Measurement of the moment of inertia of a flywheel A flywheel of radius R is set up on a horizontal axle of radius r. A string of length h is wrapped round the axle with a mass m tied to the end (Figures 1 and 2). The moment of inertia of the flywheel and axle is I. The flywheel is accelerated by the couple applied by the mass m. The mass is allowed to fall through a height h at which point the string leaves the axle. The velocity of the falling mass at this instant is v and the angular velocity
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1.0 Introduction: The spectrum of competition ranges from perfectly competitive markets where there are many sellers who are price takers to a pure monopoly 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
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Economics Paper Deborah Robinson University of Phoenix ECO365 Brad Bennett March 2, 2009 Introduction The following paper will define economics, microeconomics, and the law of supply and demand. The paper will identify the factors leading to a change in supply and a change in demand, and will also analyze the basis for the trends in consumption patterns discussed in the article “As US Shoppers Retreat, Can World Thrive?” The author of the paper will analyze the article by considering
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Economies of scale Economies of scale are the cost advantages exploited by expanding the scale of production in the long run. The effect is to reduce long run average costs over a range of output. These lower costs represent an improvement in productive efficiency and can feed through to consumers in lower prices. But economies of scale also give a business a competitive advantage in the market-place. They lead to lower prices and higher profits! The table below shows a simple representation
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Econ 1 Professor Carter December 12, 2011 Microeconomics In My Daily Life Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me theories that only apply to the economy of a nation as a whole and not to an individual’s life. However, there were a lot of concepts
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Over the course of this class we will cover the following topics: Principles of Economics (week 1) Thinking Like an Economist (week 1) Supply and Demand (week 2) Market Efficiency (week 3) Consumer Surplus (week 2) Your assignment for the final paper is to write a 2 to 3 page paper (double spaced) about how 3 of the above concepts applies to your daily life. For example how does consumer surplus impact the decisions you make when shopping for groceries? Be creative and think hard
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Week 1 Knowledge Check Concepts Business Systems Productive Resources Law of Supply Law of Demand Calculating Profit Calculating Profitability Effect of the Business Model Mastery 100% 100% 67% 100% 100% 100% 100% Questions 1 2 3 Score: 20/21 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Concept: Business Systems Concepts Business Systems Mastery 100% Questions 1 2 3 1.What are the three components that make up a business system
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Question 2: Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry? Explain your answer (6 marks) Suppose the minimum point on the Long-run Average Cost (LRAC) curve of a soft drink firm’s lemonade is $1 per litre. Under conditions of monopolistic competition, will the price of a litre bottle of
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Quiz1 Question 1 3 out of 3 points Correct The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers? Answer Selected Answer: innovation theory of profit Correct Answer: innovation theory of profit Question 2 3 out of 3 points Correct The primary objective of
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MBA502 Economic Theory and Applications: Chapter 8 Applicable Questions (Pg: 220): 1) Find and label the monopolist’s profit-maximizing output and price: The chart shown below represents monopolistic competition, short run. P MC P1 MR D
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