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- Figure 2-16 caps of coffee per day Avans with at sery Refer to Figure 2-16. Taking cause and effect into account, which of the following interpretations would be most reasonable regarding the relationship between coffee and hours without sleep? O The less coffee a person drinks per day, the more time he can go without sleep. There is no relationship between how much coffee per day a person drinks and how long he can go without sleep. The more coffee a person drinks per day, the more time he can go without sleep. O The more coffee a person drinks per day, the less time he can go without sleep.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?3.a. State and explain the First Theorem of Welfare Economics and discuss its economicimplications and significance.b. State and explain the Second Theorem of Welfare Economics and discuss its economicimplications and significance.c. Explain the concept of production possibility frontier and interpret the slope of theproduction possibility frontier in economic terms.
- Use the following two statements to answer this question: L. Economic theories are developed to explain observed phenomena by deducing from a set of basic rules and assumptions. IL Economic theories use value judgments to determine which people ought to pay more taxes O A. Both I and Il are true. O B. Iis false. and Il is true. O C. Both I and II are false. O D. Iis true, and Il is false7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?In an election debate, two candidates for governorare debating about whether to raise the generalsales tax from 5 to 7 percent. One argues that thiswould increase tax revenues, enabling the stateto maintain essential services. The other arguesthat the tax would hurt retailers and consumers,and would actually slow down the economy somuch that it would decrease tax revenues too.Restate these candidates’ positions in economicterminology, and explain what assumptions theymust be making in order to justify their differentpositions, in terms of price and quantity effects
- Explain why choices you made during the Covid-19 pandemic were in your self-interest. Choices you made during the Covid-19 pandemic were in your self-interest if your choices O A. cost less than your income B. didn't harm you C. also benefited the social interest OD. were the best available for you Why might your choices not have been in the social interest? Your choices might not have been in the social interest if *** OA. your choices were rational B. you made your choices at the margin OC. your choices inflict a cost on other people OD. your choices were also in the self-interestQuestion 17 Refer to this figure: Burgers 6543210 TTTTTO 0 B C Budget: $10 Burgers: $2 Bus Tickets: 50 cents D 12 Bus Tickets E 16 F 20 24 So if you want to determine the opportunity cost of Bus Tickets: O You would divide the price of bus tickets by the price of burgers O You would divide the budget by the price of bus tickets O You would divide the price of burgers by the price of bus tickets O No answer text provided. O You would divide the price of bus tickets by the budgetSelect the 2 statements that are correct Figure & Basebals 200 150 100 100 200 300 400 Bananes A.B point in Figure 8 shows better production efficiency than D point for the economy because it allows the economy to produce and consume more of both products. 8. Figure 8 shows the trade-off between banans and baseballs by demonstating the cross price elastic of demand between banans and baseballs DC Figure 8 is a production possibilities frontier model, which shows how one percent change of quantity demand in bananas affects the percentage change in price for baseballs D. A movement from A point to C point shows the economy is better off because people are allowed to consumer both products at C point E.Making decisions "at the margin" means that people compare the marginal costs and marginal benefits of each decision.
- 0- Principles of Economics 1 S1 21/22 Tim Which of the following is not an example of a group responding to an incentive? Select one: O a. Universities offer fewer online classes when they generate more revenue than traditional classes. O b. Students attend class because of an attendance policy that reduces their grade for absences. O C. Consumers buy mone of a product when it is on sale at a reduced price. O d. Employees work harder to earn higher commissions. NextDoes a firm have the riight to "create" wants and try to persuade consumers to buy goods and services they didn't know about earlier? 'What are examples of "good" and "bad" want creation? Who should decide what is good and what is bad?Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. O b. Economics is a behavioral science. O c. Economic analysis can be used to explain how both individuals and societies make decisions O d. In large measure, economics is the study of how people make choices.