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University Degree: Applied Economics

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  • Marked by Teachers essays 2
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  1. Marked by a teacher

    Introductory econometrics assignment. The reasons for creating these two relative price variables is to demonstrate the impact of relative price changes of no.2 and no.3 canned tuna to the unit sales of brand no.1 canned tuna. As a result of that no.2 an

    4 star(s)

    Assume: Null hypothesis: the slope of the relationship of RPRICE2 and log(SAL1) is zero Alternative hypothesis: the slope of the relationship of RPRICE2 and log (SAL1) is not zero By simply looking at the p-value of RPRICE2 is equalled to 0.0007, which is less than 0.01 or 1% significant level. Therefore we can reject the Null hypothesis, and conclude that the relationship of RPRICE2 and log (SAL1) is statistically significant or not zero. This result also indicates that the relationship between RPRICE2 and log (SAL1)

    • Word count: 2157
  2. Marked by a teacher

    Elasticity of demand

    3 star(s)

    This leaves this service relatively inelastic because there are no substitute modes available but some one using air travel for leisure needs can shop around for a cheaper fare. Taxi's are relatively inelastic because when people are out at night then they have no other way of getting home and taxi drivers can take advantage of the commuters. The bus service for students in Belfast is another example of an inelastic service because students have no choice but to use the service, Translink don't take advantage of this.

    • Word count: 1378
  3. Globalisation. Discuss the economic, political and social impacts of international trade in the 21st century.

    International trade is the exchange of goods and services between countries. This type of trade gives rise to a world economy, in which prices, or supply and demand, affect and are affected by global events. Economically it can be extremely complicated especially the fact that all countries whether they like it or not, are related to each other in one way or another. For example, an increase in the price of one commodity such as oil creates a long and complex chain of events which makes analysis of all the causal relationships virtually impossible.

    • Word count: 920
  4. The dotcom bubble and the stock market fall in 2000-2001

    (The same idea is one of the major issues of the next Ben Bernanke's speeches, where he underlines the importance of reasonable risk management and possible destructive effects of being too optimistic about the future of the economic system). To sum up, experts claim that flaws in evaluating the perspectives of new technologies in the 90ies caused the dotcom bubble burst in 2000, while the inadequate risk-measurement of the financial instruments connected to mortgages led to the global financial and economic crisis in 2008.

    • Word count: 3042
  5. Executive Summary Could better metrics be the key to better economic performance as well as to greater social progress? Yes, because what we measure affects what we do, argue Stiglitz, Sen & Fitoussi in the 2009 report of the Commission on the Measur

    In the authors' eyes, statistical concepts are usually not wrong as such, but they are often wrongly used. Therefore, in addition to better metrics, a better understanding of the appropriate use of each measure is needed, too. The authors make a clear distinction between the assessment of current well-being and the assessment of the levels of well-being over time - summarized in the term "sustainability". Before they define ways of how the sophisticated use of tools from social science could advance social progress, meaning an increase of the well-being of each of us, the authors stress the significance of better measures of economic performance given the fast growing complexity of our globalized economy.

    • Word count: 1769
  6. Executive Summary Is there a possibility of social choice? Yes, claims Amartya Sen 1998 in his Nobel Prize Lecture and challenges Arrows impossibility theorem.

    This new approach to welfare economics was coined by a reduced informational base on which social choice could draw. The use of different persons' utility rankings without any interpersonal comparison became the only valuable starting point of reflections on welfare. Pointing at the inadequacy of such approaches, leaving distributional issues out of consideration, scholars such as Bergson and Samuelson postulated that further criteria would be needed to make social welfare judgments and paved the way for Arrow's conception of the "social welfare function" and of the related impossibility theorem - a fallacy in Sen's eyes.

    • Word count: 1782
  7. Executive Summary What can economics learn from social science? A lot; says Richard Layard in his Lionel Robbins Memorial Lectures from March 2003.

    As we easily habituate to higher income levels, our idea of a sufficient income grows with our income. Since we fail to anticipate that mechanism, we will invest more time for work than is good for our happiness. Crux of the story lies in the fallacy of consumer sovereignty, also. Thinking of consumers and producers as different, as Layard puts it. Since people compare their income, but do not so with their leisure time, the actual model creates a distortion of our life towards work and away from other pursuits.

    • Word count: 2010
  8. Transaction cost economics. Ronald Coase set out his transaction cost theory of the firm in 1937, making it one of the first (neo-classical) attempts to define the firm theoretically in relation to the market.

    That is an exercise in far-sighted contracting - according to which incomplete contracts are examined in their entirety. Asset specificity For Oliver E. Williamson, the existence of firms derives from 'asset specificity' in production, where assets are specific to each other such that their value is much less in a second-best use.3 This causes problems if the assets are owned by different firms (such as purchaser and supplier), because it will lead to protracted bargaining concerning the gains from trade, because both agents are likely to become locked into a position where they are no longer competing with a (possibly large)

    • Word count: 1851
  9. Econometrics Case Study. The main objective of this project is to apply the econometrics methods that we have obtained through out the course to create a reliable and useful model for capturing the potential relationship between variables of interest.

    because this variable explains the variation in (y). These two have cause and effect relationship. This will lead that stock price of Commercial Bank of Dubai will cause market price index to increase or decrees (any changes in (x) will lead changes to (y) ). Moreover ,The main objective of this project is to apply the econometrics methods that we have obtained through out the course to create a reliable and useful model for capturing the potential relationship between variables of interest. First Section :Objective and Goals Econometrics is ultimately a research tool. So our mission as a student to plan , read and evaluate .Starting with searching for the Time-series data in Financial market where we select two variable.

    • Word count: 3616
  10. Crime is a social concern and one of the biggest political issues in these days. As Fadaei-Tehrani (1990) said, an economic approach to understanding criminal behavior and the design of effective policies would be a helpful tool for dealing with the probl

    Table of Contents 1. Introduction 1 2. Literature review 2 3. Research design 3 3.1. Research Topic 3 3.2. For qualitative analysis section 5 3.3. For quantitative analysis section 5 4. Qualitative Analysis 7 4.1. Summarizing findings from interviews 7 4.2. Results for qualitative analysis 7 5. Quantitative Analysis 8 5.1. Data for quantitative analysis 8 5.2. Results for quantitative analysis 13 6. Conclusions 14 7. References 15 A Relationship between Economic Conditions and Crime Rate 1. Introduction Crime is a social concern and one of the biggest political issues in recent days.

    • Word count: 3536
  11. .The focus of this essay will be on developing a marketing strategy for Classic Coca-Cola or Coke for first half of 2012.This will also discuss about the market segmentation ,pricing strategy and target market using micro and macroeconomics concepts.

    * Production of own energy from renewable sources like solar ,wind in the bottling plant will help to reduce energy costs. * Coca cola can effectively introduce bio degradable plant bottle which can be recycled. PET bottles have 25% recycled plastic and glass bottles have 40% recycled glass.this will reduce its bottle manufacturing and disposal costs. Coca cola, a carbonated soft drink is a FMCG brand .Price elasticity -The opportunity cost of coca cola is very low, in which if the price of the product increases the demand decreased and vice versa responsively.

    • Word count: 1680
  12. An Empirical Investigation into the Relationship between Investment and Economic Output / Growth

    Higher Investment within the economy will cause the rightward shift the AS curve, eventually returning Prices approximately to P. This should mean, unlike expansionary fiscal policies which just increase aggregate demand, GDP rises without too much inflationary pressure. Production Possibility Frontier Theory: The Production Possibility Frontier is the maximum level of output a country can produce given its current factors of production (capacity). Assuming Greece is operating at the maximum level of efficiency on its production possibility frontier, an increase in Investment will shift PPF outwards in the long run. This means the country is able to produce more capital goods and more consumer goods due to improved machinery and better research and development.

    • Word count: 3039
  13. An investigation into trends in competitive balance in the NBA.

    is the standard deviation of wins in the actual league represents the ratio of standard deviations. This compares the performance of an actual league when compared to that of the ideal league. A perfectly balanced league would correspond to RSD = 1 where . Competitive balance worsens when RSD increases, as the dispersion of winning percentage of the actual league grows relative to that of the ideal league. RSD has been used extensively throughout the literature, first developed by Noll (1988) and Scully (1989) it has been employed by Quirk and Fort (1997), Berri et al.

    • Word count: 1987
  14. Environmental Cost & Benefit Analysis of Haulbowline Island Waste Site

    This case presents a continuous crude violation of the third generation of human rights, specifically the right to a healthy environment, where the local population has been subjected to potentially carcinogenic substances, among them Chromium 6 (Friends of the Irish Environment 2009a; Morgan 2008; O'Riordan 2010). So far, no specific policies for addressing the health and safety of the local population have been issued. At the moment, there is a debate about the need for a health study which will show whether there is a relation between toxicity of the waste and the increased cancer rate among the local population.

    • Word count: 2070
  15. Oil and Macroeconomy

    And West Germany on money, GNP, unemployment rate, price level, and import price index. Since the model being estimated by Sim is an autoregression, the distributed theory on which the tests are based is asymptotic. It follows chi-squared distribution for the likelihood ratio test statistics. Out of the six data series used in the model for each country, each series except unemployment was logged, and the regressions all included time trends. Sims uses the impulse response functions to describe the movements of an economy overtime given a shock to the system. He says that analysis of the system's response to typical random shocks appears to be the best descriptive device.

    • Word count: 2599
  16. Economic analysis and PESTLE for a London hotel and restaurant.

    if I have a desire to buy an aero plane but don't have purchasing power it does not mean it is effective demand. Law of Demand: According to economists Wessels.W, (2006), if all the other factor are constant there is an inverse relationship between the price of goods and demand it can be also called as ceteris paribus (other things equal) assumption: * If price of the goods increases demand decreases. * If price of the goods decreases demand increases.

    • Word count: 3388
  17. The production, consumption and exporting of tea - analysis of the global tea market.

    Exporting of Tea Table-3 Exports comparison during January-September period in 2009-Unit: MT Source: Tea Market Update Volume 5 no 3 World black tea exports are projected by the FAO to reach 1.39 billion kilograms in another ten years. It has also been projected that Sri Lanka remains as the largest exporter with an export volume of 395 million kilograms followed by Kenya (325MKg), India (265MKg) and Indonesia (95MKg). Tea exports data released by major exporting countries in million kilograms and their status as compared to the corresponding month in the previous year are as follows. Sri Lanka (up to June)

    • Word count: 2169
  18. Economies of future electiricty generation in India

    So how will India deal with the future expected demand increases for electricity and service the whole population? The supply of electricity in India, has increased at a rate of around 10% between 1970-2005(4) The make-up of resources in the production of India's electricity sector in 2008 is primarily conventional, constituting of; 53% coal, 24.8% hydro, 10% gas, 8% renewables and 3% nuclear(4). Whilst coal is the most used resource, reserves are declining and India is having to look elsewhere. Current supplies are predominately in the west and north-west of the country. This leads to high transport costs, over journeys that can exceed 1000km- which makes alternatives more attractive.

    • Word count: 721
  19. Economics of Electiricty Network Regulation

    Unbundling the generation, transmission, distribution and supply services and introducing competition in generation and supply (T. Jamasb 2000) Privatisation, has led to incentive based schemes. Incentive based schemes are used to encourage good performance and efficiency improvements in the energy networks. Schemes have been around since the early days of industrialisation, with an early example of the sliding scale for town gas in 1855.

    • Word count: 636
  20. McDonalds - dissertationt

    (dictionary.com, 2006) Junk food is regarded as "food such as potato chips, sweets and doughnuts, which is mass-produced and is of low nutritional value". (dictionary.com, 2006) Often the term junk food is used to describe fast food. Just recently, the debate has been going on whether the term junk food (to describe fast food) is in fact justified. Author of article argues that the "junk food" tag seem to be applied selectively, and often to food outlets in urban and suburban areas but not to those in leafier parts.

    • Word count: 16295
  21. An analysis of British Airways environment

    These recommendations will relate to the most appropriate strategy to adopt. * To determine the reasons why British Airways need to Change. * To carry out a LE PRST C analysis. * To identify the existing position of the business, in terms of its internal strengths and weaknesses. * To identify the opportunities and threats in the business external environment. * To carry out the Five Forces analysis. * To carry out a Stakeholder analysis. * To use the results from these analysis to determine the most appropriate strategy for British Airways to adopt.

    • Word count: 3051
  22. Should higher education be free? The demand for higher education has been increasing rapidly however the supply of higher education is increasing at a lower rate. With supply unable to match the demand it has resulted in higher education value and worth

    However when looking at the marginal costs we have the university fees, accommodation and extra three years of studying. The main marginal costs that affect the prospective students is the tuition fee and how to pay for it. The demand for higher education has been increasing rapidly however the supply of higher education is increasing at a lower rate. With supply unable to match the demand it has resulted in higher education value and worth increasing. In a perfect situation the education market would be in equilibrium were supply meet demands.

    • Word count: 2535
  23. Case study Starbucks

    Starbucks'On the one hand critics believesay that Starbucks is growing too quickly and is losing its original the focus. Conversely, some business analysts while on the other hand some critics compare Starbucks' coffee with Mc Donald's� hamburger and forecastbelieve that Starbucksthey will emerge as the dominant player inon theis world's gourmet coffeehouse market3. With the assistancehelp of the SWOT analysis and the BCG matrix the situation of Starbucks successful business canmodel can be analyzed to determineafter finding out, why people pay more money for a coffee at Starbucks, than in other coffeehouses. Why are people all over the world nowat has suddenly made people across the world willing to pay three to four times more for a cup of coffee at Starbucks than they would at a competitors coffeehouse just a few years agothey used to?

    • Word count: 4755
  24. Business economics

    Demand function is the most important aspect for all business that exists, as sales is the reason for their existence. In the airline industry the demand is assessed in terms of the number of passengers, revenue passenger miles. In airlines an increase in price results in decrease of demand. Determinants of Demand: > Prices of Substitutes ( Such as Travel by rail or car or bus ) > Prices of Compliments ( Hotels or rental cars ) > Seasonal factors ( for example, demand for air travel during the holidays)

    • Word count: 1317
  25. The cause of the AIGs collapse

    AIG-FP started to provide more and more insurances against defaults on corporate debts and other mortgage-related bonds in case of default and which were called credit default swaps. This kind of activity brought more than $5 billion in profits between 1987 and 2005. At the end on 2005, Eugene Park, one AIG-FP executive, found that many collateralized debt obligations which being insured contained too large proportion of sub-prime mortgages. They would increase the default risk if the housing market collapsed or come up with more collateral when the credit ranking downgraded.

    • Word count: 3500

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