This document provides an overview of key microeconomic concepts. It defines economics as the study of how individuals allocate scarce resources to satisfy unlimited wants. Scarcity exists because resources are limited while wants are unlimited. This scarcity requires individuals to make choices and incur opportunity costs by forgoing their next best alternative. Resources can be natural, human, or man-made. Goods are classified as either economic goods, which are scarce, or free goods, which are available in abundance. Consumer goods directly satisfy wants while capital goods are used to produce other goods. Market economies use prices to determine what and how to produce and distribute goods to maximize benefits, while traditional and planned economies make these decisions based on customs and central authority respectively.
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Week 3 Activity 1 Midterm ExamTop of FormQuestion 1 In gene.docxmelbruce90096
Week 3 Activity 1: Midterm Exam
Top of Form
Question 1
In general, what is a price index? What questions does it help answer?
Answer:
Question 2
For the perfectly competitive firm, price equals marginal revenue because _________.
Choose one answer.
a. when another unit of the good is sold, total revenue increases by the price of the good
b. when another unit of the good is sold, total revenue decreases by the price of the good
c. when another unit of the good is sold, total revenue increases by less than the price of the good
d. when another unit of the good is sold, total revenue increases by more than the price
Question 3
The law of supply states that _________.
Choose one answer.
a. firms supply more of a product as consumer income rises
b. firms supply more of a product as consumer income falls
c. firms supply more of a product as the price of the product rises
d. firms supply more of a product as the price of the product falls
Question 4
The price elasticity of demand is calculated by _________.
Choose one answer.
a. the change in price divided by the change in quantity demanded
b. the change in quantity demanded divided by the change in price
c. the percentage change in price divided by the percentage change in quantity demanded
d. the percentage change in quantity demanded divided by the percentage change in price
Question 5
Scarcity can best be defined as a situation in which _________.
Choose one answer.
a. there are no buyers willing to purchase what sellers have produced
b. there are not enough goods to satisfy all of the buyers’ demand
c. resources are limited in quantity and can be used in different ways
d. there is not enough money to satisfy consumers’ wants
Question 6
Match the description to the right curve.
is cost that varies with the level of output
is cost that does not vary with output
is the sum of total variable cost and total fixed cost
shows the additional cost of each additional unit of output a firm produces
is total cost divided by quantity.
is the firm’s variable cost per unit of output; it is total variable cost divided by quantity
which is total fixed cost divided by quantity
Question 7
State the essential difference between the classical and Keynesian schools of thought. If you were a public policymaker and received conflicting advice from a classical and a Keynesian economist, how would you choose? Explain.
Answer:
Question 8
In the short-run, ______ factors of production are fixed, while in the long-run, _____ of them are.
Choose one answer.
a. some, none
b. all, none
c. no, at least some
d. all, at least some
Question 9
When economists say a market has "barriers to entry" they refer to _________.
Choose one answer.
a. monopolists being prohibited from selling their products to certain customers
b. a policy that some countries establish to reduc.
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
Week 3 Activity 1 Midterm ExamTop of FormQuestion 1 In gene.docxmelbruce90096
Week 3 Activity 1: Midterm Exam
Top of Form
Question 1
In general, what is a price index? What questions does it help answer?
Answer:
Question 2
For the perfectly competitive firm, price equals marginal revenue because _________.
Choose one answer.
a. when another unit of the good is sold, total revenue increases by the price of the good
b. when another unit of the good is sold, total revenue decreases by the price of the good
c. when another unit of the good is sold, total revenue increases by less than the price of the good
d. when another unit of the good is sold, total revenue increases by more than the price
Question 3
The law of supply states that _________.
Choose one answer.
a. firms supply more of a product as consumer income rises
b. firms supply more of a product as consumer income falls
c. firms supply more of a product as the price of the product rises
d. firms supply more of a product as the price of the product falls
Question 4
The price elasticity of demand is calculated by _________.
Choose one answer.
a. the change in price divided by the change in quantity demanded
b. the change in quantity demanded divided by the change in price
c. the percentage change in price divided by the percentage change in quantity demanded
d. the percentage change in quantity demanded divided by the percentage change in price
Question 5
Scarcity can best be defined as a situation in which _________.
Choose one answer.
a. there are no buyers willing to purchase what sellers have produced
b. there are not enough goods to satisfy all of the buyers’ demand
c. resources are limited in quantity and can be used in different ways
d. there is not enough money to satisfy consumers’ wants
Question 6
Match the description to the right curve.
is cost that varies with the level of output
is cost that does not vary with output
is the sum of total variable cost and total fixed cost
shows the additional cost of each additional unit of output a firm produces
is total cost divided by quantity.
is the firm’s variable cost per unit of output; it is total variable cost divided by quantity
which is total fixed cost divided by quantity
Question 7
State the essential difference between the classical and Keynesian schools of thought. If you were a public policymaker and received conflicting advice from a classical and a Keynesian economist, how would you choose? Explain.
Answer:
Question 8
In the short-run, ______ factors of production are fixed, while in the long-run, _____ of them are.
Choose one answer.
a. some, none
b. all, none
c. no, at least some
d. all, at least some
Question 9
When economists say a market has "barriers to entry" they refer to _________.
Choose one answer.
a. monopolists being prohibited from selling their products to certain customers
b. a policy that some countries establish to reduc.
Similar to Economics, Chapter-1, Baiust (EEE) (20)
A franchise is a patent or trademark license, entitling the holder to market particular products or services under a brand name or trademark according to predetermined terms and conditions.
Financial plan (Entrepreneurship Development)Mahfuzur Rahman
It provides the entrepreneur with a complete picture of:
The amount funds and when they are coming into the organization.
Where funds are going and how much cash is available.
The projected financial position of the firm.
The plan explains how the entrepreneur intends to meet financial obligations and maintain the venture’s liquidity.
How do consumer characteristics influence buying behavior?
What major psychological processes influence consumer responses to the marketing program?
How do consumers make purchasing decisions?
In what ways do consumers stray from a deliberative, rational decision process?
High speed send/receive cycle;
• Direct input and retrieval from the keyboard;
• Virtually instant dispatch/retrieval;
• Simultaneous circulation to pre-selected groups;
• Other files can be attached to e-mails.
Hierarchical Digital Twin of a Naval Power SystemKerry Sado
A hierarchical digital twin of a Naval DC power system has been developed and experimentally verified. Similar to other state-of-the-art digital twins, this technology creates a digital replica of the physical system executed in real-time or faster, which can modify hardware controls. However, its advantage stems from distributing computational efforts by utilizing a hierarchical structure composed of lower-level digital twin blocks and a higher-level system digital twin. Each digital twin block is associated with a physical subsystem of the hardware and communicates with a singular system digital twin, which creates a system-level response. By extracting information from each level of the hierarchy, power system controls of the hardware were reconfigured autonomously. This hierarchical digital twin development offers several advantages over other digital twins, particularly in the field of naval power systems. The hierarchical structure allows for greater computational efficiency and scalability while the ability to autonomously reconfigure hardware controls offers increased flexibility and responsiveness. The hierarchical decomposition and models utilized were well aligned with the physical twin, as indicated by the maximum deviations between the developed digital twin hierarchy and the hardware.
We have compiled the most important slides from each speaker's presentation. This year’s compilation, available for free, captures the key insights and contributions shared during the DfMAy 2024 conference.
Welcome to WIPAC Monthly the magazine brought to you by the LinkedIn Group Water Industry Process Automation & Control.
In this month's edition, along with this month's industry news to celebrate the 13 years since the group was created we have articles including
A case study of the used of Advanced Process Control at the Wastewater Treatment works at Lleida in Spain
A look back on an article on smart wastewater networks in order to see how the industry has measured up in the interim around the adoption of Digital Transformation in the Water Industry.
NUMERICAL SIMULATIONS OF HEAT AND MASS TRANSFER IN CONDENSING HEAT EXCHANGERS...ssuser7dcef0
Power plants release a large amount of water vapor into the
atmosphere through the stack. The flue gas can be a potential
source for obtaining much needed cooling water for a power
plant. If a power plant could recover and reuse a portion of this
moisture, it could reduce its total cooling water intake
requirement. One of the most practical way to recover water
from flue gas is to use a condensing heat exchanger. The power
plant could also recover latent heat due to condensation as well
as sensible heat due to lowering the flue gas exit temperature.
Additionally, harmful acids released from the stack can be
reduced in a condensing heat exchanger by acid condensation. reduced in a condensing heat exchanger by acid condensation.
Condensation of vapors in flue gas is a complicated
phenomenon since heat and mass transfer of water vapor and
various acids simultaneously occur in the presence of noncondensable
gases such as nitrogen and oxygen. Design of a
condenser depends on the knowledge and understanding of the
heat and mass transfer processes. A computer program for
numerical simulations of water (H2O) and sulfuric acid (H2SO4)
condensation in a flue gas condensing heat exchanger was
developed using MATLAB. Governing equations based on
mass and energy balances for the system were derived to
predict variables such as flue gas exit temperature, cooling
water outlet temperature, mole fraction and condensation rates
of water and sulfuric acid vapors. The equations were solved
using an iterative solution technique with calculations of heat
and mass transfer coefficients and physical properties.
HEAP SORT ILLUSTRATED WITH HEAPIFY, BUILD HEAP FOR DYNAMIC ARRAYS.
Heap sort is a comparison-based sorting technique based on Binary Heap data structure. It is similar to the selection sort where we first find the minimum element and place the minimum element at the beginning. Repeat the same process for the remaining elements.
About
Indigenized remote control interface card suitable for MAFI system CCR equipment. Compatible for IDM8000 CCR. Backplane mounted serial and TCP/Ethernet communication module for CCR remote access. IDM 8000 CCR remote control on serial and TCP protocol.
• Remote control: Parallel or serial interface.
• Compatible with MAFI CCR system.
• Compatible with IDM8000 CCR.
• Compatible with Backplane mount serial communication.
• Compatible with commercial and Defence aviation CCR system.
• Remote control system for accessing CCR and allied system over serial or TCP.
• Indigenized local Support/presence in India.
• Easy in configuration using DIP switches.
Technical Specifications
Indigenized remote control interface card suitable for MAFI system CCR equipment. Compatible for IDM8000 CCR. Backplane mounted serial and TCP/Ethernet communication module for CCR remote access. IDM 8000 CCR remote control on serial and TCP protocol.
Key Features
Indigenized remote control interface card suitable for MAFI system CCR equipment. Compatible for IDM8000 CCR. Backplane mounted serial and TCP/Ethernet communication module for CCR remote access. IDM 8000 CCR remote control on serial and TCP protocol.
• Remote control: Parallel or serial interface
• Compatible with MAFI CCR system
• Copatiable with IDM8000 CCR
• Compatible with Backplane mount serial communication.
• Compatible with commercial and Defence aviation CCR system.
• Remote control system for accessing CCR and allied system over serial or TCP.
• Indigenized local Support/presence in India.
Application
• Remote control: Parallel or serial interface.
• Compatible with MAFI CCR system.
• Compatible with IDM8000 CCR.
• Compatible with Backplane mount serial communication.
• Compatible with commercial and Defence aviation CCR system.
• Remote control system for accessing CCR and allied system over serial or TCP.
• Indigenized local Support/presence in India.
• Easy in configuration using DIP switches.
6th International Conference on Machine Learning & Applications (CMLA 2024)ClaraZara1
6th International Conference on Machine Learning & Applications (CMLA 2024) will provide an excellent international forum for sharing knowledge and results in theory, methodology and applications of on Machine Learning & Applications.
CW RADAR, FMCW RADAR, FMCW ALTIMETER, AND THEIR PARAMETERSveerababupersonal22
It consists of cw radar and fmcw radar ,range measurement,if amplifier and fmcw altimeterThe CW radar operates using continuous wave transmission, while the FMCW radar employs frequency-modulated continuous wave technology. Range measurement is a crucial aspect of radar systems, providing information about the distance to a target. The IF amplifier plays a key role in signal processing, amplifying intermediate frequency signals for further analysis. The FMCW altimeter utilizes frequency-modulated continuous wave technology to accurately measure altitude above a reference point.
Saudi Arabia stands as a titan in the global energy landscape, renowned for its abundant oil and gas resources. It's the largest exporter of petroleum and holds some of the world's most significant reserves. Let's delve into the top 10 oil and gas projects shaping Saudi Arabia's energy future in 2024.
7. 7
Remarks on Scarcity
Scarcity is a r______________ concept
Scarcity exists when limited resources are
insufficient to satisfy all unlimited wants
Scarcity is simply a condition that we want
more than we have
Scarcity is a universal problem
Scarcity can be reduced but not be
eliminated
8. 8
Is Sea Water Scarce?
No!
Because we
do NOT
want more
than we
have.
9. 9
Opportunity Cost (OC)
OC is the h_____________ valued (or best)
option f_____________
We choose the highest valued/best option
and forgo the second best option, which
becomes our OC in a making decision
18. 18
Would the cost change if:
1. the watch does not function as
well as expected?
2. The book is now half-priced?
Remarks on Opportunity Cost
Cost changes only if the highest valued
option forgone changes.
19. 19
How does the cost change if the songs on
the CD is not as good as expected?
Remarks on Opportunity Cost
Change in value ≠ change in cost
Exercise 6: TB/P.12/Q 1.3
Exercise 7: TB/P.12/MCQ 5
Closer Look: TB/P.2/1.9
20. 20
Economic Goods
A good is economic good if its quantity
available is i____________________ to
satisfy all our wants
Scarce resources are used in production
More of it is p_______________
Quantity demanded (Qd) is larger than
quantity supplied (Qs) at zero price
Commanding a positive price
– Examples: air conditioner & sport shoes
21. 21
Free Goods
A good is free good if its quantity available is
s________________ to satisfy all our wants
No scarce resources are used in production
More of it is NOT preferred
Quantity demanded is smaller than quantity
supplied at zero price
Commanding zero price
Examples:
– Sea water & air on the earth
22. 22
Sea water Tap water
Free Goods? Economic Goods?
Exercise 8: TB/P.13/MCQ 6
Exercise 9: TB/P.14/MCQ 7
Closer Look: TB/P.15/1.10
23. 23
Free vs. Economic Goods
Free Goods Economic Goods
Produced without using
scarce resources
Produced with scarce
resources
More of it is NOT
preferred
More of it is preferred
Zero production OC Positive production OC
Zero price Positive price
Qd < Qs at zero price Qd > Qs at zero price
24. 24
Consumer Goods
A consumer good is any good which
satisfies human wants directly
They are produced for direct
consumption
Examples:
– air-conditioners used in classrooms
– bread consumed by housewives
25. 25
Capital/Producer Goods
A capital good is any good that is used
for producing other goods or services
They are produced for indirect
consumption
Examples:
– air-conditioners used at home
– bread used as part of decoration in a
bread shop
26. BUS 2304 Riduanul Mustafa26
Consumer or Capital Goods?
Consum
er Goods
27. BUS 2304 Riduanul Mustafa27
Consumer or Capital Goods?
Capital Goods
28. 28
Consumer vs. Capital Goods
Whether a good is consumer good or
capital good is NOT classified by its
nature, but by how and where it is
being used.
29. 29
Basic Economic Problems
What to produce?
– What kinds of product to be produced?
– What quantity of it should be produced?
How to produce?
– Which production method to be used?
For whom to produce?
– How to distribute the quantity?
– What criteria should be chosen?
Exercise 10: TB/P.16/MCQ 8
30. 30
Traditional Economy
Economic decisions are made by referring to
customs and traditions
The three basic economic problems are
being solved by following the practices of
previous generations/ancestors.
31. 31
Market Economy
What to produce?
– Product prices serve as signals to direct the
producers to find out what to produce
– Higher price ensures the most profitable kind of
products
33. 33
Market Economy
How to produce?
– Factor prices serve as signals to direct the
producers to identify the cheapest method of
production
– Lower price ensures the least costly method of
production or ensures the most profitable
production
35. 35
Market Economy
For whom to produce?
– Prices determine who gets what and in what
quantity
– Goods are distributed to those who are able and
willing to pay the highest price for it
37. 37
Market Economy
Most/All economic decisions are made by
individuals
Most of the productive resources are
p________________ owned
38. 38
Planned/Command Economy
Most/All economic decisions are made by the
central authority
Most of the productive resources are socially
owned and under the control of the central
government
39. 39
Mixed Economy
NO pure planned or market economy
All the economies are mixed economy which
contains both the features of planned and
market economy
Resources are allocated by
– market forces, commands and orders from the
authority, and traditions and customs
Exercise 12 & 13: TB/P.20/MCQ 11 & TB/P.20/Q 1.6