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    Applied Economics

    Applied Economics focuses on economic theories and econometrics (mathematical and statistical methods used in economics) and how they can be used to address and improve economic issues. Applied economics looks at real-world problems in the public and private sectors through an economic perspective, in order to determine the weaknesses and how to improve a company, country, or household. Generally speaking, applied economics is the empirical study of economics.

    Applied economics is relevant to our own lives because it gives us a clear, concise image of an economic situation, without the influence of bias. This helps us determine a way to improve how our economy functions. Economic theories are formed by looking at how historical events have impacted the economy and how the economy rebalances itself. Applied economics tests these theories against empirical evidence to see if they actually hold true. The main goal is to distinguish between correlation and causality; economics is interested in causal relationships but these are easily confused with correlations. 

    This area of economics covers a wide array of topics and the categories that fall under applied economics relate to how our lives are affected by changes in the economy. The topics that fall under applied economics are as follows: labour economics, monetary economics, nature resource economics, and public economics.

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    BrainMass Categories within Applied Economics

    Labour Economics

    Solutions: 156

    Labour economics is the study of the interaction between firms, workers, and the government and is analyzed by employment and wages.

    Natural Resource Economics

    Solutions: 32

    Natural resource economics focuses on the supply, demand, and allocation of natural renewable and nonrenewable natural resources.

    Public Economics

    Solutions: 37

    Public economics studies how the government impacts the public market by looking at how the production of good and services are affected by government policies.

    BrainMass Solutions Available for Instant Download

    Zillow Zestimate: Determining the Selling Price of a Home

    Determining the Selling Price of a Home Determining how much to pay for a home is one of the more difficult decisions that must be made when purchasing a home. There are many factors that play a role in a home's value. Location, size, number of bedrooms, number of bathrooms, lot size, and building materials are just a few. Fo

    Three Basic Economics Questions

    ***This is not a request for a written paper, but points to expound on.*** Write a 2-3 page thorough analysis of the three basic economic questions along with an analysis of the centralized command and control system, the price system, and the mixed economic system. Remember to cite your research and do not plagiarize.

    Various Topics in Elasticities, Auctions, and Cost Curves

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    Lemon Laws Market Efficiency

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    Compensation Plan Structures

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    Price Elasticity and Price Discrimination

    You operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. You have conducted a market research study and discovered that the price elasticity of demand for local residents is lower (less elastic) than the price elasticity of demand for college students,

    Patent Protection: Pharmaceutical Industry

    Using supply and demand and competitive analyses, explain what happens to a pharmaceutical company's revenues and profits from an individual drug once it loses its patent protection. Then identify at least one strategy the company can use to mitigate the losses; be sure to support your suggestion using economic analysis.

    Economies of Scale/Scope

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    Monetary Policy, Enron, and Business Ethics

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    Demand and Supply Equations with Equilibrium and Graphing

    1. It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.). How would you explain this phenomenon in terms of demand elasticity? 2. What would you expect to happen to spending on food at h

    Supply and Demand

    1. The following function describes the demand condition for a company that makes caps featuring names of college and professional teams in a variety of sports. Q = 2,000 - 100P where Q is cap sales and P is price. a. How many caps could be sold at #13 each? b. What should the price be in order for the company to sell 1,0

    Calendar for Product Pricing

    Staff members and the board of the Knotfer Prophet Agency have decided to express the dramatic side of well-known and respected community and agency supporters with a calendar that each month displays one of them in a costume that reflects the happenings of that month. The photographs are funny and tasteful. For instance, the ma

    Inelastic demand and increased prices

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    Effective human resource management policy and practice

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    Hospital administrator

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    An insured patient is admitted to a hospital

    An insured patient is admitted to a hospital. Compare the advantages and disadvantages of fee-for-service payments and a DRG-based payment system from the perspective of (a) the patient's insurer; (b) the hospital to which the patient was admitted; (c) the patient's admitting physician; and (d) the patient. Less than 100 wor

    Debate the use of lowest-cost combination of workers.

    Lobo Lighting Corporation currently employs 100 unskilled laborers, 80 factory technicians, 30 skilled machinists, and 40 skilled electricians. Lobo feels that the marginal product of the last unskilled laborer is 400 lights per week, the marginal product of the last factory technician is 450 lights per week, the marginal produc

    Economics: Demand and price, product elasticity, big ticket items

    1. What would happen if prices were lowered when demand was inelastic is that this would make the product elastic and the demand would increase for it. A real-world example is that of computer. If it is at $399, but if it becomes higher than $899, people may stop buying it. Furthermore, if prices were raised, then the demand

    Economics Questions

    1.a) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please see attachment above title "DQ1 A.gif" b) Does the following graph, show an increase in supply or an increase in quantity supplied? What factor(s) might cause this change? Please

    Health Care Economics

    How do you explain and predict hospital behaviors if using the utility-maximizing (quality - quantity) and physician control models, individually? (Please use figures/graphs to explain the models).

    Human Capital

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    Monetary conversion

    Suppose the Indian rupee price of one British pound is 54.392 rupees for each pound. A hotel room in London costs 120 pounds, while a similar hotel room in New Delhi costs 6,500 Indian rupees. In which city is the hotel room cheaper, and by how much?

    Fringe Benefits: President Decision Making

    A president at a university wants to reduce expenditures on fringe benefits (while maintaining the quality of faculty and staff). The president appointed a task force, which consists of faculty and staff from departments throughout the university. The task force has been asked to design a new fringe benefit package. Does

    Macroeconomic factors that influence the operations of the company

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    Marginal Rate of substitution

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    Cost analysis

    You drive 5000 miles a year and buy gasoline at the price of $2/gal. Except for differences in annual costs, you are indifferent between driving a 10 year old Buick ($400/yr, 20 miles per gal) or a 10 year old Toyota ($800/yr, 50 miles per gal). (a) Which one do you choose to drive? (b) How does your decision change if

    Cournot Duopoly - Reaction Functions

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