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Micro and macroeconomics - Essay Example

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Economics is indeed a broad field which has its recognition in almost every aspect of life. There are basically two different types of economics which predominantly are microeconomics and macroeconomics in total(WIERENGA)…
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Micro and macroeconomics
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Micro and macroeconomics

Download file to see previous pages... There are numerous concepts, that specifically comes under the ambit of economics and the name of cost efficiency is one of them, in fact quite important as well. There are number of concepts that define about cost efficiency in total and putting the first thing on the first step is one of the most integral ones. There are certain environmental laws that prohibits the EPA to not to put the same against the cost, but there are number of companies which are doing the same. Organizations always strive and thrive hard for economic prosperity and there are number of things on which the entire productivity of an entity depends upon (WIERENGA). Theoretically, an organization is places which have been arose and surrounds with number of different departments in total. Considering the cost to develop and initiate through a specific period is prohibited in different law making functions. This thing could in regular touch with the cost of the company as a whole. This is basically a sort of waste for the companies to put things first as compared to other things. It is basically a waste of resources and it should be prohibited. Self Test Exercise Ans-1) Current Level of Enforcement Activity is $ 7.50 Marginal Cost per Gallon is $ 5.50 The current level of enforcement activity is marginally higher than that of the cost of per Gallon, representing an increase of $ 2. If the number s are correct, then the Coast Guard should be increased in order to meet with the current level of Enforcement Activity (EA), otherwise the resources would get wasted. Cost per gallon in this particular scenario should be increased accordingly in order to do the things all along. The main reason to analyze is to make the cost according to the current EA in total. Ans-2) Risk Reducing Program = $ 100,000 to $72 billion a) Risk is the name of uncertainty and it is extremely important for the companies to reduce the level of risk from their production. Statistics is one of the most important fields which has its importance and recognition in number of things. The field of statistics has been found among number of things in total and it is found in forecasting as well. Organizations have to consider number of things in order to bring economic propensity to the consumption. If the values have been considered as correct, then the programs should be continue for a long span of time, because it relates to the economic efficiency of the organization as a whole. b) Government could play a vital role to stabilize the economy or to stabilize a certain method or path of a country or an organization as a whole. Government could play an important role to equalize the marginal cost life saved across all the live saving programs. In this section it is analyzed that Government could also play an important role in this analysis as well and cost per save life will certainly enhance with the same activity. Risk could also be minimized accordingly with the help of this section. 3.a) Risk reduction is an important activity which should be there for a organization as a whole. Premature risk reduction should be decrease accordingly. = 1/100,000 = 10/1000, 000 If the population is 4 million then the statistics could be like this, = 40/4,000,000 = 0.001% The proportion of the same is quite low as it relates to the risk reduction activity. The cost associated with the same is = 50* 4,000,000 = 2, 000, 000, 00 3.b) 6/100,000 To 2/100,000 The maximum that could be found from the same is 8/1000,000 Chapter-5 Discussion Question-1 The term environmental sustainability comprise of decision power and the implementation of such measures that plays an ...Download file to see next pagesRead More
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