PRINCIPLES OF MICROECONOMICS LOOSE LEAF
12th Edition
ISBN: 9780134081083
Author: CASE
Publisher: PEARSON
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Chapter 22, Problem 2.3P
To determine
Identify the correlation between the years of schooling and date of birth.
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Use the attached graph ..
which of the following can cause the relationship shown between MSC and MPC?
a) an increase in cases of asthma due to pollution
b) a decrease in financial instability from unlawful investing
c) a increase in investment to support educational funding.
d) a decrease in air pollution caused by a nuclear energy plant
e)an increase in research and development funding of a product
For the three-part question that follows, provide your answer to each question in the given workspace. Identify each part with a coordinating response. Be sure to clearly label each part of your response as Part A, Part B, and Part C.Suppose you are saving your money to pay for a vacation for your family. So far, you have $400 saved. You plan on saving more each month so you can pay for the vacation at the end of the year. Assume that you save 10%more each month than the previous month.Part A: Write a formula that would show the amount you will have saved after 1 year.Part B: If the vacation costs a total of $8,000, will you be able to pay for it after 1 year?Part C: Explain why or why not. Show your work to support your answer.
You have been tasked with developing a research report based on an economy of your choice anywhere in the world. The economy you select should be a growing economy or an economy that has experienced growth at some stage in its development. Present the finding of your research under the following headings.
CRITICAL INDSUTRIES
Identify the industry (industries) that are strategically important and critical for economic growth in your chosen economy. Provide a brief background into the nature of each of these industries and their contribution to the economy as a whole. Limit your discussion to two industries.
(150 - 200 words)
Chapter 22 Solutions
PRINCIPLES OF MICROECONOMICS LOOSE LEAF
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- You have been tasked with developing a research report based on an economy of your choice anywhere in the world. The economy you select should be a growing economy or an economy that has experienced growth at some stage in its development. Present the finding of your research under the following headings. BACKGROUND AND ECONOMIC FUNDAMENTALS Here you should include background info regarding the economy you have chosen (including geographical location, size of the economy, standard of living in the economy, economic growth rates, problems facing the economy). Include facts about your chosen economy that you believe are relevant to the different subsections of your report. Your discussion should also clearly highlight the diff between micro and macroeconomics by identifying some aspects of your chosen economy's micro and macro economy. (150 - 200 words)arrow_forwardExplain the difference between the stock variable and a flow variable in economics with one example of each.arrow_forward1. Briefly explain what the term "agglomeration economies" refers to and briefly describe what the fundamental reason for the development of this particular type of economy relates to. Provide two examples of factors associated with agglomeration economies and identify what these factors help to explain. Identify two factors that would lead to diseconomies and briefly explain how the future of many of the world's cities will be likely be determined. 2. Describe the concept of diminishing returns in production. Explain why diminishing returns occurs.arrow_forward
- why the Nobel Prize in Economics in 2020 was awarded to Paul Milgrom and Robert Wilsonarrow_forwardElroy Harris is considering whether to buy a corn and soybean farm in Iowa. The farm will cost $800,000, and Xander will be able to pay this from profits his recently deceased mother made on the stock market and willed to him. He estimates that if he does not run the farm, and keeps his current job as an economic forecaster, he will be able to earn $40,000 a year. The prevailing interest rate is 9 percent. Xander’s only motive is to maximize his income. His accountant tells him the annual profit from the farm is likely to be depending on certain conditions and assuptions: Scenario i) $160,000 of accounting profit Scenario ii) $100,000 of accounting profit Scenario iii) $50,000 of accounting profit Using the concept of positive economic profit, which of the three scenarios would the economic opportunity cost justify him taking up farming and quitting his job as an economic forecast. Show your work and calculationsarrow_forwardRegarding the previous page, consider you and your partner are able to sell your current property and invest in a small guest house in Blackpool, a seaside resort in the UK, for the same amount of money. The guest house has eight double bedrooms. It is a bit run down. You currently work as a school teacher and your partner has been unemployed for a number of years. Outline the factors that would determine whether or not this is a good investment taking in consideration the opportunity cost and that your business partner is unemployed.arrow_forward
- Q92 Which of the following statements best describes scarcity? a. Production is efficient, but distribution is inefficient. b. Available resources can never satisfy people's wants. c. Society is not employing all of its available resources in an efficient manner. d. Scarcity afflicts only poor countries. e. Too many frivolous goods and services are produced at the expense of socially desirable goods and services. Clear my choicearrow_forwardHow do we solve the following question below?arrow_forwardThis question provides another chance to practice implementing the 4-step approaching to analyzing shifts in supply and demand. In order to receive full credit on this Problem Set, you must answer this question completely correctly. If your answer to this question is not completely correct, you cannot earn more than half credit on this problem set. With the onset of the coronavirus pandemic, many people became fearful of going to restaurants for full-service, sit-down meals. Did the fear of eating in restaurants represent an increase in demand for restaurant meals, a decrease in demand for restaurant meals, an increase in supply of restaurant meals, or a decrease in supply of restaurant meals? Based on your answer to part a, does the fear of eating in restaurants create a shortage of restaurant meals or does it create a surplus of restaurant meals? Based on your answer to part b., will the equilibrium price of restaurant meals go up or will the equilibrium price of…arrow_forward
- 2) Briefly discuss the different uses and the application of Business Mathematics concepts in day-day business activities.arrow_forwardThree students have each saved $1000. Each has an investment opportunity in which he or she can invest up to $2000. Here are the rates of return on the students’ investment projects: Harry 5 percent Ron 8 percent Hermione 20 percent If borrowing and lending are prohibited, so each student can use only personal saving to finance his or her own investment project, how much will each student have a year later when the project pays its return? Now suppose their school opens up a market for loanable funds in which students can borrow and lend among themselves at an interest rate r. What would determine whether a student would choose to be a borrower or lender in this market? Among these three students, what would be the quantity of loanable funds supplied and quantity demanded at an interest rate of 7 percent? At 10 percent? At what interest rate would the loanable funds market among these three students be in equilibrium? At this interest rate, which student(s)…arrow_forwardQUESTION 1 (Question b and c need to be solved) 1.a) Describe what is the difference between innovation and invention. 1.b) Describe the different types of innovation usually identified by economic and business studies. 1.c) Innovation has been frequently described in formal mathematical models as a linear process. Do you agree with this view? Articulate your answer by considering the major properties of the innovation process as discussed during the ECON1165 module.arrow_forward
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