Economics Today: The Micro View (19th Edition) (Pearson Series in Economics)
19th Edition
ISBN: 9780134479255
Author: Roger LeRoy Miller
Publisher: PEARSON
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Question
Chapter 27, Problem 27.1LO
To determine
Difference between economic regulation and social regulation
Concept Introduction:
Economic regulation: Economic regulation discusses about the various rules and regulations that the economic firms and government agencies needs to abide by. Economic regulation controls the economic situation of the economy. It is the type of government regulation which helps to set the
Social regulation:
Social regulations discuss the regulations that society needs to abide by.
Expert Solution & Answer
Explanation of Solution
| Economic regulation | Social regulation | |
| Economic regulation discusses about the various rules and regulations that the economic firms and government agencies needs to abide by. | Social regulations discuss the regulations that society needs to abide by. | |
| Economic regulation controls the economic situation of the economy. It is the type of government regulation which helps to set the price of firms, entry of the firms, and regulation of various economic agencies. | Social regulation focuses on the control or correction of externalities. | |
| Regulates various things like minimum wage, trade barriers, outsourcing (Protectionism), import duty, privatization, national health insurance, price ceiling or price floor, social security benefits, medical benefits, senior citizen benefits etc | Social regulation focuses on environmental control measures, health and safety regulations, disaster management, and restrictions on advertisements. It also includes the restrictions on pornography, gun control, homosexuality, abortion, gambling etc. |
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BEC 3701 - Assignments-...
KWAME NKRUMAH UNIVERSITY
TEACHING FOR EXCELLENCE
SCHOOL OF BUSINESS STUDIES
DEPARTMENT OF ECONOMICS AND FINANCE
ADVANCED MICRO-ECONOMICS (BEC 3701)
Assignments
INSTRUCTIONS:
Check instructions below:
LTE
1) Let u(q1,q2) = ln q₁ + q2 be the (direct) utility function, where q₁ and q2the two goods. Denote
P₁ and P2 as the prices of those two goods and let M be per period money income. Derive each of
the following:
a) the ordinary or Marshallian demand functions q₁ = d₂ (P₁, P₂, M) for i = 1,2 [3 Marks]
b) the compensated or Hicksian demand functions q₁ = h₂ (P₁, P2, M) for i = 1,2 [3 Marks]
c) the Indirect Utility Function uº = v(P₁, P2, M) [3 Marks]
d) the Expenditure Function E(P1, P2, U°) [3 Marks]
e) Draw a diagram of the solution. There should be two graphs, one above the other; the
first containing the indifference curves and budget constraint that characterize the
solution to the consumer's choice problem; the second characterizing the demand…
Chapter 27 Solutions
Economics Today: The Micro View (19th Edition) (Pearson Series in Economics)
Ch. 27 - Prob. 27.1LOCh. 27 - Prob. 27.2LOCh. 27 - Prob. 27.3LOCh. 27 - Prob. 27.4LOCh. 27 - Prob. 27.5LOCh. 27 - Prob. AFCTCh. 27 - Prob. BFCTCh. 27 - Prob. CFCTCh. 27 - Prob. DFCTCh. 27 - Prob. EFCT
Ch. 27 - Prob. 1CTQCh. 27 - Prob. 2CTQCh. 27 - Prob. 1FCTCh. 27 - Prob. 2FCTCh. 27 - Prob. 1PCh. 27 - Prob. 2PCh. 27 - Prob. 3PCh. 27 - Prob. 4PCh. 27 - Prob. 5PCh. 27 - Prob. 6PCh. 27 - Prob. 7PCh. 27 - Prob. 8PCh. 27 - Prob. 9PCh. 27 - Prob. 10PCh. 27 - Prob. 11PCh. 27 - Prob. 12PCh. 27 - Prob. 13PCh. 27 - Prob. 14PCh. 27 - Prob. 15PCh. 27 - Prob. 16PCh. 27 - Prob. 17PCh. 27 - Prob. 18PCh. 27 - Prob. 19PCh. 27 - Prob. 20PCh. 27 - Prob. 21PCh. 27 - Prob. 22P
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