What do we mean by the economics of education? To what extent do you think educational planning and policy decision ought to be guided by economic considerations. Explain.

Q: Consider a worker who consumes one good and has a preference for leisure. She maximizes the tility…

A: a)The utility maximization function states how the utility is maximized given there exist certain…

Q: 5. Consider a weather forecaster who is paid based on her performance. Each day, she forecasts the…

A: Probability of Rain = p  Probability of no rain =  (1 - p )  The forecast is 'q'  Bonus if it rains…

Q: A consumer has preferences over two goods represented by the utility function u(x₁, x₂) = 21+2√72.…

A: Given  Consumer preference is represented by u(x1,x2)=x1+2x2            .....(1) We have to make an…

Q: Discuss how the concepts in microeconomics can be applied to real-world situations and increase your…

A: Microeconomics is the study of economics at a level where the individuals or the organizations make…

Q: What are three important themes in microeconomics

A: Microeconomics studies the behavior of Consumers, firms and workers as well as how the markets are…

Q: A universal basic income would not only lift more than 3.2 million Canadians out of poverty, it…

A: Positive Statements are those which are based on facts and figures.  Normative Statements are those…

Q: a. The minimum wage creates unemployment among young and unskilled workers.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What role, if any, will marginalism, incentives, and disinterestedness play in the questions you ask…

A: Marginalism refers to the study of marginal relationships and theories within the economics. The…

Q: A decision-maker with initial wealth w> 0 is choosing how many tickets to buy for a raffle. Tickets…

A: Price of a ticket = 1  Number of tickets bought = y     such that   y ( 0 to w ) Income = w  Reward…

Q: What are the human behaviors economists should observe when creating economic models?

A: The human behaviours that must be taken into account while developing an economic model depend on…

Q: Education can play an important role in shaping individuals’ norms and values. In what way can the…

A: "Education is the process by which society provides a learner with knowledge, values and other…

Q: A decision-maker must choose between two lotteries, L₁ and L2. The lottery L₁ gives 0 dollars with…

A: Lottery 1 gives: $0 with probability 1/4 $20 with probability 3/4 Lottery 2 gives $12 for sure

Q: What factors do economists suppose influence the amount of education people choose to obtain? What…

A: The process of obtaining knowledge, skills, beliefs, and attitudes that help people comprehend their…

Q: Which one is not issued in Macroeconomics

A: CONSUMER'S EQUILIBRIUM isn't included within the macro economics. it's a micro economic property…

Q: Background information on Economics?

A: The compelling birth of economics as a different discipline might be followed to the year 1776, when…

Q: explain why education is under consumed in the market place and what this means for society

A: Education is a merit good. Other examples of merit good include healthcare, museums, etc.

Q: Quantity demanded (income = $10,000) Quantity demanded (income = $12,000) Price $8 40 50 10 32 45 12…

A:

Q: What are some of the insights gained from taking a fundamental microeconomics course?

A: Microeconomics is a feild of study that deals with allocation of scares resources in an order that…

Q: opportunity costs

A: Opportunity cost is the cost of the next best alternative that has to be foregone. In other words,…

Q: f. If consumer income increases, other things equal, the demand for automobiles will increase.

A: Positive Economics refers to which that deals with economic issues related to past, present, and…

Q: Positive or Normative?

A: Positive economics and normative economics are two types of economic analysis.

Q: A consumer has preferences over two goods represented by the utility function (1.12) x1 +2√x₂. (a)…

A: In this case, we have to know three terms first one is indifference curve, second one is Marshallian…

Q: What is your opportunity cost for taking the time to study for a test?

A: opportunity cost is the cost of the next best alternative foregone. It is calculated by comparing…

Q: How do you think the impact of technology in economics is changing the choices for future careers?…

A: Technology is growing very fast. In this present time every single work is now being done by machine…

Q: How does economic rationale and/or political/government/business insights gained from other classes,…

A: We feel that economic rationale most certainly assumes a part in our point of view on this issue. We…

Q: What are the major course learning outcomes from studying a microeconomics course?

A: Microeconomics is the discipline of economics that investigates the economy on individual and…