1. The following quote appears in The Wealth of Nations, a very influential economics bookpublished in 1776 by Adam Smith."It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner,but from their regard for their own interest."Briefly interpret this statement, explaining why "their regard for their own interest" allows others' toexpect dinner.2. Read the following article themquse it to answer the questions that follow: https://news.crunchbase.com/news/the-revenue-costs-and-margins-behind-birds-scooters/a. There are typically 3-4 scooter rental companies operating in the same city. Would you predictdemand for one specific scooter company, say Bird, is elastic or inelastic? Explain.b. What type of industry would you categorize the scooter rental market? What characteristics are like acompetitive industry? What characteristics are unlike a competitive industry?3. Use following site on the market price of soybeans: https://bit.ly/36LTHIW to answer the followingquestions.a. What was the average closing price of soybeans in 2019 and the average closing price of soybeans in20227b. Suppose the breakeven price - which is the price needed to cover all economic average costs(including implicit costs) equals $12/bushel. What can we predict will happen in the long run to themarket supply or demand of soybeans, the market price of soybeans, and the economic profits of soybeanfarmers?

Self-interest: The pursuit of personal gain and advantage, where individuals act in a way that…

The following quote appears in The Wealth of Nations, a very influential economics book published in 1776 by Adam Smith. "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own interest." Briefly interpret this statement, explaining why "their regard for their own interest" allows others' to expect dinner.

The following quote appears in The Wealth of Nations, a very influential economics book published in 1776 by Adam Smith. "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own interest." Briefly interpret this statement, explaining why "their regard for their own interest" allows others' to expect dinner.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

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