### Discuss the five economic principles

Assignment Help Microeconomics
##### Reference no: EM13187112

1. The chapter describes five different economic principles and provides an example of each principle. Imagine that you are one of the authors of the textbook. Select one principle and create an additional example that will help students understand that principle better.

2. Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your life. Provide support for your response.

#### Questions Cloud

 Determine necessary control limits - quality and performance : Design the appropriate control chart - based on your chart and the data from the last 3 weeks, what can you conclude about the absenteeism of nurses' aides State how many moles of khp were weighed out : How many moles of KHP were weighed out? How many moles of NaOH were required to neutralize the KHP that was weighed out? Definition of loyalty is conformity : What does Henry Steele Commager mean when he writes that the new definition of loyalty is "conformity"? State what is the normality of a solution prepared : What is the normality of a solution prepared from 10 ml 0.6 N nitric acid by diluting it to 60 ml Discuss the five economic principles : Select one principle and create an additional example that will help students understand that principle better. Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your lif.. Definition of dharma in epic ramayana : Begin your response with a brief definition of dharma and follow with a discussion of how the epic Ramayana illustrates this crucial ideal. Include specific examples of how Sita, Rama and other characters fulfill (or do not fulfill) their dharma State potassium phosphate and what volumes of the stock : Our stock solutions are 0.2M EDTA, 0.04 M NaF and 1.2 M potassium phosphate. What volumes of the stock solutions should be measured? What is the best course of action for the firm : quantity price/dollars total revenue total variable costs dollars total cost dollars 0 22 0 0 50 20 20 16 66 2 19 38 3 18 54 45 95 4 17 68 59 109 5 16 80 75 125 6 15 90 93 143 7 14 98 112 162 8 13 104 140 190 9 12 108 180 230 10 11 110 230 280

### Write a Review

#### Major long term tax cut

The President of US is suggesting increased spending for a missile defense system and also proposing a major long term tax cut. Provide some predictions of possible outcomes for the federal budget categories,

#### Question related to international trade

Choose a United States multinational firm. In terms of currency denomination, discuss how the company values its revenues and costs.

#### Identify three decisions that you have made in the past

Identify three decisions that you have made in the past (e.g., purchase decision, political decision, etc.) and their associated trade-offs. Provide support for your response.2. Create a positive question and its associated normative question.

#### Prohibitions policy by government

Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.

#### How the supply and demand increases or decreases?

All of the questions in this Part refer to the market for gasoline. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately. Huge new crude oil reserves are discovered in th..

#### Perfect competition gives an optimal allocation of resource

Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.

#### Explain excess profits tax

If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and development of oil properties? Does it matter if these price increases are demand or supply induced?

Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. What impact do you suppose farm subsidies are likely to have on the following?

#### What are the shot-run and long-run equilibrium levels

Suppose the autonomous planned spending increases by 800 billion so that A?p = 5,800. Explain if this increase is the result of increases willingness of financial market firms to lend to consumers and business firms ..

#### Insurance companies in oligopolies

Do workers of monopolies get paid more compared to employees who do the similar work in other industries that are not monopolies?

#### What increase in customs purchases would be necessary

If you decide to use \$34,000 as your working estimate of marginal costs, what increase in Custom's purchases would be necessary for the proposal not to reduce GM's profits on this account?

#### Question on price discrimination

Which of the following is not a condition required for the practice of price discrimination?