the number of medical students has more or less remained constant at 67,000 during 1994 until 2005. Now consider the factors that shift the demand curve – evaluate them for the market for recently graduated medical students. In general, would you expect the demand for medical students to be increasing? Why/why not? The biggest factor for a shift in demand of medical students is technology, I believe. Many helpful tools for doctors and psychiatrists get developed every year. 100 years ago, surgeons
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Suppose the government raises the legal drinking age in the UK from 18 to 21. Conduct an economic analysis of this policy to examine its impact on affected markets. The minimum legal drinking age or MLDA is the most well studied alcohol control policy. It is a controversial problem with different empirical studies showing opposite results. In my opinion the change of age from 18 to 21 will lead to lower demand and will cause prices to go up. The consumption of alcohol affects the economy in opposite
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Electronics Market in Bangladesh | 4 | 2.2 | International Market of Walton Hi-Tech Industry | 5 | 3. | Major Determinants of Demand of Walton hi-Tech Industry | 6 | 3.1 | Choice of variables | 6 | 3.2 | Observable variables | 6 | 3.3 | Sales Information of Walton Refrigerators | 7 | 4. | Price Elasticity Function of Walton Hi-Tech Industry | 7 | 4.1 | Price elasticity of demand (PED or Ed) | 7 | 4.2 | Number of available substitutes of Walton product | 8 | 4.3 | The price level relative to consumer’s
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Examiners’ commentaries 2013 Examiners’ commentaries 2013 EC1002 Introduction to economics Important note This commentary reflects the examination and assessment arrangements for this course in the academic year 2012–13. In 2014 the examination will be conducted in two parts. The rubric for Part I will read as follows: This is Part I of the examination which consists of Multiple Choice Questions. You have 90 minutes and you should attempt to answer ALL the questions. Each question has four
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information about customer needs, competition, market demand, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment, characterised by frequent: Changes in technology – enabling newer products and new production processes (e.g. switching of screens to OLEDs) Changes in consumer tastes –the demand for some products declines, whilst others will grow more popular (e.g. increased demand for android based smart phones over conventional
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market power or ability to raise price above marginal cost and earn a positive profit. The degree to which Julivee can raise price above marginal cost depends on the shape of the demand curve at the profit maximizing output. That is, elasticity is the critical factor in determining market power. In this case, the demand elasticity for movie theater/entertainment was not given. Thus, they can only compute how they would charge or price the tickets depending on it and determine at what rate it would
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Forecasting, Inc, has been hired by a private consortium of orange growers to predict what will happen to the price and output of oranges under the conditions below. What are your predictions? For each part, sketch a graph showing the appropriate demand and supply analysis. a) A major freeze destroys a large number of the orange trees in Florida. b) The American Medical Association announces that drinking orange juice can reduce the risk of heart attack.
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solved by dominant strategies? Answer: Yes, Time’s dominant strategy is “impeachment,” and Newsweek’s dominant strategy is also “impeachment.” So the game can be solved by dominant strategies: both Time and Newsweek will choose “impeachment.” Analysis: For Time, who is the first player and the row player, we compare its rows: (45, 90) to (40, 20). 45>40, 90>20, the first row (impeachment) is always the best, so impeachment is the dominant strategy for Time. For Newsweek, who is the second
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“Fat” Tax On Pop Soda Analysis Economic Analysis of the impact of policy Course: Microeconomic Theories (Eco204) The Group of Eight (Canada, France, Germany, Italy, Japan, Russia, the UK and the US) generated almost $291 billion in soft drinks sales in 2010, according to Market Line. Pop soda has been such an important good in people’s everyday life and it generates huge revenue for the whole economy. It is reasonable to believe that the government’s new proposal of imposing a 1% “fat”
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TJ MacPherson Wal-Mex case analysis In this case study, Wal-Mart, or known as Wal-Mex in Mexico was facing some forward challenges upon entering and expanding in the Mexican market. The brut of the challenges faced were derived internally from its employees and operations. There were five key issues and they were known as the “five key syndromes”. I will further explain in depth about the adversity these syndromes can cause on Wal-mex operations. The first syndrome is known as the blue ink syndrome
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