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Identify a time dependent variable in any kind of organization, business, or industry. Collect several measurements of this variable over time. Draw a scatter diagram of this variable versus time. What are your observations?
Purpose: To demonstrate the application of time series analysis in your organization, business, or industry.
Example: John works for an electric utility company. Over the years the demand for electricity has been growing constantly. The electricity demand measured in Megawatts is an example of a time dependent variable. When a scatter diagram of electricity demand versus time is plotted, there is an upward trend and seasonal variation. The upward trend is the result of growing demand over time. The electricity demand is high during the summer season, and is low during winter season. This pattern is repeated year after year.
The equation of exchange indicates that:
The assigned reading in this unit included useful information regarding pretest activities that are designed to support those engaged in the testing.
Consider the following production possibilities for a country that produces computer modems and DVD drives, and then answer the questions that follow, assuming that currently residents of this nation produce 500,000 modems and 570,000 DVD drives. Wha..
Is a decrease in the unemployment rate necessarily a good thing for the nation? Explain.
A firm's production function is qi = 2Li + 10Ki. Assume both variables can be adjusted, even in the short run (for instance, making an item by hand versus using a machine to do so). a. What is the firm's cost function, if w=$15, and r = $100?
This statement comes from Google CEO Eric Schmidt on the corporate web page titled "Google Celebrates Diversity": "Our products and tools serve an audience.
Private ownership in the market system is believed to enhance innovation and faster growth than in the command economic system. With examples, explain why or why not this statement is true.
Suppose a decrease in supply raises the price from 4.00 to 5.50 and decreases quantity demanded from 2,000 to 1,500. Using midpoint method find elasticity of demand.
Two consumers Justin and Cindy of the same product have the following demand curves: Q1 = 500 – 10 P and Q2 = 500 – 20 P. The marginal cost (MC) for the firm is $10. Calculate the prices when the firm discriminates between the two consumers. Is this ..
Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts. Draw the p..
Firms often engage in corporate social responsibility. Discuss three reasons why a firm might elect to engage in such behavior. Under what conditions would corporate social responsibility generate increases in social welfare?
For each of the situations below analyze what happens to the supply and demand curves, and then decide the impact on the equilibrium price and quantity in the market for lemonade. Suppose this market is initially in equilibrium and then the price of ..
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