...1-) (Categories of Price Elasticity of Demand) For each of the following absolute values of price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic. In addition, determine what would happen to total revenue if a firm raised its price in each elasticity range identified. a) ED = 2.5:elastic b) ED = 0.8:inelastic 2-) (Price Elasticity of Supply) Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case. Please give details to your numeric answers. a) Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 400 units. 200/600= 1/3=33.3/22.2=.667 b) Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 500 units. 100/600=.1667 / 2.25/1.75=.757 3-) Consider the following pairs of goods. Which would you expect to have the more elastic demand? Why? a) water or diamonds=water b) insulin or nasal decongestant spray=insulin c) food in general or breakfast cereal=food d) gasoline over the course of a week or gasoline over the course of a year = week 4-) Outsourcing Inpatient Care to India The Wall Street Journal, Monday April 26, 2004. Global health care has arrived. During 2003, Canadian resident Terry Salo flew to India to have his hip replaced. He paid only...
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...Class, BIS 155 Entire Course, BIS 155 Entire Class, Strayer BIS 155 , BIS 155 LAW , BIS 155 All Assignments, BIS 155 All Dqs, BIS 155 ExerCises, BIS 155 Final, BIS 155 Week 1, BIS 155 Week 2, BIS 155 Week 3, BIS 155 Week 4, BIS 155 Week 5, BIS 155 Week 1-5, BIS 155 mcqs, BIS 155 , BIS 155 DeVry, BOSP 434 Complete Course, BOSP 434 Complete Class, BOSP 434 Entire Course, BOSP 434 Entire Class, Strayer BOSP 434 , BOSP/434 , BOSP 434 All Assignments, BOSP 434 All Dqs, BOSP 434 ExerCises, BOSP 434 Final, BOSP 434 Week 1, BOSP 434 Week 2, BOSP 434 Week 3, BOSP 434 Week 4, BOSP 434 Week 5, BOSP 434 Week 1-5, BOSP 434 mcqs, BOSP 434 , BOSP 434 DeVry, BUS 100 Complete Course, BUS 100 Complete Class, BUS 100 Entire Course, BUS 100 Entire Class, BUS 100 , BUS 100 New Course, BUS 100 All Assignments, BUS 100 All Dqs, BUS 100 ExerCises, BUS 100 Final, BUS 100 Week 1, BUS 100 Week 2, BUS 100 Week 3, BUS 100 Week 4, BUS 100 Week 5, BUS 100 Week 1-5, BUS 100 , BUS 100 , BUS 100 Strayer, BUS 475 Complete Course, BUS 475 Complete Class, BUS 475 Entire Course BUS 475 Entire Class, Strayer BUS 475 , BUS 475 New Course, BUS 475 All Assignments, BUS 475 All Dqs, BUS 475 ExerCises, BUS 475 Final, BUS 475 Week 1, BUS 475 Week 2, BUS 475 Week 3, BUS 475 Week 4, BUS 475 Week 5, BUS 475 Week 1-5, BUS 475 mcqs, BUS 475 , BUS 475 Strayer, BUSN 319 Complete Course, BUSN 319 Complete Class, BUSN...
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...ECON 1002 Tutorial 4 Assignment Click Link Below To Buy: http://hwcampus.com/shop/econ-1002-tutorial-4-assignment/ ECON 1002 Tutorial 4 Assignment You are given data on food expenditure, income and demographic characteristics of 150 married couples, where the husband is a manual worker and is aged 30-50. All survey interviews take place in the same month. You decide to estimate an Engel curve and regress the ratio of food expenditure to income (wfoy) on the logarithm of net current income (ncy), the number of children aged 6-10 (kids2), the number of children aged 11-17 (kids3) and an indicator for London (london = 1 if the couple lives in Greater London, and 0 otherwise). Your estimates are: OLS Estimation, Dependent variable is wfoy, 150 observations Variable Coefficient Standard error constant 0.877 0.065 ncy -0.155 0.014 kids2 0.026 0.006 kids3 0.138 0.032 london 0.047 0.018 R2 0.496 Mean of wfoy 0.189 Mean of ncy 4.473 (a) On the basis of the above estimates, establish if food is a necessity or a luxury. (b) Establish the statistical significance of the coefficient on london. (c) Further, compute the income elasticity for a hypothetical couple living outside London, with mean log income and no children. (d) It has been suggested that share of budget spent on food is a good indicator of household living standard. Households spending a lower share of their budget on food are to be regarded as better off. If number of young children in a household were...
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...ECON 1002 Tutorial 4 Assignment Click Link Below To Buy: http://hwcampus.com/shop/econ-1002-tutorial-4-assignment/ ECON 1002 Tutorial 4 Assignment You are given data on food expenditure, income and demographic characteristics of 150 married couples, where the husband is a manual worker and is aged 30-50. All survey interviews take place in the same month. You decide to estimate an Engel curve and regress the ratio of food expenditure to income (wfoy) on the logarithm of net current income (ncy), the number of children aged 6-10 (kids2), the number of children aged 11-17 (kids3) and an indicator for London (london = 1 if the couple lives in Greater London, and 0 otherwise). Your estimates are: OLS Estimation, Dependent variable is wfoy, 150 observations Variable Coefficient Standard error constant 0.877 0.065 ncy -0.155 0.014 kids2 0.026 0.006 kids3 0.138 0.032 london 0.047 0.018 R2 0.496 Mean of wfoy 0.189 Mean of ncy 4.473 (a) On the basis of the above estimates, establish if food is a necessity or a luxury. (b) Establish the statistical significance of the coefficient on london. (c) Further, compute the income elasticity for a hypothetical couple living outside London, with mean log income and no children. (d) It has been suggested that share of budget spent on food is a good indicator of household living standard. Households spending a lower share of their budget on food are to be regarded as better off. If number of young children in a household were...
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...Liberal Arts & Professional Studies Department of Economics Fall 2014 Course Outline Course # and Title: AP/ECON 4140 3.0A Financial Econometrics Course Webpage: http://www.yorku.ca/rsufana/teaching.htm Course Instructor/Contact: Name: Prof. Razvan Sufana Office: VH 1030 Phone: 416-736-2100 Ext. 66065 Office Hours: Tuesday 2 – 3 PM, Thursday 2:45 – 3:45 PM Email: rsufana@yorku.ca (Please include course number in subject line) LectureTime and Location: Thursday 11:30 – 2:30 PM, ACE 002 Prerequisite: AP/ECON 3210 3.00 or AP/ECON 3500 3.00 or equivalent. Course Credit Exclusions: None. PRIOR TO FALL 2009: Course credit exclusion: AK/ECON 4130 3.00. Course Description: This course is an introduction to financial econometrics. Background knowledge of finance is not required. The objective of the course is to explain, in simple terms, the use of selected statistical methods and econometric models in finance. The content of the course includes simple static and dynamic models of financial returns, elements of portfolio theory, the CAPM regression model, elements of option pricing, the Value-at-Risk (VaR), and the ARCH model. Weighting of Course: Assignment 1 (12.5% of final grade): available October 2, due at beginning of class on October 9 Midterm Exam (30% of final grade): October 16 Assignment 2 (12.5% of final grade): available November 20, due at beginning of class on November...
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...University of Guelph Department of Economics College of Management and Economics ECON*1050 (01, 03) Introductory Microeconomics E. Adomait (Section 1 MWF 10:30 to 11:20 RozH 104) (Section 3 TTh 1 :00 to 2 :20 RozH 101) Email: eadomait@uoguelph.ca Fall 2010 MacKinnon 728 Ext. 56343 It is your responsibility as a student to be aware of and to abide by the University’s policies regarding academic misconduct, e-mail communication, maintaining copies of out-of class assignments, what to do when you cannot meet a course requirement and the drop date for this semester. To better understand these policies, visit: http://www.economics.uoguelph.ca/courses.asp COURSE OUTLINE Synopsis Market economies primarily rely upon the price system as a means of allocating resources. The objective of Introductory Microeconomics is to develop in students an understanding and appreciation of this price system. The course will survey the strengths and weaknesses of the market economy, as well as the successes and failures of government intervention in the market. Much of the course content is theoretical in nature. Once students have acquired facility in handling these analytical tools, attention will turn towards issues of public policy such as marketing boards, competition policy, environmental policy, and trade policy. Required Textbook: Michael Parkin and Robin Bade, Microeconomics, Canada in the Global Environment, 7th Ed. Purchased new, the textbook is bundled with an access...
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...Social Sciences Building Mondays and Wednesdays, 1:00- 313-436-9181 1:45 PM Mondays and Wednesdays, clhogan@umich.edu 5:00-5:45 PM Mondays, and by appointment |ECON 201 - Prin: Macroeconomics | |Together with ECON 202, this course serves to introduce the student to the basic ideas and concepts of modern economic analysis, and applies| |them to current economic problems, policies and issues. The focus of this course is on macroeconomics: income and wealth, employment, and | |prices at the national level in the United States economy. It is recommended that students take ECON 201 before ECON 202. MATH 105 is highly| |recommended but not required. (F,W,S). | |ECON 201 - Prin: Macroeconomics | |Together with ECON 202, this course serves to introduce the student to the basic ideas and concepts of modern economic analysis, and applies| |them to current economic problems, policies and issues. The focus of this course is on macroeconomics: income and wealth, employment, and | |prices at the national level in the United States economy. It is recommended that students take ECON 201 before ECON 202. MATH 105 is highly| |recommended but not required...
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...Econ 222 Assignment 3 Click Link Below To Buy: http://hwaid.com/shop/econ-222-assignment-3/ Econ 222 Macroeconomic Theory I Assignment #3 Question 1: The Solow growth model Consider the following production function: Y (t ) = F (K (t ),A(t )N (t )), (1) where Y (t ) denotes output, K (t ) denotes total capital input, A(t ) denotes “knowledge”, and N (t ) denotes total labour input. F (•, •) is the aggregate production function. Note that A(t )N (t ) is commonly referred as effective labour, and technological progress that enters the production function in this fashion is known as labour-augmenting or Harrod-neutral. a) Derive the intense form (per unit of effective labour) of the production function, using the abstract production function above. b) We know the actual production function is Y (t ) = K (t )α [A(t )N (t )]1−α . (2) Denote the population growth rate as n, the depreciation rate as d, the growth rate of knowledge as д, and the saving rate as s. First derive the steady state condition for this economy (involving investment per unit of effective labour), and then solve for the steady state level of capital per unit of effective labour, k ∗ (t ). c) Given the result in b), solve for the steady state level of output per worker y ∗ (t ), and consumption per worker c ∗ (t ). 1 d) Solve for the Golden rule level of capital per worker, kG . If the government can choose a saving rate for the economy, what saving rate should...
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...EGERTON UNIVERSITY FACULTY OF ARTS AND SOCIAL SCIENCES DEPARTMENT OF ECONOMICS COURSE OUTLINE COURSE CODE: ECON 100 COURSE TITLE: INTRODUCTORY ECONOMICS CREDIT FACTOR: 3.0 LECTURE HOURS: INSTRUCTOR: Mr. O. J. Nyanjong’ (Ground Floor, Room.23, Wing B, FASS Complex) E-mail: jnyanjong@egerton.ac.ke Twitter:@ohyouguy COURSE OBJECTIVES May I, on behalf on Economics Department, take this opportunity to most cordially welcome you to ECON 100. ECON 100 is a course that is specifically tailored for students not taking Economics as a subject. The course will run for 15 weeks, with Continuous Assessment Tests (CATs) being sat for on the sixth and tenth weeks of the course duration. The CATs shall comprise 30% of the final marks-20 through Class quizzes and 10 through reading assignments. The method of delivery shall mainly be through the Lecture method. Reading assignments questions shall be given on a fortnightly basis. At the end of the course, the student is expected to: i. Define and appreciate the rationale of opportunity cost as used in economics. ii. Appreciate the rationale of economics in his/her chosen field of study. iii. Understand the importance of price as a tool of resource allocation in a free market system. COURSE OUTLINE Week 1 Lesson 1-3 Topic Introduction Sub-topics Remarks Definition, branches of economics, economic methodology, Central Economic Problem, Production Possibility Frontiers, Elements of Economic Activities Definitions of a market Definition of price The...
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...Econ 251 7:30 a.m. in EE 129 1:30 and 3 p.m. in CL50 224 Spring 2012 Instructor: Dr. Kelly Blanchard Office: KRAN 477 Office Phone: 494-7956 Office Hours: Tuesdays and Wednesdays 9-11 a.m. and by appointment Email: khb@purdue.edu Teaching Assistants: Curtis Ball (ball10@purdue.edu) KRAN B024E T/Th 11:30-1:30 p.m. 496-1664 Ross Winegar (rwinegar@purdue.edu) KRAN 487 W/Th 3-5 p.m. Weekly Review Session: Thursdays 6-7 p.m. in KRAN G9 Exam Review Sessions: Friday, February 10 from 6-7 p.m. in WTHR 200 and Monday, March 26 from 6-7 p.m. in WTHR 200 Administrative Assistant: Bree Miller KRAN 443 496-7964 (9 a.m. – 1 p.m. M-Th) bree2@purdue.edu Course Web Site(s): blackboard.purdue.edu (for accessing grades and course information or postings) www.pearsonmylabandmastering.com (for e-text, online homework, study guide) Course Overview: Econ 251 is intended to introduce you to microeconomic theory and its application in everyday life. The course will explain how individual consumers and producers together determine the prices and quantities of goods available in the marketplace. We will investigate the underlying incentives of consumers to buy goods and of firms to produce products that satisfy consumer demand. In addition, we'll look at how government can help or hinder market efficiency. The textbook for the course is Microeconomics for Economics 251, published by Pearson Custom Publishing (ISBN: 1256128546). The publisher has created an online resource site...
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...systems Laudon & Laudon – Management Information Systems 1 3 / 21 ט"ו/אדר/תשע"ה The business process view of information systems The way organizations coordinate and organize work activities to produce a valuable product or service Information System 4 / 21 How does IT support business processes? automation – replacement integration – information flows effectiveness – decision support innovation – “doing things differently, with added value” 5 / 21 The information systems contents hierarchy Data – raw facts Information – data with meaning (“data in place”) – meaning: use and action context, B-process context – implications: aggregation, sorting, linking, contrasting… provision in “decision points” Knowledge – information within contextual structure – contextual structure: inter-related information, added value of the generic structure of experiences, contextual process structure and/or insights – implications: tends to be personal, implicit 6 / 21 2 ט"ו/אדר/תשע"ה The basic services of information systems Transaction Processing (TP): – Key concepts: event capture data – Organized around process and feedback – Examples: bidding on courses, purchasing a product, paying a bill Decision Support (DS): – Key concepts: information decision action – Organized around a decision situation – Examples: classroom assignment, inventory re-order, cash-flow planning 7 / 21 TP and DS...
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...University Dr. Julia L. Hansen Fall 2013 Office: PH 339, Office Phone: 6503204 Office hours: TR 1-2 p.m. and 4-4:30 p.m. (or by appointment) Additional office hours will be scheduled prior to exams. E-mail address: julie.hansen@wwu.edu Canvas address*: http://canvas.wwu.edu *Please visit the course page on Canvas for access to course documents, additional readings and links to relevant information on the web. COURSE READINGS: Gruber, Public Finance and Public Policy, 4th edition Additional readings as listed on the course outline COURSE PREREQUISITES: Econ 206 and Econ 207 COURSE DESCRIPTION: Public Finance deals with the taxing and spending activities of government. It is alternatively called Public Sector Economics or Public Economics. The focus of the course is on the microeconomic functions of government, and in particular the way that government affects the allocation of resources and the distribution of income. The analysis of the spending activities of government will include a discussion of public goods, externalities, education, welfare programs, Social Security and health care. On the tax side, we will build a framework for tax analysis, and then apply this framework to the personal income tax, the corporation income tax, and other U.S. taxes. COURSE OBJECTIVES: 1. To understand the economic rationale for government involvement in a market economy. 2. To learn about the major...
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...University of California, Santa Cruz Economics 135: Corporate Finance Instructor: Prerequisites: Lecture Times: Location: Section Times: Professor Nirvikar Singh Econ 10A, Econ 100A or 100M, Econ 113 MWF 3:30-4:40 pm Kresge 321 Tu 8:30-9:40AM Th 6:00-7:10PM Th 7:30-8:40PM F 11:00AM-12:10PM Winter Quarter, 2014 Baskin 165 Baskin 165 Baskin 165 Baskin 372 Wentao Su Jeffrey Hancuff Jeffrey Hancuff Wentao Su Office Hours: Location: Email: M 11-12, Th 1-2, or by appointment Engineering 2 Bldg, Room 421 boxjenk@ucsc.edu Teaching Assistants: Jeffrey Hancuff and Wentao Su Office Hours: TBD Locations: TBD Midterm Exam 1: Midterm Exam 2: Final Project Due: Monday, February 3 (in class) Monday, March 17 (in class) Thursday, March 20, 12 noon, delivered to TA mailbox Course Description and Objectives This course is an introduction to the financial management of a business. Topics include techniques for the valuation of future cash flows and of financial assets such as stocks and bonds; rules for managing cash and allocating capital in the short run and long run while taking account of costs, returns and risks; and the role of financial markets in guiding or facilitating these decisions. After taking this class, you will – I hope – be able to better understand and discuss financial news, know about the central financial aspects of running your own business, be able to work in the finance department of a firm, and be prepared for more advanced studies in finance. Required...
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...EC142 Unit 3 Assignment Chapter 4: # 4, 7, 9, 10 4. What effect would a rule stating that university students must lie in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in turn have on room rates? Answer: The effect of the price elasticity of demand would be more inelastic for adding the rule in the university. The room rates impact would increase as students oppose to follow the rules while they are in that University. 7. You are chairperson of a state tax commission responsible for establishing a program to raise new revenue through exercise taxes. Why would elasticity of demand be important to you in determining the products on which the taxes should be levied? Answer: If I were the chairperson of a state tax commission responsible, I would select the products that were price inelastic, because the tax increase will increase the tax revenue. Elasticity of demand would be very important to me considering that “the higher tax on a product that has an elastic demand will bring in less tax revenue.” (Econ pg. 86) In this case, goods and services such as cigarette, liquor and phone service are the helpful to excise taxes because these are the products that have not decrease in demand when an excise tax is levied. 9. Because of a legal settlement over state health care claims, in 1999 the U.S tobacco companies had to raise the average price of a pack of cigarettes from $1.95 to $2.45. The decline price of...
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...yorku.ca Room Office hours: Mondays & Wednesdays, 11:30 a.m. to 12:30 p.m., or by appointment. Brief Description: Students learn about investment and financing in this core course. The investment decision allocates scarce resources to projects in the organization, and involves asset valuation, capital budgeting, risk management, working capital management and performance assessment. The financing decision chooses sources of cash to finance the investment decisions and involves capital structure, financial instruments, the risk-return trade-off, financial planning and the cost of capital. Ethical considerations and management in the global context are integrated into these topics. Course Credit Exclusion: AP/ECON 3.00 (AS/ECON 4400 3.00 or AK/ECON 4082 3.00) Prerequisite: none Course objectives: The course objectives are to introduce students to the theory of financial management and its application to the business world. It analyzes how financial managers make decisions within a framework which emphasizes the time value of money (TVM) and the relationship between expected return and risk. In addition, we examine the techniques that financial managers use to evaluate feasibility of undertaking new projects (i.e., capital budgeting). This course is very fast paced, technical in nature, and it requires each student to do considerable out-of-class work. Problem solving throughout the course is required. Organization of the Course: Class format is lecture-style...
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