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The great English economist Lionel Robbins defined economics as "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This means that economists looks at our limited resources - like money, time, energy, intelligence etc. - and how we decide what the best choices are for how to use them, with the goal of maximizing the benefits. As you can see, this opens up almost all of human activity to study by economics.
For this first assignment you are to describe 3-4 areas of human action not typically associated with economics and how economics can be used to help understand the reasons for the choices made. Along with the text, you are welcome to use any resources you want. Your work should be 3-5 pages long, double spaced, and adhere to APA stands.
Are these kinds of policies easy to implement in practice? How has globalization of production affected our ability to control pollution?
Which of the following conditions may make predatory pricing by incumbents rational?
A particular market structure has the following characteristics: the cross-price elasticity of the goods bought and sold in this market is +3.0, firms must lower price to sell more, and there is relatively easy entry into this market.
in the 1990s five firms supplied amateur color film in the united states kodak fuji konica agfa and 3m. from a
What is his budget constraint in terms of Consumption and Hours Worked. Draw his budget constraint on diagram. Now draw several indifference curves and indicate utility maximizing level of Hours worked and Consumption.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
The city council of a small college town decides to regulate rents in order to reduce student living expenses. Suppose the annual market clearing rent for a two bedroom apartment has been $700 per month and that rents were expected to increase to $90..
Which of the following procedures is correct?
Illustrate what could be related goods to health care. Illustrate what are the inter-relationship between these goods.
Suppose that the money supply is $750, nominal GDP is 2500, and real GDP is 1250. What is the velocity of money and what is the price level? Suppose that the velocity is constant, and the economy’s output of goods and services rises by 5% each year. ..
In a macroeconomic equilibrium,
Suppose a researcher is interested in estimating the impact of gasoline taxes (Xi) on per capital gallons of gasoline consumer per year(Yi).Assume tax is measure in cents per gallon. the researcher has data from 51 states for a 10 year period for a t..
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