. Amos Mccoy Is Currently Raising Corn on His 100-Acre...

. Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? 2. Determine whether each of the following is an explicit cost or an implicit cost: a) Payments for labor purchased in the labor market b) A firm’suse of a warehouse that it owns and could rent to another firm c) The wages that owners could earn if they did not work for themselves 3. What are economies of scale? Please give an example. What are diseconomies of scale? Please give an example. 4. Your rich relative died and left you $100,000, which you decided to use for your own Internet business.†¦show more content†¦20. (Perfect Competition and Efficiency) Define productive efficiency and allocative efficiency. What conditions must be met to achieve them? 21. (Barriers to Entry) Explain how economies of scale can be a barrier to entry. 22. (Allocative and Distributive Effects) Why is society worse off under monopoly than under perfect competition, even if both market structures face the same constant long-run average cost curve? 23. (Conditions for Price Discrimination) List three conditions that must be met for a monopolist to price discriminate successfully. 24. (Price Discrimination) Explain how it may be profitable for South Korean manufacturers to sell new autos at a lower price in the United States than in South Korea, even with transportation costs included 25. How did the De Beers cartel try to maintain control of the price in the diamond market? How was this control undermined? Briefly discuss. 26. Can the U.S. Postal Service be considered a monopoly in first-class mail? Why or why not? What has happened to the price elasticity of demand for first-class mail in recent years? Briefly discuss. 27. Explain why the marginal revenue curve for a monopolist lies below its demand curve, rather than coinciding with the demand curve, as is the case for a perfectly competitive firm. Is it ever possible for a monopolist’s marginal revenue curve to coincide with its demand curve? 28. Why would a monopoly firm never knowingly produce onShow MoreRelatedEcon1874 Words   |  8 Pages   1. Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? -By raising corn instead of soybeans Amos is missing out on an economic profit of $100. Therefore Amos should start growing Soybeans to maximize his profit. 2. Determine whether each of the following is an explicit cost or an implicit cost:  Ã‚  Ã‚   a)  Payments forRead MoreEssay about Answers to End-of Chapter Questions and Exercises3230 Words   |  13 PagesCosts) Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? Amos McCoy is not currently making an economic profit, despite the fact that he is making an accounting profit. This is so, because the accounting profit calculation does not take into account an important implicit cost—the opportunity cost of not raising soybeans

Machine-to-Machine Technology and Analytics - 1485 Words

Introduction On the horizon of big data, is an ecosystem of solutions that uses embedded devices to facilitate real-time analysis of events and data among the Internet of Things . Machine-to-Machine technology and analytics is the promising future of the big data era. Its exponential growth and advancement promises a plethora of solutions and new ideas, but as with all innovations, it will also create a wave of new issues, problems and complications that, given its scale, magnitude and speed of development will certainly challenge as much as it benefits the legal industry. What is M2M IoT? Machine to Machine (M2M) is a broad label that can be used to describe any technology that enables networked devices to exchange information and perform actions without the manual assistance of humans. Products built with M2M communication capabilities are often marketed to end-users as being â€Å"smart† . The interconnection between â€Å"smart† objects and the way we interact in the environment is described as the Internet of Things. How does it work? Sensors (which are devices with processor, memory, storage, inputs and outputs, OS and software capabilities that gather and/or disseminate data on just about anything ), are attached to objects, and the objects’ identities, state or state of surroundings become capable of being relayed to an Internet connected IT structure. The sensors relay data to the outside world through local area and wide area, wireless or wired links. . Local, onShow MoreRelatedPredictive Analysis Model1387 Words   |  6 Pagesareas of technologies by increasing the benefits to the society. The data collected from different wireless sensor network can be modeled using different predictive modeling techniques. This paper listed different IoT data based predictive models and their comparison to understand the usage of model for the energy use of appliances. Specific prediction techniques include Multiple Linear Regression (LR), Support Vector Machine for regression (SVR), Random Forest (RF), Gradient Boosting Machine (GBM)Read MorePredictive Analytics : A Gold Mine1554 Words   |  7 PagesPredictive Analytics: A Gold-Mine Yet To Be Exploited To Its Zenith Akanksha Pandey Information Technology Department, VESIT, Mumbai-74, India. Abstract 1. Introduction The proliferation, ubiquity and increasing power of computer technology has increased the volume of data oday`s mobile technologies and social media have collection and it`s storage manifold. This led to unleashed an exponential increaseRead MoreStatistical Analysis : The Big Data Analytics1399 Words   |  6 PagesThe big data analytics deals with a large amount of data to work with and also the processing techniques to handle and manage large number of records with many attributes. The combination of big data and computing power with statistical analysis allows the designers to explore new behavioral data throughout the day at various websites. It represents a database that can’t be processed and managed by current data mining techniques due to large size and complexity of data. Big data analytic includes theRead MoreWhat Is Internet Of Things?1131 Words   |  5 Pages â€Æ' CONCEPTS OF IoT What is Internet of Things? The Internet of Things is a growing network of everyday objects – from industrial machines to consumer goods – that can share information and complete tasks while you are busy with other activities, like work, sleep or exercise, as SAS states in their insights to define IoT. There is no agreed upon definition of IoT, rather it is so simply defined that any laymen can comprehend it. 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BIG DATA ANALYTICS TECHNIQUES ‘Big Data’ is the application of specialized techniques and technologies to process very large sets of data. These data sets are often so large and complex that it becomes difficult to process using on-hand database management tools. There are several techniques which are widely used in implementation of Big Data. 1. Association rule learning: Association rule learning is a method for discovering interesting correlations between variables in large databases. It wasRead MoreManaging Business And Research Data Is A Big Trend Right Now1566 Words   |  7 PagesIBM Watson Analytics Shreya Prabhu, San Jose State University, San Jose CA Abstract Managing business and research data is a big trend right now. In the dearth of skilled data analysts and data scientists as to the ever increasing need of managing and analyzing data, it is the need of the hour to search for tools and solutions that can achieve big data analysis. IBM Watson Analytics gives tools to access data in an easy way and enables users to do truly complex analytics in minutes on tasks whichRead MoreManaging Test Environments And Test Data1601 Words   |  7 PagesTest data has reached a Server/Storage bottleneck across all the Data warehouse/Business Intelligence applications. By deploying Virtualization solutions, the agility of testing takes a swift growth that benefits the business in near real time Data Analytics. Test virtualization is mainly targeted to face the below challenges head-on: ï‚ · Upsurge in Overall software release cycle time due to numerousrequirement changes and complexity. ï‚ · Decrease in productivity due to manualenvironment configuration and

Casablanca Essay Example For Students

Casablanca Essay The hero in a film is the character that seeks something, in Casablanca is not entirely clear who this is; it is most probably Rick Blaine played by Humphrey Bogart, though it seems in parts that it could be Victor Laslo (Paul Henreid) or Isla (Ingrid Bergman). Laslo isnt followed enough to make him the hero and Isla seems like the hero though in the end she asks Rick to make all the decisions, which puts her more in the background than you would expect the hero to be. Rick Blaine at the start of the film is really not seeking anything, which makes it less clear that he is the hero, however I think this is because the anger he feels because Isla abandoned him. It is only later, when he resolves these bitter feelings he holds within, that his goals resurface. Major Strasser (Conrad Veidt) represents the villain, who is against the hero, but Renault (Claude Rains) at times also acts as a villain (his manipulation of women in need of a exit visa, for instance). The donor, who provides an object that has some magic property, is Ugati, who provides Rick with the letters of transit. The dispatcher, who sends the hero on his way by providing a message, is hard to define, Renault kind of fills the role, as he tells Rick of Laslos dilemma, and Rick seems impressed by Laslo, but alternatively it seems more likely to be the injustice that Rick feels the Germans are guilty of, that acts as the dispatcher. The helper, who aids the hero, at times this is Renault, he vouches for Rick to Strasser, he goes along with Ricks plan, and he covers for him after he kills Strasser. On occasions though, Renault also acts against Rick, for example when he phones Strasser instead of the airport. Rick however had placed him in a very dangerous position at this point; so overall I would still say he was Ricks helper. The princess, who acts as reward for the hero and as object of the villains scheming, is physically portrayed by Isla, but the reward really seems to be that Rick is given back his faith in life and love. Her father, who acts to reward the hero for his efforts, is Ricks knowledge that he has sacrificed for the greater good. Also Renault, because he admires what Rick has done rewards him by not having him arrested. Casablanca also fits well into Tzvetan Todorovs theories of Equilibrium and disequilibrium, the theory that a narrative is a fictional environment, which begins with a state of equilibrium (all is how it should be) which then suffers some disruption (disequilibrium), before a new equilibrium is produced at the end of the story. There are in fact five transformations through which an event can pass, as Casablanca is both a love story and a thriller you can take either one of these and apply Todorovs theories to it.