Some questions with answers managerial economics

Some questions with answers managerial economics Managerial EconomicsQ.1.0) For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift.a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased.b.During the same period the price of radio sets declined, while the number of radio sets purchased increased.c.Housing prices are rising but more houses are sold.d.Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers.Ans.a) In this case the number of the fruit pickers has decreased while the wages of the fruit pickers has increased. Thus, the demand has not changed. The supply of the fruit pickers has decreased, hence, the fruit pickers supply has shifted to the left.b) In this case the price of the radio sets declined while the number of radio sets purchased increased.Perfectly elastic demandThis means the demand has incr eased. The demand curve has shifted to the right.c) In this case the housing prices are rising but more houses were sold. The demand of the houses has increased. The demand curve has moved to the right.d) In this the Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers. The aim here is increase the revenue in the future. The supply is been increased to accommodate the increasing customers. The supply curve is moved to the right.Q.2.0) Explain the meaning of elasticity? What are the different types of elasticities? What are the factors that affect each type of elasticity? Of what use are these elasticities to business?Ans.Elasticity is a measure of the responsiveness of one variable to changes in...

General Rules About Abbreviations

General Rules About Abbreviations General Rules About Abbreviations General Rules About Abbreviations By Mark Nichol This post outlines basic rules about abbreviations. There is a bewildering variety of standards, which will be explained in more detail in subsequent posts about specific categories of abbreviation, but the following guidelines cover an array of general types. Use of abbreviation varies widely depending on the formality of writing employed for a given publication or a piece of content. Generally, the more formal the content, the less likely it is that abbreviation will be used, except in multiple references to terms commonly abbreviated or in tabular matter and other graphic elements. In formal writing, journalistic contexts, and some informal content as well, terms are spelled out on first reference, followed by abbreviation in parentheses, as in â€Å"The Global Positioning System (GPS) uses satellite signals to fix the location of a radio receiver on or above the earth’s surface.† Thereafter, the abbreviation is used exclusively. However, this tradition applies to single pieces of content, so that- unless, for example, an entire publication is devoted to articles about GPS technology- two articles in a publication that mention it will independently introduce the full spelled-out version of an abbreviation on first reference. Note, too, that specialized publications will likely abbreviate all references to widely used terms in that specialty. Abbreviations consisting entirely of uppercase letters (including NY, US, FBI, and NASA) or that end with an uppercase letter (as in PhD) are not followed by a period; some publications retain periods in these types of abbreviations (at least two-letter ones), but that style is in decline. Abbreviations that end with a lowercase letter (a.m., Dr., i.e., etc.) are generally followed by a period. Acronyms (abbreviations of phrases using initial letters of each word to form new word, such as AIDS) are almost invariably styled in all capital letters, though some, such as laser and scuba, have lost their uppercase form, and Nasdaq is treated as a proper noun. Initialisms (abbreviations of phrases using initial letters of each word, each of which is pronounced, such as FBI) are also generally capitalized. When using an article before an abbreviation, choose a or an depending on the first sound, not the first letter, of the abbreviation: â€Å"an NBA [en-bee-ay] team† but â€Å"a NASA [nasa] program.† Avoid ampersands except in proper names (â€Å"Johnson Johnson†) and in widely known abbreviations (â€Å"RD,† for â€Å"research and development†). Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:Passed vs Past40 Synonyms for â€Å"Lie†50 Tips on How to Write Good