What are the 3 Econ Questions? How are the three economic 2 x Challenges/Disadvantages questions answered within each system? 2x Strengths /Advantages 1) 1) Traditional 2) 2) 1) 1) Command 2) 2) 1) 1) Market 2) 2)
Q: Explain the concept of opportunity costs and provide at least two real world examples illustrating…
A: The opportunity cost is the next best alternate which is given up.
Q: Imagine that you are in your classroom with 30 other students and your professor places in front of…
A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…
Q: How is trust the building foundation of the circular flow model/economic model? 3.
A: Circular flow of economic model represents the economic arrangement in which there are two major…
Q: “All problems in economics are about scarcity, that is, about how to use given resources for…
A: Introduction '' all problem in economics are about scarcity, that is, about how to use given…
Q: Why mainstream economics has intentionally misinterpreted the pioneers of economic theory?
A: The economics is the social science that studies the allocation of scarce resources and how the…
Q: One tends to find that conventional economics mainly pays attention to Select one: a. qualitative…
A: In economics, different systems, approaches and studies are used to explain the nature of an…
Q: 3 ways by which human decision making differ from rational individual conventional economic theory
A: One theory about the human decision making is the behavioral economics. It differs from rational…
Q: fusing horizons of diverse perspectives and views, what are two-possible positive consequences?
A: The leadership of the entire system is rooted in diversity. The system-wide approach thrives by…
Q: Differentiate macroeconomics from microeconomics by citing instances in the various economic…
A: Economics can be defined as the science which studies human behaviour as a relationship between…
Q: Q) What are some economic opportunities and challenges for an ageing population? Can you show this…
A: A continuous increase in the median age of the population due to increasing life expectancy and…
Q: Which of the following are statements illustrate opportunity cost? Select ONLY THOSE THAT APPLY.…
A: "Opportunity cost refers to what is sacrificed when the other thing is chosen over another."
Q: Describe 3 ways in which human decision differs from the rational individual conventional economic…
A: The behavioural economics is the subfield of economics that integrates the insight of psychology…
Q: From where concept of economic planning is derived?
A: Economic Planning is the process in which the limited natural resources are used skillfully so as to…
Q: What is a trade-off? Give two examples of trade-offs that you face in your life.
A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…
Q: In 1989 the Chrysler Corporation released figures showing that its employee health care costs were…
A: Competitive-advantage is the ability of a country/company/firm to out-perform its competitors and it…
Q: An economic system is an ongoing process whereby people exchange material goods and personal…
A: In an economy, an economic system refers to the ideology or an approach to run the market in an…
Q: Pros and cons of classical school of thought
A: The Classical school's key theory was that markets perform best when they are left alone, and that…
Q: Economist may agree with each other due to validity of alternative positive theories about how the…
A: When economists attempt for improving the world, they would tend to act as policymakers.Positive…
Q: This is a Microeconomics problem. Describe the Stackelberg model and explain how the first mover in…
A: Economics is the study of efficient allocation of the scarce resources in the economy. There are…
Q: In which areas John S. Mill did significant contributions. How did John S. Mill's approach to…
A: Mill was a controversial figure in 19th century Britain who advocated for the use of economic…
Q: What is the importance of learning Economics to our present Political and Economical Conditions…
A: The importance of learning Economics to our present Political and Economical Conditions right now…
Q: describe 3 ways in which human decisions making differs from the rational individual conventional…
A: In conventional economic theory, an individual is generally considered a rational human being.…
Q: Which of the following facts could not be explained by path-dependence? (choose one) A) Sue lives…
A: Path dependence is when the decisions presented to people are dependent on previous decisions or…
Q: The beauty of an economic model comes from its ability to represent a complex reality without any…
A: Economics is defined as the subject which deals with the optimal utilization of the scare resources…
Q: Explain why the three (3) goals of macroeconomics are relevant
A: Macroeconomics is a discipline of economics that investigates the behavior of a whole economy, such…
Q: If two alternative economic models are offered, other things equal, we would
A: An economic model is a simplified version of reality that is used to understand economic behavior by…
Q: A production possibilities frontier is shown below (Z, "Home Goods," on the vertical axis: H.…
A: Productive Efficiency : Given the available inputs and technologies, productive efficiency means…
Q: Which of the following economic concepts can be defined as the next best alternative given up when…
A: In economics, we deal with resources which are scarce in nature, the ways to utilise them…
Q: Explain why scarcity leads to tradeoffs
A: In economics a fundamental concept is that of scarcity. Contrary to its colloquial use, economic…
Q: describe ways in which human decisions making differs from the rational individual conventional…
A: The behavioural economics is the subfield of economics that integrates the insight of psychology…
Q: Which of the following assertions is NOT a basic economic assumption? a. People act rationally. b.…
A: Economics is all about assumptions, it is related to production, distribution, scarcity, consumption…
Q: Microsoft looked to restructure in part as a response to external pressure from increasing…
A: Basics:- Open System Approach:- In this way, an organization is influenced by its environment…
Q: What are Milton Friedman economic theory’s general principles?
A: Answer -
Q: Why are Adam Smith's economic views more valuable. Provide three reasonings
A: Adam Smith gave the theory of absolute advantage in international trade which means that the country…
Q: Economics is the social science that studies the choices that individuals, businesses, governments,…
A: One of the most important concepts, which is the reason why the individuals face the dilemma of…
Q: Which of the following BEST describes macroeconomics? It analyzes the aggregate effects on the…
A: Answer: Macroeconomics: The macroeconomy studies the impact of decisions taken by firms and…
Q: Real life example of scarcity forces tradeoff
A: Wants are unlimited but the resources to fulfil those wants are limited. This causes scarcity which…
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- Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?Meghan and Jackson are both gardeners producing carrots and tomatoes. The table below compares their production possibilities schedules. Production Possibilities Schedules Meghan Carrots 10 5 0 Multiple Choice O Tomotoes 0 10 20 O If both producers decided to specialize and trade with each other, the terms of trade that would benefit both Meghan and Jackson (1 carrot = x tomatoes) would be between Carrots 24 12 0 1.25 and 2.5 tomatoes per carrot. 2 and 5 tomatoes per carrot. O2 2 and 2.5 tomatoes per carrot. Jackson 0.4 and 0.5 tomatoes per carrot. Tomatoes 0 30 60Suppose that an incumbent can commit to producing a large quantity of outputbefore the potential entrant decides whether to enter. So, the incumbent Örst chooseswhether to produce a small quantity or a large quantity. The rival then decides whether toenter. If the incumbent commits to the small output level and if the rival does not enter,the rival makes $0 and the incumbent makes $900. If it does enter, the rival makes $125and the incumbent earns $450. If the incumbent commits to producing the large quantity,and the potential entrant stays out of the market, the potential entrant makes $0 and theincumbent makes $800. If the rival enters, the best the entrant can make is $0, the sameamount it would earn if it didnít enter, but the incumbent earns only $400. Show the gametree. What is the SPNE?
- In the game below, there are two equilibriums: both players play conserve or both players play plunder. If the game is repeated multiple times, players can maintain equilibrium in which conserve is played if: Player 2 Player 1 Conserve Plunder Select one: a. Conserve 100, 100 50,-100 Plunder -100, 50 0,0 Game is repeated many times and discount rates are high O b. Game is repeated few times and discount rates are low O c. Game is repeated few times and discount rates are high O d. Game is repeated many times and discount rates are lowKayla and Kevin are friends who go together to a used textbook seller who has two copies ofthe biology book that they both need for their class this semester. The cost to the seller ofacquiring the books was $25 each and no other students will need this book. Kayla states thatshe is willing to pay $40 for the book, while Kevin says he is willing to pay $80. Which ofthe following describes the most likely conclusion to this scenario? Group of answer choices The seller will sell the books to both Kayla and Kevin for $40 each because if they tried tocharge Kevin a higher price, Kayla would engage in arbitrage. The seller will sell one book to Kayla for $40 and one book to Kevin for $80 because thismarket meets all three requirements for price discrimination. The seller will sell the books to both Kayla and Kevin for $80 each because Kevin's highervalue exceeds Kayla's willingness to pay. The seller will sell the books to both Kayla and Kevin for $25 each because that is howmuch the…Steel (millions of tons) 8 30 20- 10 0 Country A Production possibilition curve 10 20 30 40 Chemicals (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 8 20 10 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. O country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. O country A has a comparative advantage in both commodities. 50
- In 2006, the Australian Government incorporated research into corporate social responsibilities to determineif there is a need to include social and environmental responsibilities within the Corporation Act throughamendment procedure. It was decided not to incorporate a particular regulation through legislation, insteadrely upon the 'market forces' to encourage companies to do the 'right thing'. This viewpoint was expressedthat if companies did not look after the environment or did not act in a socially responsible manner, peoplewould not want to consume the organisations' products. From the equity market perspective, potentialinvestors would not want to invest in the organisations, and further workers wouldn't want to work for them,and so forth. Because companies were aware of such market forces, they would do the 'right thing' even inthe absence of legislation.Requirement:1) Using theories such as Public Interest Theory, Capture Theory and Economic Interest Group Theoryto critically…Four roommates are planning to spend the weekendin their dorm room watching old movies, and they are debating how many to watch. Here is their willingness to pay for each film: a. Within the dorm room, is the showing of a movie apublic good? Why or why not?b. If it costs $8 to rent a movie, how many moviesshould the roommates rent to maximize totalsurplus?c. If they choose the optimal number from part(b) and then split the cost of renting the moviesequally, how much surplus does each personobtainfrom watching the movies?d. Is there any way to split the cost to ensure thateveryonebenefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficientnumber and to split the cost of themoviesequally. When Judd is asked his willingnessto pay, will he have an incentive to tell thetruth? If so, why? If not, what will he be temptedto say?f. What does this example teach you about theoptimalprovision of…Five roommates are planning to spend the weekendin their apartment watching movies, and they aredebating how many movies to watch. The tablebelow shows each roommate’s willingness to pay foreach of the movies:Ava Ridley Spike Kathryn QuentinFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Fifth film 2 0 0 0 0A movie on their streaming service costs $15, which theroommates split equally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. For each roommate, what is the preferred numberof movies to watch?
- 1. Write down an exchange economy model with two individuals and two goods, in whichthere is no consumption externality. State and explain the key assumptions of the model.Using the model, answer the following questions:(a) Explain carefully how the concept of Pareto efficiency differs from that of socialwelfare.(b) State the Second Theorem of Welfare Economics and explain carefully why it holds.What is the importance of the assumption of convex preferences to this theorem?According to Dr. Friedman, the Confederacy was trying to mirror the strategy from which previous revolution Select one: O The Haitian Revolution O The Russian Revolution O The French Revolution O The American Revolution 2 According to Dr. Friedman, the key to Northern victory in the American Civil War-including keeping Great Britain out of the war-was ultimutely based on of Select one: O Abraham Lincolnis strategic skill O Jefferson Davis' strategic skill O The promotion of Ulysses Grant to command the Northerm armies O None of the aboveThis is the answer.. plz write in hand written Here, the given decision tree shows that player 1 moves either to enter or not to enter, while player 2 has two options to choose that are concede and price war. When analyzing the given information, it can be seen that player 1 will surely enter the market as it will give him higher payoff than the payoff when he does not enter as does not enter gives him $1 billion, while entry will give him either $2 billion or $1.5 billion. Therefore, player 1 will enter. After the entry of player 1, player 2 has an incentive to choose to concede as it will give him the payoff of$1.5 billion, while price war will give him $1 billion. Therefore, the outcome of this game would be: (Enter, Concede)