independent variables considered in the model all the variables except Total Awareness Score on oils are found to be significant. TAO is insignificant may be due to an almost similar awareness that exist among respondents. As we expect from Law of demand price is found to be negative. Out of all these significant variables, the relative importance was examined using standardized coefficients. Household size is an important variable followed by Ratio of oil expenditure to total food expenditure.…
the value gain by the unrelated third parties. Positive externality When positive externality happened ,the social benefits is greater than the private value. Under normal condition, the equilibrium of the market will at (Q1,P1) because of Demand= Supply to reach equilibrium market. However, this is socially inefficient because they ignore the social benefits which bring by positive externality and the social cost < Social benefits and the optimal output is greater than the…
firms are price makers, we are talking about big businesses that control the whole market, and the barriers to enter their industries are very difficult. Now the firms in long-run at the monopolistic competitors market behaves the same way also the demand in the long run is very responsive to their price changes, when a firms tries maximizing its profit by producing goods to the point where the marginal revenue equals its marginal costs,…
in really economic theory; their ideas on other topics drip into their policies. The need to spend less time yelling at each other, and more time looking at the facts. Equilibrium Economics is based in one diagram-- the supply and demand graph. The supply and demand…
3.2 Illustrate the way in which market forces (demand and supply) shape organizational responses using a range of examples Market forces identify the fundamental interaction between supply and demand inside an industry. Structure outcome is the response given by a establishment or concern to an efficient or business concern environment. Market investigation is central in order to find out market forces so that an organization can move right to the marketplace they are in operation. Fewer or…
Why Are Gas Prices So High? Gas prices are too high, and some people cannot afford to pay for them. Some of the reasons that they are too high, is because the oil companies that produce the gasoline, are lowering production, leading to higher prices, because there is less of it to go around. Instead of using gas to make cars go, we should use something else that acts almost the same as how the gasoline works for the car. Gas prices may seem lower than they have at a different time, but are…
Minimum wage was implemented in 1938 to ensure a minimal standard of living. Since 1938 minimum wage has been raised several times. Minimum wage was established under the Fair Labor Standards Act. The Fair Labor Standards Act is enforced by the U.S. Department of Labor. There are federal and state minimum wages; however, the federal minimum wage supersedes state minimum wage. Setting a minimum wage is thought to help the economy and employment. However, many economist will argue that minimum…
The main challenge for the manager is to consolidate diverse claim offices that have different identities in which these different identities are a result of the different dynamics associated with each claims office. The smallest claim office is the Chappaqua claim office, which has only approximately 75 employees. In reference to job descriptions and functions of employees and managers, each office has the same job descriptions and functions but each office has very different dynamics that will…
According to Olney’s truth table, if a premise is true but the conclusion is false, the argument is false. In the given argument, “If the federal government budget deficit increases” is the premise, and “there will be decreased long-run economic growth” is the conclusion”; therefore, if the long-run economic growth does not decreases when there’s an increased federal government budget deficit, the argument is false. The implicit assumption is if the government budget deficit increases,…
work. Companies that generate electricity for example will need to switch to a new way to generate electricity. Effect number 3, possible conflict between the consumers and the producers is possible. Producers might produce less oil so prices and demand will get higher. Producers might boycott products from some of the countries that consume. Oil will stop being sent to consumer countries like the United States,China,Japan,and India. My opinion about the article“In a Mideast upset by…