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1.Economist Joseph Schumpeter, who taught at Harvard from 1932 until his death in 1950, popularized the term creative destruction to describe the capitalist process in which entrepreneurs introduce new goods and services to economic markets that displace existing goods and services. Though this innovative process results in increased wealth and better standards of living overall, not everybody benefits equally. The opportunity cost of buying a newly available product is the use of the old one that has been given up, so those in the camp of the new, different, and desirable do very well, while those camped out with the old and no longer desirable products see their prospects decline.Provide an example of creative destruction you have witnessed during your lifetime and describe what the benefits and costs to the economy have been. Who was enriched and whose fortunes declined?
1. suppose your companys method of making decisions under risk is making the best out of the worst possible outcome.
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Assume that Saudi Arabia lets other members of OPEC sell all the oil they wish at the existing price which udis set and other members accept.
Ms. Smith, owner and manager of the Clear Duplicating Service located near a major university, is contemplating keeping her shop open after 4 pm.
Say there is a natural disaster which wipes out all of tomato plantation of one country. so there is a drastic increase in the price say from $6 to $15 a kilo
Discuss the advantages of using the formulas, any difficulties in using them, and whether computers are used with them.
Imagine that you had to determine whether a particular period of inflation was demand pull, or cost push, or a combination of the two. 1.What information would you require in order to conduct your analysis?
Why did the executives make these decisions and what caused the relation between the CEO and the stockholders to go so badly awry?
"A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
What is the marginal rate of substitution for consumer B at the initial allocation? What is the marginal rate of substitution for consumer A at the initial allocation?
What are some individual and organizational recommendations to improve the experiences, employment, and status of African-Americans in organizations?
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