explain each.You can use an examp

Q: What are the benefits of considering the economic decisions?

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide the…

Q: 5. Suppose that Inflation and Unemployment interaction is modeled by p=a-T-BU + gn dπ dt du dt =j (p…

A: Given: p = a − T − ßU + gπ dπ/dt = j(p − π) dU/dt = −k(m − p) g = 1, j = 1, ß = 1, k = 5, m = 1

Q: Consider the first two principles of economics: Choose one of them and state it. Then discuss an…

A: The principle which I have chosen is  "People face trade-offs"  Nothing is free in this world.…

Q: What are three textbooks definition of economics?

A: Economics is a science that studies the efficient production, allocation, and distribution of scarce…

Q: demand from Di to D2. of a one-time, unexpected, permanent increase in market a. Show the short run…

A: A perfectly competitive industry with a horizontal long-run supply curve as a result of the…

Q: Give an example of an event which can be depicted by the following AD- AS graph. Price level LRAS

A: The equilibrium occurs where the demand and supply forces are equal. The change in demand leads to…

Q: explains that the two most important assumptions of economics are scarcity and cost.  Please explain…

A: The study of scarcity and its effects on resource use, product and service production, output growth…

Q: 5. Suppose that Inflation and Unemployment interaction is modeled by p=a-T-BU + gn dл dt du dt -=j…

A: Given: p = a − T − ßU + gπ dπ/dt = j(p − π) dU/dt = −k(m − p) g = 1, j = 1, ß = 1, k = 5, m = 1

Q: sentences,explain the importance of studying applied economics.

A: Applied economic aspects is the use of monetary hypothesis to decide the logical results related…

Q: 50. Add a curve to the graph below that shows how an Exclusive Union will impact a Perfectly…

A: Since you have posted multiple questions, we will be solving only the first one. If you want…

Q: Which of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of…

A: Knowledge is distributed into various streams. This is done for the simplicity of gaining knowledge.…

Q: 2. Compute the average and marginal product of labor? Amount of Total Average Product Marginal…

A: Average product = Total output / Labor Marginal product = Change in total output / Change in labor

Q: His study of economics is concerned more with human behavior. a. Alfred Marshall b. Karl Marz c.…

A: The meaning of economics is the management of households. In Ancient Greek, the word Eco means home…

Q: What are the three diverse exercises of subject of economics?

A: Amartya Sen has given three diverse exercises of subject of economics.

Q: Description The firm's demand is as follows: Price $18 16 15 14 13 12 10 Quantity 2 3 4 5 6 78 Total…

A: Marginal reve­nue represe­nts the additional income a company generates by selling one more unit of…

Q: What is the major difference between microeconomics and Marcoeconomics.

A: Economics is categorised in two category microeconomics and macroeconomics. Individual and corporate…

Q: Two firms are competing in a Bertrand market. Each firm's residual demand and cost functions are 91…

A: q1=150-5p1+4p2q2=125-3.8p2+5p1TC1=5q1TC2=3.8q2

Q: (b) At what price is the dog breeders' elasticity equal to -1? At what price is the pet owners'…

A: The demand function for the dog breeders is given as The demand function of pet owners for the…

Q: Describe the Rational Decision making Process?

A: Rational decision-making is a multi-stage process in which alternatives are selected. The objective…

Q: The graph shows the schedule for hours of tutoring in economics. Price (per hour of tutoring) $25 20…

A: Demand refers to the quantity of a good or service that consumers are willing and able to purchase…

Q: Describe the idea Scarcity and Choice in economic concept in 200 words. Give examples.

A: The concepts of scarcity and choice are fundamental to economics and based on the study of how…

Q: what is the significance of economics. Explain in details.

A: The social science of economics focuses on the creation, exchange, and consumption of commodities…

Q: There are three thing that economist study about, what are they? Explain!

A: Economists, study about the distribution of resources used in production of a commodity, their…

Q: A B Price 5 Price Price 4 3 2 2 .D' 1 20 40 60 80 100 Quantity 20 40 60 100 80 Quantity 20 40 60 80…

A: Part a)  A price ceiling keeps a price from rising above a certain level—the “ceiling”. When a price…

Q: Describe the procedure of considering economic decisions?

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

Q: What is proper method in economic analysis and what is the value of economic analysis?

A: