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- This is a Microeconomics problem. Describe the Stackelberg model and explain how the first mover in such a model gets an "advantage"?How does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.Determine whether each topic in the following table would more likely be studied in microeconomics or macroeconomics.
- Explain why Applied Economics is not a field of economics. If Applied Economics is not field of economics, what is its classification as a discipline or field of study?Normative analysis can best be shortened to ___________, while positive analysis is best shortened to __________.What are the human behaviors economists should observe when creating economic models?
- Using an example, discuss 2 (TWO) value-added of learning ‘History of Economic Thought’ compared to other economics courses such as Microeconomics.Explain why it is important for an economic modelto be an abstraction from the real world.What are the principle characteristics of positive versus normative economic analysis