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Top Questions

4. Question #1 - How did Jim Teague get into the situation he finds himself in? ...

What should Jim Teague do? Question #3 - What troubles you most about the decision faced by Jim Teague?
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6. Ethical dilemmas are those where there is neither an easy answer nor a decision that is absolutely the right one. ...

the right one. Healthcare professionals must deal with these challenges based on their training and knowledge of ethical principles and decision making. Choose an ethical dilemma from the list below and answer the questions that follow. Use your knowledge and understanding from what you have already learned from Unit 1 and 2 lessons and the textbook reading assignments. Genetic testing and home test kits Physician-assisted death Artificial intelligence and clinical decision making Organ transplantation and artificial organs Note: If you would like to choose a dilemma other than one on the list, please consult with your instructor and obtain permission. Describe the issue and why and how it poses an ethical dilemma for healthcare providers and healthcare organizations? What ethical principle(s) would be applicable to the dilemma? Describe the ethical decision-making steps used to come to an ethical decision? With whom would a healthcare professional consult in coming to a decision? How are your personal values challenged? What would be a personal bias or conflict of interest in resolving this dilemma
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8.Order to make 1500 gallons of 3 percent beer (i.e., with 3% alcoholic content). The following is what you have ...

t you have in stocks besides unlimited supply of water (0% alcoholic content, 0 in cost): Beer ;Alcohol content; Cost per gallon; In stock (gallons) Low; 0.25%; 0.55; 500 Light; 2.50%; 0.65; 500 Heavy; 4.50%; 0.80; 500 Dark; 6.00%; 0.75; 500 What is the mix of existing beer (and water) to make 1500 gallons of 3 percent beer with the minimum cost? 1. Show the mathematical formulation of the optimization problem (decision variables, objective, and constraints) 2. What is the optimal mix of the existing beer (and water) to meet the order requirement? 3. What is the minimum cost incurred? 4. If the optimal mix maintains its pattern, without re-solving the problem, construct the new optimal mix of existing beer (and water) to make 1600 gallons of the 3 percent beer
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Basic Concepts in Economics:

Economics have mainly five concepts

  • Purchasing power - 
  • Demand and supply
  • Scarcity of resources
  • Time value of money
  • Opportunity cost
     

Economics is divided into two types:
 

Microeconomics
 

Micro derived from the greek word “Mikros” meaning small ,so it deals with the choices of a single entity or say individual unit such as consumer, household, a firm , industry and price of a product.

Micro economics studies

  • Product pricing
  • Consumer behavior
  • Factor pricing evaluation   
  • Firms behavior
  • Industry’s location
     

Macroeconomics
 

Micro economics studies

  • National income
  • General price level
  • Employment level
  • Saving and investment level
  • BoP (balance of payment) & BoT (balance of trade)

     

Economics Homework Questions & Answers - Sample

Question 1: Which variable is not a part of macroeconomics ?

(a) Gross Domestic product

(b) Consumer Behaviour

(c) Total expenditure of a nation

(d) Inflation rate.

Answer :  b, as it is a variable of micro economics
 

Question 2:  Explain the variable of microeconomics.

Answer : Variables that deal with the individual units are the part of the microeconomics.

For example - 

  • Behaviour of a consumer
  • Production of a local business unit
  • Product pricing etc
     

Question 3: From where the word micro derived and what does it mean?

Answer : The word micro is derived from a greek word “Mikros” which means small.

 

Need help with microeconomics, macroeconomics and business problems?

Economics is a branch of social science that is vast in nature and covers a lot of theory aspects. Economics as a subject is commonly studied by high school & college students and is divided into the two primary branches commonly referred to as – micro & macro economics.  


Economics students not only deal with a theoretical concept but also need to comprehend data from the graphs, identify patterns, produce forecasting reports and even conduct deeper research to understand the models of economics such as the correlation between elasticity of demand and opportunity cost or how does monopoly impact the supply and demand of goods and services in a given industry. Understanding consumer behavior is another important aspect of economics and the most tricky one too. 


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