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Positive vs normative statements
Identify whether the following statements are positive or normative economic statements, and explain why you categorized them in that way.a. "The best way to improve the economic situation would be to decrease the unemployment rate by decreasing the interest rate."b. "The government increased taxes in order to decrease the budget deficit and improve economic growth."c. "The tax on business decreased production in some industries in the short run."d. "The government should pursue a low-inflation policy by restraining the growth of the money supply."
Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one percentage point.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
You are the administrator of hospital and situation has been brought to your attention.
Elucidate what is your interpretation as to whether or not capital gains taxes should be raised or lowered.
Antitrust authorities at the Federal Trade Commission are reviewing you company' recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the same market will increase market power.
A firm is using 20 units of labour and 30 units of capital to produce 4,000 units of output. At this combination the marginal product of labour is 50 and the marginal product of capital is 40.
Assume you received a four percent increase in your nominal salary.
Explain the method that you would use in your establishment also explain why you have made this decision.
A firm has estimated the following demand function for its product: Calculate the advertising elasticity of demand and explain its meaning.
A company produces two main products: electronic control device3s and specialty microchips. The average total cost of producing a microchip is $300; the firm sells the chips to other high-tech manufacturers for $550. Should the company produce con..
The CEO of a major automaker overheard one of its division managers make the following statement regarding the firms's production plans:
Explain what accounts for the Hong Kong Monetary Authority behaving differently than the other central banks in emerging Asia.
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