Q: Is economics one of the most important thing in the world? Why
A: Economics is the social aspect that deals with the interaction between people to make exchange of…
Q: Ben says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should…
A: There are two types of statements - positive and negative. A positive statement is based on facts…
Q: In common parlance, we say that economics is everywhere. Comment
A: Economics is that the investigation of how people choose choices notwithstanding shortage. These are…
Q: Is economics a science? Why, or why not?
A: Economics is related to the production, distribution, and consumption of goods and services.…
Q: Ben says that "An increase in the tax on beer will raise its price." Holly argues that "Taxes should…
A: Positive economics is a surge of financial matters/economics that centers around the portrayal,…
Q: Why do economists sometimes offer conflicting advice to policymaker?
A: The economics is mainly theory-based and its principles and concept are based on assumptions which…
Q: What good is economic theory if it can't predict the behavior of a specific individual?
A: The economic theory are the simplification of the economic realities which are used to make the…
Q: What is Economics? And why was Alfred Marshal’s theory criticized?
A: Answer - Economics :- It is the social science which deals with how a consumer behaviour and there…
Q: Adam Smith most likely agree?
A: Laissez-faire is an economic system in which transactions between private groups of people are free…
Q: he study of economics was known by what name from its earliest inception? political science…
A: Economics refers to the branch of knowledge related with the production, consumption, and transfer…
Q: Explain the inductive and detective methods of economics not more than 300 words. 100 to 150 words…
A:
Q: what does reading shakespeare or dostoevsky add to an economics student?
A: The book by David Hawkes titled Shakspeare and economics explains the economic thoughts that…
Q: Why economics is arts group
A: Economics is a social science as well as art which defines human behavior with the motive of…
Q: How can you say that economics is part of today's society?
A: The resources in our economy are limited while the wants are unlimited. This makes the resources…
Q: Can yo help me with easy words. Is economics a science? Why? Definitions of “science” and…
A: Yes economics is a science.It is a social science that studies human behavior related to resources…
Q: He described economics as a science of material welfare A. Robbins B. Marshall C. Ricardo D. Keynes
A: According to the given question In simple words economic as a science of the material welfare…
Q: Economics is the social science that studies the choices that individuals, businesses, governments,…
A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…
Q: What is the difference between positive and normative economics? Why are positive questions easier…
A: Positive economics is a stream of economics focused on identifying, quantifying, and explaining…
Q: What is the best and the worst economic theory of adam smith as an economist?
A: Adam Smith, the father of modern economics, was a Scottish economist, philosopher, and author in the…
Q: Would a good economic model be more likely toaddress a positive statement or a normative statement?…
A: A positive statement is that statement which explains the actual phenomenon of the subject. These…
Q: Distinguish between economics and political economy.
A: Economics basically refers to the study of resource allocation in order to meet a society's material…
Q: Who did Milton Friedman advise with his economic theory?
A: Milton Friedman was an American economist and statistician who believed strongly in free market…
Q: Why is economics a social science subject
A: Economics can be defined as the study of people, societies, government and the businesses and how…
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A: Economist always make decisions under rationality. Because rationality gives them better choice and…
Q: What is economics most concerned with? keeping interest rates low O making money allocating scarce…
A: What is economic most concerned with.
Q: When it comes to advice being given to policy makers, economists may offer conflicting advices for…
A: Policy makers while taking advice from different economist’s always face conflicts for determining…
Q: Is Economics an Administrative Science?
A: Science is an art that depicts the logical reasoning behind subjects and topics.
Q: He described economics as a science of material welfare
A: To find : Who describes economics as science of material welfare
Q: The Department of family planning estimated that it would costs a middle-income family $550,530 to…
A: Given: Cost of raising a child from age 1-17=$550530
Q: What good is economic theory if it cannot predict the behavior of a specific individual?
A: Economic theory helps in analyzing the functioning of an economy. It helps in understanding both the…
Q: Explain how Marx's principle may or may not apply to today
A: Marx believed the struggle could eventually proceed to a revolt wherein the lower classes would…
Q: What is the water diamond paradox in our modern economics?
A: Total Utility is the total satisfaction obtained by consuming a particular amount of good or…
Q: Do economists have any particular expertise at making normative arguments? In other words, they have…
A: Both positive and normative economics are the branches of modern economics. The positive analysis…
Q: What is the Stackelberg Theory in Economics?
A: Please find the answer below.
Q: As we know everything hsa and every subject has its laws, Define the laws of Economics?
A:
Q: Classify the following questions as Microeconomics or Macroeconomics and provide a justification for…
A: Economics is the branch of social science that studies the production, distribution, and consumption…
Q: Discuss a theory of economics that you identify with - how is this theory applied in real world…
A: Theory of opportunity cost: In economics, opportunity cost can be understood as the second best…
Q: What is the difference between static and dynamic analysis in economics? When is each appropriate?
A: An economic analysis is a method used by specialists to determine how significant economic elements…
Q: Define economics.
A: Microeconomics describes the study of decision making by individual economic agents such as…
Q: According to Richard Thaler, what two things give economics its reputation as the most powerful…
A: Richard H. Thaler is a professor of behavioural science and economics at the University of Chicago…
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- Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fish1 explain the role of ceteris paribus in economic analysisI want you to please to solve this. It's super easy, and the deadline is in 1 hr. A student has a monthly budget of $120 to spend on eitherburritos, which cost $6 each, or sodas, which cost $4 each.1. What is the largest number of burritos that the studentcould afford to purchase in one month?2. What is the largest number of sodas the student couldafford to purchase in one month?3. Draw the student's budget constraint. Put burritos on thex-axis and sodas on the y-axis.Graded Assignment due Monday4. Which combinations of burritos and sodas are unaffordable--those tothe left of the line in the graph or those above the line in the graph? Why?5. Which combinations would leave some budget unspent - those to theleft of the line in the above graph or those to the right of the line in theabove graph?6. What is the equation for the student's budget constraint? In yourequation, use Q1 as the variable to represent the quantity of burritos andQ2 to represent the quantity of sodas.7. What is…
- Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is IvanWhat are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?
- Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21
- Please answer parts c and d 1. To make sure he has enough energy for the teaching, Ernie spares $60 every week tospend on Blue Bull and Gigantic energy drinks. A can of Blue Bull costs $2, and a canof Gigantic costs $3. Assume that fractions of a can are allowed.(a) Draw Ernie’s budget line, measuring Blue Bull on the horizontal axis and Giganticon the vertical axis.(b) How many cans of Gigantic can Ernie afford if he buys 15 cans of Blue Bull?(c) What is the maximum number of cans of Blue Bull Ernie can afford?(d) What is the slope of the budget line? Be sure to include the sign. Explain in wordswhat this slope measures.(e) Denote the number of cans of Blue Bull by qb and that of Gigantic by qg. Writedown an equation capturing Ernie’s budget constraint. How would the equation fora budget line be different?The president of LeTall University, President John, spends $30 per week on pizzas (qz)and beers (qb). At LeTall Pizza, his go-to pizza joint, pizza costs $3 per slice and beeralso costs $3 per can. Assume fractions of the goods are allowed.(a) Draw President John’s budget line (qb on the horizontal and qz on the vertical axis).(b) President John receives a coupon from LeTall Pizza. The coupon, which will expirein a week, allows him to buy a can of beer at a discounted price of $1 per can. Itis, however, only good for a dozen cans of beer. Draw President John’s budget lineunder the coupon. Label any critical points on the budget line.(c) In another week, LeTall Pizza offers a special deal for pizza. For every half dozenslices of pizza bought during the week, one can get two additional slices for free.Draw President John’s budget line under the special deal. Label any critical pointson the budget line.5. Vera is an impoverished graduate student who has only $100 a month to spend on food. She has read in a government publication that she can assure an adequate diet by eating only peanut butter and carrots in the Öxed ratio of 2 pounds of peanut butter to 1 pound of carrots, so she decides to limit her diet to that regime. a) If peanut butter costs $4 per pound and carrots cost $2 per pound, how much can she eat during the month? b) Suppose peanut butter costs rise to $5 because of peanut subsidied introduced by a politically sensitive government. By how much will Vera have to reduce her food purchases? c) How much in food stamp aid would the government have to give Vera to compensate for the e§ects of peanut subsidy? d) Explain why Veraís preferences are of a very special type here. How would you graph them?