Microeconomics

There are differences in public and private collective bargaining. In particular, there are differences between the ways the agreement is caring out. For instance, collective bargaining in the private sector influences by market forces. The primary concentration is on profit. As a business owner, you want your profit was higher than the expenses. The competition and amount of responsibilities create pressure and many factors like benefits and additional attractive elements are not available to…

1. Why do price changes cause a budget line to pivot while income changes cause a budget line to shifting a parallel manner? Price changes cause a spending line to rotate, when it does this is opens up more open door for various mixes and divider climbing that beforehand were not reasonable. Income changes causes a spending line to move in a parallel way since it's twofold the first wage and you can now bear the cost of twice as a great part of the great. 2. Describe the utility maximizing…

Argumentative Essay about Economic Systems by: Dawson Simeroth Capitalism is defined by Webster's Dictionary as: "a way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) are owned by individual people and companies rather than by the government." Capitalism is much more superior than socialism because it accommodates for both the needs of the individual person as well as the needs of the society as a…

Porter describes the customer as the buyer, specifically the buyers in markets of output where firms sell goods and services. Sometimes there are situations when the customer is positioned in a way that the firm can be pressured to make decisions that adversely affect profitability. These situations revolve around two areas called buyer’s price sensitivity and the related bargaining power. The buyer’s price sensitivity is defined in four factors that shift the power back and forth between…

Data Summary: In this lab a cart on a tract was connected to a free-falling weight to determine the unknown mass of the cart and it’s passenger, when added. The track was also set at an incline to change the data, but calculations should result in the same mass. Data collection included releasing the weight and timing how long it would take the cart to travel over one meter on the track. The weight’s mass would be changed to gather different times to calculate different velocities and…

The best course of action for the firm would be to sell the production facility at $2 million, because in order to to continue doing business in the next two years, the costs to operate will be greater than the potential profits expected by the company. By the end of four years, company will have already spent $16.5M, vs. the total anticipated return of $14M. With this in mind, the company will have lost $2.5M by the end of four years. In addition, the plant will have no resale value by the end…

Describe the outcomes to equilibrium price and quantity when supply and demand curves shift when 1) supply is normal (elasticity = 1) and demand is elastic, 2) supply is normal (elasticity = 1) and demand is inelastic, 3) demand is normal (elasticity = -1) and supply is elastic, 4) demand is normal (elasticity = -1) and supply is inelastic, 5) demand and supply are both elastic, 6) demand and supply are both inelastic. In the competitive model the interaction between supply and demand is is…

Journal Description Strength Weakness On the product line selection problem under attraction choice models of consumer behavior (Schön, C. , 2010) This paper shows an exact approach for maximizing profit-oriented product line design (PLD) with continuous price. This exact approach separated by consumer behaviors into two models, which consumer choices are aggregated or broken apart into each customer segment (different price). The consumer behavior in this approach is predicted by famous…

Q2. What is an inferior good? If the price of an inferior good falls what can we say about the quantity consumed? Explain Definition Consumer’s demand for goods depend upon the level of income. Inferior goods are defined as goods for which quantity demanded decreases with an increase in consumer’s income and quantity demanded increases with a fall in consumer’s income. This happens when the goods have relatively expensive substitutes available whose demand increases when the consumer becomes…

Dima Assessment Game Theory The Cournot model of oligopoly assumes that rival firms produce a homogenous product, and each attempts to maximize profits by choosing how much to produce. All firms choose output (quantity) simultaneously. The basic Cournot assumption is that each firm chooses its quantity, taking as given the quantity of its rivals. The resulting equilibrium is a Nash equilibrium in quantities, called a Cournot (Nash) equilibrium (OECD, Glossary of Statistical Terms,…