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What is Economics?Please respond to the following:
1. Identify three decisions that you have made in the past (e.g., purchase decision, political decision, etc.) and their associated trade-offs. Provide support for your response.
2. Create a positive question and its associated normative question. Predict the possible consequences of the positive question and then make a decision on the normative question. Provide support for your response.
Does microeconomics apply to every nation in the world. Explain your reasoning. and explain the specifics of any cases or examples you use and the implications of similar on local citizens of that country.
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.
What number of drivers appears to be most efficient in terms of output per driver and what number of drivers appears to minimize the marginal cost of transportation assuming that all drivers are paid the same salary?
Suppose that upon entering the European Union (EU), it is discovered that the cost of automobile production in Poland is €14,000 while it is €20,000 in Germany. Suppose that the EU, which has a customs union, has an X percent tariff on automobiles..
a. What are your views regarding economic forecasting? In particular, share any experiences you may have had with business forecasts for company budgets. b. Discuss some of the important criticisms of the forecasting.
Assume the ratio of deposits that banks hold in the form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.
When groups are formed, we want to consider how organizational structures, processes, and situations impact on group motivation, politics, and goals achievement. Alignment of all of these structural, personal, and interpersonal components will hel..
Newbury Drug has recently offered to purchase 25,000 bottles of aspirin that they will sell in their stores under a generic label. Newbury has offered to pay $3.95 for each bottle of aspirin. The controller of Lydek in analyzing the offer has de..
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Suppose as your company's lobbyist, what would you like to see done through Federal government that would be of help to your company? This could be what government could do or what they could stop doing this.
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
Give at least two examples of a perfectly competitive market and explain what characteristics led you to that decision. Second, give at least two examples of a monopoly market and explain what characteristics led you to that decision.
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