I. Economics a. What is economics Definition: Economics is a social science that deals with human wants and their satisfaction. Ps: It's not a natural science so it's not accurate because it change all the time b. Basic problem * Want are unlimited Resources are limited => scarcity: It's a situation where the demand for resources exceeds the available supply * Solution => Make the better choices to manage resources. Example: I have £50. Which one should I choice
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1. Why has Disney been successful for so long? (reference to Industry Analysis, Disney's chosen strategy, Disney's sources of Competitive Advantage and comment on sustainability of advantage) Disney has remained successful for myriad reasons, not the least of those is its ability to constantly realign its strategy to the trends of the market. Disney is a company that survives by continually realizing the depth of a new idea. The company harvests every available profit from its ventures before
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2011 | PART A (Case Scenario) (a) Elaborate on the causes of sugar price hike as discussed in the article above. [8 marks] The article as reported by Andrew Clark indicates that the main cause of the sugar price increase in the global commodity market occurred due to a simultaneous drop in the overall supply of sugar by the world’s largest sugar producer, Brazil, alongside a change in the supply and demand of the world’s largest consumer of sugar, India. In the case of Brazil, the world’s largest
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profits through the difference in price. In a perfectly competitive market, all consumers pay the same price for homogeneous products. If consumers have sufficient economic knowledge, then the difference of price on each fixed quality product will not exist because any seller who attempts to ask a price which is higher than the current market price will find that nobody would buy the product from him or her. However, in a monopoly or oligopoly market, price discrimination is very common as different
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1. How would you define Zappos’ target market, and how would you describe its strategy to serve this market? - Zappos’ target market would be mainly online shoppers. Although previously they would only be targeting customers in search of footwear, they recently expanded their product line to apparel, accessories and even home goods therefore expanding their target market significantly. The Zappos’ customer is not usually price sensitive and usually has a higher disposable income. 2. Has
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Market Structures Kudler Fine Foods is a local food store that specializes in epicurean food in the San Diego metropolitan area. They specialize in bakery and pastry items, fresh meats, seafood, produce, packaged foods, specialty dairy products, wine and spirits, and much more. In their mission, Kudler Fine Foods vouch that they shop all around the world for their products and they choose only the finest. In addition to their gourmet food, the founder Kathy Kudler who was once a Vice-President of
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A. Define the terms. 1. Elasticity of demand measures the change in the quantity demanded due to the price changes in the market. This can also be characterized as a change in percentage to both the quantity demanded and the price. Durable items, such as appliances or automobiles, show elasticity of demand because these products can be bought infrequently and are not a consumer necessity. These durables can be purchased at leisure or when the prices are low. Elasticity of demand is measured by the
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Firm Behavior, the Organization of Industry, and the Long Run Real Economy Instructions: 1) For each topic area studied (and listed below), respond to one or two problems (equal to a total of 10 problem responses for module three) and post to your group discussion board. Note: Please copy the entire question you are responding to at the beginning of your responses. 2) In addition, as you know by now, please discuss your group members’ postings and respond to the comments made on your
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Assignment 1 “Chinese workers earn only 50 pence per hour; if we allow China to export as much as it likes, the wages of our workers will be forced down to the same level. You can’t import a £8 shirt without importing the 50 pence wage that goes it.” International trade is exchange of capital, goods, and services across international borders or territories, however we use the Ricardian model to provide the simplest description of comparative advantage, and the advantages of trade in a balanced
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FINC3011 Tutorial 8 Chapter 17 Questions 5, 6 Chapter 9 Questions 1, 2, 4, 5, 6, 7 Chapter 17 Questions 5. What does it mean for a tax code to be convex? If a country’s corporate tax rate is flat, does it make sense for a firm to hedge? Answer: A convex tax code imposes a larger tax rate on higher incomes and a smaller tax rate on lower incomes. If a country’s tax rate is flat, a key question is how losses are treated. If losses are subsidized immediately at the same rate that gains are taxed
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