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The great English economist Alfred Marshall (1842-1924) invented many of the tools of modern economics, but he was most concerned with the application of these tools to the problems of society. In his inaugural lecture, Marshall wrote: It will be my most cherished ambition to increase the numbers who Cambridge University sends out into the world with cool heads but warm hearts, willing to give some of their best powers to grappling with the social suffering around them; resolved not to rest content till they have opened up to all the material means of a refined and noble life. (Memorials of Alfred Marshall, A.C. Pigou,ed. (MacMillans and Co. London 1925) p 174, with minor edits
Explain how the cool head might provide the essential positive economic analysis to implement the normative value judgments of the warm heart. Do you agree with Marshall's view of the role of the teacher? Do you agree with marshall's view of the role of the teacher? Do you accept his challenge?
In a two paragraph summary, explain WHY countries trade and what the importance of international trade is between countries. A. Your summary should include the following concepts:
Choose two real-world companies in different industries, one that you feel faces elastic demand and one that you feel faces inelastic demand. In each case, you are an economist working in the company and you have come to a conclusion of what kind of ..
An essay on "to what extent do you think normative economic normative analysis as opposed to positive economic analysis, determines our nations public policy decision made by government? why? is that "good" or bad"? why? 150 words excluding "a","an" ..
Bob’s Whole Catfish is a southern Alabama farm that operates in the perfectly competitive catfish farming industry. Bob’s short-run total cost curve is STC(Q)=400+2Q+0.5Q2 where Q is the number of catfish harvest per month. All of the fixed costs are..
The manager is concerned that, despite the fact that the firm's competitors are comparatively small, collectively their annual revenue growth has exceeded 50 percent over each of the last five years.
q.a central bank finds itself in the following situation the national economy has been in a slump for several years but
A patient goes under the knife and will either die right after surgery, survive for 1 year, or survive for 2 more years. Assume that the probability of surviving for a year is 60% and surviving for 2 years in 30%,
With a sample size of 30, a sample standard deviation of 4.5 hours and using a 0.10 significance level, what critical value will you be using to construct a confidence interval around the sample mean?
Assume that the demand for gasoline is inelastic and supply is relatively elastic. The government imposes a sales tax on gasoline. The tax revenue is used to fund research into clean fuel alternatives to gasoline, which will improve the air we all br..
AAA Triangle framework to describe generic approaches to global value creation - Adaptation strategies seek to increase revenues and market share by tailoring one or more components of a company's business model to suit local requirements or prefer..
For retirement planning, you decide to deposit $703 at the end of every quarter and increase your deposit by $36 each quarter. How much will you have at the end of 25 years if the bank pays a nominal annual rate of 6% compounded quarterly?
Opponents of free trade often argue that trade with other countries destroys domestic jobs; it threatens industries that are vital to national security; it inhibits the chances of a new domestic industry from surviving; and that it is only desirable ..
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