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discuss briefly (7-8 lines) the meaning of "economic analysis is marginal analysis" and give a personal example! (please give any personal example!)
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- Course: Introduction to Microeconomics1. Our students Francisca and Javier have a heated discussion about Axioms of Preference and Rational Consumer Choice, from which they raise questions and reflections regarding topics seen in class. You are asked to comment on each of these statements, justifying whether statement is true, false or uncertain. You should be supported by graphic analysis as appropriate.Statements that our students arrive at are as follows:(a) To have consistent ordering and represent convex indifference curves, only Axioms of order (Monotonicity) and Transitivity are needed.b) For a consumer to find equally preferred baskets from an initial basket, he must establish a substitution relationship between goods to stay on same indifference curve.c) Given consumer's income, the best he can do with respect to his consumption decision, is to find a situation where marginal utility per weight spent on good X is equal to marginal utility per weight spent on good Y.Economics Question Suppose , unfortunately , your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only twelve hours studying for both exams . After some thought , you conclude that dividing your study time equally between each subject will give you an expected grade of C in each course . For each additional three hours of study time for one of the subjects , your grade will increase one letter for that subject , and your grade will fall one letter for the other subject . a . Construct a table for the production possibilities and corresponding number of hours of study in this case .SUBJECT: ENGINEERING DATA ANALYSIS I. In your own words, define the following terms. 1. Price floor2. Demand3. Economics4. Ceteris Paribus
- Note: this is an economics question. *What were the policy responses used to combat the shortage of hand sanitizer, masks and disinfectant products during the covid-19 pandemic? *Explan.10 - You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? (Answer the question according to the definition of opportunity cost.) (5 points)Give typing answer with explanation and conclusion 1. The primary focus of the study of economics is with: . expanding the production of goods and services. . making the most efficient use of scarce productive resources. . equalizing the distribution of consumer income and wealth. . reallocating resources from consumption to production in the economy.
- 8)___________ economics deals with human behavior and choices in small units-an individual, a firm, an industry, or a single market. __________ Economics deals with human behavior and choices as they relate to an entire economy. * a)Economic theory, An economic hypothesis. b)Positive, Normative. c)Ceteris paribus, association-causation. d)Microeconomics, Macroeconomics.Course: Introduction to Microeconomics Topic: Consumer Theory and Preferences You are asked to comment on each of following statements, justifying whether statement is true, false or uncertain. You should be supported by graphical analysis as appropriate.Statements that our students arrive at are as follows:(a) To have a consistent ordering and represent convex indifference curves, ONLY axioms of ORDER and TRANSITIVITY are needed, omitting others.b) For a consumer to find baskets that are equally preferred from an initial basket, he must establish a substitution relationship between goods to stay on same indifference curve.c) Given a consumer's income, best that can be done for Consumption Decision is to find a situation where marginal utility per weight spent on good "X" is equal to marginal utility per weight spent on good "Y".4 Principles of Microeconomics Please discuss the graph and curve using in Economics.
- 18. Why could experiments be used to solve the endogeneity problem? [answer in no more than 50 words]Economics is a study of the usage of resources and how we can make those resources valuable under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services. Economics is not just about money; it is also about making correct choices, balancing them with the money, and improving an individual’s overall well-being. Some important MCQs on economics are given to analyse your understanding of the topic. Economics MCQsQ1. What do you mean by the supply of goods? a) Stock available for sale b) Total stock in the warehouse c) The actual production of the goods d) Quantity of the goods offered for sale at a particular price per unit of time Answer:- d Q2. What do you mean by ‘under conditions of a perfect competition in the product market’? a) MRP = VMP b) MRP > VMP c) VMP > MRP d) None of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely.…5. Illustrate the differences between microeconomics and macroeconomics?
