**Scenario 1.2:**A scientist aims to explore the link between automobile emissions and global warming. By collecting data on automobile emissions and global warming levels over time, the scientist finds that a 1% rise in automobile emissions results in a 0.0003% increase in average global temperatures. From this, the scientist concludes that automobile emissions negatively impact the environment and should be reduced to prevent further increases in global temperatures.**Refer to Scenario 1.2:**The statement, "automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures," is an example of:- Normative economics- Positive economics- The fallacy of logic- Marginal economics**Answer:**- **Normative economics** is selected. **Economic Goods Classification**During an economic downturn when consumer income falls, the demand for chicken increases and the demand for beef decreases. This implies that:- ○ Chicken is an inferior good and beef is a normal good.- ○ Chicken is an economic bad and beef is an economic good.- ○ Chicken is a normal good and beef is an inferior good.- ○ Chicken and beef are complements.In economic terms, an "inferior good" is one where the demand increases as consumer income decreases. Conversely, a "normal good" sees a decrease in demand as consumer income decreases. This scenario suggests that chicken is viewed as an inferior good, while beef is a normal good.

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Answered: SCENARIO 1.2: A scientist wants to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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