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Assignment: Microeconomics
Question A. "Economics is the science of choices if there are scarce resources." examine the statement critically with the help of suitable examples.
Question B. Explain the concept of the production possibilities curve (PPC). How does PPC explain the concept of scarcity and opportunity cost? Provide a diagram showing the inefficient or underemployed resources in a hypothetical economy.
Question C. "Rationale people respond to the incentives". Consider a scenario and critically examine the statement. What is the real-nominal principle? Take an example and explain.
Question D. Explain the law of demand and take a product of your choice to prepare a market demand schedule and market demand curve with some hypothetical numbers. Also, explain the four non-price determinants of demand.
Are customers at this sale likely to face an asymmetric information problem with respect to the jewelry that they might buy? Explain your answer.
A local symphony association offers memberships as follows: Continuing membership, per year $ 15 Patron lifetime membership 375 The patron membership.
According to the career opportunities on their websites, what are some of the things that all three firms (Volkswagen, Volvo, and Ford) offer to motivate new employees? Which of the three has the best motivational package?
Find the level of effort that maximizes the agent's expected utility if the agent is paid a fixed payment, a, plus a share b of output.
What are the minimum and maximum prices at which these countries will trade coffee? Which country should specialize in coffee?
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
question 1money demand in an economy in which no interest is paid on money is... 500 0.2y -1000ia. you know that p
In the early 1990s, the foreign exchange reserves of Chile increased dramatically as foreign investment flows into the country increased substantially.
In the article entitled "The Economic Effects of Labor Unions Revisited," Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy.
Do Norback and Persson's assertions complement or contradict Peng's? What are the implications for small, new, innovative firms?
Generate T = 25 observations on xt and yt as independent random walks with IIN(0, 1) disturbances. Run the regression yt = α + βxt + ut and test the null hypothesis Ho; β = 0 using the usual t-statistic at the 1%, 5% and 10% levels. Repeat this ex..
as the lead software engineer for a medium-sized hospital you have been asked to spearhead an effort to improve the
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