According to economists, people will do a particular activity only if the benefits are greater than the costs

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: Which of the points are feasible and which are efficient

A: Production possibility frontier represents the different combination of two goods that can be…

Q: Most economists believe the scarcity of resources will persist. Why?

A: Scarcity refers to the situation when the economic resources are limited and the needs of the…

Q: Economics affects nearly everything we do in some way. Someone else has produced most items we…

A: According to economists, the pricing of some goods/products is extremely/highly inelastic. That is,…

Q: A universal basic income would not only lift more than 3.2 million Canadians out of poverty, it…

A: Positive Statements are those which are based on facts and figures.  Normative Statements are those…

Q: a. The minimum wage creates unemployment among young and unskilled workers.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What will happen if there is no scarcity? Explain.

A: Scarcity is the basic problem of economic and it refers to the gap between the scarce – resources…

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: e competition and oligopoly when there is little or no differentiation Most product-markets head…

A: Perfect competition refers to a type of competition in which there are large number of sellers and…

Q: Assume that MPC=0.9 and t=.2. The tax multiplier is about -3.2 O -2.5 -9 not enough info is given. O…

A: Tax multiplier refers to the proportionate value according to which a change in taxes will change…

Q: Explain why economists consider costs and benefits, instead of only benefits.

A: Profit cost analysis and profit cost analysis refer to the same thing — weighing the good and the…

Q: W hen Jacques Papillon was appointed marketing manager for Argent Tobacco, one of the first things…

A: The key points there that are important to analyze as a decision-maker are: As a decision maker ,…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…

Q: What can affect the prioritization of economic goals.

A: The objective of economic effectiveness has been characterized as the most elevated conceivable…

Q: f. If consumer income increases, other things equal, the demand for automobiles will increase.

A: Positive Economics refers to which that deals with economic issues related to past, present, and…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: Positive or Normative?

A: Positive economics and normative economics are two types of economic analysis.

Q: What Is Cost-Effectiveness Measures?

A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…

Q: Describe the procedure of considering economic decisions?

A: The following procedure should be kept in mind while taking economic decisions: Identify the…

Q: Getting Employees to Work in the Firm's Best Interests In the late 1990s, a large auction house,…

A: Given the information in the question;    The key points that are important to analyze as a…