Loose-leaf Version for Economics & LaunchPad (Twelve Month Access)
4th Edition
ISBN: 9781319035877
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 2, Problem 10P
To determine
(a) Positive statements and normative statements in the quote
(b) Whether the policy is consistent with the preceding statements
(c) Efficiency of policy from view point of Americans
(d) Effect of policy on Asian workers.
Positive and Normative Economics
Positive economics construct its statements on the basis of objectivity and facts while normative economics construct its statements on the basis of personal judgment, interpretations and experiences.
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Exercise 3
The production function of a firm is described by the following equation Q=10,000-3L2 where L
stands for the units of labour.
a) Draw a graph for this equation. Use the quantity produced in the y-axis, and the units of labour in
the x-axis.
b) What is the maximum production level?
c) How many units of labour are needed at that point?
d) Provide one reference with you answer.
Exercise 1
Consider the market supply curve which passes through the intercept and from which the market
equilibrium data is known, this is, the price and quantity of equilibrium PE=50 and QE=2000.
Considering those two points, find the equation of the supply.
Draw a graph of this line.
Provide one reference with your answer.
Exercise 2
Considering the previous supply line, determine if the following demand function corresponds to the
market demand equilibrium stated above. QD=3000-2p.
Chapter 2 Solutions
Loose-leaf Version for Economics & LaunchPad (Twelve Month Access)
Ch. 2.A - Prob. 1PCh. 2.A - Prob. 2PCh. 2.A - Prob. 3PCh. 2.A - Prob. 4PCh. 2.A - Prob. 5PCh. 2.A - Prob. 6PCh. 2.A - Prob. 7PCh. 2.A - Prob. 8PCh. 2.A - Prob. 9PCh. 2.A - Prob. 10P
Ch. 2 - Prob. 1BCQCh. 2 - Prob. 2BCQCh. 2 - Prob. 3BCQCh. 2 - Prob. 4BCQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - Prob. 8PCh. 2 - Prob. 9PCh. 2 - Prob. 10PCh. 2 - Prob. 11PCh. 2 - Prob. 12PCh. 2 - Prob. 13PCh. 2 - Prob. 14PCh. 2 - Prob. 15PCh. 2 - Prob. 16P
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