STR 401 Lecture Guide Economist’s Model of Behavior Economic Theory of Choice Basic Assumptions 1. Self interest- 2. Unlimited wants and limited resources- 3. Constrained maximization- a. People will also try to minimize constraints 4. Creativity- indv max. their personal satisfaction given resource constraints Marginal Analysis and Benefits- more than dollars and cents 1. When to use it: in your own life and to change behavior 2. Sunken cost- costs and benefits
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D. The price of dog food increases. No change in demand. There is a decrease in quantity demanded of dog food. E. The consumers start liking minivans all of a sudden. No change in demand. If the cost of manufacturing minivans decreases, then supply of minivans will increase. F. The price of food used to feed dogs increases. The demand for dogs will decrease. G. A fall in income forces prospective yacht owners to cut back on luxuries. Demand for yacht will decrease; demand curve
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Week Six Reflection Week six dealt with how an organization’s diversity impacts human capital management. This is not a new subject for me. Working for a global corporation requires working with a very diverse group of people. Valerie didn’t struggle with any of the concepts, but some of the topics made me think about how to create a better environment for my employees. My district has about 130 employees. Each of the nine branches has diversity within each group. Our employees attend many different
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true. 5) What does it mean when the CPI is higher this year than last? 5) _______ A) There has been inflation since last year. B) Real prices have increased. D) Real prices have decreased. C) The rate of inflation has increased. 6) Suppose the supply of textbooks is upward sloping and shifts leftward due to higher ink and paper costs. Which of the following events would leave the equilibrium price of textbooks at the same
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Salgado head of IT,sanchez boss Salgado wants a new POS system. Sancez technical lead for POS Risky to upgrade. Age structure running on DOS, not supported Hw vendor could change so DOS mabe will not be by supported. Maybe they will not be able to grow Sales get recoded in stores and transmitted No issues. Very reliable. Little involvement when expanding. Limited functionality . no networking capability Store managers want more. Cant look at inventory in own stores and other stores
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angles, such as free market or one with restriction or a mixture of the two. If market forces were to influence how and what was taught, this would mean that the distribution of subject would be entirely based on what is in high demand and in low supply. This would result in popular courses such as business and management being highly emphasised. So we must look at whether or not this free market approach is going to have detrimental effects upon our education system. Firstly and foremost it can
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income C) A decrease in the price of margarine, a substitute D) A decrease in the price of butter 4) A good harvest will cause: A) a movement up along the supply curve of wheat. B) a movement down along the supply curve of wheat. C) a rightward shift in the supply curve of wheat. D) a leftward shift in the supply curve of wheat. 5) If total expenditure remains constant after price is increased, demand is: A) inelastic. B) perfectly elastic. C) unitarily elastic. D)
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Taurus, some of its potential buyers will now purchase the new model; b. shifts demand to the right: as the price of Japanese imports increases more people are willing to purchase US-made cars; 1 c. does not affect the demand curve. Factors affecting supply conditions (such as cost conditions) do not affect the desirability of the product (at the same price). Notice that the price of steel is something that would affect the cost of producing a Taurus. This would
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MANAGERIAL ECONOMICS Study material COMPLEMENTARY COURSE For I SEMESTER B.COM/BBA. (2011 Admission) UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION CALICUT UNIVERSITY P.O. MALAPPURAM, KERALA, INDIA - 673 635 409 School of Distance Education UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION Study Material COMPLEMENTARY COURSE I SEMESTER B.COM/BBA Managerial Economics Prepared by: Module I, II, V(A) : Sri. M.V. Praveen, Asst. Professor, Dept. of Commerce, Govt. College Madappally
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negative relation between price and revenue. For inelastic demand, apply the positive relation between price and revenue. Remember demand is more elastic when there are more substitutes or closer substitutes. Compute the price elasticity of supply. Compute cross-price elasticities of demand. Relate cross-price elasticities of demand to gross substitutes and gross complements. Identify elastic and inelastic portions of a linear demand curve. Compute income elasticity of demand. Question:
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