Midterm Exam Jan 2006 GM545 Microeconomics Instructions: --You are to answer one question from each section of the exam. --Please indicate the question selected on your answer sheets --Please return your answers by 6:00 pm Sunday, Jan 29th --The exam is to be completed solely by the student without assistance from anyone else. --Send your answers to my email address: lpatille@etaconsultants.com or place them in the Drop Box Section I: Answer one of the following questions in this section
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According to business definition, market structures are described as the makeup of a particular market. Market structure can be described with reference to different characteristics of a market, including its size and value, the number of providers and their market share, consumer and business purchasing behavior, and growth forecasts. The description may also include a demographic and regional breakdown of providers and customers and an analysis of pricing structures, likely technological impacts
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Chapter 01 Limits, Alternatives, and Choices Multiple Choice Questions 1. Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. 2. The
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Student’s Name: Course Name: Instructor’s Name: Institution: Date: Consumer choice theory is a microeconomics branch that tries to relate preferences to both consumer demand curves and consumer expenditures. The theory analyses the way consumers maximize their need to consume which is measured by their preferences against the limited ways on their expenditure. Consumers do this by utility maximization subject to a constraint on their budget. Other times it gets referred to as the theory of consumer
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A Short History of Economic Thought Hans-Walter Lorenz FSU Jena Winter 2012/13 Hans-Walter Lorenz (FSU Jena) A Short History of Economic Thought Winter 2012/13 1 / 93 Outline, Relevance, and Contents Outline, Relevance, and Contents Outline Very brief overview of a few dominant authors (starting around 1700 and ending in our times) Due to time restrictions: selection is to some extent arbitrary Emphasis on authors with a major influence on the development of economics Note:
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marginal cost and the innovation and development would have a much slower pace. The fourth factor is Network economies; this occurs when the consumer’s demand of a certain product increases so much that eventually all the market is going to need the product, becoming more and more valuable as more consumers use it. The last factor is Government Licenses, a law where the government decides which firm will do a certain business. It is worth looking at the benefits and costs of Monopolies in modern economies
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What is the subject matter of economics? What role does the “division of labor” play in defining this subject matter? The subject matter of economics deals with social science concerned with administration of scarce resources. These resources can be objects and services that are capable of satisfying human needs and wants in both direct and indirect ways. This can be by helping to produce other objects and services whose use satisfies human wants. The administration of resources does not always
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Principles of Microeconomics Markets 1) A market is an institution mechanism that brings together buyers, also known as demanders, and sellers, also known as suppliers), of particular goods, services or resources. 2) All situations that link potential buys with potential sellers are called markets. 3) We take the assumption that markets are consist of large number of independently acting buyers and sellers of standardized products. 4) We also assume that these markets are highly
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the richest resources, can be used anytime and anywhere and also be used in the equipment industry as a finished good. We know that Scrap metal lots pay top dollar for stainless steel products. A majority of restaurant equipment manufacturers only supply stainless steel equipment, and let’s suppose the restaurant closes down. A lot of people assume that the finished good of stainless steel machine operations would go to waste when it breaks, but the truth is that the equipment is either bought back
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Current Market Conditions Competitive Analysis Rishi Madhav ECO/ 365 June 18, 2014 Professor Renee Barela-Gutierrez Current Market Conditions Competitive Analysis Here at Apple Inc. we are coming to our years end with the success of the iPhone 5s. With the iPhone 6 in development, it is that time of year where we must look at our new product and determine its potential success. With all newly upgraded software and added features such as a new camera system, it vital that we show our customers
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