Problem #6, p. 221 in text. (You do not need to “derive” the Cournot equilibrium. Just solve for the values using the appropriate formulas.) Market demand: P = 400 – 2Q Unit cost production = 40 a. Firm’s quantity in equilibrium is : q1 = (a-c)/3b = (400-40)/(3*2)= 60 unit = q2 Firm’s revenue: P= 400 – 2 * (2*60) = $160 Firm’s profit = (60*160) – (60*40) = $7200 b. Monopoly output: MR=400-4q MC=40 MR=MC 400 – 4q = 40 then q=90 unit The reason that producing on half the monopoly output (90*1.5 = 135) a Nash equilibrium outcome is that it will exceed the market demand of Nash equilibrium ($160).
This has occurred as a result of rapid advances in transport and telecommunications technology, such that it is now possible to buy and sell stock, place orders for delivery/production of good and discuss business strategy at the click of a button. World cities are cities such as New York, London, Paris and Tokyo, and they fall into global hierarchy of dominance and dependence more of which will be discussed in character. Mega cities in the developing world contract a great deal to this. Whereas world cities play important roles globally, megacities in the DW tend to have their influence limited to the nation in which they exist. This is a result of the fact that more than 40% of the less developed nations population live in megacities; making them large hubs for population, employment and free riding off services such as sanitation and water not provided in rural areas (and only marginally supplied in megacities incidentally).
- This would be quantitative as well since we are seeing the national debt for the country. e. The advertising medium used to promote a product. - This would be a qualitative element since we are categorizing and listing the advertising medium the company used for promotion. 1.17 – Classify each of the following qualitative variables as ordinal or nominative. An ordinal variable is a qualitative variable for which there is a meaningful ordering or ranking, of the categories.
| They can be levied as a proportion of the value of the imported good | C. | They can be levied as a fixed charge for each unit of a good imported | D. | They impose significant costs on domestic consumers | | | 13. The belief in the superiority of one's own culture is known as | | | Student Response | A. | Ethnocentrism | B. | Egocentrism | C. | Polycentrism | D. | Theocentricism | | |
To what extent is globalisation a cultural process? (30 marks) Cultural process can be defined as when ethnic and cultural traditions are conveyed spanning generations and changed by the impacts continuing to effect each. Globalisation occurs when the process in which businesses and other organisations begin to operate on an international scale and therefore expand as a whole. Through today’s society, it can be recognised and shown that the more economically developed countries are helping the lesser developed countries to grow by themselves through the use of technology and helping make their economy be successful and grow. The Western way of today’s society is becoming more and more normal as well as a functional way of living in the growing NIC and LEDC countries.
Incentives are offered to people in order to induce them to make certain choices or behave in a certain way. They can be either positive or negative. For example, positive incentives like discounts and rewards are beneficial; whereas negative incentives such as fines and penalties are not. Understanding how people respond to both positive and negative incentives is important in analyzing how society operates as a whole. Ultimately, it can be argued that “incentives are the cornerstone of modern life” (Levitt, 12), and having a grasp of this concept is a key to solving social and economic riddles.
1. Do you consider yourself to have social capital? If so, what form does it take? Social capital is the value of social relations and the role it plays in attaining economic results. I measure the social capital I have in terms of the beneficial friendships I have, and by this definition my social capital is substantial.
Every aspect of global communication is influenced by cultural differences. Goman states “it has been noted that industrialized nations rely heavily on electronic technology and emphasize written messages over oral or face-to-face communication. Certainly the United States, Canada, the UK and Germany exemplify this trend. But Japan, which has access to the latest technologies, still relies
There is an ethical and moral assumption that governmental policy attempts to benefit the public by providing a high ‘quality of life’. Most governments attempt to offer its citizenry a broad range of policies that will ensure both a stable economy and agreeable social conditions. However, if we accept that governmental policy is aimed at increasing the quality of life, then there must be measurable indicators that represent these attempts. Quite often the most accepted measure of ‘quality of life’ is the amount of money an individual has and the access he or she has to goods and services. Current economic indicators represent a wide range of demographic, financial and market driven measurements.
PBA4802 – ASSIGNMENT 02 Introduction The trade theory that nations should accumulate financial wealth, usually in the form of gold, by encouraging exports and discouraging imports is called mercantilism (Wild and Wild, 2012, p. 140). The economic doctrine known as mercantilism appeared between the Middle Ages and the period of the triumph of the laissez-faire dating from 1500 to 1776. The major tenets of the mercantilist school were as follows: gold and silver as the most desirable form of wealth; nationalism; duty-free importation of raw materials that could be produced domestically; export restriction on raw materials; colonisation and monopolisation of colonial trade; opposition to internal tolls, taxes, and other restrictions on the movement