1. Which of the following two statements involves positive economicanalysis and which normative? How do the two kinds of analysis differ?Gasoline rationing (allocating to each individual a maximumamount of gasoline that can be purchased each year) is poorpolicy because it interferes with the workings of the competitivemarket system.а.socialb.Gasoline rationing is a policy under which more people aremade worse off than are made better off.

Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Answered: 1. Which of the following two…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Mitchell and Scott can produce either apples or oranges. The table lists the maximum number of each that they can produce per day. Apples Oranges Mitchell 6 30 Scott 12 24 Which of the following combinations of goods is it possible for Mitchell and Scott to consume if they can trade apples and oranges on the world market at a price of $6/kg for apples and $1/kg for oranges? 15kg of apples and 18kg of oranges 15kg of apples and 20kg of oranges 10kg of apples and 50kg of oranges Okg of apples and 108kg of oranges
2
Dr Rafiu is planning to send his son to study Finance either at KFUPM or Imam Abdulrahman Bin Faisal University, ceteris paribus. When the session is about to start, the school fees of KFUPM increases while that of Imam Abdulrahman Bin Faisal University remain the same. So, Dr Rafiu decides to enroll his son at Imam Abdulrahman Bin Faisal University. (a) What kind of goods can you classify the two universities from the perspective of Dr Rafiu? (b) What is the nature of elasticity facing Dr Rafiu (hint: elastic, inelastic, Unitary)
What are some markets (goods or services) where an equilibrium might not be the most desirable point? Meaning, if left alone, the market produces too much or too little compared to societal needs.
1. Assume Jenny is trying to decide whether or not to see a movie. Why would she be more likely to focus on the $10 ticket price rather than the $20 she would fail to earn by not working during that time. 2. What is your opportunity cost of attending a 3pm class? Is it different than your opportunity cost of taking the same class at 8am? 3. Explain why there is always scarcity, even if there is a surplus in a particular market. 4. Match each of the following to one (or more) graphs below: a. Inefficient production of meat and fish b. Productive efficiency c. Technological advances in the production of meat and fish d. The law of increasing opportunity cost e. An unattainable combination of meat and fish
I need the answer as soon as possible
Consider two people in the market for tilapia, Reagan and Cheryl. The marginal benefit curves for both individuals are shown in the accompanying graph. a. Suppose the market price of tilapia is $2.00 per pound. Move point A to Cheryl’s quantity purchased. Move point B to Reagan’s quantity purchased. b. How many pounds of tilapia do they collectively purchase? _________ pounds c. To achieve an efficient allocation, Cheryl should purchase _______(more tilapia than, the same amount of tilapia as, less tilapia than) she is currently purchasing, and Reagan should purchase ________ (more tilapia than, the same amount of tilapia as, less tilapia than) she is currently purchasing.
Economics
12. Answer please do;!
1. Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption. a. Discuss the impact of the good harvest on each of the three markets. b. Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. c. How will this impact the revenues for sugar growers, rum producers and whiskey producers?
Person 1 can allocate her 8-hour day between the production of two goods.A and B .Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units State weather 9 units of Goods B and 12 units of Goods A are attainable ,unattainable, efficient or inefficient. State all that applies
Point A B C D E Production of X Production of Y 0 40 36 28 16 0 3 6 9 12 The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a production point that is inefficient? OA. 10 units of good X and 16 units of good Y B. 6 units of good X and 28 units of good Y OC. 3 units of good X and 35 units of good Y OD. 0 units of good X and 40 units of good Y CEED

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