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Deciding to buy a house is a lifelong goal for many people. Imagine that you are renting a studio apartment and have just discovered you are having a baby. Your present apartment is small and far from schools and local services. You have decided to move. There are many factors that come into play when making such a large and weighty purchase. Examine the decision-making process from the perspective of an economist. In your Final Project, you use these principles and other factors to make a final decision whether to buy a house.
Consider the 10 Principles of Economics as outlined
Assume for this CheckPoint that purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision has long-term financial consequences.
Submit a 250- to 300-word response addressing the following points:
Which of the 10 principles do you think plays a major role in your decision?
Provide an example for each about decision-making, interaction, and the workings of the economy.
Explain how that influences the marginal benefits and marginal costs associated with the decision to purchase a house.
Derive total, average and marginal revenue schedules. Explain why your answer to part is an example of marginal analysis and optimizing behaviour in general.
Illustrate what inconsistent other than price appear to have the biggest impact on the demand products. How much influence does the company have over these inconsistent.
Assuming Norma has no other capital gains or losses, how does this information affect her taxable income for 2010.
As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitive, marginal revenue product also falls because
Name a specific event to be expected to cause the equilibrium price of ice cream to increase.
Why is the money multiplier considered to be a potential multiplier rather than an indication of exactly how much multiplication should be expected?
Impacts on currency markets and on economic conditions within the country and globally.
Assuming that there are no direct expenditure offsets to fiscal policy, how much should the government increase taxes?
Explain how many bushels of corn are purchased by consumers and at what price. How many bushels of corn are purchased by the government and at what price.
The manufacturer is especially concerned that customers who receive lousy service will blame the manufacturer if the machine breaks down, not the ISOs. How should the manufacturer address this problem?
Show (with a graph) and explain the strike and resulting negotiations for an inclusive labor union in a monopsony situation. Also, show (with a graph) and explain how an exclusive union increases wages
what is lowest price that will induce firms to supply output. Suppose PI = $40, F = 50 and demand function is Qd = 700! 6P, n if government sets a price of $50 what will be result.
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