The winner of the triple crown in economics is:Janet YellenShohei OhtaniSadaharu OhMookie Betts

The Economic Achievements of Janet YellenWith her notable contributions, Janet Yellen has carved out…

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Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter1: The Economic Approach

Section: Chapter Questions

Problem 10CQ

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Similar questions

Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
Macroeconomics is an aggregate of what happens at the Microeconomics level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.
What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
What is the difference between microeconomics and macroeconomics?
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the United States. Sometimes this means a company must test a drug for years before it can reach the market. We can easily identify the winners. in this system as those who are protected from unsafe drugs that might otherwise harm them. Who ate the more anonymous losers who suffer from strict medical regulations?
Why do you think that most modern countries economies are a mix of command and market types?
What term would an economist use to describe what happens when a shopper gets in good deal on a product?
Is the economic model of decision-making intended as a literal description of how individuals, firms, and the governments actually make decisions?
Why does entry occur?
HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?

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The winner of the triple crown in economics is: Janet Yellen Shohei Ohtani Sadaharu Oh Mookie Betts