the economic profit would be 50% – 10% = 40%.
Therefore, if the total
... Get more on HelpWriting.net ...
56.
57. Microeconomics: The Foundation behind Small Businesses
Microeconomics: The Foundation behind Small Businesses Small business are said to be the
backbone of the United States economy. It said that small businesses contribute to growth and
vitality in the specific area of the United States economic development. Small businesses play a
huge role in how the business world is shaped. Entrepreneurs are smart, creative and innovative
however, those same entrepreneurs need to have some knowledge that the study of microeconomics
focuses on. With the study of microeconomics, their product or future business will succeed in an
economic view point.
Microeconomics analyzes economic decisions on the micro or small level. This includes how a
household or consumer will spend their money. One of the crucial aspects of microeconomics is that
a business owner needs to have the basic understanding of demand. Demand seems to be the most
basic and yet a necessity for small business to be familiar with. The basic concept of demand is that
if a consumer sees the price of something rising, they will look for substitutes. Quality demanded is
an important aspect of understanding demand as a whole. The quantity demanded on a market
depends on many factors. Some of which quantity demanded plays a role in is the price of a good,
the price of competitive goods, consumer income, consumer's preferences, and the length of time
period. Having knowledge about quantity demanded allows one to one to really understand the
relationship between a price and the
... Get more on HelpWriting.net ...
58.
59. Introductory Microeconomics
Module Title: Introductory Microeconomics Question 1: "The economic rationale for road pricing is
compelling", Institute for Fiscal Studies, May 2012. Critically discuss this statement. The
Institute for Fiscal Reports has recommended a move for widespread system of the road pricing. As
the topic says "The economic rationale for road pricing is compelling" and the revenues generated
through road pricing could be used for reducing other motoring taxes. The relevant microeconomics
theory, the key factors involved and supportive analysis through diagrams is explained in the
following paragraphs. "The IFS argues that there is a compelling case for making a switch from
motoring taxes to a system of national road pricing. Such a shift would be highly controversial,
could be used to encourage drivers to avoid busiest times and routes by varying the amount charged
for making journeys" (Morris 2012). The IFS has released several factors that will get involved once
the road pricing will be introduced. The amount collected from road tax and fuel duties will decline
in the next 15 to 20 years; this is because more fuel–efficient cars would have been introduced. The
fuel duties will increase from 23% to 50% and they will not be particularly palatable. Once the tax
will be raised, the road use will be more sustainable. Annually the distance travelled in the entire
Britain is 321 billion miles. The IFS has released a forecast that it will increase to 396 billion in the
next 18
... Get more on HelpWriting.net ...
60.
61. Microeconomic Theory Essay
Running head: Module 1 Homework Module 1 Homework Michael J Feller Allied American
University Author Note This paper was prepared for ECN 150: Introduction to Microeconomics,
Module 1 Homework taught by Dr. Dani Babb. PART I Directions: Please draft a three page long
document in APA format in which you address the questions below. You must cite at least three
scholarly sources within the context of your work and cite your references according to APA style.
Please utilize LIRN to help you get started with your search. You may visit the Academic Resource
Center for a guide on how to utilize LIRN successfully. 1. Describe and identify microeconomic
theory and contrast it to macroeconomic ... Show more content on Helpwriting.net ...
It may be cheaper to purchase an older truck than a newer car, but in fuel and maintenance, the older
truck will cost more. The pros and cons of this decision are all personal. The lower upfront costs
may be more beneficial to one person than to another. A personal decision that I am struggling with
right now is with my credit rating. I have two credit cards that have a high balance. These are both
in my ex–wife's possession. They are both delinquent on payments. I have to decide whether to just
take out a high interest loan to pay these off and renew my credit rating, or to let her financial
decisions affect my credit rating. The third principle of individual decision making is rational people
think at the margin (Mankiw, 2007). This states that the benefit must exceed the cost. A personal
experience with this would be that I have a truck that gets very low fuel mileage. I needed a car with
better fuel economy, but have bad credit. I weighed the pros and cons of buying a car with a high
interest loan, and felt that the benefit was worth the cost. While some would say there is nothing
good to come from this, those who make these choices must feel there is. Mankiw (2007) points to
the difference in value between water and diamonds. A marginal increase in a person's water supply
will rarely come at a significant cost to the person. However, a marginal increase in diamonds is
extremely valuable. The forth principle of individual decision making is
... Get more on HelpWriting.net ...
62.
63. Reflection on Microeconomics Class
Reflection on Microeconomics Class Microeconomics is the economic influences that impact at the
micro, or firm, rather than macro level. The study of this subject is one that is highly valuable for
any studying business with the provision of knowledge that will increase understanding of different
influences and support the decision making processes. With the knowledge gained, along with the
skills in applying that knowledge developed through class work and exercises for the different
modules, there has also been the development of increased confidence, both personal and in the
theories, in using the relevant concepts and tools in a practical setting. Some of the most important
knowledge gained for practical purposes concerned the concept and application of supply and
demand. Anecdotal evidence of supply and demand can be seen all around us; including the way
that gasoline prices increase and decrease as a result of the way oil prices, which resulted in a basic
understanding of the underlying concept. Other areas where this can be seen include examples such
as the stock market and even web sites such as eBay with the auction of goods. However, the ability
to understand the way this operates not only helps to explain the observed outcomes, the ability to
use this to help predict potential outcomes for different scenarios is highly useful. The concepts of
elasticity and cross elasticity with different influences, such as disposable income and competing
products are all
... Get more on HelpWriting.net ...
64.
65. Microeconomics Paper
Analyzing the Monopolistic Competition of the Retail Industry
Understanding the Terms
Symbol = a code comprised of letters used as a unique identification of the stock 52 week High =
the highest price reached during the last 52 weeks 52 week Low = the lowest price reached during
the last 52 weeks Dividend = taxable payment declared by a company's board of directors & given
to its shareholders out of the company's current/retained earnings
Dividend Yield = yield a company pays its shareholders in the form of dividends; calculated by the
amount of dividends paid per share over the course of the year divided by the stock price P/E Ratio
= (aka the price earnings ratio) most common measure of ... Show more content on Helpwriting.net
...
Never featured on magazine advertisements or on TV commercials, Abercrombie has been
established since the 1800's and has spread itself through word of mouth and is now the premier
clothesline for casual wear among American youth. It is in fact the #1 demanded clothing line on
Ebay as well.
III. Strategies for making profit : Short run All firms which are monopolistically competitive must
examine short–run and long–run strategies. In order to maximize profits, all firms, regardless of
their market structure must produce to the point where marginal revenue equals marginal costs.
These costs refer to economic costs (which include sunk, accounting, and opportunity costs).
Monopolistically competitive firms have a downward sloping demand curve because they are price
makers, yet because prices are constricted by the demand of the consumers. As mentioned before,
the market structure follows both perfectly competitive firms and monopoly forms of structure.
Short–run, the industry functions like a monopoly while in the long–run, the industry functions more
like a competitive firm. Although they are able to somewhat control prices due to their product
differentiations and their status as a brand name, they will make profits by lowering price. However
the danger in lowering prices is that with each additional product, utility will drop for the consumer.
Therefore, firms must be careful in balancing consumer demand with the projected consumer utility.
... Get more on HelpWriting.net ...
66.
67. Essay about Structural Change and Australian Economy
Structural Change and Australian Economy Structural change is the change in the pattern of
production in an economy as certain products, processes of production and industries disappear and
are replaced by others. The past century has seen the relative decline of agricultural and
manufacturing industries, and the rise of services and new technology sectors. Structural change can
be caused by a wide range of economic influences including changes in the pattern of consumer
demand and technological change. The speed of structural change depends on the ability of an
economy or industry to adjust quickly. People's natural resistance to change and government
regulation often impedes the process of ... Show more content on Helpwriting.net ...
Deregulation of industries has been an important part of the microeconomic reform policies for the
Australian economy. For example in the agricultural sector, marketing boards which were often the
only buyer and seller of farm output have been dismantled. In the wheat, egg and dairy industries
deregulation has allowed a market economy, free of excessive central control, improve efficiencies
and competitiveness by forcing inefficient operators out of the markets and the remaining operators
to adopt technological change in order to survive. Deregulation has also been introduced in the
financial sector, the transport industry and in the telecommunications industry. In the case of the
telecommunications industry which was once dominated by one monopoly provider, telecom
(Telstra) the market was opened up to Optus and Vodafone before being opened up to full
competition. This competition helped reduce telecommunication costs dramatically, benefiting many
other industries and the overall competitiveness of the Australian market. The improvement of
competition across the whole economy was the main objective of the governments National
Competition Policy. This policy included the Corporatisation and Privatisation of Public Trading
Enterprises such as Australia Post and Telstra, competition reform in the professions, the opening up
of access
... Get more on HelpWriting.net ...
68.
69. Economics Paper
Economics Paper
University of Phoenix
ECO365
May 6, 2013
Economics is a tool that we use in our daily lives even if we don't always realize it. As people we all
have things that we want, and things that we need. This includes things like food, clothing, and
shelter, but it is not limited to those things. In order to get those things, people have to spend money.
The issue is that everything that people need and want costs money. More often than not, people do
not have the money to do both so they have to decide which things are important for them to have
right now. This does not only apply to families, but businesses as well. This paper will address
different types of economics and some of the factors that contribute to its changes. ... Show more
content on Helpwriting.net ...
Businesses will increase the production of goods and services that cost more money because they
will be able to increase their profit margins. In the same way, when prices decrease they will scale
back the production of those products because they will not be able to as much of a profit.
Companies will always do what is best for them, and the number one reason for them being in
business is to make money. What the consumer wants will always dictate they type and price of
goods and services that are supplied. When a certain type of product comes out or starts to increase
in sales it directly affects the market for that product or service. An example of this is when iPods
came out and got very popular. The price of the product was high initially, but they were still selling
very well. Apple increased its production because they were able to make greats profits from it.
After this happened there was an influx of other mp3 players from a plethora of other electronics
companies. Since they had new found competition, Apple was forced to lower the price of the item.
Consumers still preferred the iPod over many of the other mp3 players on the market, and because
of their presence, the iPod became much more affordable. In economics the law of demand states
that "all else equal, as the price of a product increases, a lower
... Get more on HelpWriting.net ...
70.
71. Article Analysis for Economics
University of Phoenix
Principles of Microeconomics
ECO/365
Professor James Harris III
Aug 7, 2008
Article Analysis The article that will be used for this analysis is "Supply, demand, and the Internet–
economic lessons for microeconomic principles courses" by Fred Englander and Ronald L. Moy.
There will be definitions for the following economics, microeconomics, Law of supply and the Law
of demand. Another subject that will be discussed is the identification of factors that lead to the
changes in supply and demand. In order to better understand what is being discussed going to start
with the definitions.
Define Economics "Economics is the branch of social science that studies the production,
distribution, and consumption of ... Show more content on Helpwriting.net ...
Here is a great example of how the internet has helped in price and product comparison: "a
consumer buying a car may not be informed fully about the safety features of various models or may
not have adequate information to evaluate the importance or usefulness of various options (e.g.,
antilock brakes, four–wheel drive, side cross beams to reduce the damage from a side collision). The
information asymmetry about those models or features is common and may allow an "aggressive"
sales person to exploit the buyer's ignorance" (Englander & Moy, 2003).
Another major utility of the internet is the ability to keep people connected. The internet allows
friends and family to pay a low monthly price for e–mail, instant message and the ability to speak
through a person's computer. People can actually dial out to another computer and hold a
conversation just as if they were on the phone.
Describe what has occurred to change the demand for, or the supply of, the good or service, and
market prices of those products or services There is not a market, industry, good or service that has
not been affected by the internet. Pertaining to demand the internet has changed demand in many
ways, mainly due to making a lot of information available to the consumer that did not use to be.
The internet offers more selections and more information on the products so the
... Get more on HelpWriting.net ...
72.
73. Supply and Demand and Academic Honesty Policy Essay
GE273: Project
PROJECT DESCRIPTION
This project has three parts, namely Part 1, Part 2, and Part 3. Project Part 1 Introduction: Different
economic studies estimate the price elasticity of demand for certain goods, some of which are
reported on page 176 of the Hubbard/O'Brien textbook. The following table presents select elasticity
of demand estimates from those reported on page 176. Product Barnes & Noble books Coca–Cola
Cigarettes Beer Gasoline –4.00 –1.22 –0.25 –0.23 –0.06 Estimated Elasticity
In your project, address the following questions: Using the elasticity estimates in the table above,
classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the
implications of those classifications on ... Show more content on Helpwriting.net ...
E. What is the overall result of the tariff in terms of welfare?
Page 2
GE273: Project
Part II. Allowing free trade between countries can be beneficial, but it also imposes costs. Use the
ITT Tech Virtual Library to research costs and benefits of allowing free trade. Discuss aspects of
international trade that some may consider unfair. For example: i. Distribution of costs and benefits
of free trade. In other words, does everyone share in the gains and the costs equally? ii. iii.
Competing with different labor restrictions (or lack of), such as slave or child labor. Differences in
environmental standards. Answers vary.
Submission Requirements: Attach a Word document of 500 minimum words. Format: Double line
space, Times New Roman, 12–point font Formulas and calculations must be shown along with the
final correct answer. Formal references in APA format must be provided. This submission must be
paraphrased in your own words. Adhere to the academic honesty policy. No more than 10% of your
document can be quoted. Avoid answering any of the questions with a quote. Quotes should support
your discussion instead of answering questions for you. Project Part 3 Introduction: Research and
analyze the effects of the following government policies on the market equilibrium. Increases in the
Minimum Wage Restrictions on International Trade Pollution Controls Natural Monopolies and
Antitrust Regulation
Page 3
76. Microeconomics And Microeconomics : Microeconomics
Delores Barnes Principles of Microeconomics December 2, 2014 There is a precise distinction
between microeconomics and macroeconomics. Microeconomics is a part of economics that
examines the decisions and actions of companies, individual firms etc. Macroeconomics is a part of
economics that focuses on the study of a country's economic system or region. The difference
between the two is that microeconomics is the decisions people make in regards to their company
and the resource , goods and prices involved. Macroeconomics is the economy's behavior altogether.
An example of microeconomics would be the study of a consume or firm's behavior. An example of
macroeconomics would be the unemployment rate. The condition of scarcity means that there is a
limited supply of a good, resource of service. The consequences of something being scarce means
that because it's a high demand, people are going to have to pay more to receive it. It isn't true that
all things are scarce because in some situations there is always going to be enough. But it is believed
that all things can become scarce. Although goods may become scarce, some goods will only have a
shortage. The difference between the two is when there is a scarcity, the good has always been
scarce. When there is a shortage that mean that the quantity demanded exceeds the quantity supplied
causing the shortage to occur. As time progresses, the shortage will go away. The fact that the
United States is wealthy, abundant and affluent
... Get more on HelpWriting.net ...
77.
78. Microeconomic Theory
|ECON E–1010 |
|Microeconomic Theory Spring, 2013 |
Course Web Site: http://isites.harvard.edu/course/ext–23285/2013/spring
Professor: Bruce Watson econe1010@dce.harvard.edu
Lectures: Mondays 7:40 – 9:40 Science Center A
Teaching Assistants: Teo Nicolais (For distance students) teo.the.ta@gmail.com Sections (On–line)
at http://chat.dce.harvard.edu: To Be Announced
Jodi Beggs (For in–class students) jodi@post.harvard.edu Sections: Tuesdays 6:30–8:00 (EST)
Location TBA Office ... Show more content on Helpwriting.net ...
We will make these calculations automatically for each student–you don't have to "opt in" or "opt
out" of one or the other weighting. We will make certain you receive the highest grade to which you
are entitled.
Requests for problem set or midterm exam regrades must be submitted to your grader no later that
one week after your work has been returned. In order to allow for a timely and orderly response to
your request, we must adhere to this policy without exception. We cannot regrade requests made
after these deadlines.
Grading Mechanics: Assigning Letter Grades Based on a Curve
Semester grades are determined by a curve. The nature of a curve is that your grade is based on your
performance relative to all other students in the class. It does not involve an "absolute standard,"
e.g., 90 – 100 = A, 80 – 90 = B, etc., which you may be used to from some other courses. I believe
that a curve is ultimately the fairest way to determine grades, since it does not set some arbitrary
absolute standard, but judges students on their performance relative to their peers.
With a curve, your grade is based on your percentile rank in the class, i.e., the percentage of students
in
... Get more on HelpWriting.net ...
79.
80. A Report On The Supermarket Wars
Business Economics
December 12
2014
Abstract The main purpose of this report is to make references to significant microeconomic models,
in order to explain the supply, Demand, Market equilibrium, price discrimination, and Opportunity
rate as well as making references to important macroeconomic aims which can be described with
some examples such as growth, Inflation, Unemployment, GDP, exchange rates and many more, this
two business economic topics are very relevant in today's market as they represent the real–world
meaning of the business area. This report will analyze both parties and evaluate any issues
happening to date.
Paulo Rafael
ID: 33511
Introduction
The supermarket wars has been increasingly frustrating for consumers as sometimes consumers tend
not to know where to get the best deals, as they all advertise the same price and brands, in the UK
companies such as Tesco and Asda advertise and sell the same products but also claim to low on
prices for the customer satisfaction, but in fact they charge more when it comes to their own brands,
looking in the telecommunication sector is clear that with the privatization of the
telecommunications industry, the mobile phone industry experiences transformations that enhance
the dynamics of competition.
The provision of telecommunications services industry in the UK and the world experiences a
... Get more on HelpWriting.net ...
81.
82. Microeconomic Topic Article Review: Price Gouging
Microeconomic Topic Article Review: Price Gouging
The recent Time Magazine article "Post–Sandy Price Gouging: Economically Sound, Ethically
Dubious," evaluates the recent price gouging by businesses during Hurricane Sandy (Futrelle).
Examples of price gouging include raising prices on batteries and gas to astronomic levels, with the
knowledge that the captive public audience will purchase the products regardless of the price.
Businesses that have raised prices include bodegas, supermarkets and gas stations. Although such
price gouging is undeniably an economically profitable business measure, the article argues that it is
ethically dubious since it takes advantage of the public. The principal microeconomic issue at work
is supply and demand. The author invokes a number of economic theorists (both liberal and
conservative) who endorse price gouging out of a belief that it is simply the natural manifestation of
a capitalist society that relies on supply and demand. There is a belief that preventing price gouging
allows consumers to act with little consequence for their actions. According to this line of thinking,
a business is well within its rights to raise prices because they should respond to public demand; at
other times, there is little demand, so they are wise to take advantage when there is significant
demand. Moreover, economic theorists have argued that price–gouging is positive because it makes
people question whether the item they are considering purchasing
... Get more on HelpWriting.net ...
83.
84. The Concepts Of Microeconomics While At San Pasqual High...
Students at San Pasqual High School created a music video outlining the major concepts of
microeconomics while at the same time relating each lesson to the real world, albeit in a humorous
manner. The application of these ideas in the video ranged from determining the price of gas to
finding a dance partner. The concepts addressed by the students including market structures,
government intervention, elasticity, and scarcity, that all hold value in everyday life and an
understanding of their importance can contribute significant benefits to the power of the consumer
within the market. To begin, one of the first concepts introduced by the video was that of market
structures. Market structures are categorized as a result of variables that ... Show more content on
Helpwriting.net ...
As a consumer, knowledge of the various market structures allows for the understanding of the
motivations and decisions made by certain firms, and can assist in the making of calculated
purchases. For instance, the student in the video hypothesized that gas prices were rising because
multiple gas firms within an oligopoly were colluding and artificially raising prices. With this
information, one can choose to take their purchase to another firm who does not appear to be
colluding and purchase a substitute good for a cheaper price. If enough consumers are aware of the
strategies utilized by firms within markets structures such as monopolies and oligopolies, action can
be taken in order to prevent costs of goods from reaching levels that only benefit producers. The
power that each consumer's purchase holds is often underestimated, and if used wisely, can help to
create a market that fosters innovation and rewards firms with fair prices. The next major topic the
video focused upon was elasticity. Elasticity is a measure of how sensitive producers and consumers
to changes in price of a good or a service. If a good/service is elastic, willingness to purchase
changes significantly with a small change in price. Conversely, if a good/service is inelastic, the
market does not react very much in response to a change in price. The concept of elasticity was
introduced in the music video when a student was attempting to get away
... Get more on HelpWriting.net ...
