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1. Explain how an economic theory relates to price theory. Which is the bigger concept? Cite examples.
2. Differentiate and give an example each of the three levels of economic analysis. Use examples different from those given in this and the previous module.
3. Considering the available resources in your own locality( municipality and/or barangay), relate a concrete application of your response to the four basic economic problems.
4. Is the government necessary for the proper functioning of an economic system? Why/not?
5. Should the current quarantine status of Cagayan Valley in the Philippines be liberalized? Made more strict? Maintain current status? Why? How will your decision impact the microeconomic functioning of the economy? Its macroeconomic functioning? Will your decision have any bearing on the economic relations of the Philippines with other countries? How?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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