Can you give 2 answers for each mathematical and non-mathematical? Thank you. Create your own economic example to answer the following questions:a) State your problem using nonmathematical and mathematical approaches.b) Demonstrate how to analyze the problem using mathematical and nonmathematicalapproaches.c) Summarize and present your assumptions, reasoning, and conclusions in thefollowing table:AssumptionsReasoning ProcessConclusionsMathematicalEconomicsNonmathematicalEconomics

Example 2: The Impact of Government Subsidies on Corn Productiona) State the Problem: The government…

Answered: Create your own economic example to…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 8SQP

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After reviewing major/relevant material in microeconomics, your group has begun brainstorming the possible topics that you would like to do. 1. Find two different dependent variables that you would like to explain and 2. Find at least three independent variables that can help you to explain. 3. What the possible economic theories/concepts/graphs that support your choice of the variables are. Note: this task pertains to microeconomics concepts.
Topic-1 and Topic-2 Tutorial questions 1. What is economics? 2. 3. 4. 5. 6. Write short notes on the following perspectives a) Scarcity and choice b) Rational behaviour and rational self-interest c) Generalisations d) Ceteris Paribus Distinguish between the following concepts a) Microeconomics and macroeconomics b) Normative economics and positive economics c) Economic principle and economic policy d) Independent variable and dependent variable e) Direct relationship and indirect relationship between any two variables Explain the reasons why every economy is faced with the basic economic problem to answer fundamental questions such as what to produce, how to produce, for whom to produce? Differentiate between the following concepts al Consumer goods and capital goods bl Public goods and private goods The alternative production possibilities faced by the economy of Botswana in the production of cloth and bread are indicated in the following Production Possibilities Table (PPT).…
1. What is the need for studying econometrics? What procedures onefollows in econometrics?
1) How does the concept of scarcity fit into an understanding of economics? How does it relate to the notion of trade offs? Explain a few factors that go into rational decision making in an economic contexr.
12. Why is it important for us to use models when studying economics?
1. Explain 4 ways in which human decisions making differs from the rational individual conventional economic theory
Explain why it is important for an economic modelto be an abstraction from the real world.
. Which of the following is the discipline that studies the use of statistical tools to estimate economic models? a. Mathematical economics b. Econometrics c. Macroeconomics d. Microeconomics
Which one is not issued in Macroeconomics
Please note that this question has not yet been graded. Each time I try submitting this question for help I always get feedback that it cannot be answered due to already being graded. It has not yet been graded, thank you.
What is econometrics? And share one of the primary advantages of using econometrics over typical results from economic theory.
Discuss how the five foundations of economics are related to the concept of rational economic behavior

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