...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...
Words: 837 - Pages: 4
...11 Issues Chapter of Reporting, Disclosure and Financial Analysis Questions for Review and Discussion 1. The two main adjustment are likely to be the addition of capital assets and longterm obligations. 2. The main adjustments are likely to be: the addition of depreciation expense and gains or losses from the sale of capital assets and the deletion of amounts spent to acquire capital assets and the proceeds from the sale of capital assets the deletion of long-term debt proceeds and amounts spent to repay long-term debts and the addition of any gain or loss on the retirement of debt and the amortization of any debt premium or discount. 3. The key criterion is financial accountability the primary government either appoints a voting majority of the units governing body or a majority of the units governing body is composed of primary government officials and the primary government is able to impose its will upon the potential component unit or there is the potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. 4. Discrete presentation is when one or more component units are reported in separate columns, in addition to those pertaining to the primary government. Blending is when the component units transactions and balances are reported as if they were part of the primary government that is, the component units funds are accounted for just as they were funds of the primary government. Blending is...
Words: 8666 - Pages: 35
...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...
Words: 754 - Pages: 4
...ECON 191, Fall 2012 Guidelines for Writing an Economics Research Paper Writing a good economics paper is both an exciting and a nontrivial task. It requires a sustained effort in identifying an important question and in developing a credible model to think about that question or a testable hypothesis to answer it. In many cases it may require collecting data that gives the opportunity to test the hypothesis that you develop. You are encouraged to structure your paper in four parts: introduction, literature review, body, and conclusion. A brief abstract of no more than 100 words should precede your paper. Introduction Identifying a significant and well formulated question is the single most important part of the research process and the most difficult as well. A good research question has to be concise (remember, you are writing a 15-page paper, not a book), feasible and important. Choosing a research question requires balancing importance and feasibility. Feasibility means tractability for theoretical research and data availability for empirical research. Whenever you come up with an idea for a research question, always try to think about a critic sitting in front of you asking “Why should I care about this?” Consider this question to be a first filter for your research question. Identify a well-defined research question. The introduction is where you (1) present the research question, (2) motivate why it is important and briefly outline (3) how you go about answering it...
Words: 1405 - Pages: 6
...national sales channels. poorly managed sales channels. outdated information systems. decreasing ticket sales. Difficulty: Medium Reference: p. 3 Answer: d 2. The six important business objectives of information technology are new products, services, and business models; customer and supplier intimacy; survival; competitive advantage, operational excellence, and: a. b. c. d. improved flexibility. improved decision making. improved business practices. improved efficiency. Difficulty: Easy Reference: p. 6 Answer: b 3. Dell Computer's use of information systems to improve efficiency and implement "mass customization" techniques to maintain consistent profitability and an industry lead illustrates which business objective? a. b. c. d. Improved flexibility Improved business practices Competitive advantage Survival Difficulty: Hard Reference: p. 8 Answer: c 4. The use of information systems because of necessity is: a. b. c. d. survival improved business practices competitive advantage improved flexibility Difficulty: Medium Reference: p. 9 Answer: a 5. (Analysis) Which of the following choices may lead to competitive advantage (1) new products, services, and business models; (2) charging less for superior products; (3) responding to customers in real-time? a. b. c. d. 1 only 1 and 2 2 and 3 1, 2, and 3 Difficulty: Hard Reference: p. 8 Answer: d Analysis in terms of compare 6. Verizon's implementation of a Web-based digital dashboard to provide managers with realtime information such as...
Words: 34754 - Pages: 140
...and collaborating. c. defining the purpose, the main idea, and the topic. d. satisfying the audience's informational, motivational, and practical needs. ANSWER: a; DIFFICULTY: easy; PAGE: 90; TYPE: concept 2. In developing business messages, the stage during which you step back to see whether you have expressed your ideas clearly is the a. planning stage. b. writing stage. c. completing stage. d. feedback stage. ANSWER: c; DIFFICULTY: moderate; PAGE: 91; TYPE: concept 3. In preparing business messages, you should devote about ______ percent of your time to planning. a. 10 b. 20 c. 50 d. 70 ANSWER: c; DIFFICULTY: moderate; PAGE: 91; TYPE: concept 4. Which of the following is not a general purpose common to business communication? a. To inform b. To persuade c. To negotiate d. To collaborate ANSWER: c; DIFFICULTY: moderate; PAGE: 92; TYPE: concept 5. An example of a specific purpose for a business message would be a. to impart information to the audience. b. to inform employees about the new vacation policy. c. to persuade readers to take an action. d. to obtain audience participation and collaboration. ANSWER: b; DIFFICULTY: moderate; PAGE: 92; TYPE: application 6. Most messages should not be sent unless they will a. bring about a change. b. increase your chances of being promoted. c. please your boss. d. do all of the above. ANSWER: a; DIFFICULTY: moderate; PAGE: 92; TYPE: concept 7. A message should be deferred or canceled if a. your news is bad. b. someone else wants to deliver...
Words: 21525 - Pages: 87
...Public Disclosure Authorized WPS5314 Policy Research Working Paper 5314 Public Disclosure Authorized Regional Trade Agreements Caroline Freund Emanuel Ornelas Public Disclosure Authorized Public Disclosure Authorized The World Bank Development Research Group Trade and Integration Team May 2010 Policy Research Working Paper 5314 Abstract This paper reviews the theoretical and empirical literature on regionalism. The formation of regional trade agreements has been, by far, the most popular form of reciprocal trade liberalization in the past 15 years. The discriminatory character of these agreements has raised three main concerns: that trade diversion would be rampant, because special interest groups would induce governments to form the most distortionary agreements; that broader external trade liberalization would stall or reverse; and that multilateralism could be undermined. Theoretically, all of these concerns are legitimate, although there are also several theoretical arguments that oppose them. Empirically, neither widespread trade diversion nor stalled external liberalization has materialized, while the undermining of multilateralism has not been properly tested. There are also several aspects of regionalism that have received too little attention from researchers, but which are central to understanding its causes and consequences. This paper—a product of the Trade and Integration Team, Development Research Group—is part of a larger effort in...
Words: 15913 - Pages: 64
...When economic growth is characterised by a slow rise in the demand for food and rapid growth in farm relative to non-farm productivity, it is understandable that agriculture in a closed economy declines in relative terms as that economy develops. But why should agriculture decline in virtually all open growing econ- omies as well, including those able to retain a comparative advantage in agricul- tural products? A key part of the answer is that the demand for non-tradable goods tends to be income elastic, so resources are diverted to their production even in open economies. One of the dominant changes that characterises a growing economy is the proportionate decline in the agricultural sector. This phenomenon is com- monly attributed to two facts: the slower rise in the demand for food as com- pared with other goods and services, and the rapid development of new farm technologies which lead to expanding food supplies per hectare and per worker (Schultz, 1945; Kuznets, 1966; Johnson, 1973). It is true that such conditions could lead to a relative decline of agriculture globally, or in a smaller closed economy. But why does agriculture decline in virtually all open growing economies? Might not some countries with rapid growth in agricultural relative to non-agricultural productivity improve...
Words: 335 - Pages: 2
...Econ 511: Managerial Microeconomics Spring 2010 Syllabus Department of Economics Business School HKUST Yuk-fai Fong (房育辉) Time and Venue: Section 1: 9:00 a.m. – 12:20 p.m., Saturday, April 9 – June 4 (except April 23) Section 2: 2:30 p.m. – 5:50 p.m., Saturday, April 9 – June 4 (except April 23) Venue: Room Rm 4219 (Lift 19) Instructor: Yuk-fai Fong Email: y-fong@kellogg.northwestern.edu Phone: 2358-7600 Office Location: Room 3434 Email is always a great way to reach me. Office Hours: By appointment Course Web Site: http://lmes2.ust.hk Course Description Businesses exist to create and capture economic value. A business creates value by combining inputs such as labor, materials, and capital to make products and services that consumers need and desire. And it survives and thrives by charging a price that equals or exceeds the cost of delivering the products and services that consumers value. In this course, students learn how businesses optimally create and capture value and how their abilities in doing so are impacted by various market forces and the strategic interaction among players in the industry. A good understanding of the 1 economic principles that govern the distribution of value in markets is critical to formation of a successful and sustainable business strategy. Learning Objectives: Understand and apply tools, concepts, and theories from microeconomics to perform industry and demand analyses. Apply demand and supply analyses in predicting...
Words: 1905 - Pages: 8
...items are used internally to produce a final product. Answer: FALSE Diff: 2 Page Ref: 744 Main Heading: Elements of Inventory Management Key words: dependent demand items 2) Dependent demand items are final products demanded by an external customer. Answer: FALSE Diff: 2 Page Ref: 744 Main Heading: Elements of Inventory Management Key words: independent demand items 3) Inventory costs include carrying, ordering, and shortage costs. Answer: TRUE Diff: 1 Page Ref: 744 Main Heading: Elements of Inventory Management Key words: inventory costs 4) The purpose of inventory management is to determine how much and when to order. Answer: TRUE Diff: 1 Page Ref: 746 Main Heading: Elements of Inventory Management Key words: inventory management 5) In a continuous inventory system, a constant amount is ordered when inventory declines to a predetermined level. Answer: TRUE Diff: 2 Page Ref: 746 Main Heading: Inventory Control Systems Key words: inventory control systems, continuous inventory system 6) In a periodic inventory system, a constant amount is ordered when inventory declines to a predetermined level. Answer: FALSE Diff: 2 Page Ref: 747 Main Heading: Inventory Control Systems Key words: continuous inventory system 7) The EOQ is the optimal order quantity that will minimize total carrying costs. Answer: FALSE Diff: 2 Page Ref: 748 Main Heading: The Basic EOQ Model Key words: economic order quantity models, EOQ models ...
Words: 7398 - Pages: 30
...Econ 555 Homework #4 Answer Key Economics for Decision Making T. Donley 1) A firm’s marginal product of capital is twice its marginal product of labor; the price of labor is $6, and the price of capital is $3. Is the firm minimizing costs? If not, how can it reduce its costs? Profit maximization (or cost minimization) requires that: condition is not being satisfied since: MPL MPK = . This PL PK 1 2 ≠ . To equate these ratios you would need to 6 3 substitute more capital for less labor. Which would act to decrease the MRP of capital and increase the MRP of labor. (Remember the law of diminishing marginal product). 2) The Miracle Manufacturing Company’s short-run average cost function in 1996 is: AC = 3 + 4Q Where: AC: Average cost in dollars per pound of product Q: Output a) Obtain the equation for the firm’s short-run total cost function. Since, AC = TC , it follows that TC = AC * Q . TC = 3Q + 4Q 2 Q b) Does the firm have any fixed costs? No, since every term in the total cost function is multiplicative in Q. c) If the price of the product (per pound) is $2, is the firm maximizing profits or losses? Explain your answer. Π = TR − TC Note: Π = 2 * Q − (3Q + 4Q 2 ) Π = − Q − 4Q 2 If the firm produces any positive amount of output they are experiencing a loss.. Their best solution is to produce nothing and close down. 3) The Suffern Company’s total cost function is: C = 100 + 3Q − 2Q 2 + 3Q 3 where: C: Total Cost Q: output per day a) What is the equation...
Words: 691 - Pages: 3
...ECON 312 WEEK 1 TO 7 QUIZZES Click Link Below To Buy: http://hwaid.com/shop/econ-312-week-1-to-7-quizzes/ Week 1 Question 1. Question : (TCO 1) Economics is the study of Question 2. Question : (TCO 1) The key economic concept that serves as the basis for the study of economics is Question 3. Question : (TCO 1) From an economic perspective, when a student decides to attend another year of college, the student has concluded that the marginal Question 4. Question : (TCO 1) Which is considered to be an economic resource by economists? Question 5. Question : (TCO 1) A movement along the production possibilities curve would imply that Question 6. Question : (TCO 1) Which would not be characteristic of a capitalist economy? Question 7. Question : (TCO 1) The development of CDs and DVDs that significantly reduced the market for cassette tapes would be an example of Question 8. Question : (TCO 1) Which of the following would be primarily determined in the resource market? Question 9. Question : (TCO 1) By free enterprise, we mean that Question 10. Question : (TCO 1) Which is the main problem with the barter system of exchange? Barter Question 11. Question : (TCO 1) Josephine makes $100 a day as a flower shop attendant. She takes off two days of work without pay to travel to another city to attend her sister’s wedding. The cost of transportation for the trip is $180 round trip. The cost of her hotel stay is $99 per night and she stays...
Words: 1440 - Pages: 6
...thank Yossi Edrey, Allen Graubard, David Hasen, Judy Herman, Don Herzog, Jim Hines, Bob Kuttner, Doron Lamm, Jeff Lehman, Kyle Logue, Dan Shaviro, Joel Slemrod, Dennis Ventry, and Larry Zelenak for their extremely helpful suggestions. All errors are mine. * Paul W. McCracken Collegiate Professor of Business Economics and Public Policy, University of Michigan. 1. AYN RAND, ATLAS SHRUGGED (1957). 2. Joel B. Slemrod, The Economics of Taxing the Rich, in DOES ATLAS SHRUG? THE ECONOMIC CONSEQUENCES OF TAXING THE RICH 3, 3 (Joel B. Slemrod ed., 2000) [hereinafter DOES ATLAS SHRUG?]. 1391 AVI-YONAHFINAL.DOC FEBRUARY 26, 2002 2/26/02 5:38 PM 1392 The Yale Law Journal [Vol. 111: 1391 rate from 1993 to 2001) is too high.3 The key turning point in the...
Words: 13482 - Pages: 54
...UNDERGRADUATE REGULATIONS & SYLLABUSES 2014 - 2015 THE FACULTY OF SOCIAL SCIENCES TABLE OF CONTENTS MESSAGE FROM THE DEAN ............................................................. 3 UNDERGRADUATE PROGRAMMES ................................................ 4 ACADEMIC CALENDAR 2014-2015 ................................................ 5 DEFINITIONS ...................................................................................... 13 GENERAL INFORMATION & REGULATIONS .............................. 14 General Regulations for Bachelor of Science Degrees 14 Special Regulations for Degrees in Hospitality and Tourism Management........................................................... 27 Franchise Agreements .......................................................... 27 EVENING UNIVERSITY -GENERAL INFORMATION & REGULATIONS ................................................................................... 28 General Regulations for Bachelor of Science Degrees 28 General Regulations for Diploma Programmes ............ 36 General Regulations for Certificate Programmes ......... 37 STUDENT PRIZES .............................................................................. 38 CODE OF CONDUCT ........................................................................ 39 UNIVERSITY REGULATIONS ON PLAGIARISM .......................... 40 THE ACADEMIC SUPPORT/ DISABILITIES LIAISON UNIT (ASDLU) ..............................................................................................
Words: 77086 - Pages: 309
...Additional Practice Problems for Exam 1 ECON 634 August 2010 Bangalore The problems below are similar to problems that students have had the greatest difficulty correctly solving on recent exams. Correct answers are provided at the end of the problem set. Exam 1 will cover many more items than just the concepts presented here. This exercise is just meant to give you additional practice on the types of problems that have given students the most difficulty. Q1 When the transactions costs associated with completing an activity by entering into a contract with another firm rise, the likelihood that this activity is done “external” to the firm by contracting with another firm _____ and the odds that it is done “internally” within the firm ____. A rises; falls B falls; rises Answer the next 4 Questions by 1st creating the following graph: Draw a standard supply and demand diagram, refer to it as Figure 1 label the intersection point of the supply and demand curves as Point A move from Point A up and to the left along the demand curve and label a point on the demand curve Point B move from Point A down and to the right along the demand curve and label a point on the demand curve Point C move from Point A up and to the right along the supply curve and label a point on the supply curve point D move from Point A down and to the left along the supply curve and label a point on the supply curve point E Q2 If Figure 1 represents the market for solar power cells and...
Words: 1218 - Pages: 5
