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Define economics. explain briefly how the economic way of thinking-interms of rational, self interested people responding to incentives- relates to each of the following situations.
a. A student deciding whether to purchase a textbook for a particular class.
b. Government officials seeking more funding for mass transit through higher taxes.
c. A muncipality taxing hotel guests to obtain funding for a new sports stadium.
1-2. Some people claim the "economic way of thinking" does not apply to issues such as health care. Explain how economics does apply to both a low-income household and a middle-income household? Can the same phrase be applied to very high-income household?
Look at the able Demand Schedule for Gadgets. The market for gadgets consits of two producers, Margaret and Ray. Each firm can produce gadgets with no marginal cost or fixed cost. If these two producers formed a cartel and acted to maximize total ind..
The annual percentage returns on common stocks over a 7-year period were as follows: Compare the means of these two population distributions. Compare the standard deviations of these two population distributions.
Suppose you wanted to study intertemporal food purchases. You have annual data on food purchases. Would it be valid to assume that food in one year and food in another year are perfect substitutes? Why or why not? A consumer, who is initially a lende..
Find mathematically and graphically the Equilibrium price and Quantity? If the price is 10 Riyal, what kind of surplus we will have and how much is it? If the equilibrium price increased by one Riyal, what will be the quantity demanded?
Name at least six characteristics of an international salesperson necessary for successful sales of your product in a foreign market.
Some of the largest import tariffs are on shoes. Strangely, the cheaper the shoes, the higher the tariff. The highest US tariff. 67%, is on a pair of $3 canvas sneakers, while the tarriff on $12 sneakers is 37% and that on $300 Italian leather import..
Label aggregate demand curve as AD and aggregate supply curve as AS. Be sure to label axes appropriately. Identify and describe changes in AS-AD graph above that would result from cost-push inflation.
Expansionary monetary policy by the foreign country will lead to a ______________ of the home currency, while expansionary monetary policy in the home country will lead to a ____________ of the home currency.
Which of the following are examples of income? Chose all that apply. Which of the following are examples of expenditures? Chose all that apply
What are the factors of production? Please list them and share your thoughts and insight on what they entail and how they relate to the opportunity costs of your decisions?
A town of 200 individuals that drives SUVs. 200 on average burn a gallon of gas every 18 miles. At 15,000 miles of travel what is the impact of driving this vehicle? The town became environmentally conscious and switched to hybrid SUVs in order to ge..
The explanations of why or how the examples you have chosen demonstrate the concepts of externalities and public goods must be included in your original post.
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