Copper is a substance that gives a measure of the world’s economy. The global price virtually trebled between the beginning of 2005 and the 2008 summer prior to their fall to $ 3000 in the 2008’s autumn (Geoff, 2012: 3). …
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During their climax, copper was very costly in the global markets to an extent some coins made of copper were more worth than their face value. The following discussion will address the trends in the global markets of copper, their distribution and demand and ways in which the government can influence the price, demand and supply of copper. The Main Economic Trends and Features of the World Copper Market During the Period 2007-11 The United States local production and use of copper has slightly gone high in 2011 to a figure of about 1.1 million tons raising its value to approximately $ 10 billion. Montana, Nevada, New Mexico, Utah and Arizona in the ascending order of production contribute over 99% of the local mine manufacture. Copper that was refined used about 30 mills of brass, 15 mills of rod and 500 foundries and sundry end users. Copper and its alloys were consumed in the building infrastructure where about 45% were used in electronic goods, 23 % consumed in the equipment of transport, 12 % consumed in general products similar to the consumer goods while the industrial ware used about 8% (Ho & Yi, 2008: 538). Between the years 2007-2011 the unproduced import sources from Chile was approximately 42 %, the Canadian was about 33 %, Peru amounted to 13% while Mexico had 6 % . The unwrought copper imports comprised of 83% of the refined copper. There has been an upward trend in the prices of refined copper in the second of half of 2010 with the ending year price according to London Metal exchange reaching a record high of $ 4.44 per every pound of copper (Botchway, 2011: 355). Even though the prices have been fluctuating considerably, the price of copper has remained over $ 4 per every pound throughout August 2011 with a record high price by LME going way up to $ 4.60 per pound in February 2011. In the month of September 2011, in reaction to the crisis regarding the impact on the demand of copper from the increasing debt in the European Union and the slowing development policies in the Chinese republic, the spot price fell acutely to about $ 3.16 per every pound in the course of week 1 which was the least since 2010 July (Gleich, Ayres & Go?Ssling-Reisemann, 2010: 121). The Factors Which Led To Change in the Demand for Copper during 2007-11 However, in September, the global copper research group predicted that the world’s refined demand of copper in 2011 would go beyond the production of refined copper by approximately 200,000 tons which would elongate the deficit production that occurred in 2010 as predicaments of operations and labor unrest inclusive of the strikes in Chile and Indonesia. This would continue to strain the global output of copper mine. The global demand, consumption and production of refined copper was estimated to go high by 1.5% and 2.3% by 2011 (ILOTTMMOTCM, 2008: 14). The production in the U.S mine went up abet in 2011 as restoration of mine restrain instigated at year end 2008 were majorly counterbalanced by a less Ore Grades at a chief producer. The production at the electrolyte refinery went down due to closure of the refinery that was experienced in 2010 that eventually treated trade in anode and to less local output of smelter, the latter leading to a high degree of exports. The Copper mine production in the United States was projected to increase by over 100,000 tons in 2012, fundamentally because of the increasing refurbishment of cut downs. The local consumption of refined copper was close to unvaried in the year 2011 (Geological Survey, 2011: 21). Moreover the boom in the construction sector in China has also granted the consumers an insatiable
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The data that will be used to compute for the four-firm concentration ratio and the eight-firm concentration ratio is from The 2010-2011 Economic Report on Retail and Specialty Pharmacies (Fein, 2010). Table 1 below shows the market shares of the largest U.S.
Per Capita income is the measure of living standards .It is calculated by taking the Gross Domestic Product (GDP) which is the total income and dividing it by the population. The standard deviation of GDP per capita is referred to as natural log. The United States of America has continued to maintain high per Capita income despite its huge population.1960 acts the base year in calculation of the per capita income.
It is also a company that is listed in the stock exchange and has been performing quite well in recent years. The demand for petroleum products is mainly influenced by their prices and the growth rates being witnessed around the world. Many countries have achieved tremendous population growths and require to support their manufacturing industries that mainly depend on petroleum products.
vaccinations against infectious diseases). Briefly suggest how government might intervene to correct this under-provision? 5 (C) The Consumer Price Index (CPI) is the official measure of inflation in the United Kingdom. Why might CPI not be an accurate measure of the costs of living for any given individual consumer?
Scarcity Scarcity is limitation in supply. Scarcity is when a commodity is hardly there. For instance, land is a scarce factor of production (Mankiw, pp.55) Relevance In this article it is found out that the government and other traditional sectors are running short of labor.
Spillover effect is referred to the decrease in the wages of the non-union company. Generally after any organization increase wages then simultaneous they used to reduce the number of employees to maintain the balance in the profitability.
at banks hold in response to risks and interest rates suggest that reserves are not likely to cause massive and unexpected increase in the bank loans portfolio. In contrast, banks preparation to handle any changes is not clear in future, in case the perceived conditions change
For example when the shirts produced are 90 the amount of computer forgone are less in China than in America, hence low opportunity cost. This means if there is trade China will benefit more, this is because it will import computers and export shirts since the opportunity cost for computers is low.
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