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This document was derived from the Economics Scope for Economics Year 1 (Witswatersrand) . It covers concepts on work, choice and scarcity .
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Engineering Economy - WEEK 1.pdf
1) The contractor must choose between two sites for a new highway mixing plant, with Site A having a shorter average hauling distance but higher rental costs than Site B.
2) Comparing the fixed, variable, and total costs of each site shows Site A to have higher total costs of BD573,000 compared to BD503,000 for Site B.
3) For the contractor to start making a profit being paid BD12 per cubic yard delivered, the breakeven point is delivering 24,200 cubic yards to cover the total costs of BD90,750 plus hauling costs.
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Consumer preference and choice(production theory)
Consumer preferences and choices are based on the utility or satisfaction derived from consuming goods. There are two views on utility - the cardinal view which measures utility in quantifiable units, and the ordinal view which ranks preferences. The law of diminishing marginal utility and equimarginal utility principle explain how consumption changes with price. Indifference curves illustrate preferences graphically on a budget constraint. Consumer equilibrium maximizes utility subject to the budget. Revealed preference theory observes consumer behavior. Consumer surplus measures the benefit consumers gain when price is below what they are willing to pay.
Ms 09 managerial economics (1)
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
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How to Analyze the Results of LinearPrograms—Part 2 Price I.docx
How to Analyze the Results of Linear
Programs—Part 2: Price Interpretation
HARVEY J. GREENBERG Mathematics Department
University of Colorado at Deliver
POBoxU3364
Denver, Colorado 80217-3364
In the second part of a four-part series, I consider an exercise in
analysis that arises in many applications: Why is the price of
(some co77imodityy equal to (whatever its solution valuey? The
ability to interpret dual prices in a linear programming solution
is part of economic analysis, and the mathematical basis is as
old as linear programming, itself. New approaches, however,
go beyond the usual duality arguments in answering this ques-
tion in more practical terms. One of these new approaches is
path tracing, which seeks a portion of the linear program that
accounts for the row's price by activity costs from sources to
the row. In some cases this is a simple path in a network prob-
lem. More generally, in ordinary network terms, it can be a tree
or involve embedded cycles, but it is regarded as a path in
hypergraph terms.
T his paper is concerned with interpret- and partly because of its simplicity. 1 shall
ing dual prices in an optima! instance show how we can go deeper into explain-
of a linear program. 1 use terms and con- ing why a price has a particular value at
cepts that were introduced in Part 1 optimality. Then, I shall consider another
[Greenberg 1993a] of this series. problem, witb which I shall illustrate a
I shall begin with the transportation path tracing procedure. After stepping
problem, partly because of its familiarity through the analysis as an LP expert, I
CDpyn^hl "- iyy3, Thf Insliluli' of Mdn^gi'mL-nt SCKncvs PROGRAMMING—LINLAR
OO91-2lO2/')3/2305/0O97$(ll.25
This paper was refereed.
INTERFACES 23: 5 September-October 1993 {pp. 97-114)
GREENBERG
shall demonstrate automatic interpretation
with the ANALYZE rule-base [Greenberg
1988, 1993b].
Transportation Problem
1 start with the transportation problem.
We are given a set of suppliers, which t
denote by / in the set [ 1, 2, . . . , m}, and a
set of consumers, which I denote by / in
the set {I, 2, . . . , n\. The /-th supplier has
s, units, and the j-th consumer demands d,
units. Assume total supply is at least as
great as total demand: 2, s, > Z,tf,. The
cost to ship one unit from the /-th supplier
to the ;'-th consumer is c,,, and assume total
cost is a linear function of shipment levels.
An algebraic formulation is given by
minimize
subject to
X > 0;
2 -v,y < S; for / - 1, . . . , m;
I
2 y:,, ^ df for ; =̂ 1, . . . , n.
A solution to an instance of the trans-
portation problem not only gives optimal
levels of flows, x*, but also gives dual
prices associated with the constraints. Let
us interpret these prices with a few basic
properties, then I shall consider numerical
examples to go deeper into price interpre-
tation.
Let Xi be the /-th supplier price, and let
TT, be the/-th consumer price. Mathemati-
cally, the dual linear program is given by
maximize
subje ...
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This document provides an overview of engineering cost estimation. It defines various types of engineering cost estimates such as rough, semi-detailed, and detailed estimates. It discusses common difficulties in making cost estimates such as one-of-a-kind estimates and limitations of time and resources. The document also describes several common mathematical models used for cost estimating, including the per unit model, segmenting model, cost indexes, power-sizing model, and triangulation. It provides examples of how to use these models to estimate costs. Finally, it discusses the impact of learning curves on cost estimates over time.
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II. Economic systems such as command, market and mixed economies as well as concepts like allocative and productive efficiency.
III. Supply and demand including determinants, equilibrium, price ceilings and floors, and government policies.
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Engineering Economy - WEEK 1.pdf
1) The contractor must choose between two sites for a new highway mixing plant, with Site A having a shorter average hauling distance but higher rental costs than Site B.
2) Comparing the fixed, variable, and total costs of each site shows Site A to have higher total costs of BD573,000 compared to BD503,000 for Site B.
3) For the contractor to start making a profit being paid BD12 per cubic yard delivered, the breakeven point is delivering 24,200 cubic yards to cover the total costs of BD90,750 plus hauling costs.
Ms 09 managerial economics
This document provides information about obtaining fully solved assignments from an assignment help service. It lists an email address and phone number to contact for assistance with MBA course assignments. It then provides a sample assignment for the Managerial Economics course, covering all blocks and due by April 30th, 2014. The assignment includes 6 questions relating to topics like opportunity cost, demand curves, cost functions, oligopolistic markets, and the effects of supply and demand shifts. It concludes with a request to submit the completed assignment to the study center coordinator.
Consumer preference and choice(production theory)
Consumer preferences and choices are based on the utility or satisfaction derived from consuming goods. There are two views on utility - the cardinal view which measures utility in quantifiable units, and the ordinal view which ranks preferences. The law of diminishing marginal utility and equimarginal utility principle explain how consumption changes with price. Indifference curves illustrate preferences graphically on a budget constraint. Consumer equilibrium maximizes utility subject to the budget. Revealed preference theory observes consumer behavior. Consumer surplus measures the benefit consumers gain when price is below what they are willing to pay.
Ms 09 managerial economics (1)
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
How to Analyze the Results of LinearPrograms—Part 2 Price I.docx
How to Analyze the Results of Linear
Programs—Part 2: Price Interpretation
HARVEY J. GREENBERG Mathematics Department
University of Colorado at Deliver
POBoxU3364
Denver, Colorado 80217-3364
In the second part of a four-part series, I consider an exercise in
analysis that arises in many applications: Why is the price of
(some co77imodityy equal to (whatever its solution valuey? The
ability to interpret dual prices in a linear programming solution
is part of economic analysis, and the mathematical basis is as
old as linear programming, itself. New approaches, however,
go beyond the usual duality arguments in answering this ques-
tion in more practical terms. One of these new approaches is
path tracing, which seeks a portion of the linear program that
accounts for the row's price by activity costs from sources to
the row. In some cases this is a simple path in a network prob-
lem. More generally, in ordinary network terms, it can be a tree
or involve embedded cycles, but it is regarded as a path in
hypergraph terms.
T his paper is concerned with interpret- and partly because of its simplicity. 1 shall
ing dual prices in an optima! instance show how we can go deeper into explain-
of a linear program. 1 use terms and con- ing why a price has a particular value at
cepts that were introduced in Part 1 optimality. Then, I shall consider another
[Greenberg 1993a] of this series. problem, witb which I shall illustrate a
I shall begin with the transportation path tracing procedure. After stepping
problem, partly because of its familiarity through the analysis as an LP expert, I
CDpyn^hl "- iyy3, Thf Insliluli' of Mdn^gi'mL-nt SCKncvs PROGRAMMING—LINLAR
OO91-2lO2/')3/2305/0O97$(ll.25
This paper was refereed.
INTERFACES 23: 5 September-October 1993 {pp. 97-114)
GREENBERG
shall demonstrate automatic interpretation
with the ANALYZE rule-base [Greenberg
1988, 1993b].
Transportation Problem
1 start with the transportation problem.
We are given a set of suppliers, which t
denote by / in the set [ 1, 2, . . . , m}, and a
set of consumers, which I denote by / in
the set {I, 2, . . . , n\. The /-th supplier has
s, units, and the j-th consumer demands d,
units. Assume total supply is at least as
great as total demand: 2, s, > Z,tf,. The
cost to ship one unit from the /-th supplier
to the ;'-th consumer is c,,, and assume total
cost is a linear function of shipment levels.
An algebraic formulation is given by
minimize
subject to
X > 0;
2 -v,y < S; for / - 1, . . . , m;
I
2 y:,, ^ df for ; =̂ 1, . . . , n.
A solution to an instance of the trans-
portation problem not only gives optimal
levels of flows, x*, but also gives dual
prices associated with the constraints. Let
us interpret these prices with a few basic
properties, then I shall consider numerical
examples to go deeper into price interpre-
tation.
Let Xi be the /-th supplier price, and let
TT, be the/-th consumer price. Mathemati-
cally, the dual linear program is given by
maximize
subje ...
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This document provides an overview of engineering cost estimation. It defines various types of engineering cost estimates such as rough, semi-detailed, and detailed estimates. It discusses common difficulties in making cost estimates such as one-of-a-kind estimates and limitations of time and resources. The document also describes several common mathematical models used for cost estimating, including the per unit model, segmenting model, cost indexes, power-sizing model, and triangulation. It provides examples of how to use these models to estimate costs. Finally, it discusses the impact of learning curves on cost estimates over time.
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This document provides an overview of engineering cost estimation. It defines various types of engineering cost estimates such as rough, semi-detailed, and detailed estimates. It discusses common difficulties in making cost estimates such as one-of-a-kind estimates and limitations of time and resources. The document also describes several common mathematical models used for cost estimating, including the per unit model, segmenting model, cost indexes, power-sizing model, and triangulation. It provides examples of how to use these models to estimate costs. Finally, it discusses the impact of learning curves on cost estimates over time.
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This document provides an overview and outline of topics covered on the AP Microeconomics exam, including:
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II. Economic systems such as command, market and mixed economies as well as concepts like allocative and productive efficiency.
III. Supply and demand including determinants, equilibrium, price ceilings and floors, and government policies.
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Providers of perishable capacity, such as airline seats and hotel rooms, use market
segmentation tools to sell the same capacity to different customers at difference prices.
They impose time-of-purchase and usage restrictions such as Saturday Night stays on
low fares to increase demand while limiting bookings to prevent demand cannibalization
from customers who book late and travel for business. Capacity providers may also
bundle or unbundle ancillary services such as advance seat selection, meals, mileage
accrual, and luggage handling to justify price differences for the same basic service. We
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on the products available for sale. Thus, if a customer does not find his preferred
product, he may decide not to purchase or to purchase an alternative product in the
offer set. The problem is to decide, at each state, which set of products to make available
for sale. Since there are an exponential number of sets that can be offered, we study
the structure of the optimization problem to define and characterize efficient sets with
the purpose of reducing the dimensionality of the optimization problem and to obtain
insights into the type of products, e.g., nested-by-fares, that may be optimal to offer. We
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of approximate dynamic programming with affine functions. A formulation that does
not allow fares to be opened once they are closed is also presented. We then turn
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optimal solution to the two fare problem and an efficient heuristic for the multi-fare
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Professor Hicks and Allen developed the indifference curve approach in 1928 as an improvement over earlier approaches that assumed utility could be measured and that consumers only purchase one good at a time. The indifference curve approach is based on ordinal utility and assumes consumers are interested in combinations of goods. It assumes rational consumer behavior, ordinal and non-satiable utility, diminishing marginal rate of substitution, consistency in choices, and that preferences are not contradictory. Goods are substitutable, so the consumer is indifferent between combinations that provide the same satisfaction. Indifference curves illustrate combinations that provide equal utility.
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Providers of perishable capacity, such as airline seats and hotel rooms, use market
segmentation tools to sell the same capacity to different customers at difference prices.
They impose time-of-purchase and usage restrictions such as Saturday Night stays on
low fares to increase demand while limiting bookings to prevent demand cannibalization
from customers who book late and travel for business. Capacity providers may also
bundle or unbundle ancillary services such as advance seat selection, meals, mileage
accrual, and luggage handling to justify price differences for the same basic service. We
will assume that the fare class structure (a menu of prices, restrictions and ancillary
services) is given and that the capacity provider’s goal is to allocate capacity among
fare classes to maximize expected revenues net of the cost of the ancillary services.
We assume that customer demand is governed by a discrete choice model and depends
on the products available for sale. Thus, if a customer does not find his preferred
product, he may decide not to purchase or to purchase an alternative product in the
offer set. The problem is to decide, at each state, which set of products to make available
for sale. Since there are an exponential number of sets that can be offered, we study
the structure of the optimization problem to define and characterize efficient sets with
the purpose of reducing the dimensionality of the optimization problem and to obtain
insights into the type of products, e.g., nested-by-fares, that may be optimal to offer. We
provide a dynamic programming formulation for the revenue management problem and
use fare and demand transformations to relate it to the formulation of the independent
demand model. We present an upper bound on the value function throughout the use
of approximate dynamic programming with affine functions. A formulation that does
not allow fares to be opened once they are closed is also presented. We then turn
our attention to static models, where the time element is suppressed. We present an
optimal solution to the two fare problem and an efficient heuristic for the multi-fare
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Suppliers of perishable capacity often offer a menu of products that vary in terms of price and
quality. If the products differ only on price we would expect most, if not all, customers to
buy the lowest priced product that gives him a positive surplus and to walk away otherwise.
When differences in quality are also present, customers do not always buy the lowest priced
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This document contains an assignment submission for a course on computer based optimization methods. It includes the student's name, registration number, learning center details, course and subject information, date of submission, and spaces for marks awarded and evaluator signatures.
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- Demand, determinants of demand, demand schedules/curves, price elasticity, and income elasticity.
- Costs including economic costs, direct/indirect costs, cost functions, and average/marginal costs.
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The general economic environment
There are numerous general economic concepts that must be taken into account in engineering studies.
In broad terms, economics deals with the interactions between people and wealth, and engineering is concerned with the cost-effective use of scientific knowledge to benefit humankind.
This section introduces some of these basic economic concepts and indicates how they may be factors for consideration in engineering studies and managerial decisions.
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Economics
Economics can be defined as a social science that is studied about the behavior of people.
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Solucion(5)
This document provides teaching notes for a chapter on the costs of production. It discusses key topics like accounting versus economic costs, definitions of total, average and marginal costs, and cost minimization. It emphasizes distinguishing accounting and economic costs, understanding cost curves, and how costs relate to profit maximization and the supply curve. It provides questions to review the chapter, including questions about opportunity costs, true/false statements about costs, implications of marginal costs, cost minimization, and properties of isocost lines.
Micro economics tools for health economics
This document provides an outline of microeconomic tools that are useful for health economics. It discusses concepts like scarcity, opportunity cost, efficiency, demand, supply, market equilibrium, elasticity, consumer theory including indifference curves and budget constraints, and production possibility frontiers. Key points covered include the law of demand and supply, how demand and supply curves are derived, factors that shift curves like income, prices of substitutes and complements. It also discusses technical efficiency, cost-effective efficiency and allocative efficiency.
Chapter 11 pricing with market power
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Natural Reso cha 3-1.pptx
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- 1. WORK, CHOICE AND SCARCITY Question 1 a)The Marginal Rate of Substitution is a trade-off that a person is willing to make between two goods at a given point on the indifference curve. The MRS changes as we move along the indifference curve.
- 2. S ..What is opportunity cost?
- 3. b) Marginal Rate of Transformation : measures the quantity of one good that must be sacrificed to acquire an additional one. This is the slope of feasible frontier. Please take note : c) Explain clearly with the aid of a diagram ,why an individual’s optimal choice must be at a point where MRS=MRT.
- 4. QUESTION 2
- 8. Please give the student the graph from drafted notes to try out Refer back to Q2 in the past paper Question 3 – refer to the memo . Only additional notes are given in this text 3a) feasible set is the set of goods that the consumer can afford to purchase
- 9. b) Use a diagram to explain why an individual’s indifference curves can never cross? Indifference curves never intersect because by definition , all points on the same curve represent equivalent satisfaction. If two curves were to overlap , then that would create a graph
- 11. MCQs Q1) D
- 13. Notes have been provided for the latter questions Q2) C Q3) B Q4) E Q5) E 2022 PAPERS Q5) D ….refer back to the diagram of the feasible frontier Q7) B MRT = change in y/ change in x (gradient) Anything that is in the Feasible frontier is not feasible
- 14. Increasing MRT= increasing opportunity cost constant MRT = constant opportunity cost Decreasing MRT = decreasing opportunity cost Q9) C Q10) – PLEASE SKIP FOR NOW Q11) A Employment Rents -Employees are paid more than their reservation option ( receiving employment rents) , so they prefer to be employed Employment rent= cost of job loss , which includes : -Lost income while searching for a job -costs required to start a new job eg relocation -loss of non-wage benefits eg medical insurance -social costs ( stigma of being unemployed ) Reservation wage= value of next best option Employment rent = wage – reservation wage- disutility of effort Q14) E Opportunity costs represents the potential benefits that an individual , investor or business misses out on when choosing one alternative over another. Economic costs are also known as opportunity costs, looking at the potential difference between taking one action over another . They measure both the explicit and implicit costs. Accounting costs are explicit costs that occur in exchange for a defined good or service . Q18) Marginal Product and Diminishing returns
- 15. The law of diminishing marginal returns ; as you add variable resources to fixed resources the additional output will eventually decrease . Workers Pizza Marginal Product 0 0 _ 1 5 5 2 15 10 3 20 5 4 22 2 5 22 0 6 18 -4 Law of diminishing marginal returns applies in short run while at least one production variable is kept constant Question 1 – Please refer to Question Paper 2020 QUESTION PAPER