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Explain the difference between positive and normative economics and how this affects ethical decision making
Briefly define the following two terms in your own words:
Positive economics
Normative economics
For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity, and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase costs for everyone.
How would this situation be described in terms of Positive economics?
How would this situation be described in terms of Normative economics?
Which of these do you think is the correct way to describe this situation and why?
You are an efficiency expert hired by a manufacturing firm that uses capital and labor as inputs. The firm produces and sells a given output and is currently employing 50 workers and 10 machines. During the consulting process, you find out that for t..
A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue.
There are n identical firms that produce microprocessor chips. Market demand is P = 1500 − Q and the cost to produce each chip is $300. Find the Cournot Equilibrium output by each firm, and the market price. How much profit does the merged firm make?..
illustrate the effect of an increase in P2 on the consumption of both x1 and x2. Label income and substitution effects for both goods.
List the different types of market structures that big data benefits the least and benefits the most. While data collection may benefit the business community, discuss the potential concerns for consumers that arise with the proliferation of big data
Write a business letter. The company A is known for its firm stance on the Commission openly states that it is standard for all partners, though there is a reason to believe that the exception is still being made, and it is likely that we have just ..
Classify the following as automatic stabilizer, discretionary fiscal policy, or not fiscal policy a. the federal government increases spending because of the war in Iraq and Afghanistan b. the Federal Reserve increases the money supply
Determine the total amounts of M1 and M2 based on the following data from July 2010: Currency held by individuals and businesses was $921 billion. Traveler's checks were $7 billion. Checkable deposits owned by individuals and businesses were $813 bil..
What was the mercantilism way of thinking? How did they believe a nation became wealthy? what is this true? Why? Who is the known as the "founder of modern trade"? why? What did he see the Adam Smith failed to see? What is the difference between an a..
Assume that the dairy industry is initially in a perfectly competitive equilibrium. Assume that, in the long run, the technology is such that average cost is constant at all levels of output. Suppose that producers agree to form an association and be..
Country A can produce either 10X and 0Y or 0x and 20Y. Country B can produce either 30X and 0Y or 0X and 40Y. Identify the opportunity cost of producing each good for each country. Identify the comparative advantage of each country
Elucidate how the asset demand for money as a green line draw the transactions demand-for-money curve.
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