Inwhat way the subject economics is considered as a science.

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Answer 1

Question

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

Answer 6

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

Answer 7

Chapter 2, Problem 1QR

To determine

Inwhat way the subject economics is considered as a science.

Answer 8

Expert Solution & Answer

Explanation of Solution

The subject economics is a science. This is because economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data. They collect necessary data and analyze it to verify different policies and their impact. Thus, economics is a science.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Economics: Economics is a social science which studies human behavior as a connection between ends and scarce resources which have multiple uses. In other words, economics focuses on the behavior and interactions of economic agents and how economies work.

Answer 12

Ch. 2.1 - Prob. 1QQ Ch. 2.2 - Prob. 2QQ Ch. 2.2 - Prob. 3QQ Ch. 2 - Prob. 1QR Ch. 2 - Prob. 2QR Ch. 2 - Prob. 3QR Ch. 2 - Prob. 4QR Ch. 2 - Prob. 5QR Ch. 2 - Prob. 6QR Ch. 2 - Prob. 7QR

Inwhat way the subject economics is considered as a science.

Solution Summary: The author explains that economics is based on scientific methods and theories. Economists develop a theory only after scientifically analyzing data.

Inwhat way the subject economics is considered as a science.

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