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Task: 1. A firm charges different prices to two groups. Would the firm ever operate where it was suffering a loss from its sales to the low-price group? Explain 2. A monopoly sells its good in the United States, where the elasticity of demand is -2, and in Japan, where the elasticity of demand is -5. Its marginal cost is $10. At what price does the monopoly sell its good in each country if resale is impossible? 3. Why are electronic text...
Identify one industry from the UK Standard Industrial Classification (SIC 2007) and choose a UK public limited company (PLC) from the industry. One of the most important and influential elements of the business environment is the structure of the industry. Briefly discuss the structure of your chosen industry. ? Briefly discuss the business organisation and its nature of your chosen company (a UK PLC) in relation to the structure of t...
The Market for Marijuana and the Effect of Legalisation on Price: A Diagrammatic AnalysisIn the essay, you are expected to use the concepts and the analytical tools learned in this course to discuss the economic implications of legalising cannabis (marijuana). In 2012, Colorado and Washington become the first two states to legalize the recreational use of cannabis in the United States. Explain why marijuana prices declined sharply by 70% in Colo...
During a five-year period, the ticket sales of a city’s professional basketball team have increased 30 percent at the same time that average ticket prices have risen by 50 percent. Do these changes imply an upward-sloping demand curve? Explain. As economic consultant to the dominant firm in a particular market, you have discovered that, at the current price and output, demand for your lient’s product is price inelastic. What advi...
Understanding the Impact of Demand and Supply Analysis in BusinessDemand and Supply analysis are fundamental to any business thus every business must understand its impact and dynamics. Demand and Supply analysis therefore underlines to some extent the growth and success of most businesses in our society today. Critically analysed the following microeconomics concepts with reference to any business of your choice. Explain the law of D...
InstructionsThis is a multiple choice quiz worth 10 marks. It is based on all the material from weeks 1-3 (lectures and tutorials). You must access and complete it on Canvas. The quiz will consist of 10 questions and you have 60 minutes to complete it. All questions are equally weighted. There is no negative marking (where a wrong answer loses you marks). You will get one attempt at this quiz. You will not be able to to go back to a previous que...
CASE BACKGROUND: You will be provided with the latest financial information pertaining to Tesla for Quarter 3 (Q3) of fiscal year 2020. This information has not been audited; it is simply presented by Tesla to its shareholders for investing purposes. This case has been designed to give you the necessary tools required to analyze a complete set of financial statements and be able to formulate an educated opinion on whether the company is perf...
Quotes on the Influence of Ideas"Ideas control the destiny of the world, and the absence of ideas or the confusion of ideas can destroy the world "-.Heinrich Pesch"The idea of economists and political philosophers both when they are right and when they are wrong are more powerful than is commonly understood Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usu...
Graphical Representation of Coalitional GamesSection 1 (Coalitional games)Laura, Sheena, and Grace, three students at DMU, are the owners of the start-up firm LSG in Leicester. They will join forces with two other start-ups, B1 and S2, to expand their portfolio of products and increase their market share. LSG generates a total of £420 in profits on its own, while B1 produces £260 in profits alone and S2 reports £140 in firm&r...
Project Steps· Open the file IL_EX19_CS1-4a_FirstLastName_1.xlsx, available for download from the SAM website.· Save the file as IL_EX19_CS1-4a_FirstLastName_2.xlsx by changing the “1” to a “2”.o If you do not see the .xlsx file extension in the Save As dialog box, do not type it. The program will add the file extension for you automatically.· With the file IL_EX19_CS1-4a_FirstLastName_2.xlsx still op...
Outline of the TheoryEffective business leaders regularly contribute to public debates on key economic policy issues. To effectively engage in debate you require some understanding of the topic being debated as well as an understanding of the tools and the language of economic analysis and reasoning. The aim of this report is to develop these skills by critically analysing an economic news article. This assignment should be focused only on micro...
For each analysis, highlight the key facts of the newspaper article and analyse them using Microeconomics concepts in Lectures 1 – 4. For example, you may write on the following: a) Scarcity, choices and the use of production possibility frontier. b) Determinants of demand and supply for the product or service selected. c) Compute and analyse the price elasticity, cross elasticity or income elasticity of demand/supply of the product o...
“A World Bank study found that China is home to 16 of the 20 worst cities for air quality”. (10 Minutes Presentation Slides with speaker notes)Requires Chicago referencingAnalyse the above statement to comment on the rising air pollution created by China.Comment on how this needs to be addressed by the world. Is there anything the Australiangovernment can do? Macroeconomics (GDP/ Unemployment/ Inflation) 16. Obtain inflation &...
Assignment Your final assignment takes the form of an individual report and it is divided into two parts: A. Please briefly answer the theoretical questions below: a. Explain the different types of marketstructures using both graphs and verbal explanation. Provide a specific real-life example of each market. b. Why monopolies arise? Explain and mention a real monopoly! c. Explain briefly how the price floor works in a market if the governm...
What is Consumer Price Index (CPI)?1.The consumer price index for the current year measures the cost of a standard basket in the _____ year relative to the cost of the same basket in the _____ year. a)current; base b)current; current c)base; index d)base; current 2.Suppose that the total expenditures for a typical household in 2000 equaled $4,000 per month, while the cost of purchasing exactly the same items in 2005 was $4,500. If 2000 is...
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