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We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Think of a recent decision you made regarding your career. What was your opportunity cost for making that choice? What was your "next best alternative"?
Objective: Identify current trends in macro and microeconomics.Use supply and demand to analyze business activities to formulate business plans.
Instructor Comments:
To complete this IP, consider the standard house, 3-bedroom, 2-bath house. Compare this standard house in different locations in the US by collecting the price information. The differences in the price of "same house" in different locations can be explained using demand and supply. ("location" is NOT an answer to this IP)
The housing price is determined by demand and supply of housing. State the determinants of demand and of supply that are consistent with economic theory and are plausible. (1) The determinants of demand are the factors that affect the decision to buy s house and the maximum price that the buyer will pay. (2) The determinants of supply are the factors that affect the decision to sell another unit and the minimum price that the seller will accept. The learning objective is to demonstrate the proper use of concepts in market analysis. In particular there should be a discussion on how the market responds to excess demand and a discussion on how the market responds to excess supply. Excess demand and excess supply are generated if demand or supply shifts. There should be a discussion on how changes in determinants of demand and changes in the determinants of supply affect the housing market. Excess demand and excess supply should be included in your analysis.
Warning and suggestion: you are not required to "prove" or justify your selection of the determinants of demand and supply. But your discussion and selection of a factor or a determinant must be reasonable and plausible.
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Describe the market growth rate for product and service.
A manager at strateline manufacturing much choose between twoshipping alternatives: two day freight and five-day freight. Using five day freight would cost $135 less than using two day frieght.
Find Total Revenue or profit
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Constrained optimisation model
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
What effect will each of the following have on the supply of automobile tires?
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
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