...Consumers [Consumer Choice & Elasticities] (Section 6) I. Definitions Utility [Felicity] (Satisfaction)- The benefit or satisfaction a person gets from a choice or action Marginal Utility (MU)- The additional utility someone gets from consuming an additional unit of a good. Marginal Utility Formula = ∆ Total Utility ∆ Quantity Law of Diminishing Marginal Utility- As someone consumes more of a good marginal utility will eventually decline (as consume more the increase in utility will be smaller each time) ExsMarginal Benefit (MB)- Maximum price a consumer is willing to pay for an additional unit of a product. The dollar value of a consumer’s utility of consuming an additional unit: So it f______ as consumption increases 1 II. The individual: Demand curve & consumer choice Marginal Benefit reexamined What does it really mean if a consumer is willing to pay up to (at most) $10 for an additional unit of the product. Marginal Utility per $ spent: MU Good A Price of good A Interpret: MU A P A Ex: Buying one more burrito (from 1 to 2) gives you an ↑ in utility of 10 & costs $5 2 A. Deriving a demand curve for slices of pizza for Carlos Slices 0 1 2 3 4 5 6 7 8 9 10 Total Utility 0 200 390 570 740 900 1030 1130 1200 1240 MU if P MU X 200 P=$2 MU if P P=$1 MU if P P=$0.50 10 Cheeseburgers That cost $0.50 Total Utility 130 240 340 430 505 555 580 595 605 610 Slices 1 2 3 4 5 6 7 8 9 10 MU 130 MU P Carlos’...
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...Name Professor Subject Date Global Managerial Economics The small and medium-sized enterprises (SMEs) form a crucial part of the U.S. economy. The SMEs create the most jobs in the country; they target the ordinary Americans for employment thus making them a very important component of the economy. Without the SMEs, the economy will bleed millions of jobs, adversely affecting the economy. This is the reasoning behind the drive by President Obama to give this sector newly acquired impetus and promote it to create more jobs for Americans and grow the economy. The target of the National Export Initiative (NEI) is to boost the export capacity of the SMEs in the U.S. by supporting them; the administration reasons that this will result in the creation of two million jobs. The intention is good, but the challenge lie in the operationalization of the policy and ensuring it works in the actual market (Audretsch, 100). The international market and the export market is often dominated by the big corporations with many resources to invest; this makes them strong and gives them the ability to compete with the big corporations that are players in the international market. The SMEs form the U.S. lack, the resources, know how, and the experience to compete with the established world trade players form the Europe Union, China, and India. This is where the Export Promotion Cabinet steps in to help the U.S. SMEs succeed in the competitive export market (Audretsch, 101). The cabinet should take action...
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...Homework Assignment #3 1. What is the effect of universal health care, where the patients pay a price of zero at the point of service and the doctors get paid by a third party (either the government or the insurance companies). Make sure you address the impact of such a policy on (a) availability of services, (b) the poor patients, and (c) quality of services. Explain all your answers. In doing so, use a Demand/Supply diagram to help with your explanations… at least for (a). When patients pay a price of zero at the point of service, that means the supply quantity goes down when the demand quantity goes up (P=0 => QD>QS, so we will have a shortage, which means more patients when the quality of service will decrease, the quality of service will be bad, the availability of service will decrease, less and less supply. Poor patients probably will benefit from this effect of universal health care on a short period of time, but on a long term when the quantity of the demand will exceed the quantity supplied, resulting in a shortage, means the universal health care is not going to meet the demand of the patients, the availability of service and the quality of service will also decrease. 2. (a) Read Ch. 4 and 5 (Public Works Mean Taxes and Taxes Discourage Production – I am being coerced to put the titles here!!) (b) Find an article praising some public work and summarize what it says. (c) Criticize it by what you learn from the reading. (d) If we eliminated...
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...Q. How is GDP measured and what are its limitations as a measure of the quality of life? A. Gross Domestic Product (GDP) can be defined as the annual value of output produced by factors of production within a nation’s border. In other words, it is the sum of all incomes earned by the country’s residents when producing goods and services with resources located inside that country. GDP is not to be confused with Gross National Product (GNP), which measures the flow of output produced with resources, which are owned by the nation wherever they might be located. The difference between GDP and GNP is net property income from abroad. The word “gross” in both of these measures of national income, indicates that no account has been taken of depreciation. There are 3 methods of calculating GDP: the product/output method, the income method and the expenditure method. In theory, because they all claim to measure the same aggregate, they should all give the same total. This is shown below in the circular flow of income: However, in practice, this is unlikely to be the case. This is because extremely large sums arising out of millions of transactions paid over different time periods are being dealt with and it would therefore be very unlikely if all 3 measures coincided. The first way of measuring GDP is to add up annually all the value of the goods and services produced in the country, industry by industry. This is known as the output or product...
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...Running Head: WORKPLACE ETHICIAL DILEMMA Professional Workplace Dilemma Shamira Tarkhan GEN/480 - INTERDISCIPLINARY CAPSTONE COURSE 6/6/2011 SHARI L. LANE, MBA University of Phoenix Intro What is an Ethical Dilemma? According to Flamand, 1999-2011, “an ethical dilemma is situations were in moral precepts or ethical obligations conflict in such a way as to make any possible resolution to the dilemma morally intolerable”(para.1). “In other words, an ethical dilemma is any situation in which guiding moral principles cannot determine which of course an action that is right or wrong”( Flamand, 1999-2011, para.1). Dilemmas in the work force are quite common and require some sort of ethical explanation. Both employees and employers have to face dilemmas in any type of undersized or large organization. Some conflicts are bond to rise at even given moment because of gender, age, education, race, religion, and employment statues. The most common dilemmas I have experienced at work include honesty, power, loyalty, authority, and confidentiality. The Experience/Analyze Sometimes making a right decision can be difficult because as I think about my personal values and what they mean to me. Do I choose to do something unethical or do I use what I believe in and what I think is right so solve the dilemma. There was a situation with my mother and I believe it was back in 2002 where she had so many high hopes and dreams for me until it all came crashing down (at that moment)...
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...CHAPTER 1 APPROACHING THE MATERIAL It's the first chapter in the text for a course that most of your students wish they did not have to take. My class opens with an admission that I am very aware of this fact, and have a big job responsibility – to explain why it was worthwhile to spend my life working with economics and that it will pay them to learn why. Chapter 1 is about how economists think, and why they think that way. In my opinion the most important concepts to convey are: 1 Why economists use models instead of collecting facts in an ad hoc manner. The emergency room algorithm seems to work fairly well, possibly because it immediately turns a popular fable (the importance of personalized medical relationships) on its head. The doctor is more likely to make a correct diagnosis when time and information are scarce by treating you as a random sample from the population, asking you questions known to reliably distinguish heart attacks from other conditions, and asking no other questions. That's the same reason you start with supply and demand when faced with a problem in a market you have not encountered before. 2 The most basic ideas of rationality and choice under constraints, plus a refresher on opportunity cost, marginal reasoning, and competition in general. 3 The importance of limited and costly information in models and life. Most students believe that knowledge is power, but only because they have heard it mindlessly repeated by so many...
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...HIST 1301 11/25/2013 Title: Clark, Victor S. “The Influence of Manufactures Upon Political Sentiment in the United States From 1820 to 1860.” The American Historical Review, 22 (October 1916): 58-64. Purpose: Victor S. Clark outlines the economic influences of the expansion of manufactures upon the political sentiment in America before the Civil War. He discusses the role of political institutions in the shaping of our economic progress, with the intent to show that the rise in manufactures in the United States during this time brought a stronger form of centralized government that would favor an increase in public intervention of the ecomic activities of individuals. Ultimately he encourages us to believe this was one of the main causes for Civil War in the US during this time. Summary: In the few decades before the Civil War, many Americans relied primarily on the household goods they could produce or acquire locally. Without the need for regulation of these small items, sentiment in the United States leaned towards the idea that people could manage these tasks on their own. However, after the revolution these attitudes began to change with the rise in manufactures and the expansion towards the south. Crops such as tobacco, sugar, and cotton were just a few of the commodities that people in the US and overseas desired for. Inevitably, this caused people to rethink where power should lie to maintain the idea that equality existed among the entire population. From start...
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...29, 1929. Throughout 1929 to 1933 the economic activity decreased in drastic measures. “Indrustial production declined by 37 percent, prices by 33 percent, and real GNP by 30 percent. Unemployment rose to a peak of 25 percent and stayed above 15 percent of the rest of the 1930’s” (Temin pg. 1). For nearly ten years there were few steady economic capitals in the United States. Only with the emercement of World War II, showed any improvements in the labor force during this time. Many scholars look at this crises as a world wide event which can be traced back to the first world war. “Even though the United States emerged from the war as the preeminent industrial ecomony, it was still part of the world economy” (Termin pg. 2). The ecomic changes the war caused had many affects on American ecomony. “ The primary factors were the changed pattern of international debts and lending, the expansion and collaspe of argiculture, and the end of mass imigration” (Termine pg. 2). “There were numerous events involving the demand in oil between 1967 and 1979 caused problems in the Untited States but the most vital started in 1973 when Arab oil producers imposed an embargo. “In October of 1973 Middles-eastern OPEC nations stopped exports to the US and other western nations. They intended to punish the western nations that supported Israel, their foe, in the Yom Kippur War, but they also realized the strong influence that they had on the world through oil” (Admin)....
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...INTRODUCTION Grassroots-based advocacy movements are not new and continue to be politically contentious. However, since the mid-1990s there has been an increasing interest in advocacy on the part of both NGOs and Northern donor agencies. Firstly, influencing macro-level policy and regulatory frameworks is now seen as essential to increasing opportunities and removing constraints at the micro-level for both enterprise programmes and entrepreneurs themselves. Secondly, multilateral and bilateral donor agencies have increasingly emphasised civil society development and democratisation as a means of effecting this macro-level change. Underpinning both these trends are related debates about rights-based approaches to development and pro-poor growth. Advocacy organizations have also used advances in communications and information technology to increase global as well as national visibility and influence. Impact assessment has had a two-fold role in these trends: • • Firstly action research and impact assessments of the effects of macro-level policies, legislation and regulatory environments have been used to support advocacy campaigns. Secondly donors, NGOs and advocates themselves have been concerned to assess the impacts of their advocacy strategies either to justify funding them and/or to improve future strategies and campaigns. There are now a number of manuals by NGOs and donors presenting models, tools and frameworks for both advocacy itself and advocacy impact assessment...
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...Business-Level and Corporate-Level Strategies Christie Jones Christopher Zapalski Business Admin. Capstone 5-15-15 I am going to be discussing about corporate and business level strategies for C Company. The paper will also talk about valuing the organization, long-term success, differences in fast and slow cycle. C company was an organization in which they gather, valid, electronic data, automat collections, and retrieval system. The company develop and design, personal computer, electronics and software. They have had success and continue to do so. The business strategy for the company is cost leadership. They want to have success and ensure the competitiveness. C company has a competitive edge with products and prices. They also care about the business – level strategy by success, cost efficiency, and sustainability make this company part of who they are. Differentiation is another business-level strategy. They try and provide different characterizations and features for their products. They would make it low cost while still having high quality products. This all can be done with teho features, image, products reviews and features of the products etc, Theses business-level strategies would help have service, quality of control with production, cost of sales, develop and research, and a place where they could advance the arts that go into the products if you know what I mean. You need business level as well as corporate-level strategy for...
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...1) Discuss how the Mont Pèlerin Conference changed America view of manufacturing and trade. First I will explain what in general the Mont Pèlerin Conference is, which economic view they represented. Moreover I want to deal with people who are allowed and why they are allowed to join this Conference and which goals they pursue. In general the Mont Pèlerin Conference depended on a meeting which was formed by Friedrich von Hayek in 1947 at Mont Pèlerin in Switzerland. He invited 36 people who followed in a strict sense of liberalism, particularly the economic liberalism. Under these people were above all, economist, but, e.g., also philosophers, historians and politicians. Under it were also some Nobel Prize Laureates in economics and peace. Most of the people were Europeans, only two reluctant Americans took part on this meeting. Surprisingly this meeting was most supported from the american free market and libertarian groups. The goal of this conference was to discuss the view and the roll of the liberalism after the Second World War. The scholars gave on the meeting to level-economic and state interventionist's broads attempts a refusal and looked at a restoration of political freedom and free market economy as an inalienable condition of a lasting future protection after the Second World War. Thus the uppermost aim of the Mont Pèlerin Conference was the creation of a free market economy, above all to free trade and and the world peace originating from it. They thought that...
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...2013 – 2014 1 MAKOTO DIY SUSHI JAPANESE RESTAURANT ICMB 493 DIRECTED RESEARCH 5180385 Phupisit Smittinet 5280077 Sarinpat Jiraphongchaijul 5280089 Napat Punvawuthikrai 5280801 Pichaya Unchuleepradit 5280883 Tanasak Visessintop TABLE OF CONTENTS Page 6-7 8 9 10 10-11 11-14 15 15 17 18-22 18 18-19 19-22 23-24 25-29 25 26-29 30 31 32 33-34 35 35-36 36 37 38 39 40 41 42 43 I. Executive Summary EXECUTIVE SUMMARY II. General Description 2.1 COMPANY OVERVIEW 2.2 STRATEGIC PLAINNING 2.3 TRIPPLE BOTTOM LINE 2.4 CUSTOMER BENEFITS 2.5 STRENGTHS AND CORE COMPETENCIES 2.6 BUSINESS MODEL III. Market Plans 3.1 MARKET AUDIT a. MARKET SIZE AND MARKET SHARE b. MARKET TRENDS AND OPPORTUNITIES c. MARKET ENVIRONMENTAL ANALYSIS 3.2 SWOT ANALYSIS 3.3 MARKETING STRATEGIES a. TARGET MARKETS b. MARKETING MIX (4PS) 3.4 MARKETING IMPLEMENTATION 3.5 EVALUATION AND CONTROL IV. Operational Plans 4.1 LOCATION 4.2 LEGAL ENVIRONMENT 4.3 PERSONNEL 4.4 INVENTORY 4.5 SUPPLIERS V. Management and Organization ORGANIZATIONAL CHART a. JOB DESCRIPTION b. RESPONSIBILITIES MAPPING VI. Startup Expenses STARTUP EXPENSES TABLE OF CONTENTS 44 45-46 47 48 49 50-52 VII. Financial Plans 6.1 TWELVE-MONTH...
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...Would free trade agreements improve international trade by encouraging foreign direct investments and opening new markets (Name) (University) Table of contents 1 Introduction……………………………………………………………………………………...3 2 Literature review………………………………………………………………………………..3 2.1 The Changing Landscape of Regional Trade Agreements ……………………………...……3 2.1.1 Introduction………………………………………………………………………………….3 2.1.2 Evolution of the RTAs Landscape………………………………………………….……….4 2.1.3 Conclusion………………………………………………………………………………...6 2.1 Integrating Free Trade Agreements and the politics of Free trade Agreements…………….7 2.2.1 Introduction…………………………………………………………………………………7 2.2.2 MENA Region………………………………………………………………………………8 2.2.4 Conclusion………………………………………………………………………………...9 2.3 Arab Free Trade Area: Potentialities and Effects and the Impact of regional Trade Agreement and Trade Facilitation in the Middle East North Africa region…………………….10 2.3.1 Introduction………………………………………………………………………………..10 2.3.2 The Past……………………………………………………………………………………11 2.3.3 Conclusion…………………………………………………………………………………13 2.4 The North American Free Trade Agreement:Economic impacts of the agreement on United States of America and Mexico in comparison…………………………………………………14 2.4.1Introduction………………………………………………………………………………..14 2.4.2 About NAFTA……………………………………………………………………………15 2.4.3 Conclusion ……………………………………………………………………………….16 2.5 Effects of changes to USA-Korea Free Trade Agreements[FTA] On The Passenger Vehicle sector……………………………………………………………………………………………17...
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...AGRICULTURAL LAW AEC304 CONVENOR – Felix Odimmasi OBJECTIVES OF THE COURSE The course is intended to help the student to explore the legal environment of Agricultural Law by providing a comprehensive survey of the development and regulation of legislation and doctrines which affect the development of Agriculture as a distinct driver of the economy in Kenya. CONDUCT OF THE COURSE The course shall consist of both coursework and examination. The coursework will be in the form of a researched seminar presentation, a term paper and a continuous assessment test each constituting 10% of the final mark, thus a total of 30% of the total mark. The exam will constitute the remaining 70%. COURSE CONTENT | |TOPIC |WEEK |COMMENT | |1 |Nature and sources of Kenyan Law | | | | |Definition and Classification of Law | | | | |Sources of Law | | | | |Law making processes | | | | |Administration of the Law ...
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