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Assignment - Microeconomics how Humans Make Choices Under Conditions of Scarcity Questions
Q1. "Economics is the study of how humans make choices under conditions of scarcity." Critically examine the statement with suitable examples.
Q2. "When the tasks involved with producing a good or service are divided and subdivided, workers and businesses can produce a greater quantity of output." Critically examine this statement keeping in mind the role of division of labor and specialization.
Q3. Which economic principle is most involved in the analysis of scarcity using a production possibilities curve? Illustrate your answer with the help of a diagram.
Q4. "Opportunity cost is the value of the benefits of the foregone alternative, of the next best alternative that could have been chosen but was not." Critically analyze the statement by understanding that choices and alternatives have its own advantages and time constraints.
When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts. What might be the long run effect of r..
What do you think is a better variable to measure worker productivity during work? How would you be able to measure that variable?
Are non-profit organizations adopting for-profit marketing practices
Suppose that the inverse demand curve for paper P = 218 - Q, the private marginal cost is MCp = 92 + Q and the marginal harm from gunk is MCg = Q.
As an investor, what kind(s) of economic information would you look for if you were thinking about investing in the following?
choose an industry you have not yet written about in this course and one publicly traded corporation within that
With L on the horizontal axis and K on the vertical, show where you might be in long run equilibrium at the production of 5,000 cookies. The price of L is "w", and the price of K is "r". Now: In the SR (short run), with L as a variable factor,
What is the marginal rate of substitution for these goods? State two goods you like to purchase together. (Example: pizza and pop)
How much shod the Parks and the Receration Department charge per child for the program to break even?
On your computer, go to an Internet search provider and type in "supervisor job openings". Choose three job openings related to a managment position that list required skills. Create a one-page summary listing the job title, job location, and the ..
What role can governments play in improving the steady state? What does this imply about the relationship between the size of government and GDP per capita?
Assume that a firm operates with the production function Q(K.L)=KL1/2 and assume that the price of labor w=$4 and the rental rate for capital r=$2. without doing any calculations, sketch a representative LTC and LAC curve for this production functi..
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