...Draw indifference curves representing the following individuals' preferences for Hemingway novels and issues of Sports Illustrated (SI) magazine. Please provide answers to the questions as well. a. Cy is an English teacher, soccer coach, and passionate Dallas Cowboys fan. He loves both literature and sports trivia. However, when he reads too many novels in a period he craves current sports stories, and vice versa. What happens to Cy's MRS of SI issues for Hemingway novels as he reads more SI issues? (HINT: remember that we define MRS as "x" for "y" and draw your graph accordingly.) b. Ernest only reads for the sake of learning new vocabulary. The content of what he reads does not matter to him as long as he encounters new words. He learns twice as many new words from a Hemingway novel as from an issue of SI. What happens to Ernest's MRS of SI issues for Hemingway novels as he reads more SI issues? What type of goods are these for Ernest? c. Ozlem loves American novels. And, though she is married to a college basketball coach, she derives no pleasure from reading about sports. What happens to Ozlem's MRS of SI issues for Hemingway novels as she reads more SI issues? Problem 3 Mara and Christina each have an income of $900 which they spend entirely on jeans and pairs of shoes. They exclusively buy a brand of jeans that sells for $75 a pair and shoes that sell for $50 a pair. a. On two separate graphs, draw Mara and Christina's budget constraint with jeans on the y-axis. ...
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...Draw indifference curves representing the following individuals' preferences for Hemingway novels and issues of Sports Illustrated (SI) magazine. Please provide answers to the questions as well. a. Cy is an English teacher, soccer coach, and passionate Dallas Cowboys fan. He loves both literature and sports trivia. However, when he reads too many novels in a period he craves current sports stories, and vice versa. What happens to Cy's MRS of SI issues for Hemingway novels as he reads more SI issues? (HINT: remember that we define MRS as "x" for "y" and draw your graph accordingly.) b. Ernest only reads for the sake of learning new vocabulary. The content of what he reads does not matter to him as long as he encounters new words. He learns twice as many new words from a Hemingway novel as from an issue of SI. What happens to Ernest's MRS of SI issues for Hemingway novels as he reads more SI issues? What type of goods are these for Ernest? c. Ozlem loves American novels. And, though she is married to a college basketball coach, she derives no pleasure from reading about sports. What happens to Ozlem's MRS of SI issues for Hemingway novels as she reads more SI issues? Problem 3 Mara and Christina each have an income of $900 which they spend entirely on jeans and pairs of shoes. They exclusively buy a brand of jeans that sells for $75 a pair and shoes that sell for $50 a pair. a. On two separate graphs, draw Mara and Christina's budget constraint with jeans on the y-axis. ...
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... P = $41, P = $56. a) Will this firm operate in the short run? Why or why not? b) If it does produce, what will be the Profit Max. output? c) What is the firm's total profit or loss at each price? P = $32 P = $41 P = $56 2. Using the cost schedule on page 1, complete the short-run supply schedule shown below for the firm, and indicate the profit or loss per unit incurred at each output (columns 1 to 3). Price | (2)Supply(single firm) | (3)Profit orLoss per unit | (4)Supply(1500 firms) | $ 26 | | | | 32 | | | | 38 | | | | 41 | | | | 46 | | | | 56 | | | | 66 | | | | 3. Explain: “That segment of a competitive firm's marginal-cost curve that lies above its average variable-cost curve constitutes the short-run supply curve for the firm." 4. Now assume there are 1500 identical firms in this competitive industry; that is, there are 1500 firms, each of which has the same cost data as shown here. Calculate the industry supply schedule (column 4). 5. Suppose the market demand data for the product are...
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...practitioners 3 Suggestion for Improvement 4 Conclusion 4 Reference list 5 Introduction Market nowadays is so rapid-constantly changing and so broad. Company needs to adapt to these characteristics of the market and also understanding the consumer’s behavior in the market for them to survive and outrun their competitors. This discussion would further examine the company, Levi Strauss (Levi’s), marketing strategy in the garment industry in the context of Malaysia and also suggestions would be given for improvements. Levi’s first entered into the garment industry in 1873 with the birth of the first pair of jeans. Levi’s has been improving since and now, it is one of the world largest brand-name and also a global leader in jeanswear, according to San Francisco(2014). After gaining reputation as well as high profit, they have been selling other garment products besides jeans, such as clothings, caps, belts, and so on. Social-class micro cultures in consumer behavior A social class is a huge group of people, who have a similar position in an economic system, said by Moffitt(2015). Differentiating, positioning, and targeting different social class plays an important role in marketing. Consumers from different social class have different behaviors as well as wants. According to Moffitt(2015), there are four main social class recognized by societies, which is upper class, middle class, working class, and lower class. Lower class consumers are sensitive towards price and they often...
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...explanation, 5 marks for causes / examples) Question 2 Suppose the jeans industry is an oligopoly in which each firm sells its own distinctive brand of jeans., and each firm believes its rivals will not follow its price increases but will follow its price cuts. Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another? (5 marks for the correct demand curve and 5 marks for the correct explanation) Question 3: (a) Discuss the following statement: ‘In the real world there is no industry which conforms precisely to the economist’s model of perfect competition. This means that the model is of little practical value’. (2.5 marks) (b) Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry; (2.5 marks for diagram and 2.5 marks for explanation) (c) Illustrate with a diagram and explain the long-run perfectly competitive equilibrium for the firm (2.5 marks). Question 4: (a) Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. (3 marks for explanation, 3 marks for diagram) (b) In each of the following cases, state whether the...
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...build, small joints, lean muscle, a flat chest, small shoulders, long limbs and not very curvy. Your hip measurements will be regarding the same as your bust measurement or a little bit bigger and your waist are slightly less, but not same as an hourglass. You are lucky to possess a slender body and most garments will fit you perfectly, but sometimes you may feel you want to highlight your feminine curves some more. Garments with frills, ruffles and fluted edges will create size which will provide you those feminine curves you are looking for. An open back can flaunt your sexy back which is the new fashionable cleavage. Chunky statement necklaces that fall around the bust area are great for putting an impression of bigger breast without having to turn to very padded bras. Swirly floral prints can instantly provide a feminine look. Keep jewellery thin and simple because it goes well to your long and slender limbs. Athletic How to determine if you’ve an athletic body: Athletic body types are toned and well defined. Shoulders are broad, tummy and arms are toned without much curve and your hips are square. “The great advantage of an athletic shape body is you can wear pretty much anything,” says Alain Mehada. “Still, numerous of women's who have this shape complain regarding feeling unfeminine and find it difficult to find...
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...1. Suppose that a recent study has determined that the price elasticity and the income elasticity of demand for Levi’s jeans are 1.5 and 2 respectively. The supply of jeans is elastic. Are the following statements true or false? Why? a) A 5% increase in the price of jeans will reduce quantity demanded by 10%. The statement claims that a 5% increase in the price of jeans will reduce the quantity demanded by 10%. We can check if the statement is correct by using the formula; Price elasticity of demand = percentage change in quantity demandedpercentage change in price We know that the price elasticity of demand = 1.5 and the percentage in price = 5. With this information, we are now able to find x (percentage change in quantity demanded) 1.5 = x5 1.5 5 = x5 5 x = 7.5 We know from interpreting the numbers into the equation that a 5% increase in the price of jeans will reduce quantity demanded by 7.5% and not by 10%. The statement is false. a) An increase in consumers’ income will increase the price and quantity sold but total revenue will go down. We know from the introduction that the income elasticity for Levi’s jeans is 2. Since the income elasticity of demand is positive, we know that Levi’s jeans is a normal good. If the income elasticity equals 2, an increase in income will equal to a twice as big increase in demand. This will lead to a shift in demand. Both the price and quantity demanded will increase. The statements claims that...
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...------------------------------------------------- ------------------------------------------------- 2 ------------------------------------------------- Donkey kick your gluteus muscles. Start on all fours with hands shoulder width-apart and knees directly below your hips.[6] Keeping one knee on the ground, lift the other leg off the floor, while flexing your abdominal muscles.[7] Lift your leg until your foot is facing the ceiling and your knee is parallel to the rest of your body.[8] Hold and slowly, with control, return your knee back to the original position. Try 3 reps of 20 for each leg. * Donkey kicks must be done for each leg. While some people like to do an entire set for one leg and then follow with the other leg, others people like to move leg to leg within the same repetition. Find what works for you. * If you find being on all fours to be difficult, try kneeling on a pillow or an exercise mat. The added cushion will take pressure off of your knees.[9] 1. ------------------------------------------------- ------------------------------------------------- 3 ------------------------------------------------- Complete a butt bridge. Lying down on your back with your hands at your sides, bring your feet flat on the ground just past your bottom. Palms can be either facing upwards or flat on the floor, depending on what is comfortable for you.[10] Keeping your hands shoulder width apart and pressed against the ground, lift your hips up off of the...
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...towards the female case study. There was only two guys that said something that was actually disrespectful. Guys have been cat calling females since the beginning. The way the guys acted on the street is actually normal, this is how many guys go about trying to gain attention from females. You also have to take in consent what the female case study had on. When she wore the normal everyday American clothing she attracted many guys. The clothing she had on was fitted and showed off her curves. This was the big reason why guys were cat calling her. She was looking good in her outfit and the male on-lookers were not afraid to let her know. She knew what she had on and how she looked. Her purpose for wearing that...
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...service in the market. “The relationship between price and quantity demanded is true for most goods in the economy and in fact is so pervasive that economists call it the law of demand.” (Mankiw 2012). Supply is the connection between price and the quantity of goods and services that sellers offer for sale. The greater the price of a product or service the greater the quantity supplied. If the price of a commodity increases businesses increase production from other goods to production of the commodity in demand, thereby increasing the quantity supplied. When a product is in high demand for example high waisted skinny jeans which is this season’s fashion fad the demand at any given price will increase and the demand curve shifts outwards. However, when there is a decline in the size of the market or that skinny jeans become unfashionable then the demand curve shifts inwards. Therefore, the only thing that can change the quantity demanded is a change in the market price. One of the best examples of the laws of supply and demand and the one that gets the most media attention is oil. The price of oil is of critical importance in today's world given that oil is the largest...
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...Grand Jean Company Gambaran Umum Perusahaan Grand Jean Company didirikan pada pertengahan abad ke-19. Perusahaan ini dapat bertahan ditahun-tahun sulit disebabkan oleh produk blue denim jeansnya yang mendominasi pasar. Grand Jean Company telah menjadi market leader dengan varisai produk unggulannya yaitu “wash-and-wear”, bell-bottom, flare jeans dan celana modern casual. Pada tahun 1989 perusahaan ini merupakan salah satu perusahaan manufaktur pakaian terbesar didunia. Perusahaan memiliki reputasi menhasilkan celana yang berkualitas dengan harga yang baik dan tahun lalu perusahaan menjual 40 juta celana. Perusahaan memiliki 25 pabrik. Kapasitas tiap pabrik berbeda tetapi rata-rata produk yang dihasilkan 20.000 celana per minggu. selain 2 atau 3 pabrik yang hanya memproduksi blue denim jeans, Seluruh pabrik memproduksi bermacam-macam jenis produk. untuk menambah kapasitas produksinya perusahaan merekrut pabrik dari luar, saat ini terdapat 20 pabrik luar (memproduksi sepertiga dari keseluruhan produk yang djual produk) yang memproduksi berbagai macam produk Grand Jean Company termasuk blue denim jeans. Tom Wicks (vice president untuk production operation) dan para stafnya yang membuat perjanjian kerja kepada pabrikan luar. Ia menentukan harga maksimum yang perusahaan akan bayar kepada para kontraktor luar dan jika kontraktor tersebut dapat memenuhi standar perusahaan maka akan dibayar sesuai harga maksimum tetapi jika tidak maka akan dibawah harga maksimum sampai kontraktor...
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...What is demand? Demand is comprised of three things. Desire Ability to pay Willingness to pay It is not enough to merely want or desire an item. One must show the ability to pay and then the willingness to pay. If all three conditions are not me then the demand is not real. This, by the way, is the purpose of advertising. While many may want a product it is quite another to be willing to pay. Advertising attempts to move a consumer from mere want to action. These day even condition two may not stand in the way of a consumer. With the advent of credit cards we are able to purchase products without the current ability to pay. Many stores and car dealers even offer on the spot credit though the interest rate may be quite high. What factors alter your desire, willingness and ability to pay for products? Some factors include consumer income, consumer tastes the prices of related products like substitutes for that product of items that may complement that product. Marginal utility - extra satisfaction a consumer gets by purchasing one more unit of a product. Diminishing Marginal Utility: The more units one buys the less eager one is to buy more. Think of diminishing marginal utility this way. It is a hot summer day and your sweating bullets. You come across a lemonade stand and gulp down a glass. It tasted great so you want another. This second glass is marginal utility. But now you reach for a third glass. Suddenly your stomach is bloated and your feeling sick. That's...
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...(1) Factors of production means inputs and finished goods means output. Input decides the quantity of output, and output depends upon the input. Input in the starting point and output is the finishing point of the production process. The resources used are factors of production such as land, labour, capital, and entrepreneur. These resources all cycle to create production and in turn will create an input, output process. An example of land would be anything from owning a farm house to having a landlord. Both have tangibles and variables that dictate the input and output. A landlord for example would collect rent and create a natural output. Labour is the activity of one individual accomplishing work. A labour also creates a natural output due to the input of oneself. Capital is the total net worth, this input is used upon variables such as money lending or investing and is a man made output due to the specifics or circumstances regarding the capitol. Lastly entrepreneur, it is the creation of oneself through ownership of a business. This input is also man made due to variables that can dictate the output. An example would be up front capitol, also factors such as business plan, location, current market. Many variables come into play regarding entrepreneur and the output of such is completely determined upon human, not natural circumstances. (2) The impact of oil prices throughout the economy is astonishing. The dependency we have as an economy of oil is unfathomable. To simply...
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...Knowing your body shape is the key to successful dressing, no matter what trends or fashion fads are happening. Stick to the rules and you’ll never be stuck for something to wear again APPLE BODY SHAPE Of all the fruit in the fashion basket, the apple, with its rounded tummy and big bust, can be one of the most difficult to dress. Luckily you also often benefit from slim hips, a great bum and lovely legs. Find out how to make the most of your apple body shape with these expert fashion tips. Use clothes to sculpt your midriff, so it looks less like an apple and more like an apple core. At the same time, draw attention to your favourite bits – that cleavage, those legs, and anything else you really like. Body control underwear will work wonders to define your middle area too, pulling you in at the waist. Don’t hide in baggy trousers. Show off your lovely legs with straight or boot-cut trousers. Look for flat-fronted trousers with a wide waistband to draw attention away from the stomach. Open up the neckline. V-necks and scoop-necks are good for apple-shaped ladies as you often have a great bust. Don’t be afraid to show it off. Use structured, tailored jackets to give definition to your upper body and show off good shoulders. Look for single-breasted versions with one or two buttons. Wrap dresses are always a winner for an apple body shape as they fit nicely over a fuller bust. A side tie on the dress will draw attention away from the stomach. Drop earrings will draw attention...
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...example to explain the theory. His budget is £100. He likes two products: wine and cheese. The price per item is £5 for cheese, and £20 for wine. The budget line represents the maximum amount of either John can buy. To get the line we divide the budget by the price of the item, in order to get the maximum quantity of each bundle and then connect the points on the graph: Quantity of wine Quantity of wine 20 20 5 5 The slope of the line is ∆W/∆C = - (Pw/Pc) The slope of the line is ∆W/∆C = - (Pw/Pc) Quantity of cheese Quantity of cheese We can represent someone’s preferences with a function that we call utility function. It helps us apply the indifference curve by plotting combinations of baskets on a line that give the same total satisfaction to our customer. To get the indifference curve we can suppose that John’s utility is u(W,C) = 2W + C We pick all baskets that give the same utility, plant them on the graph and connect them. We should also clarify what MRS means. It is the marginal rate of...
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