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University Degree: Applied Economics
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- Marked by Teachers essays 2
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.
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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.
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OEM offered to manufacture up to 100,000 identical products at $14 per unit allows for $1 revenue per unit. Alternative Solutions Lisa can look at alternatives, such as having OEM produce the shortage of 30,000 units at a lower price, while increasing production in her own plant of the 70,000. However this would provide an end result of two similar yet different end products being sent to Big Box. The two different products might cause a concern for Big Box.
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Now consider the impact of taxing just the wages of prostitutes. Since prostitutes are not currently taxed, what would the economic impact be? According to the National Academy of Sciences of the United States, there are 22.1 prostitutes
Even at our appallingly high gas price of $2.00 per gallon, that is a tax rate of 31.6% on gas, which is an absolute necessity. The time is right to tax people's vices on a more consistent manner by taxing prostitution. With such a proposal, the religious community (of which I am a member) and people of a moral character will be up in arms at the mere thought of legalizing and taxing prostitution. They will have their moral outrage sharpened to a fine edge.
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The consumption function in this simple model therefore represents desired consumption at different levels of national income. The marginal propensity to consumer (MPC)
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Discussion of Substitution and Income Effects in Consumption as Price Varies by Using the Compensating Variation Methods.
It keeps relative price constant to show what happens to people's consumption ability when the price of a good varies. The changes in consumption are different for varieties of good. The situation of normal good, whose quantity demanded rises when its price falls down or income goes up, is shown in Figure 1. The original budget line BC1 tangents the indifference curve IC1 at point A. When price of good A falls down as other prices remain constant, the real income increases.
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basic facts no.3: smoking and economics). The price of cigarettes can be interlinked with another determinant of demand, which is the price of substitutes and supplements. As the price of cigarettes increases (this means the price of all brands of cigarettes generally increase) the demand for substitute goods will increase, however there are not many substitute goods for cigarettes other than cigars, but cigars are generally more expensive than cigarettes. Thus as price of cigarettes increases the change in demand will fall but less than the change in price due to it being price inelastic as mentioned before.
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What implication does the permanent income hypothesis of consumption have for the value of the multiplier in the short- and long-run?
According to the multiplier formula, k=1/(mpw)=1/(1- mpc), the size of the multiplier depends on mpc or on mpw respectively. The marginal propensity to withdraw (mpw) indicates the proportion of a rise in national income that is withdrawn. The marginal propensity to consume (mpc= ?C / ?Y) indicates the proportion of a rise in national income spent on consumption. The bigger mpc, the smaller is mpw and vice versa since the additional sum of mpc and mpw must be equal to one.
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The value of GPFR's to decision making is recognised by professional accounting bodies such as the Australian and New Zealand Institute of Chartered Accountants (ICANZ). The ICANZ states that the intended purpose of GPFR's is to 'provide information to meet the needs of external users who are unable to require, or contract for, the preparation of special reports to meet their specific information needs'1. This implies that GPFR's are just as useful in the decision making process to external users as SPFR's are to the internal users who request them.
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Compare the Classical and Keynesian models, making the reference to,a) The labour market, b) The AS curve, c) The AD curve, d) The relationship between real and monetary variables.
* Quantity theory of money (money supply causes price level) Implies * If there is wage price flexibility then the economy quickly adjusts to voluntary full employment equilibrium * Supply causes demand, therefore, concentrate on supply * Direction of causation is from the labour market to aggregate supply REAL SIDE MONETARY SIDE AS Aggregate Supply AD Aggregate demand w/p Real wage w money wage O Output/real income p price level N Employment Classical Labour market demand and Aggregate Supply Labour market demand DN = firms demand for labour MPP = marginal physical product w = MPP x P DN curve is downward sloping because MPP diminishes with fixed capital and technology due to the law of variable proportions.
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That assumption is a key to several consequences. Yet, in today global economy, capital is extremely changeable across national borders. Because of this information, whether it may be better to work with a model that includes labor as the only immobile element of production. To explain a little more technically, assume that an industry has production function: Y = F (K,L). And assume that the marginal product of capital is influenced by the world rental cost of capital R: FK(K,L)
- Word count: 625