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Question: The great English economist Lionel Robbins defined economics as "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This means that economists looks at our limited resources - like money, time, energy, intelligence etc. - and how we decide what the best choices are for how to use them, with the goal of maximizing the benefits. As you can see, this opens up almost all of human activity to study by economics. For this first assignment you are to describe 3-4 areas of human action not typically associated with economics and how economics can be used to help understand the reasons for the choices made. Along with the text, you are welcome to use any resources you want. Your work should be 3-5 pages long, double spaced, and adhere to APA stands.
You should understand the derivation of the aggregate supply and aggregate demand schedules and you should be able to distinguish between movements along these schedules and shifts in the underlying schedules themselves.
What will happen in the next 50 years to the relative demand for each of the following: food, housing, energy, fuel, water?
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
Why math and programming (ex. Excel, R, or Python) is helpful in money banking and financial markets?
Identify absolute and comparative advantage of U.S. and Japan - Suppose that these two countries engage in free trade. Identify absolute and comparative advantage. Describe the pattern of trade.
The intercepts made by a plane made on the coordinate axes are in the ratio 2:3:4. If the plane passes through(5,0,-2), find the equation of the plane.
What output level would the firms short run and long run average costs be the same - Explain the pattern of the marginal product of labor.
consider the case of two countries that start with equal levels of gdp. the growth rate of the first country is 3 while
A mechanical engineer who recently graduated with a master's degree is contemplating starting his own commercial heating and cooling company. He can purchase a Web Page design package aimed at delivering information only for $1,000 per year.
To allow you to exercise with a logical thinking process to formulate algorithms, and to implement the algorithms using the C Programming Language. The logic will include inputs and outputs, looping, using counters, and conditional st..
When deciding how much of their income to save for retirement, should workers consider the real or the nominal interest rate that their savings will earn? Explain.
Explain why a monopolist will never produce a quantity at which the demand curve is inelastic - hint - if demand is inelastic and the firm raises its price, what happens to total revenue and total costs?
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