Define and explain the three key economic ideas

Assignment Help Public Economics

Reference no: EM131896025

Discussion Question 1

Define and explain the three key economic ideas: 1) people are rational; 2) people respond to economic incentives; 3) optimal decisions are made at the margin. Provide an example for each idea (Do not use the examples from the textbook).

Discussion Question 2

Using the economics or other literature (but not the textbook) to identify estimates of the income elasticity of demand for at least three different products. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the income elasticity of demand.Rationale

The question addresses the following learning outcomes:

• be able to apply demand and supply analysis to make a range of market related decisions
• be able to make decisions that incorporate the relevant benefits and cost analysis.

Reference no: EM131896025

Questions Cloud

How does the city setting busy streets : How does the city setting--busy streets, buildings with specific purposes, dark backstreets-- produce a disorienting and confining experience

Determinants of the income elasticity of demand : Comment on the magnitudes of these estimates in relation to the standard economic determinants of the income elasticity of demand. Use three sourses.

Estimate colin value at the beginning of year : Colin Technology's cost of equity capital is estimated at 13 percent. Use accounting-based equity valuation model to estimate Colin's value at beginning of year

What are the arts in the islamic golden age : What is Islamic art in the golden age. What are the arts in the Islamic golden age?

Define and explain the three key economic ideas : Define and explain the three key economic ideas: 1) people are rational; 2) people respond to economic incentives; 3) optimal decisions are made at the margin.

Faith narrative instead of a capture narrative : If instead of viewing the work as an attempt to tell the true story of a capture, it is read as a reaffirmation of faith in God, how does that change the meanin

What was the amount of bayside total fixed costs : The variable cost per unit was $30, and Bayside's margin of safety was 30,000 units. What was the amount of Bayside's total fixed costs

Discuss the types of behavior confucius criticizes : Should discuss the types of behavior Confucius criticizes. In your post, explain whether or not you agree with Confucius' criticism and why.

User Account

All Pages