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- What does Chang mean when he describes Neoclassical economics as being more "versatile" than other schools of economic thought? You may answer in a paragraph or two.need help with macroeconomic question 23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…Consider the following dialog between Amy, an economics student who currently studies macroeconomics, and Deborah, her teaching assistant.AMY: Hi Deborah, I'm working on my Aplia homework and realized that I do not understand the definition of the labor force very well. Does it include discouraged workers? DEBORAH: Hi Amy, the conventional definition of the labor force excludes discouraged workers. This is because they gave up looking for jobs . Also, be sure not to mistake discouraged workers for part-time workers. The key difference is that the latter cannot find suitable full-time jobs . AMY: I think I understand it now, thank you. DEBORAH: Let me ask you a question to see if you can apply your knowledge. Consider an economy with 20 full-time workers, 16 part-time workers, 10 workers who have been laid off but are actively looking for a new job, and 3 formerly full-time workers who have been without a job for over a year, failed to find any, and gave up looking. Can you…
- One topic of behavioral economics is?1. What is a market-clearing model? When is it appropriate to assume that market clear? 2. Use the model of supply and demand to explain how fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variables. 3. Consider an economy that produces and consumes hot dogs and hamburgers. In the following table are data for two different years. Goods Hot dogs Hamburgers Quantity (2010) 200 200 Price (2010) $2 $3 Quantity (2020) 250 250 Price (2020) $4 $4 Using 2010 data as the base year Compute the following statistics for each year. Nominal GDP, Real GDP, GDP Deflator, Inflation rate using GDP deflator, CPI, Inflation rate using CPI. (Hint: i) to calculate CPI use base year fixed quantity Hot dogs 200 and Hamburgers 200, ii) To calculate inflation rate, use percentage change in price level between two years.)What is Say’s law?
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- what is the best example of negative integration and positive integration?Economists use the scientific method to study the economy. David Matthews is an economist studying the effect of cold weather on the purchasing of streaming movies. Place the following steps in order. David notices that people tend to stream more movies at home when the weather is cold outside. David comes up with the theory that home streaming platforms will have more business in the winter months than at other parts of the year. David arranges to follow the streaming habits of a thousand different families. He will also record the weather on each day. At the end of the year, David will see if his theory was correct by comparing the number of movies downloaded with the weather for certain days. He will then decide if his theory was correct.