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Imagine of these concepts (markets, elasticity, production, costs, market structures). Take one or two of those concepts and use it to examine and understand economic situations or decisions that you face in you're your company. If you can't apply these concepts to your workplace you may use current news items. I would like you to:
- Illustrate how the economic concepts give a framework for understanding the situations or decisions.
- Use economic concepts (goals, constraints, decision variables) to frame decision making (i.e. market structure will verify what decisions are available to a firm, such as a firm selling commodities largely has no control over price). This will contain understanding what decisions are available (what are the tradeoffs?) and how to use economic concepts to choose between available alternatives to make the most informed decision.
Average Total Costs (ATC) This is total cost per unit of output, obtained by dividing total cost by total output i.e. ATC = Total Cost Total Outp
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
USES OF NATIONAL INCOME FIGURES We need national income statistics to measure the size of the "National cake' of goods and services available for competing uses o
Fandem Technology manufactures two products using a joint process. The cost of materials going into the joint process for a typical period is $55,000, while labour and overhead to
Effects of Fluctuations in Exchange Rates When a country's currency depreciates, exporting firms may have competitive advantage but businesses which rely on imports for raw ma
Explain the importance of managerial economics.
Labor demand for low-skilled workers in the United States is w= 24 -0.1E where E is the number of workers (in millions) and w is the hourly wage. There are 120 million domestic U.S
Consider the following hypothetical story: Last spring, there was an outbreak of a nasty disease known as cyclosporiasis, which was eventually traced to Guatemalan raspberries. Tog
Measurement of Inflation The rate of inflation is measured using the Retail Price Index. A retail Price Index aims to measure the change in the average price of a basket of g
Other Determinants 1. Rate of Interest Is contained in the argument of the classified economists who argued that rational consumers will save more and consume les
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