Perfect competition dairy market. Decrease in Cost/Increase in Demand
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The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
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Este documento trata sobre las acometidas eléctricas e instalación de medidores en baja tensión. Explica que una acometida es la parte de la instalación eléctrica que va desde las redes públicas de distribución hasta las instalaciones del usuario. Describe los diferentes tipos de acometidas como aéreas, subterráneas y especiales, e incluye recomendaciones, materiales y notas sobre la instalación de acometidas aéreas y subterráneas.
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This document discusses the difference between normal profits and economic profits from an economist's perspective. Normal profits account for both explicit costs like wages and utilities as well as implicit opportunity costs of forgone earnings. Economic profits are any profits above normal profits. The example shows that while accounting profits were $57,000, when implicit opportunity costs of $28,000 are considered, economic profits were only $29,000, indicating the business was performing well but not extraordinarily. Positive economic profits signal other entrepreneurs may enter the market, while negative economic profits signal entrepreneurs may exit the industry.
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- Economists measure utility or satisfaction derived from consuming goods and services. Utility is maximized when marginal utility per dollar spent is highest.
- Using a hot dog and hamburger example, the document defines total utility, marginal utility, and marginal utility per dollar spent.
- With $10 to spend, the optimal purchase maximizes utility by first buying hamburgers, which have a higher marginal utility per dollar, until spending is maximized.
Elasticity of Demand and Supply (longer edition)
Elasticity measures the responsiveness of consumers or producers to changes in price. It is calculated as the percentage change in quantity divided by the percentage change in price. Demand is elastic if this value is greater than 1, inelastic if less than 1, and unit elastic if equal to 1. There are several factors that determine the elasticity of demand such as availability of substitutes, proportion of income spent, and whether the good is a necessity or luxury. Elasticity can be calculated between two points on a demand curve using the midpoint formula. The total revenue test also helps determine elasticity based on whether total revenue increases or decreases with a price change.
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The document discusses the US balance of payments, which accounts for all transactions between US residents and residents of other countries. It includes exports and imports of goods and services, as well as investment income and capital flows. The balance of payments has two main components - the current account, which covers trade and investment income, and the capital account, which covers capital transactions. The document provides examples and dollar amounts for various items in the US 2008 balance of payments, including exports, imports, investment income payments and receipts, and unilateral transfers. It notes that the current account and capital account must always balance in the end.
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The document discusses the market for loanable funds and how government deficit spending can impact interest rates in this market. It begins by explaining that the market for loanable funds represents the financial system where those with surplus funds (the supply of loanable funds) lend to those who want to borrow funds (the demand for loanable funds). The equilibrium real interest rate is established where the supply and demand for loanable funds are equal. The document then states that if the government engages in deficit spending and borrows in the market for loanable funds, it increases the demand for funds and puts upward pressure on interest rates. This causes private borrowing by consumers and businesses to decrease, known as the "crowding out effect." The extent of
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This document discusses the difference between normal profits and economic profits from an economist's perspective. Normal profits account for both explicit costs like wages and utilities as well as implicit opportunity costs of forgone earnings. Economic profits are any profits above normal profits. The example shows that while accounting profits were $57,000, when implicit opportunity costs of $28,000 are considered, economic profits were $29,000, indicating the business owner was allocating resources efficiently. Positive economic profits signal other entrepreneurs may enter the market, while negative economic profits signal entrepreneurs may exit the industry.
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"OOO" Method to calculate Comparative Advantage
The document outlines the opportunity costs of corn and wheat production in the US and Brazil. It shows that in the US, the opportunity cost of 1 bushel of corn is 2 bushels of wheat, while the opportunity cost of 1 bushel of wheat is 1/2 bushel of corn. In Brazil, the opportunity cost of 1 bushel of corn is 3 bushels of wheat, while the opportunity cost of 1 bushel of wheat is 1/3 bushel of corn. This information can be used to determine which country has a comparative advantage and will likely specialize in and export each good.
Comparative Advantage: "IOU" method
The document compares corn and wheat production in the US and Brazil. It shows that in the US, 1 acre of corn has an opportunity cost of 0.5 acres of wheat, while 1 acre of wheat has an opportunity cost of 2 acres of corn. In Brazil, 1 acre of corn has an opportunity cost of 0.33 acres of wheat, while 1 acre of wheat has an opportunity cost of 3 acres of corn. This indicates that Brazil has a comparative advantage in and likely specializes in corn production and exports corn, while importing wheat.
Absolute and comparative advantage
The document discusses the concepts of absolute and comparative advantage between two hypothetical countries, Country A and Country B, that produce only two goods: cloth and wine. It shows that while Country B has an absolute advantage in producing both goods, it has a comparative advantage in cloth while Country A has a comparative advantage in wine due to their opportunity costs of production. This allows for gains from specialization and trade where Country B specializes in cloth and Country A in wine. An acceptable terms of trade is determined between the countries' opportunity costs that makes both better off through trade.
Market for butter
The document discusses how a shift in the supply curve of butter from Supply* to Supply1, representing an increase in the cost of a vital input. This causes the market for butter to move from an initial equilibrium at point A, with price Pe and quantity Qe, to a new equilibrium. With the higher costs, the supply curve shifts leftward to Supply1. The market attempts to price butter at the initial price P1, but this creates a surplus as the quantity supplied at B exceeds the quantity demanded at E. Economic theory suggests the price will decrease to clear the market, moving along the demand and supply curves until a new equilibrium is reached at point C, with a higher price P2 and quantity Q1.
Meat product social cost**
The document discusses the market for meat products and how the private costs of production and private benefits of consumption do not account for external environmental costs. It suggests the socially optimal level of meat production is below the current market equilibrium level. To better align supply and demand with social costs and benefits, a tax could be imposed on producers to internalize environmental costs by shifting the supply curve leftward, resulting in a lower equilibrium quantity and price that covers true societal costs. This tax captures the deadweight loss from current production exceeding marginal social benefits.
Supply inc dec 2003
The document describes how a 50% decrease in supply from the original equilibrium would impact the market. With the supply curve shifting left to Supply 1, at the original price of $1 there is now a shortage as quantity demanded exceeds quantity supplied. This disequilibrium will cause price to rise until it reaches a new equilibrium where quantity demanded equals quantity supplied along the new supply curve.
Absolute and comparative advantage
The document discusses production possibilities frontiers and comparative advantage in international trade. It explains that a production possibilities frontier (PPF) shows the maximum quantities of two goods an economy can produce given limited resources, and that different shaped PPFs indicate different opportunity costs of production. The document then uses an example of two countries, A and B, to illustrate how both can benefit from specializing in and trading the good each has a comparative advantage in, even if one country has an absolute advantage in both goods. Through determining acceptable terms of trade based on each country's opportunity costs, both countries can consume beyond their PPFs.
Monopoly
A document outlines key concepts regarding monopoly, including:
1) A monopoly is characterized by a single seller in the market with no close substitutes who acts as a price maker and can block entry of new competitors.
2) A monopoly faces a downward sloping demand curve and can only increase sales by lowering price across all units sold. As a result, marginal revenue is always below price.
3) A profit-maximizing monopoly will produce at the quantity where marginal revenue equals marginal cost and charge the price dictated by the demand curve at that quantity of output.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
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Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
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1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
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