...Keep Verb Tenses Consistent, However, some sentences with more than one action do The Perfect Tenses: require you If an action began in the past and continues into to switch VERB verb tenses. the present (or its effect TENSE does ), use the Present (Meaning) Perfect tense. If one action in the past precedes another, and need to clarify or emphasize the time sequence, then use the Past Perfect tense. In a more subtle example, you can use the Past Progressive to describe a background event , while you use Simple Past to describe a more important event in the foreground .(语 义不在一个层级) PRESENT PROGRESSIVE PAST PROGRESSIVE FUTURE PROGRESSIVE Still In Effect… PRESENT PERFECT= HAVE/HAS + Past Participle the Present Perfect indicates either continued action or continued effect of a completed action. only to clarify or emphasize a sequence of past events. BUT if the sequence is already obvious, we often do not need Past Perfect. The Earlier A sequence of verbs with the same subject does not require Past Perfect. Rather, use Action(also indicate the Simple Past for all the verbs. continued effect ) PAST Clauses linked by and or but do not require the Past Perfect as a general rule. PERFECT=HAD + Past Participle The words before and after indicate the sequence of events clearly and emphatically enough to make the use of the Past Perfect unnecessary. the later past event does not need to be expressed with a Simple Past tense verb...
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...1. Improvements in technology for producing all goods must result in (A) an inward shift in the production possibilities curve (B) an outward shift in the production possibilities curve (C) a flatter production possibilities curve (D) a steeper production possibilities curve (E) greater unemployment of labor 2. The quantity of peanuts supplied increased from 40 tons per week to 60 tons per week when the price of peanuts increased from $4 per ton to $5 per ton. The price elasticity of supply for peanuts over this price range is (A) Elastic (B) Inelastic (C) unit elastic (D) perfectly elastic (E) perfectly inelastic 3. Which of the following best describes the law of demand? (A) The price of a good increases when the demand for the good increases. (B) The price of a good decreases when the supply of the good decreases. (C) When the price of a good increases, its demand decreases. (D) When the price of a good decreases, its quantity demanded increases. (E) Demand creates its own supply. 4. Assume that ice cream is a normal good. If the price of ice cream decreases, the substitution effect and the income effect will lead to which of the following changes in ice cream consumption? | Substitution Effect | Income Effect | (A) | Increase | Decrease | (B) | Increase | Increase | (C) | Increase | No change | (D) | Decrease | Increase | (E) | Decrease | No change | 5. Short-run marginal costs...
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...Similarities and Dissimilarities between[pic] Monopolistic Competition and Perfect Competition [pic] Vs [pic] Presented to: Sir Zahid Presented by: Muhammad Bilal Hussain Registration # K1f12mcom0009 Date:15 January 2013 Definition of 'Perfect Competition: [pic] A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price takers. 3. All firms have a relatively small market share. 4. Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit. Definition of 'Monopolistic Competition: [pic] A type of competition within an industry where: 1. All firms produce similar yet not perfectly substitutable products. All firms are able to enter the industry if the profits are attractive. 3. All firms are profit maximizes. 4. All firms have some market power, which means none are price takers. Similarities and Dissimilarities between Monopolistic Competition and Perfect Competition [pic] The two market situations have the following similarities. 1. The number of firms is huge under perfect competition and monopolistic competition. 2. The freedom of entry and exit of firms is there in both the firms. 3. Firms compete with each other. 4. The break even point is established where marginal cost and marginal...
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...ECONOMICS 2 REVISION MODULE 1: MARKETS IN ACTION MARKET EFFICIENCY * Market is efficient when social surplus (CS & PS) is maximised * Raising Production MC > MB: costs society more to produce than its value to us * Reducing Production MC < MB: society surplus not maximised * Efficient (Optimal) Allocation MC = MB: social surplus is at max PRICE ELASTICITY * Elastic: greater than 1 * Perfectly elastic: equal to infinity (horizontal line) * Inelastic: less than 1 * Perfectly inelastic: equal to 0 (vertical) * More steeper = more inelastic GOVERNMENT INTERVENTION * Tax: Direct & Indirect, Producer + Consumer surplus will not sum up to total surplus because there is government intervention (part of society) * Whichever is less elastic -> carries more burden * Price ceiling: legally established max price seller can charge * Set below equilibrium * Results in excess demand (or shortage) * Price floor: legally established min price seller can be paid * Above the equilibrium * Results in excess supply (or surplus) * Floor set above equilibrium will cause quantity demanded to fall -> less of g/s available MODULE 2: MODELLING CONSUMER BEHAVIOUR MARGINAL UTILITY * Marginal Utility: the change in total utility derived from consuming one more unit of a good * Law of diminishing marginal utility: as more and more of a good is consumed, it’s marginal utility...
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...SUMMARY OF REPORT I. Introduction to Four Market Structure II. Comparative Characteristics of Four Market Structures III. Four Market Structures a. Pure Competition i. Characteristics ii. Demand Curve iii. Examples iv. Summary b. Pure Monopoly v. Characteristics vi. Demand Curve vii. Examples viii. Summary c. Oligopoly ix. Characteristics x. Demand Curve xi. Examples xii. Summary d. Monopolistic Competition xiii. Characteristics xiv. Demand Curve xv. Examples xvi. Summary FOUR MARKET STRUCTURES Market structure is the selling environment in which a firm produces and sells its product The preceding chapter on the theory of production and cost made us understand the behavior of producer towards an efficient use of productive inputs because the use of inputs is associated with economic cost be it explicit or implicit cost. Efficient use of resources means proper identification of the use of the land, labor, capital and entrepreneur. These should not be underused as in 1st stage production or overused as in the 3rd stage of production, so that the cost associated to the production level can be minimized. This chapter examines a broad range of markets and explains how the pricing and output decisions of firms depend on market structure and the behavior of competitors. To determine...
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...LO16-1. Define the monitoring problem and state its implications for economics. LO16-2. Discuss why competition should be seen as a process, not a state. LO16-3. Summarize how firms protect monopoly. LO16-4. Explain why oligopoly is the best market structure for technological change. After reading this chapter, you should be able to: LO16-1. Define the monitoring problem and state its implications for economics. LO16-2. Discuss why competition should be seen as a process, not a state. LO16-3. Summarize how firms protect monopoly. LO16-4. Explain why oligopoly is the best market structure for technological change. “It is ridiculous to call this an industry. This is rat eat rat; dog eat dog. I’ll kill ’em, and I’m going to kill ’em before they kill me. You’re talking about the American way of survival of the fittest.” Ray Kroc (founder of McDonald’s) When Microsoft was designing Zune, the Microsoft workers were sent a link to a video of Steven Jobs (the CEO of Apple) showing Jobs stating, “The only problem with Microsoft is that they have no taste—Absolutely no taste.” The goal of Microsoft showing the video to Microsoft workers was to infuriate the Microsoft workers sufficiently so that they would show that not only do they have taste, but that they can bury Apple and its iPod. It was to make the competition with Apple personal. It didn’t work, and Apple went public with its “no taste” view of Microsoft in a series of TV ads that portrayed the Apple computer as the tasteful...
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... |100 |170 |270 |50 |67,5 |42,5 | |5 |100 |225 |325 |55 |65 |45 | |6 |100 |300 |400 |75 |66,7 |50 | |7 |100 |380 |480 |80 |68,6 |54,3 | Complete the table and draw the MC, ATC and AVC curves on a graph See the graph n°1 given to you. The demand function for this market is Qd=1000-10p Draw the demand curve for this demand function onto the graph. On the x-axis go from 0 to 1000 in gaps of 100. On the y-axis go from 0 to 100 in gaps of 10. in order to draw the demand curve for this demand function, I had to calculate: Qd = 1000 – 10 * 10 = 900 Qd = 1000 – 10 * 20 = 800 Qd = 1000 – 10 * 30 = 700 ….....etc Qd = 1000 – 10 * 100 = 0 Then, I reported those results onto the graph paper n°2. Imagine there are 100 companies in this market and they all have the same cost structure as the one in the table above. Draw the supply curve onto the graph. What is the market...
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...many countries, revenue is referred to as turnover. Some companies receive revenue from interest, royalties, or other fees.[1] Revenue may refer to business income in general, or it may refer to the amount, in a monetary unit, received during a period of time, as in "Last year, Company X had revenue of $42 million." Profits or net income generally imply total revenue minus total expenses in a given period. In accounting, revenue is often referred to as the "top line" due to its position on the income statement at the very top. This is to be contrasted with the "bottom line" which denotes net income.[2] The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Revenue is calculated by multiplying the price at which goods or services are sold by the number of units or amount sold. Revenue is also known as "REVs." Marginal revenue From Wikipedia, the free encyclopedia Jump to: navigation, search Typical marginal revenue R' and average revenue (price) <R> curves for a firm that is not in perfect competition In microeconomics, marginal revenue (R') is the additional revenue that will be generated by increasing product sales by 1 unit.[1][2][3][4][5] It can also be described as the unit revenue the last item sold has generated for the firm.[3][5] In a perfectly competitive market...
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...where one single supplier dominates an industry and sets price. We start our analysis of market structures by looking at perfect competition. Firms operate within their market, which consists of: Supply side: all of the firms producing similar products Demand side: all buyers willing to purchase the products Markets differ; the auto market is far different from the tomato market, for example. Thus economists separate markets into 4 categories: perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition: There are many, many small sellers (technically, there must be an infinite number of sellers), each of whom produces an identical product. It is very easy for new sellers to enter this market, and it is easy for existing sellers to leave the market. Examples: There are no real world examples of perfectly competitive markets. The stock market comes close. 2.0 Analysis 2.1 Perfect competition Perfect competition describes a market structure whose assumptions are extremely strong and highly unlikely to exist in most real-time and real-world markets. The reality is that most markets are imperfectly competitive. Nonetheless, there is some value in understanding how price, output and equilibrium is established in both the short and the long run in a market that holds true to the tough assumptions of a world of perfect competition. Economists have become more interested in pure competition partly because of the rapid growth of e-commerce in...
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...wanted to create a place with Americana vibes and food. The music came later on when artists like Eric Clapton and Paul McCartney would come out and eat hamburgers after shows. Today the café does have similar companies like Planet Hollywood and Harley Davidson Café trying to fill the shoes of the original, but nothing replaces Hard Rock Café. By creating this original idea, others used the same marketing techniques but with different perspectives such as movies, TV, and automobiles. This has always been a natural competition, but how it competes with other hospitality companies is the flexibility of creating new hotels, cafes’ and venues. And if I am not mistaken Hard Rock Café would be built on a perfect competition market. A perfect market completion market is defined as, “Perfect competition is characterized by many buyers and sellers, many products that are similar in nature and, as a result, many...
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...Department of Economics Spring Semester 2010 University of Pacific ECONOMICS 53 Problem Set 6 Due before lecture on April 1 Part 1: Multiple Choice (15 Questions, 1 Point Each) 1. If a monopolist's marginal revenue is $35 a unit and its marginal cost is $25, then A) to maximize profit the firm should decrease output. B) to maximize profit the firm should continue to produce the output it is producing. C) to maximize profit the firm should increase output. D) Not enough information is given to say what the firm should do to maximize profit. Figure 1 2. Refer to Figure 1. If the firm's average total cost curve is ATC1, the firm will A) make a profit. B) suffer a loss. C) shut down D) break even. 3. Refer to Figure 1. If the firm's average total cost curve is ATC2, the firm will A) make a profit. B) suffer a loss. C) shut down D) break even. 4. For a monopolist to sell more units of output, A) the price must be increased. B) the price must be reduced. C) demand must become more elastic. D) the other competing firms must sell fewer units. 5. For a monopolist, price A) equals marginal revenue at all output levels. B) is less than marginal revenue. C) is greater than marginal revenue. D) can be greater than or less than marginal revenue. 6. In the long run, a monopoly A) will always earn zero economic profits. B) may earn positive economic profits due...
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...Monopoly Public interest is virtual another way to describe consumers’ wants, namely, maximising utility at the lowest price and the best quality. This concept has been contributed by Jeremy Bentham and J.S. Mill referred to “the greatest happiness for the greatest number”. (Handout, 2004, the ‘public interest’) In the market structure, one extreme form, imperfect competition is known as monopoly. The following is going to discuss that monopoly is always against the public interest. To compare with perfect competition (another extreme form), the potential strengths and weaknesses of monopoly will be presented and examine which one can be best to serve the public interest. First of all, a monopoly literally means a sole seller, it occurs when there is only one firm in the whole industry. But in practice, it is difficult to exist. Thus more than 25% market share in the industry is identified as monopoly by its legal definition. Meanwhile monopoly also exists in a certain region, e.g. a local water company dominates the local market as ‘natural monopoly’ which means that market may be too small to support more than one firm to achieve significant economies of scale. A major characteristic of monopoly is high barriers to entry. For example, a specific legal barrier protects monopoly in term of patent on essential processes, copyright and licenses and so on. At the same time, monopoly protects itself from competing through a...
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...Grammar Review The Present Simple (현재형) 1. To talk about things and situations that are generally true (일반적인 사실과 관련된 사물 또는 상황을 말하고자 할 때) e.g) • Digital cameras cost a lot of money. They have very complex parts and they use a lot of battery power. • She is 27 years old and she has a small flat. 2. The general truth can be: (일반적인 사실을 표현할 때) • A repeated action(반복되는 행동표현): She takes the train to work, but I usually drive. • A permanent situation(영속적인 상황표현): She lives in a small flat in London. 3. The present simple can be used in informal stories: describing a film scene, telling a joke (일상적인 내용을 말할 때 – 영화장면을 묘사하거나 농담을 할 경우 등) e.g) • She walks into the room, and sees the bottle and two glasses on the table. • This man goes into a bar, and orders an orange juice and a packet of crisps. The Present Continuous (현재진행형) It is used to talk about 1. Actions that are going on around or at the time of speaking (행동을 하고 있는 상황 또는 현재의 당시 상황을 말할 때) e.g) Jane is having a bath at the moment. 2. Temporary situations. (일시적인 상태) e.g) compare (현재시제와 현재진행형의 비교) • He is working in Oxford just now. (but next year he will do something else) – 현재에는 옥스포드에서 일하고 있는 중이지만 내년이나 가까운 미래에는 다른곳에서 일할 예정임을 표현, 즉 현재의 당시 상황을 표현하였음. • He works for a company in Oxford. ( He works there all the time) – 언제나 옥스포드 회사에서 일하고 있다. 즉, 사실을 표현함. 3. Changing situations (상황이 변하는 경우) – get, become...
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...industry which is dominated by a few firms reflects the model of an oligopoly. Several real life examples have been used to confirm the theory of oligopoly. Moreover, the price rigidity observed in an oligopolistic industry has been explained by the kind demand curve theory. The second section of the report examines the case of price fixing by Procter & Gamble, Unilever and Henkel, who are major players in the detergent industry in Europe. It relates the concept of collusion and how it has led the firms to price fixing arrangements in the detergent industry. Finally the economic rationale why Henkel was not fined by the European Competition Commission has been discussed. Market structures may be generally categorised as the following: perfect competition, monopoly, oligopoly or monopolistic competition. These different types of market structures can be differentiated mainly by the number of competitors in a market and their market share. An oligopoly is a form of market structure that has few sellers that dominate the industry and they tend to sell differentiated products. It is also one of the most predominant market structures in the business world. One industry which is likely to be classified as an oligopolistic is the grocery industry in the UK. This industry is dominated by four main players, namely Tesco, Asda, Sainsbury’s and Morrisons. The 4-firm concentration ratio is around 76.4%...
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... | |[pic] |This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. The | | |talk page may contain suggestions. (May 2010) | In linguistics, an auxiliary (also called helping verb, helper verb, auxiliary verb, or verbal auxiliary, abbreviated aux) is a verb functioning to give further semantic or syntactic information about the main or full verb following it. In English, the extra meaning provided by an auxiliary verb alters the basic meaning of the main verb to make it have one or more of the following functions: passive voice, progressive aspect, perfect aspect, modality, dummy, or emphasis. In English, every clause has a finite verb which consists of a main verb (a non-auxiliary verb) and optionally one or more auxiliary verbs, each of which is a separate word. Examples of finite verbs include write (no auxiliary verb), have written (one auxiliary verb), and have been written (two auxiliary verbs). Many languages, including English, feature some verbs that can act...
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