...access the KOL Confidentiality Policy. Academic Integrity Statement: I have read and understood the Academic Integrity guidelines for Kaplan Open Learning and the University Of Essex, and declare that this assignment conforms to all of the rules and regulations contained therein. Please note: the guidelines can be found in the Student Handbook (see section 6.4). Regular assignment one Introduction In this assignment, the explanation of the macroeconomic and microeconomic environment will be happen with the aid of examples. Once this has been completed, a critical analysis of how the economic environment in recent years has affected Hampshire fire and rescue service will be made. Main Body The Macroeconomic environment The Macroeconomic environment is an examination of the economy. The macroeconomic environment is an important one because the analysis compiled enables a business to investigate an economy and see what trends are occurring. For instance, if the economy has grown since the last analysis or shrunk. The difference between the increase and decrease of the economy is important because the retailer has no control over how the economy grows or shrinks. There are also certain influences which will affect the macroeconomics; these are economic indicators such as GDP, the unemployment rates and inflation rates. These economic indicators have a big significance on the economy. The unemployment rates will affect the economy as there are fewer people out of work...
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...Q1. What is microeconomics? “It is impossible to separate microeconomics from macroeconomics”- Do you agree with this statement? Justify your answer with appropriate argument. Ans: Microeconomics is derived from the Greek word ‘mikros’ meaning ‘small’. Microeconomics deals with the small individual units of the economy such as individual consumers, individual firms and small aggregates a group of individual units such as various industries or markets. Thus, microeconomic theory seeks to determine the mechanism by which the different economic units attain the position of equilibrium, proceeding from the individual units to a narrowly defined group. Microeconomic analysis concerns itself with narrowly defined groups since it does not study the totality of behavior of all units in the economy. In other word, the study of economic system or economy as a whole lies outside the domain of microeconomic analysis. Yes I agree with this statement that “It is impossible to separate microeconomics from macroeconomics”. The terms microeconomics and macroeconomics have their origin in the early 1930s, when economists strove to gain an understanding of factors that created the Great Depression. Separate mechanisms to describe the actions of individuals and aggregate populations were first described by the Norwegian economist Ragnar Frisch (1895-1973) in 1933. Frisch called these mechanisms "microdynamic" and "macro-dynamic." He wrote that micro-dynamic analysis seeks to "explain in...
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...Business Administration program that began on Monday, October 06, 2014, with an expected graduation date of Sunday, December 13, 2015. Enrollment Status:Active Current GPA :3.75 Code COMP102 SCIE206 SCIE210 ECON220 ECON224 SSCI210 HUMA215 SCIE207 BUSN311 SCIE211 ACCT310 ACCT311 MGMT315 FINA310 ACCT420 MGMT305 ACCT450 ACCT440 ACCT315 ACCT435 ACCT430 MGMT499 ACCT320 ORNTU ORNTU SCIE206-C ECON220-C SCIE210-C ECON224-C SSCI210-C ClassName Introduction to Computers Lab Biology Environmental Science Microeconomics Macroeconomics Sociology Topics in Cultural Studies Biology Lab Quantitative Methods and Analysis Environmental Science Lab Managerial Accounting Principles of Financial Accounting Survey of Human Resource Management Financial Management Cost Accounting Management Information Systems Business and Professional Ethics for Accountants Accounting Information Systems Intermediate Accounting I Auditing Taxation Program Capstone Intermediate Accounting II Orientation Orientation Biology Microeconomics Environmental Science Macroeconomics Sociology Start date 09/08/14 10/06/14 11/10/14 11/10/14 01/05/15 01/05/15 02/09/15 03/23/15 03/23/15 04/27/15 06/08/15 06/08/15 07/20/15 08/24/15 08/24/15 10/05/15 11/09/15 11/09/15 09/01/14 09/01/14 10/28/14 11/18/14 11/25/14 12/16/14 12/30/14 End date 09/09/14 11/06/14 12/04/14 12/04/14 12/27/14 01/09/15 11/09/14 12/14/14 12/14/14 02/08/15 02/08/15 03/15/15 04/26/15 04/26/15 05/31/15 07/12/15 07/12/15 08/23/15 09/27/15 09/27/15 11/08/15...
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...PART- I PAPER- I: MICROECONOMICS I Full Marks 50 1. INTRODUCTION: Nature and scope, scarcity and choice, concepts of demand and supply, impact of changes in demand and supply, price system as an economic mechanism. 2. CONSUMER BEHAVIOUR: Assumptions on preference ordering, indifference curve, budget constraint and consumer’s equilibrium, substitution effect (Hicks & Slutsky) and income effect, ordinary and compensated demand curves, inferior goods and Giffen goods, price consumption and income curves, derivation of labour supply and intertemporal choice, (saving and borrowing), Revealed Preference – the weak axiom and substitution effect. 3. DEMAND AND SUPPLY: Demand function, supply function, market equilibrium, stability of equilibrium, elasticities of demand and supply, consumer’s and producer’s surplus, burden of indirect taxes and subsidies, price and quantity controls, minimum wage, import tariff and quota. 4. PRODUCTION AND COST : Production function, total, average and marginal products, isoquants and economic regions of production, cost minimization and expansion path, elasticity of substitution, economies of scale, Cobb Douglas, fixed coefficient and CES functions, short run and long run costs. REFERRENCES: - Maddala-Miller Pindyck-Rubinfeld Varian (Intermediate) Ferguson-Gould Kutsoyanis (Modern Microeconomics) ...
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...Coursework 1 - Microeconomic concepts Every organization has to analyze its business environment before making policies and strategies for its day to day operations, marketing and promotional efforts, and competing with the industry rivals (Loudon, Stevens, & Wrenn 2004). The key factors of the business environment that affect the business operations of a company include political, economic, technological, environmental, cultural, and demographical factors. This essay will explain various markets structures which are monopoly, oligopoly, perfect competition and monopolistic competition. The purpose of this paper is to discuss the impacts of different environmental factors on the business operations of Barclays. The discussion has been made in the light of international accepted microeconomics concepts and practices. Market structures Monopoly is a market structure, where only a single seller producing a product having no close substitutes. This single seller may be in the form of an individual owner or a single partnership or a Joint Stock Company. Such a single firm in market is called monopolist. Monopolist is price maker and has a control over the market supply of goods. On the other hand, Perfect competition a market structure characterized by a large number of firms so small relative to the overall size of the market, such that no single firm can affect the market price or quantity exchanged. Perfectly competitive firms are price takers. Moving on, in an oligopoly...
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...Micro Economics: The Study of Individual behaviour. Economics is the study of allocation of scarce resources to satisfy the never ending wants. It basically deals with the means of production, consumption and transfer of wealth. It has several branches. The two most important branches of Economics are Micro Economics and Macro Economics. Micro economics deals with the analysis of price determination and the allocation of specific resources to particular uses. Whereas macroeconomics aims at determining the levels of national income, total empowerment of resources and general price level. In other words, micro economics deals with individual behaviour and micro aspects of the industry while macroeconomics is the study of the macro aspects or the industry as a whole. In the words of K. E. Boulding, “Microeconomics is the study of a particular firm, particular household, individual prices, wage, income, industry and particular commodity.” The heads covered by microeconomics can be set forth as below: 1. Theory of Product Pricing: This can be further broken down in to two viz the theory of consumer behaviour and the theory of production and costs. 2. Theory of factor pricing: It has four constituents namely the theories of wages, rent, interest and profits. 3. Theory of economic welfare: Micro economics also examines whether resources are efficiently or optimally allocated so as to maximise output or social welfare i.e. theory of economic welfare. Education Industry in Australia ...
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...UNDERGRADUATE CURRICULA AND FACULTY 2007 – 2011 Proposed 2009 – 2013 2 Requirements for the BBA degree: Foundation Courses 40-41 Credits Core Courses 45 Credits Departmental Requirement 24 Credits Minor 15 Credits Total variable requirement for Graduation 124-125 Credits Foundation Courses Communication Skills ENG 101 ENG 102 ENG 105* ENG 106 ENG 202 Listening and Speaking Skills English Reading Skills Business English Advanced English Skills Introduction to English Literature 40-41 Credits 9 3 3 3 3 3 * Prerequisite ENG 101 & 102 Note: students not exempted from ENG 101 and ENG 102 will have to take ENG 101, ENG 102 and ENG 105. Note: students exempted from ENG 101 and ENG 102 will have to take ENG 105, ENG 106, ENG 202 Computer Skills CIS 101* CSC 101** Fundamentals of Computer System Introduction to Computer Science 3 3 3 * For students without basic knowledge of computer **For students with basic knowledge of computer & mandatory for students with Major in subjects offered from the SECS Numeracy MAT 100* MAT 210* Basic University Mathematics 1 Basic University Mathematics 2 6 3 3 3 *MAT 100 and MAT 210 mandatory for SLAS majors(English, Media & Communication, Anthropology) other than Sociology MAT 101* MAT 211* MAT 102* MAT 212* Intermediate University Mathematics II Probability and Statistics Introduction to Linear Algebra & Calculus Probability & Statistics for Sc. & Engr. 3 3 3 3 **MAT 101and MAT 211 mandatory for...
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...concepts – wealth, welfare and scarcity. Basic tools of economics analysis (equations and functions, graphs and diagrams, slope and intercepts) Module 2 : Consumers Behaviour and Demand Marishallian Approach : Equi-marginal utility, Law of demand – Determinants of demand. Elasticity of demand and its measurement. Price – Income – Cross and Promotional elasticity of demand. Consumer’s Surplus. Hicksian Approach : Indifference curves – properties of Indifference Curve, Consumer’s Equilibrium, Price effect, Income effect and substitution effect – Derivation of demand from Price Consumption Curve (PCC) – Giffen’s paradox. Samuelson Approach : Revealed Preference Theory. Module 3 : Production and Cost Analysis Concept of production function : short run and long run – Cobb – Douglass production function. isoquants – iso-cost line – producer’s equilibrium. Law of variable proportion and Law of returns to scale – Economies of scale – Economies of scope. Concepts of costs : Money and real cost, Opportunity cost, Social cost, Private cost – Derivation of short run and long run cost curves– Learning curve. SECTION –II Module 4 : Theory of Firm : Concepts of revenue : Total Revenue, Average Revenue and Marginal Revenue – Relationship between TR, AR and MR under perfect and imperfect competition – AR, MR and elasticity. Objectives of a Firm – Analysis of Equilibrium of a firm : TC-TR Approach – MC-MR Approach – Break-Even Analysis. 2 Module 5 : Market Structure : Perfect...
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...economics is very dynamic subject. But for the proper understanding, we really need to define it as close as possible to give the ideas of what’s economics about. There are some definitions of economics: “A study of mankind in the ordinary business of life; it examines that part of individual and social actions which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man” Alfred Marshall (Principles of economics) “Economics aims to explain how economics work and how economic agents interact. Economic analysis is applied throughout society, in...
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...Week 7 assignments Task 1: Consider the following table of costs for the Winsome Widget Factory, which operates in a perfectly competitive market. The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit at the top of the column in the gray section within the table. b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR, and Total Profit in the blue sections of the table. | Winsome Widget Factory | |Output |Total Fixed Cost | |Barnes & Noble books |-4.00 | |Coca-Cola |-1.22 | |Cigarettes |-0.25 | |Beer |-0.23 | |Gasoline |-0.06 | In your project, address the following questions: Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases. Using those classifications, make some assumptions regarding tax incidence. For instance, will buyers...
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...Test Bank to Accompany Microeconomics Seventh Edition by Pindyck / Rubinfeld Pearson Education © 2009 8/12/2008 Contents Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Preliminaries ........................................................................................................................1 The Basics of Supply and Demand..................................................................................16 Consumer Behavior...........................................................................................................55 Individual and Market Demand...................................................................................125 Uncertainty and Consumer Behavior ...........................................................................179 Production ........................................................................................................................236 The Cost of Production ...................................................................................................273 Profit Maximization and Competitive Supply ............................................................327 The Analysis of Competitive Markets ..........................................................................375 Chapter 10 Market Power: Monopoly and Monopsony.................................................................438 Chapter 11 Pricing with Market Power .....
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...Organizational Theory, Design, and Change Jones 6th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://solutionsmanualtestbanks.blogspot.com/2011/10/organizational-theory-d esign-and-change_18.html ----------------------------------------------------------------------Organizational Organizational Organizational Organizational Theory, Theory, Theory, Theory, Design, Design, Design, Design, and and and and Change Change Change Change Jones Jones Jones Jones 6th 6th 6th 6th Edition Edition Edition Edition Test Test Test Test Bank Bank Bank Bank -------------------------------------------------------------------------***THIS IS NOT THE ACTUAL BOOK. YOU ARE BUYING the Test Bank in e-version of the following book*** Name: Organizational Theory, Design, and Change Author: Jones Edition: 6th ISBN-10: 0136087310 Type: Test Bank - The test bank is what most professors use an a reference when making exams for their students, which means there’s a very high chance that you will see a very similar, if not exact the exact, question in the test! - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6 hours. This is the quality of service we are providing and we hope to be your...
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...Case Analysis Luotang Power Company Background Luotang Power Company is a 600 Mega Watt coal-fired power plant, located in Hubei Province, China, the parent company of which is China Hua Tong Power (HT Power). The major business is to generate electricity by coal burning and sell it to Hubei Provincial Power Company (HPPC), the major customer which is the only power transmission and distribution company in Hubei Province. Whereas the coal is purchased from Pindingshan Coal Company who is required to supply low sulfur bituminous coal that meets certain quality specifications. Regardless of the improved plant availability and fuel economy, the company wasn’t performing well for the financial result. A variances analysis indicated that the poor performance was due to a combination of shrinking revenue, increasing price of the coal and decreasing quality of the coal. Company analysis Macroeconomic analysis A PESTE framework including political, economic, social, technological and environmental factors is used to contextualize the company in an industry framework. Economic aspect: China is the world second largest energy consumer behind the United States. The energy consumption has been boosted by strong economic growth over the past two decades. Its electricity consumption is influenced by fluctuations in the GDP growth. (Appendix1) Hubei led the four provinces fed by the central China grid with a 13.8% rise in economy and is said to be doubled in the next five years...
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...because it is affected by all of the factors that constitutes macroeconomics. Macroeconomic is a branch of the economy that deals with certain issues that are relating to factors that affect the economy of the country as a whole. These factors include areas like the rate of unemployment, inflation, business cycles and also Gross Domestic Product (GDP). This is a big section to keep in mind when making a decision and is part of the marketing analysis. (wiseGEEK, n.d.) This environment could impact competitors, changes in interest rates, changes in cultural tastes, and also any change in government regulations. That influences a company and its’ products development. It will also change the competitors, the interest rates, changes in cultural tastes, and also any sort of changes in government regulations. Effects on Decision Making When you are making a decision or even plans for a business you need to consider trends that are going on in the neighborhood, state, country, and even the world. The local factors are going to be under microeconomics. But when looking at the bigger picture, meaning national and...
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...Post-Graduate Diploma in Management Managerial Economics Course Owner: Sadananda Prusty, Ph. D Name of Faculty Members to Teach this Course (To be mentioned after final course allocation) Institute of Management Technology Ghaziabad Course Background and Learning Objectives: “Economics is a study of mankind in the ordinary business of life.” So wrote Alfred Marshall, the great nineteenth-century economist, in his textbook, Principles of Economics. Although we have learned much about the economy since Marshall’s time, this definition of economics is as true today as it was in 1890, when the first edition of his text was published. In recent years, there are many questions about the economy that might spark any one’s curiosity. Why are apartments so hard to find in Mumbai City? Why do airlines charge less for a round-trip ticket? Why executive class airfare is costlier than economic class? Why are jobs easy to find in some years and hard to find in others? Why a package tour costs less as compared to individual booking of air ticket and hotel? Moreover, as one go about his/her life, he/she make many economic decisions. During student carrier one has to decide how many years to stay in school. After joining in a job, one has to decide how much of his/her income to spend, how much to save, and how to invest his/her savings. When running a small business or a large corporation, and one will decide...
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