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Case Scenario
XYZ Publishing Company produces scientific books on various subjects. They need a database to maintain information about their authors, editors and books. The author information would include the name of the author, their phone# and email address, and the subject area that they specialize in. Each author only specializes in one subject. Those subjects may include Biology, Physics, Geology, etc. Each author may be working with more than one editor at any given in time. Each author may have written many books. The editor information would include the name of the editor, their phone# and email address, the books that they are editing, and the authors they are working with. Each editor may be working with more than one author at any given time. Each editor may be editing many books at any given time.
The book information would include the title of the book, ISBN number, and the subject area that the book covers. Each book has only one author but may have many editors. Some of the goals that XYZ wants to accomplish with their database include the following information:
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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