Week 5 Essay ECON120 (24SP)

Economics 8.The second rush of the pandemic has hit India with an overwhelming effect. With more than 300,000 new cases and 3,000 passes the nation over every day as of now, the complete number of passings has recently passed the 200,000 imprint – that is around one out of 16 of all COVID passings across the world. It is likewise apparent that the India insights are critical belittles. The harmfulness of the second wave in India is by all accounts identified with a conjunction of variables: government carelessness, driven by helpless information assortment and being trying to claim ignorance about the truth of the information; another variation with a hockey-stick molded development bend; and some extremely enormous and unregulated strict and political occasions. Obviously there is currently a compassionate emergency of huge extents. India is a nation of 1.4 billion individuals and makes up a 6th of the total populace. Economics How is it additionally going to influence the world…

10 principles of economics and expound two microeconomics situations per principle

When looking at the economics of marriage, how would a functionalist theorist and a social exchange theorist explain the benefits of marriage? (

One of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest would bring harmony of interest. Explain his viewpoint on the relationship between human character and their surrounding environment and the social revolution that he introduced in his New Lanark Mills in order to prove his theory.  Explain in brief why Marxian Socialism dismissed the moderate approach used by Utopian and Christian Socialism to eradicate the worst aspect of Capitalism

(a) Distinguish between microeconomics and macroeconomics

Identify each of the following topics as being part of microeconomics or macroeconomics: the degree of competition in the cable television industry (a) macroeconomics (b) microeconomics

What advantage does economics have over the other social sciences that study human behavior?What does it have in common with the other social science? Elaborate.

Please read the following applications and then apply Microeconomics Principles to explain each topic. If you can please also, add charts and graphs to broaden the explanation as well as add articles and references. Please list all references and citations if you use any. Application 1: Scarcity/Incentives Incentives to Buy Hybrid Vehicles As stated in the text, "rational people respond to incentives." I find this to be a very true statement. When the tradeoff or benefit from something else changes, people tend to change their behavior to get that certain benefit. The Number of hybrid cars that has been increased from 10,000 cars in 2000 to more than 340,000 in 2007, can be explained by this application. Increase in gas prices along with federal subsidy encouraged people to buy more hybrid cars by reducing cost of driving and cost of hybrid cars. As, Subsidy was the main reason behind 1/5 the sale of 2007, which is estimated so far. Incentives refer to something that induces a person…

What are three important themes in microeconomics

Consider your decision to read this textbook on economics. Identify which of the four core principles of economics (the cost benefit principle, the opportunity cost principle, the marginal principle, or the interdependence principle) is most relevant for the following aspects of that decision. Reading this textbook will help establish a solid foundation for understanding concepts you will learn in more advanced economics courses. Reading this textbook will require time and effort, but doing so will help you improve your grade in this course. The time you will spend reading this textbook could instead be used to study for your chemistry exam. Each extra page that you read and each practice problem that you complete will help you increase your understanding of the material.

What are the principle characteristics of positive versus normative economic analysis

Identify each of the following topics as being part of microeconomics or macroeconomics: the effect of a change in the price of Coke on the purchase of Pepsi. (a) microeconomics (b) macroeconomics

Elucidate the following Scarcity and Problems of Economics Microeconomics and Macroeconomics

Categorize the following as microeconomic or macroeconomic questions: iv) Why is the Barbados experiencing high rates of inflation? (v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old

Assignment 2:  Problem Solving When faced with a problem, what do you do to solve it? This assignment asks you to apply a six-step to problem solving process to a specific problem scenario. You will write a paper that presents a synthesis of your ideas about solving the problem using this systematic approach. As Voltaire said, “No problem can withstand the assault of sustained thinking.” Choose one (1) of the problem scenarios as a topic choice for your paper (Note: Your professor must approve your topic choice before you begin work on the assignment.) Scenario 1: You have worked at your company for eleven (11) years. You have returned to college to earn a Bachelor’s degree in order to increase your chances for a promotion. You are nearly finished with your degree, when a supervisor’s position in a competing company becomes available in another state. The start date is in two (2) weeks, during your final exam period for your courses. The position offers…

Why is it important to be able to distinguish positive from normative statements about economic policy?   Question 8 options:   Positive statements are always true and are the basis of economic policy while normative statements are false and should NEVER be used.   Positive statements help us understand the value judgments toward a particular policy, while normative statements reflect the economy's response.   Positive statements help us understand the economy's response to a particular policy, while normative statements reflect value judgments.   Positive statements help us understand the good results of a policy change, and normative statements help us understand the negative results.

Select the following economic scenario that would be considered an example of microeconomics.          The governor of Montana proposes lowering the tax rate in her state in order to attract more business.         A large computer company, worth billions of dollars, launches a new product that could double its profits.          Congress passed a trillion-dollar stimulus bill to stimulate the U.S. economy.         The president of the United States and the president of China agree to a treaty that will boost trade between the world's two largest economies.

Question 15: The distinction between microeconomics and macroeconomics involves whether the focus of study involves small, well-defined groups and individual consumer, firms and sectors or large groups and broad economic aggregates.   A True B False

Classify the following topics as relating to microeconomics or macroeconomics. The family’s decision about how much income to spend on food. The effect of government regulations on auto emissions. The impact of higher public savings on economic growth. A monopolist’s decision about how many units to sell. The relationship between the inflation rate and the unemployment rate.

Topic A Problem: A friend of yours says, “in a capitalist economy, if people are willing to pay a lot for something, then businesses will charge a lot for it.” Is your friend’s statement always true? If not, when would this statement be false, and why? please answer using microeconomics terms,for example businessess in competitive markets. thanks.

Question 1 Imagine we live in a world with two types of skill sets: people with high ability and people with low ability. A diploma will cost a high ability person about 8K and will cost a low ability person about 20K. Businesses use education as a screening tool and they intend to pay 25k to workers without a diploma and $X to those with a diploma. In what range must X be to make this an effective screening tool? Your answer will include a set of equations showing the dollar range for both low ability and high ability people.

https://www.washingtonpost.com/local/trafficandcommuting/tolling-on-395-express-lanes-starts-sunday-heres-what-you-need-to-know/2019/11/16/07742088-07d4-11ea-818c-fcc65139e8c2_story.html   Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might pay up to $30 to save 30 minutes of travel time during the rush hour.    How much would you pay to use the HOT lane and why?

(a) Briefly discuss the Galbraith hypothesis in microeconomics.

Evan knows his GPA would skyrocket if he could break his horrible habit of procrastinating. An example of a commitment device Evan could use would be:   Question 46 options: a to allow himself one hour of leisure for every half-hour of studying he does each day. b to exercise before studying in order to be refreshed. c to pay a student to meet him each afternoon for 2 hours in the library to ensure he studies every day. d All of these are commitment devices.