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Explain how unlimited desires and limited resources combine to create the need for economic analysis Assignment: Two of the most fundamental concepts in microeconomics are the assumptions that people have unlimited wants, and that resources to satisfy those wants are limited. Write a brief essay that answers the following questions:
1. What does it mean for individuals to have unlimited wants?
2. Why can’t individuals have everything they want?
3. How do unlimited wants and limited resources lead to individual choice in microeconomics?
Suppose the government of a desert community wants to punish excessive water usage, where "excessive" is defined as any usage greater than 100 gallons/week. to do this, the government paces a flat $100 income tax on anyone who consumes more than 100 ..
A friend tells you that you should never be a patient in a teaching hospital because the death rate among patients in teaching hospitals is higher than in other hospitals. Interpret the meaning of the regression coefficient on the explanatory variabl..
Which fiscal balance is likely to be influenced and Explain how by treating human capital investments the same as physical capital investments.
q1. ellie and vince is a married couple explain how would you expect each of the following events to affect the amount
Where Yp is potential GDP, Y is real GDP in billion of dollars and P is GDP deflator. By how much overall should the government expenditures change to achieve potential GDP level if MPC=0.8? Calculate the size of inflation/deflation associated with t..
Assume increase in government spending. Would the effect on AD be larger if the Fed held MS constant in response or if the Fed were committed to maintaining a fixed interest rate?
Electrotech, a maker of household smoke detectors, buys resistors for its smoke alarms for $.15 each. The resistor manufacturer marks-up the resistors from $.10. Does the resistor manufacturer’s mark-up necessarily represent profit?
Discuss the instruments available to address global climate policy and the challenges facing greenhouse gas emissions reduction.
The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. At the beginning of 2013, the company purchased a machine for $494,300 (salvage value of $52,600) that had a useful life of 6 years. The bookkeeper ..
Show that the following relation holds true sqrt((m - 1)/m) = (QE/Q*) = sqrt((m + 1)/m). What is the underlying reasons that this relation holds? Provide an interpretation of that relation.
Consider a competitive market. Starting from the long-run equilibrium, suddenly, fixed costs decrease, although variable costs remain unchanged. Discuss the short-run and long-run changes in market equilibrium. Include all figures and diagrams you nd..
Construct a market basket using a graph. calculate the price index based on the basket. Decide quantity and estimate current prices for each product.
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