10-11……………………………………………………………Factors affecting demand Pg12 - 13……………………………………………………………..Factors affecting supply Pg 14-15………………………………………How Can Government Control Inflation? Pg 16-19…………………………………………………Effect of inflation on various sectors Pg20-21…………………………………………………………..Literature review Pg22-23………………………………………………Needs, Objectives and Methodology Pg24……………………………………………………………..Data Analysis Pg24-25………………………………………………Advantages/Disadvantages of inflation Pg25-26………………………………………………………….Elasticity of Demand Pg27-28……………………………Classification
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6. Theory of Demand 19 7. Theory of Supply 21 8. Equilibrium/Market Clearing Price & Price Mechanism 23 9. Consumer and Producer Surplus 26 10. Price Elasticity of Demand 28 11. Price Elasticity of Demand and Revenue 30 12. Price Elasticity of Demand along Demand Curve 31 13. Cross Elasticity of Demand 32 14. Income Elasticity of Demand 33 15. Price Elasticity of Supply 34 16. Elasticity Summary
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Study Guide Taylor’s University Undergraduate Business Programmes BUS1604/ECN60104 Microeconomics March Semester 2016 ______________________________________________________________ TUTORIAL 1 (WEEK 2): INTRODUCTION - THE NATURE AND METHOD OF ECONOMICS. THE ECONOMIZING PROBLEM (CHAPTER 1&2) CLASS ACTIVITIES: • Recap Lecture 1 • Tutorial exercises LEARNING OUTCOMES: Understand the meaning and significance of economics. Distinguish between microeconomics
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price of lamb has risen? Answer # 1 a. Competitive Market:- A competitive market is the one in which the prices are free to vary according to the demand and supply, using the ceteris paribus or ‘all other things being equal’ assumption. By assuming all things being equal, there is an inverse relationship between price and quantity for demand and direct relationship for supply. People buy more when the prices fall, since consumption is subject to diminishing marginal utility that is why consumers
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Cost theory and estimationm’s cos: An individual firm cost of production has great influence on the total market supply of a particular commodity that is why it is important to understand the production cost concept. Different types of costs: Cost of production can be classified as Opportunity Cost Opportunity cost is a cost associated with a decision that includes both the explicit and implicit costs. The unique aspect of opportunity cost is that it also includes costs associated with making
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cost of one unit (average of $20). In order to figure my demand curve for the month and assume that I have 40,000 cookbooks in inventory I would begin with Q being the quantity of cookbooks sold per month and P being the retail price of the cookbooks. The equation is Q = 40,000- 500P. I will plug in the price for $20, $30, and $35. For example, Q = 40,000-500(20) =10,000 cookbooks demanded at the price of $20.00. When figuring the demand at the cost of $30 my equation is Q = 40,000 – 500(30) =
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Tata Motor’s -Company Background Tata Motors was established in 1945 and is formerly known as Tata Engineering and Locomotive Company. It is India's largest automobile company, and a fortune 500 company. Tata Motors acquired Jaguar and Land Rover, a premium car brand in UK, in 2013. The company always worked in line the Tata Values to contribute to Indian society. Tata Nano - Origin Ratan Tata’s thought about a people’s car was a social concern. He wanted to give a car to middle class of the
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drinking when prices are lowered and increase their consumption when prices rise”. He further states “Alcohol demand is elastic: In the U.S., a 10% increase in the price of alcohol would lead to a 7.4% drop in beer consumption, a 4.9% drop in wine consumption and a 14.7% drop in distilled spirits consumption (Jernigan, D.H. nd). Operating on the assumption that people use their disposable income to consume alcohol, Jernigan concludes that the more expensive the price of alcohol, the less people will
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MANAGERIAL ECONOMICS ASSIGNMENT Table of Contents Assignment Question no: 1 3 Assignment Question no: 2 5 Assignment Question no: 3 7 Assignment Question no: 4 9 Assignment Question no: 5 11 Assignment Question no: 6 13 Assignment Question no: 7 16 Assignment Question no: 8 19 Reference 22 Assignment Question no: 1 a) Explain the concept behind the production possibilities frontier. The production possibilities frontier (PPF) or "production possibilities curve”
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Law of Demand In Economics, the law of demand is understood as when the price of a product or service increases, demand decreases; and when the price lowers, demand will increase (Comstock, 2015; McConnell, Brue, & Flynn, 2015). It is the customer’s who control demand, individuals make decisions regarding what to purchase with their money. Therefore, price changes are the only issue that will change the amount of demanded goods. For example, diamonds and air conditioners are conspicuous goods
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