International Business 210
Team members: Alaa Homsi, Hayden Nickell, Mackenna Fahlman, Alaya Finch
Chapter 12 case: Vietnams Emerging Market Potential
About 25 years ago, Vietnam initiated a reform called doi moi. This renewal policy
Prepared by Dr. Amani Wazwaz
102 - Description of Profiled Person and Place Along with Sayings
By this day, I expect for you to have interviewed your family member. In general, I expect you to
have written down what this person has said and to have made a
Healthy Traveler: Travel and Health Information from Riverwalk Medical Clinic
Riverwalk Medical Clinic Health Information for Travelers Spring 2016
xHealth Risks and Precautions for International
Henry Ford College
Introduction to Managerial Accounting
BAC-131 with a C or better.
Financial and Managerial Accounting 2e, Weygandt
function. Short run is a period of time over which certain factors of production
cannot be changed, and such factors are called fixed factors. The costs incurred on
fixed factors are called fixed costs. The factors whose quantity can be changed in
determination of equilibrium price with a diagram. 32. Explain with a suitable
diagram a. Market price b. Short period price c. Long period price
Chapter 6 Production Meaning of Production Production in Economics refers to
the creation of those goods
quantity supplied occurs only due to change in price whereas the change in the
determinants of supply such as factor price will shift the entire supply curve and a
new equilibrium will be attained. Such shifts will take place independently of price.
between total and marginal utility. 27. What are assumptions of Law of
Dimnishing Marginal Utility 28. Bring out the importance of Law of Dimnishing
Marginal Utility 29. Mention the limitations of Law of Equi-Marginal Utility 30.
Describe consumers equili
15. Profit e) TFC + TVC
IV. Answer in a word or two
16. When average revenue remains constant what will be M.R. ?
17. What is Marginal Revenue ?
18. What is break-even point ?
19. What is an envelope curve ?
20. How will you calculate AC ?
PART - B
excess demand, D>S. In this case some of the buyers may try to bid up the price to
buy some more quantity when supply is less. This may also encourage sellers to
supply more. For instance, buying cinema tickets off the counter (called as tickets
formula mentioned below Elasticity of supply = Proportionate change in quantity
supplied Proportionate change in price
qs / qs ep =
represents the amount supplied, p represents
p / p Where q
price, - a change.
Elasticity of supply may be defined as the de
following 11. Entrepreneur, an innovator a. Cobb Douglas 12. Division of labour
b. Hawley 13. Production function c. Schumpeter 14. bundle of risks d. Marshall
15. Exertion of body or mind e. Adam Smith IV Answer in a word or two 16. Who is
the changing a
Demand schedule is a tabular statement showing how much of a commodity is
demanded at different prices. Demand Schedule and Demand curve Table 4.1 is a
hypothetical demand schedule of an individual consumer. It shows a list of prices
and corresponding qua
number and plant size of the firms. Moreover, new firms can enter the industry
and the existing firms can leave the industry. As a result, all the existing firms will
earn only normal profit in the long run. If the existing firms earn supernormal
Price of Oranges Quantity demanded (in Rs) Consumer I Consumer II Market
Market demand curve The market demand also increases with a fall in price and
In Figure 4.2, the quantity demanded by consumer I and consumer
ep = Lower segment of the demand curve
Upper segment of the demand
curve For example, in figure 4.11, the length of the demand curve AB is 4 cm
Exactly at middle point of AB demand curve, 1) ep at point e ep = EB =
ep = 1 EA
DB = 1
0 3 6 12 9
Q uantity Suppl ied in D ozens
Price (In Rupees)
It is seen that when the price is Rs.4 three dozens are offered for sale. As the price
increases, the quantity supplied also increases. With the help of the supply
Graphical illustration All the five measures are illustrated in the following figures
4.6 to 4.10 respectively.
0 Q Q1 Q
Figure 4.7 Elastic demand curve
Inelastic demand curve
restrictions or collusions There are no government controls or restrictions on
supply, pricing etc. There is also no collusion among buyers or sellers. The price in
the perfectly competitive market is free to change in response to changes in
demand and su
the transport practice where cargo interests have sufficient bargaining power.
Under the proposed Regulation the multimodal carrier,
4 Clarke, Herber, Lorenzon & Ramberg 2005. 5
TREN/G3/25/2004, p. 7.
DIGEST AND RECOMMENDATIONS
who is designated Trans
In the long period supply can be changed by changing all the inputs (both the fixed
and variable inputs). Any amount of change in demand will be met by changing
Equilibrium in general is defined as the state of rest or balance from which there is
no tendency for change. In economics, equilibrium normally refers to equilibrium
in a market. Even if there is any change, the original equilibrium position will be
Demand for a commodity may change due to a change in climatic conditions. For
example, during summer, demand for cool drinks, cotton clothes and air
conditioners will increase. In winter, demand for woollen clothes increases. 8.
State of business During b
Market A local market for a product exists when buyers and sellers of commodity
carry on business in a particular locality or village or area
where the demand and supply conditions are influenced by local conditions only.
E.g. Perishable goods lik
decrease in demand are shifts in the demand curves. Figure 4.5 Shifts in Demand
0 Q Q1 Q2
Factors determining demand 1. Tastes and preferences of the consumer Demand
for a commodity may change due to a change in
by reducing the price. Its marginal revenue curve will be below the average
revenue curve. The average cost curve is U shaped. The monopolist will be in
equilibrium when MC = MR and the MC curve cuts the MR curve from below. In
figure 8.4, AR is the Avera
Demand for diamonds from the richer class will go up if there is increase in price. If
such goods were cheaper, the rich would not even purchase. (2) Giffen Paradox Sir
Robert Giffen discovered that the poor people will demand more of inferior goods
shifts the demand curve D to D1 and the new equilibrium would be at point E1.
Similarly, any increase in income shifts the demand curve from D to D2 . The
equilibrium also moves from point E1 to E2 . Note the distinction between
changes in quantity demand
should combine these factors so that maximum output is produced at minimum
cost. 5. Making innovations According to Schumpeter, basically an entrepreneur is
an innovator of new markets and new techniques of production. A new market
increases the sales vol
decrease in supply causes shifts in the supply curve. A shift in the supply curve is
due to a change in other factors i.e., other than the price of the commodity. It is
explained in the figure 4.15. At price OP, SS is the supply curve before the change