a. The MRS and the MRT are not equal. b. The budget line is steeper than the indifference curve at the current consumption level (Y is on the vertical axis and X is on the horizontal axis). c. The consumer’s total utility would increase if he/she chose consumption such that MUX increases and MUY
Attention getting sentence 1. Something that will grab the readers attention B. Background information on the topic or question. (date, place, situation surrounding the issue or question) C. Definition of terms contained within the question D. Thesis and roadmap of what the essay will be about II. BODY PARAGRAPH #1 (Reason one) A. Sub Thesis: 1.
The reward/need satisfaction theory of relationship proposed by Byrne & Clore (1970) asserts that if a relationship is seen to offer the prospect of reward (for either party), it is more likely to form – if there is little or no perceived reward, the relationship does not form. Their model is based on the behaviourist principles of operant and classical conditioning. According to the former, behaviour that results in a beneficial outcome makes repetition of this behaviour more likely, whereas if the outcome is undesirable, the behaviour is less likely to be repeated or continued. A relationship that brings perceived advantages is a case of positive reinforcement but the relationship can also be characterised by negative reinforcement if the
As the time horizon increases, variable costs rely less on existing factors and restrictions and therefore will begin behaving differently which will in turn affect the cost of production (Wright, 2007). The second way a firm that’s into profit maximization can decide its greatest level of output is by way of the marginal revenue -- marginal cost method. This is done by subtracting the marginal cost from the marginal revenue that a product generates. Using marginal cost and marginal revenue as the bases, profit maximization will be obtained at the point when marginal revenue is equal to marginal cost. If the marginal revenue is greater than marginal cost this would be when a profit maximizing firm would need to increase production until marginal revenue is equal to marginal cost.
Relative to the perfectly competitive equilibrium, the equilibrium outcome for a market dominated by a monopsonist will be higher prices and lower levels of good demanded. c. Government intervention in perfectly competitive markets will lead producer surplus to increase at a cost to consumers surplus. d. Government intervention in perfectly competitive markets will make markets more efficient. e. When regulating a natural monopolist, the government will require the firm to charge prices equal to the perfectly competitive firms’ price. f. A Nash Equilibrium implies
The aim of this assignment is to explore this claim in two ways. First, by example. Second, by showing that, under certain fairly general conditions, Firm 1’s profit in the second game will always be higher than their
Turnovers cost points, and therefore, victories, so the coefficient would be expected to be negative. The other coefficients make sense. (b) Is the intercept meaningful? Explain. No, the intercept is not meaningful.
In hypothesis testing, the smaller the p value the more important it is. It is usually compared with the level of significance value and if it is lower, the null hypothesis is rejected. If it is higher than the null hypothesis is not rejected. It is important to note that a very small p value is an indication that there is a greater chance of the null hypothesis being rejected.
An example of this would be the belief that by working harder or more efficiently, that you would end up producing more. It is the belief that your attempts to take action will be successful. Valance The second factor is Valence. Valance basically refers to how much you value the ultimate outcome that may result from your action. For example, if you highly value money, then the more you get paid for taking a certain action, the higher your motivation.
The strongest competitive advantage is a strategy that that cannot be imitated by other companies. Competitive advantage can be also viewed as any activity that creates superior value above its rivals. A company wants the gap between perceived value and cost of the product to be greater than the competition. Michael Porter defines three generic strategies that firm's may use to gain competitive advantage: cost leadership, differentiation, and focus. A firm utilizing a cost leadership strategy seeks to be the low-cost producer relative to its competitors.