[GET] Economics Unit 5 Test Answers
Organise your work into paragraphs use an informal style use descriptive words and phrases use direct speech include details of why. E fnew inside out intermediate unit 5 test answer key. Unit test 5 answer key. Source: 2 romantic 3 motorway 4...
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ECON102: Principles of Macroeconomics
Meet the Series Experts Richard Gill Economic Analyst A recognized authority in the field of economics and Professor of Economics at Harvard, where he held teaching and administrative positions over a span of 22 years. He authored 11 books, many of which have been adopted nationwide as texts for the study of economics. In addition to his Harvard career, he spent fifteen years as an opera singer with the New York Opera, the Metropolitan Opera, the New York Philharmonic, and other companies. Gill earned his undergraduate degree and Ph. He oversees the work of more than professionals who cover economic, financial, and political developments in countries in North America, Europe, Asia, Latin America, the Middle East, and Africa. News and World Report. In addition, he has taught at the Wharton School of Business and the University of Pennsylvania, and he joined Wharton Econometrics in the mids. Behravesh holds a B. Space Program, and other key events.
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He now owns and manages a radio station in Rehoboth Beach, Delaware. Jackson received his B. Boras received his B. He is also Chairman of Criterion Economics. Crandall received his M. Born in , he remembers that his grandfather, father, and brother all worked at Studebaker, and that he worked up through the ranks as a laborer and then salaried personnel, rising to National Sales Manager of the Studebaker Corporation. She is the author of The English Advantage. Flamm received her B. Formerly, he was Development Director at the Daily Mirror in London and a partner in Colour Workshop, producing illustrated book content in color.
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With Kodak, he developed pre-press production methods, which allowed national daily newspapers to print in color. Aslett is a graduate of the London School of Printing. Secretary of Energy, under President Jimmy Carter. While Secretary of Defense, he opposed amnesty for draft resisters and pressed for the development of more sophisticated nuclear weapon systems. Additionally, his support for the A and the lightweight fighter program later the F helped ensure that they were carried to completion. Between and , he taught economics at the University of Virginia and in published The Political Economy of National Security. Schlesinger received his B. In , she tied for the number one analyst spot in the Textile and Apparel Industry. She has been interviewed and quoted by many fashion and New York magazines regarding her opinions on the fashion trade.
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Department of Agriculture in the s. He moved east in search of advanced education and work, finding both in Washington, D. Rasmussen received his B. Hermann Fellow in Budgetary Affairs at the Heritage Foundation, specializing in interpreting, explaining, and reforming federal budget policy. His writings exposed the beginnings of a federal spending spree that was pushing federal spending to dangerous limits; his budget research has been featured in front-page stories and editorials in the New York Times, the Wall Street Journal, the Washington Post, and the Los Angeles Times. Riedl received his B. He taught at Harvard University for many years, taking leaves to serve in the presidential administrations of Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy, and Lyndon B. Due to his prodigious literary output, he was arguably the best-known economist in the world during his lifetime and one of a select few people to be twice awarded the Presidential Medal of Freedom.
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Galbraith received his B. From to , he was the A. Stein received his B. Boies received his B. He later served as Administrator of the National Telecommunications and Information Administration during the Carter presidency. He proposed that funds raised from spectrum auctions be dedicated to the development of public broadcasting services, much like the traditional British model of public support for national programming. His contributions to national telecommunications policy led to the National Civil Service Award in Geller received his B. Kahn received his B. Ribufo received his B. Nixon in Ruckelshaus received his B. Pooley received his B. After graduating from college, he returned to the garment industry as a cutter and in became a full-time union organizer.
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He received his B. He began his career as a teenage worker in a machine shop, then became a skilled metal finisher in a Chrysler DeSoto factory where he joined the UAW and was twice fired for his union beliefs and activities. He was the John P. A prolific author, he wrote, edited, or contributed to books chronicling the labor movement and the history of economic thought. He held positions in the federal government, labor movement, and academia, serving in the U.
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Barbash received his B. Van Doren received his B. Levitan received his B. He develops strategies affecting health-care providers and insurers, pharmaceuticals, consumers, and U. Spatz received his B. In the late s, Jobs, in association with Apple Co-Founder Steve Wozniak, Mike Markkula, and others, designed, developed, and marketed one of the first commercially successful lines of personal computers, the Apple II series. In the early s, he was among the first to see the commercial potential of the mouse-driven graphical user interface, which led to the creation of the Macintosh computer. During high school in Cupertino, California, he frequented after-school lectures at the Hewlett-Packard Company in Palo Alto, California, where he was soon hired, and he worked with Steve Wozniak as a summer employee. In , Jobs enrolled at Reed College in Portland, Oregon, then dropped out to pursue his entrepreneurial activities.
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Wozniak studied engineering at the University of California, Berkeley, then dropped out to take a job at Hewlett Packard. He began as a research assistant during the drafting of the Social Security Act and rose to become Director of the Bureau of Research and Statistics in charge of program development and legislative coordination with Congress for the Social Security Board. President Lyndon B. Johnson elevated him to Under Secretary in , then to U. Secretary of Health, Education, and Welfare, in Years later, his name would be synonymous with the creation of Medicare.
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Cohen received his B. Bush for Welfare Policy. Haskins received his B. Weil received his B. Kennedy School of Government, and J. Earlier, as General Counsel of the U. Treasury Department, he had a significant role in developing proposals for the deregulation of the financial services industry. Wallison attended the Capitol Page School and received his B. He also developed a system that tracked five fundamental quantities: population, pollution, food production, industrialization, and consumption of resources. Forrester received his undergraduate degree from the Engineering College at the University of Nebraska.
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Beginning in , he worked at an exporting firm in Argentina, a bank in Chile, and a securities firm on Wall Street. Treasury Department. Wallich received his B. He has conducted ground-breaking research on technology and innovation, is a valued adviser to state and national policy makers, and is a popular speaker on innovation policy. Before founding ITIF, he was Vice President of the Progressive Policy Institute and Director of its Technology and New Economy Project, writing policy papers on broadband telecommunications, Internet telephony, universal service, e-commerce, e-government, privacy, and off-shoring. Atkinson received his Ph. Congressman from West Virginia, —, and U. Senator, —, where he was Chair of several committees and achieved note for sponsoring an amendment to the Constitution that would grant citizens between 18 and 21 the right to vote. In , after eleven different sponsorships from Randolph, amendments to the Voting Rights Act lowered the voting age to 18 in both local and national elections.
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Randolph graduated from Salem Academy in and Salem College in Aaron received his B. From to , he was an attorney for the Agricultural Adjustment Administration, a consultant to the Senate on social, economic, industrial, and financial issues, legislative assistant to Democratic New York Senator Robert F. Wagner, and General Counsel to the U. Keyserling received his B. He was also the health and safety coordinator for Change to Win. He is a leading national trade union spokesperson on issues of job safety, health, and disability, including OSHA standard-setting and enforcement and surveillance of occupational disease and injury.
Managerial Economics - Unit 5
He was among the first economists to apply economic theories directly from within the marketplace rather than from academia.
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Hence kg of wheat supply remains unsold. This would bring a downward pressure on price, as the seller would compete and the force will push down the price. This falling of price continues till the price settles at Rs. This is termed as equilibrium price. If however, we begin from a low price, we find that the demand exceeds the supply. Thus there is a shortage at Rs. This causes an upward pressure on the price, so the price will tend to move up. When the price rises, the demand contracts and the supply expands.
Managerial Economics - Unit 5 | Monopoly | Oligopoly
This process continues till the equilibrium price is reached. Thus, under monopoly firm and industry are identical. So the buyers have no alternative or choice. He is in a position to fix the price for the product as he likes. He can vary the price from buyer to buyer. In a monopoly, there may be price differentiation. If the government of the nation feels that private control may lead to disparity in distribution of wealth, or imbalanced growth of the economy, it may keep the resources in its own control by imposing legal restrictions on the entry of other players.
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For eg. Even today electricity continues to be a State Monopoly in most of the States. Microsoft is now the most popular name in the computer industry as it has acquired a virtual monopoly status through economic efficiency. Therefore, the entire demand of the consumers for a product faces the monopolist. Since the demand curve of the consumers for a product slopes downward, the monopolist faces a downward sloping demand curve. Demand curve facing the monopolist will be his average revenue curve. Thus, the average revenue curve of the monopolist faces downward throughout its length. Since average revenue curve slopes downward, marginal revenue curve will lie below it. This follows from usual average- marginal relationship. At price OP of the product the quantity OQ is demanded. The equilibrium of the monopolist regarding price and output is shown. Since a monopolist has a control over the price of his product , he does not take the price as given and constant.
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But if he raises the price, the quantity demanded of it will fall and if he lowers the price, the quantity demanded will increase. He chooses price-output combination which maximizes his profits. Profits are maximized at the level of output at which revenue of an extra unit of output MR is equal to marginal cost MC of the extra unit. But price under monopoly is greater than marginal cost. The extent to which price will exceed marginal cost depends on the price elasticity of demand at the equilibrium level of output. A seller makes price discrimination between different buyers when it is both possible and profitable for him to do so. If the manufacturer of a refrigerator of a given variety sells it at Rs. Degrees of Price Discrimination Price Discrimination of the First Degree : When the seller is able to charge different prices for different units of the same product from the same consumer, such a practice is called price discrimination of first degree.
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Doctor charging different fee to poor and rich people. Price Discrimination of the Second Degree : In this case, the seller divides consumers into different groups and from each group a different price is charged which is the lowest demand price of that group. In this the price is charged based on the volume of usage. The rationale behind this is that the willingness to pay for more and more units is seen to fall with increase in consumption of the commodity. Railway fare for the first few kilometres is high as compared to subsequent kilometres.
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Price Discrimination of the Third Degree : This is said to occur when the seller divides his buyers into two or more than two sub-markets or groups and charges a different prices in each sub- market. The price charged in each sub-market need not be the lowest demand price of that sub- market. The price charged in each sub-group depends upon the output sold in that sub-market and the demand conditions of that sub-market. An electric sells electric power at low price to household consumers and high price to industrial consumers. Different rates of tickets for different seats in a movie theatre.
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Two fundamental conditions are necessary for the price discrimination to become possible. First, price discrimination can occur only if it is not possible to transfer any unit of the product from one market to another. Second essential condition for price discrimination to occur is that it should not be possible for the buyers in the expensive market to transfer themselves into the cheaper market to buy the product or service at the lower price.
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The surgeons usually charge different fees from the rich and poor for the same kind of operation. An electricity company sells electricity at a lower price if it is used for domestic purposes and a higher price if it is used for commercial purposes. When is Price Discrimination Profitable? Monopolistic Competition Monopolistic Competition refers to the market organization in which there is keen competition, but neither perfect nor pure, among a group of a large number of small producers or suppliers having some degree of monopoly power because of their differential products. Thus, monopolistic competition is a mixture of competition and a certain degree of monopoly power.
Economics Chapter 4,5,6 And 7. Unit Test
The large number of firms, in the same line of production, leads to competition. Since there is no homogeneity of goods supplied, competition tends to be impure but keen. Unlike perfect competition; thus there is no homogeneity of products. However, each buyer has a preference for a specific brand of the product.
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Firms can enter or quit freely. Non price competition is in terms of product variation and selling costs incurred by each seller to capture his share in the market. Price and Output Decision in the Short Run Firms under monopolistic competition will have limited discretion over price, due to the existence of customer loyalty. Product Differentiation Product Differentiation is a unique feature of monopolistic competition. Differentiating your product from those of competitors is called product differentiation. There are many ways of making products different from one another. Branding is the most common and essential aspect of unique identification of product. Apple products are known for their unique and innovative features. Terms of trade, such as discount and credit, acceptance of returned goods, and guarantee of service and repairs etc. LG provides good after sales services to its customers. Singapore Airlines has earned good reputation on account of its service, better food, comfortable seats, safety norms etc.
The Economy: Unit 5 Property and power: Mutual gains and conflict
Personnel of McDonalds attend the customer with a warm smile on their faces. Sony has created its product prestige of electronics goods in the markets world over. Petrol Pumps business very much depends on its locational advantage. Warranty period is also added to differentiate and compete in the market. Their products may be standardized or differentiated.
Economics Unit 5 Test | Other Quiz - Quizizz
The price and output policy of oligopolistic firms are interdependent. The oligopoly model fits well into such industries as automobile, Petroleum Industry, Cement Industry etc. Pure Oligopoly and Differentiated Oligopoly Market condition of oligopoly in which firms produce identical products is called as Pure Oligopoly. Petrol, Cement, Steel etc. Market condition of oligopoly in which firms produce differentiated products is called Differentiated Oligopoly. Steel, Cement, Petrol. These can be a unique or distinctive product eg. Automobile — Passenger Cars. Each firm tries to attract consumers towards its product by incurring excessive expenditure on advertisements. This is because, it is in constant fear of retaliation from rivals if it reduces the price. Collusive Oligopoly An important characteristic of oligopoly is collusion, in which rival firms enter into an agreement in mutual interest on various accounts such as price, market share etc.
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