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- Why is it important for a good economic model topredict cause and effect?The Black Death: In the middle of the fourteenth century, an epidemic known as the Black Death killed about a third of Europe’s population, about 34 mil-lion people. While this was an enormous tragedy, the macroeconomic con-sequences might surprise you: over the next century, wages are estimated to have been higher than before the Black Death.(a) Use the production model to explain why wages might have been higher.(b) Can you attach a number to your explanation? In the model, by how muchwould wages rise if a third of the population died from disease?Q.3 Explain 5Es of macroeconomics. Write about three linked models of macroeconomics. How has COVID-19 pandemic impacted each of these 5Es in the short term, medium term and long term
- ASAP!! ANSWER PLEASE Suppose there are only two commodities that can produced in an economy, computers and cycles. If the producer decides to produce one more cycle then why does it cost more to produce the second cycle than to produce the first one, assuming that the cycles are identical? Elaborate your answer using the concept of Production Possibility curveBook: MacroeconomicSteinar, holden, osloCappelen damm academic,20163. Write the theoretical model speciation of a logit model?
- What is the difference between a positive and a normative statement?Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?Can you help me answer these questions it's macroeconomics theory
