GM545 Final Exam Study Guide 1. Demand and Supply (TCO A) Know what the law of supply and demand is all about and be able to predict the impact on equilibrium price and/or quantity when supply and/or demand factors change. The interpretation of some basic graphs will be required. 2. Elasticity and Marginal Revenue (TCO B) The label on this question suggests what you need to know. You need to be able to calculate price elasticity of demand and/or supply and be able to interpret it. Also
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Eldred Merricks | BUSINESS ECONOMICS | GM545, Summer Term | | Emerricksrvp@gmail.com | 7/18/2011 | | Question 1 Everyone’s Gasoline Problem I think in order to understand what happens with gasoline prices one must first understand what elements make the retail price. The retail price is mostly comprised of taxes, refining, and crude oil. Crude oil is what we will focus on because it represents more than half of the cost associated with gas prices. [ (Wagner, 2011) ]
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| | Business Economics GM545 Project 2 | | Chapter 16-Question #5 Frictional unemployment Unemployment that is always present, it occurs when employees are transitioning from one place of employment to another or employees searching for new or better positions (Frictional Unemployment, 2013). Frictional unemployment is a natural part of our economy, and is considered to be necessary and beneficial. Frictional unemployment gives people time to search for jobs that they really want
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Business Economics GM545 January 2013 Everyone’s Gasoline Problem The fluctuation of gas prices occurs because of a number of factors; the price of crude oil, the price of manufacturing, the price of corn is all tied to the price of oil and the price we see at the pump for gas. In 2011, the United States consumed about 134 billion gallons1 (or 3.19 billion barrels2) of gasoline, a daily average of about 367.08 million gallons (8.74 million barrels). This was about 6% less than the record
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Business Economics GM545 Summer B, 2010 Exercise 1: Everyone’s Gasoline Problem “In recent years, the world's appetite for gasoline and diesel fuel grew so quickly that suppliers of these fuels had a difficult time keeping up with demand. This demand growth is a key reason why prices of both crude oil and gasoline reached record levels in mid-2008. By the fall of 2008, crude oil prices began to fall due to the weakening economy and collapse of global petroleum demand, which had pushed
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Ime Ekwere Business Economic Business Economics GM545 Fall 2011 Ime_ekwere2004@yahoo.com 16-5 Why is frictional unemployment important to have in any economy? Frictional unemployment is considered as a sign of an economy well being for unemployment that exits in a fast-growing economy with an expanding mobile, flexible and adaptable labor force of having choices. This type of unemployment is beneficial to workers because it allows them to seek for jobs they want
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Course Project Paper 1 David J Marshall Business Economics GM545 Winter Term 2012 mr_marshalls@live.com Exercise 1: Microeconomics Issues: Question # 1 There are two reasons gas prices must go up. The first is to get people into coal-powered cars. Coal-powered cars can only be driven around 40 miles before they must be plugged back into the grid for more coal power. If everyone moves to coal-powered cars, the drivers will be forced to live closer to cities (Erickson, 2011). According
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Anthony Ceniccola Business Economics (GM545) March, 2012 Cynic710@gmail.com Exercise 1 Problem 1: Everyone’s Gasoline Problem Fluctuation at the gas pump is universally understood and expected as of late, but the true meaning behind such fluctuation is still confusing. Through research I have concluded a number of factors play a role in determining the gas price and its fluctuation. Of those factors supply and demand plays a huge role. Naturally, demand for fuel will rise as the
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You Decide Business Economics - GM545 In the case presented the U.S. economy has fallen into a severe and deep recession that economic analyst believes will persist for at least another year. The unemployment rate has risen to levels not seen in over 20 years as the current unemployment rate is 8% and is expected to continue to rise. The inflation rate is -2.4 percent, suggesting that deflation has occurred since prices are falling. Deflation happens when consumers quit buying things, and prices
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calculator should not be needed. As with the quizzes, I believe that the final exam should focus on basic economic principles and models, and I have structured the exam in that way. Also, I have made sure to ask questions that reinforce all of the GM545 TCOs. A good way to prepare is to review the assigned chapters from the text, the Key Questions that were assigned from the text, and the two quizzes. There is quite a bit of material to cover. So, in the interest of helping you focus your
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