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Q1. Throughout 2nd World War, U.S. prisoners of war utilized cigarettes as a form of money. Cigarettes were used to purchase something that was for sale in the prison camps. As we have discussed conversely that money should possess the qualities of durability, portability, divisibility, uniformity, ease of recognition and scarcity, and discuss the advantages and disadvantages of cigarette money in this prison economy in terms of these 6 criteria.
Q2. As to think take some time and illustrate about the ways in which you're learning in this class relates to the real world. Illustrate the knowledge you achieve been valuable in helping you understand or evaluate events or policies? Explain is there any present events in the news that you can directly link to concepts or theories covered so far?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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