2. Which of the following two statements involves positive economic analysis and whichnormative? How do the two kind of analysis differ;Petrol rationing (allocating to each individual a maximum amount of gasoline that can bepurchased each year) is poor social policy because it interferes with the workings of thei.competitive marketii. Petrol rationing is a policy under which more people are made worse off than are madebetter off

(a) Positive economic analysis tells actual scenario or in different words it states what what's. On…

Answered: 2. Which of the following two…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. All else equal, airline tickets are typically more expensive if bought close to the date of travel. Give an economic explanation for why this is the case.
4
Dr Rafiu is planning to send his son to study Finance either at KFUPM or Imam Abdulrahman Bin Faisal University, ceteris paribus. When the session is about to start, the school fees of KFUPM increases while that of Imam Abdulrahman Bin Faisal University remain the same. So, Dr Rafiu decides to enroll his son at Imam Abdulrahman Bin Faisal University. (a) What kind of goods can you classify the two universities from the perspective of Dr Rafiu? (b) What is the nature of elasticity facing Dr Rafiu (hint: elastic, inelastic, Unitary)
1. What will happen in the market for wine if the price of cheese increases (wine and cheese are complements)? 2. What will happen in the market for brewed coffee if the price of coffee beans increases? 3. What will happen in the market for lobster if the government rises the income tax and lobsters are a normal good? 4. What will happen in the market for tomatoes if a new study is released that shows that pesticides used on tomatoes contain cancer forming agents. 5. A fall in airfares from UK has raised the demand for hotels rooms in St. Vincent. 6. Government grants a $1 subsidy on each bottle of milk produced. 7. Government collects a $2 sales tax on each bottle of rum.
What are some markets (goods or services) where an equilibrium might not be the most desirable point? Meaning, if left alone, the market produces too much or too little compared to societal needs.
Economics
2. Suppose that Anna is indifferent between 2 cellphones and 4 computers and George is indifferent between 1 computer and 2 cellphones. Anna: 2 cellphones George: 2 cellphones = 11 4 computers 1 computers 1. Find two examples of a trade between Anna and George that makes both better off? 2. Should Anna give computers or cellphones to George? • If George gives Anna 6 cellphones and receives 2 computers. If this a fair trade? Explain your answer.
Person 1 can allocate her 8-hour day between the production of two goods.A and B .Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units State weather 9 units of Goods B and 12 units of Goods A are attainable ,unattainable, efficient or inefficient. State all that applies
Solve all this question......you will not solve all questions then I will give you down?? upvote....
Identify which side of the market for new automobiles is affected (demand or supply), how is it affected (increase or decrease), what happens to equilibrium price and quantity exchanged due to each of the following changes separately. (You don’t need to draw a graph unless it really makes your life easier f. Consumers expect car prices to rise in the near future. g. Consumers suddenly become more concerned about environment.
Need help with Evaluation Evolution Question 3 asks how easily the quantity supplied of salmon can be changed in response to changes in its price. In your answer, write about the short term - if the price of salmon doubled today, for example, could the quantity supplied of salmon double in the next year? What are the constroints on increasing supply? Then consider the long term. What are the constraints on increasing supply and how important are they? Come to an overall condusion about the short term and long term.
Question 17 Refer to this figure: Burgers 6543210 TTTTTO 0 B C Budget: $10 Burgers: $2 Bus Tickets: 50 cents D 12 Bus Tickets E 16 F 20 24 So if you want to determine the opportunity cost of Bus Tickets: O You would divide the price of bus tickets by the price of burgers O You would divide the budget by the price of bus tickets O You would divide the price of burgers by the price of bus tickets O No answer text provided. O You would divide the price of bus tickets by the budget

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