Basic Statistics for Business & Economics Mc Graw Hill Book Pdf

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Basic Statistics for Business and Economics Hardcover – Illustrated, 16 March 2012 · Print length 1248 pages · Language English · Publisher McGraw-Hill...

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Jan 31, 2018 — Basic Statistics for Business and Economics. 6th Edition. 1259268934 · 9781259268939. By Douglas A. Lind, Samuel A. Wathen, William G.

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Perfect competition vs Monopoly:

Number of firms: many firms vs one firm.
Product: homogeneous vs no close substitutes.
Price control: price taker vs price maker.
Entry barriers: free entry/exit vs high barriers.

Thus, monopoly has greater pricing power and less competition than perfect competition.

Balance of Payments (BOP) Accounts

Current account includes trade in goods (exports/imports), services (tourism, software), income (interest/dividend) and transfers (remittances).
Capital/financial account includes FDI/FPI, loans, banking capital flows and other investment.
If the current account shows a deficit, it must be financed by capital inflows or by using foreign exchange reserves.

Thus, BOP shows how a country earns and spends foreign exchange through current and capital transactions.

Movement along Demand Curve vs Shift in Demand

1) Movement along the same demand curve (change in quantity demanded)

Cause: change in price only.
Result: extension (price ↓) or contraction (price ↑).

2) Shift of demand curve (change in demand)

Cause: factors other than price (income, taste, ads, related goods, expectations).
Result: demand curve shifts right (increase) or left (decrease).

Basis	Movement along curve	Shift of curve
Cause	Price change	Non-price change
Effect	quantity demanded changes	demand changes

Price change → Move along curve
Non-price change → Curve shifts left/right

Example:

Price fall of tea → more tea bought (movement).
Increase in income or strong advertising for tea → higher demand at same price (shift).

Perfect competition vs Monopoly:

Number of firms: many firms vs one firm.
Product: homogeneous vs no close substitutes.
Price control: price taker vs price maker.
Entry barriers: free entry/exit vs high barriers.

Thus, monopoly has greater pricing power and less competition than perfect competition.

Balance of Payments (BOP) Accounts

Current account includes trade in goods (exports/imports), services (tourism, software), income (interest/dividend) and transfers (remittances).
Capital/financial account includes FDI/FPI, loans, banking capital flows and other investment.
If the current account shows a deficit, it must be financed by capital inflows or by using foreign exchange reserves.

Thus, BOP shows how a country earns and spends foreign exchange through current and capital transactions.

Movement along Demand Curve vs Shift in Demand

1) Movement along the same demand curve (change in quantity demanded)

Cause: change in price only.
Result: extension (price ↓) or contraction (price ↑).

2) Shift of demand curve (change in demand)

Cause: factors other than price (income, taste, ads, related goods, expectations).
Result: demand curve shifts right (increase) or left (decrease).

Basis	Movement along curve	Shift of curve
Cause	Price change	Non-price change
Effect	quantity demanded changes	demand changes

Price change → Move along curve
Non-price change → Curve shifts left/right

Example:

Price fall of tea → more tea bought (movement).
Increase in income or strong advertising for tea → higher demand at same price (shift).

Basic Statistics for Business & Economics mc graw hill book pdf

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Exam Questions (3 & 5 marks)

Balance of Payments (BOP) Accounts

Movement along Demand Curve vs Shift in Demand

1) Movement along the same demand curve (change in quantity demanded)

2) Shift of demand curve (change in demand)

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Exam Questions (3 & 5 marks)

Balance of Payments (BOP) Accounts

Movement along Demand Curve vs Shift in Demand

1) Movement along the same demand curve (change in quantity demanded)

2) Shift of demand curve (change in demand)