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Graphs are important, and not just for economics. They convey, relay, interpret, visualize, support and contradict, explain and explain away many of the things we come across in our daily lives - both personally and professionally. Take three (3) graphs that you come across (They may NOT be from our textbook or any other textbook) in your everyday life - personal or professional life. Explain to us what each of these three graphs is trying to convey? Does it convey it effectively? Then provide 1 concrete change you would make to each one of the graphs to make it more effective (saying "No changes necessary" are unacceptable.) Let us know where you found or came across the graph. Of the 3 graphs you find, you must attach the one you think is the best one to your major comment on this forum.
By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization?
Market failure is the inability of
Describe whether to raise price, the bank managers experimented with a number of higher prices (in 25 cent increments) at selected ATMs.
Independent farmers in Kenya would grow coffee which they would roast and consume as a much-needed beverage. Show the circuit of production for this way of getting something to drink with breakfast. How is this circuit changed if the farmers exchange..
Please discuss who wins and who loses ever since the Certificate of Need (CON) legislation has been enacted to restrict the addition of any new hospital beds, such as beds for cardiac care.
q1. some restaurants offer all you can eat meals. how is this practice related to diminishing marginal utility? what
Drawing on current business publications and using the opening case of the chapter as a guide, discuss how the slow economic recovery in 2011 and 2012 has affected the current strategies of firms other than those mention in the case.
Let demand for car batteries be such that Q = 100 − 2P. Assume constant marginal costs of 25. Compute the equilibrium price, quantity, consumer surplus, producer surplus and if relevant deadweight loss for: You should explain your work and define all..
Explain what the quote, “Too many cooks spoil the pot” has to do with the law of diminishing marginal returns. In the context of a restaurant operation, what are the variable and fixed costs?
Ruth decides to open a Doggie sweater company. It costs her approximately $5 in wool costs, and she pays $3 in labour costs to her knitting ladies. Their group meets at a hall which costs approximately $50 for rent.
It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this?
You are trying to sell your audio system (an amplifier and speakers) to raise money for an upcoming trip to overseas. The system works great, and audiophile friend tell you that if he were in the market for this kind of equipment (which he isn’t), he..
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