As you may know by now, Coronavirus has been spreading around the globe intensively. So far, it has an enormous effect on the economy worldwide. • As an economist-data analyst, you are invited to a late-night show to justify the economic losses over the past weeks. If you accept the invitation, how will you tackle this question? (you can try discussing direct losses due to the illness and preventing others, and indirect losses such as panics because of the possible future impacts) Use data and facts to support your claims (should we be frightened by this virus, and the impact we see and predict is real or fake [or somewhere between]!). Explain the temporary effect and the permanent effect.

As you may know by now, Coronavirus has been spreading around the globe intensively. So far, it has an enormous effect on the economy worldwide. • As an economist-data analyst, you are invited to a late-night show to justify the economic losses over the past weeks. If you accept the invitation, how will you tackle this question? (you can try discussing direct losses due to the illness and preventing others, and indirect losses such as panics because of the possible future impacts) Use data and facts to support your claims (should we be frightened by this virus, and the impact we see and predict is real or fake [or somewhere between]!). Explain the temporary effect and the permanent effect.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

2020 shook our world in unimaginable ways, forcing us to face multiple public health emergencies. And, while technology isn’t the primary tool to solve for systemic health issues, it can play an important role in partnership with government and civil society efforts. However, for technology to be effective, it must be built responsibly – and no matter how good a tool is, people won’t use it unless it has their trust. Discuss two (2) ethical issues linked to the use of computer technology in healthcare, specifically related to the COVID-19 pandemic.
Market: Airline-TicketsScenario: During A Pandemic Carriers have radically reduce air-fare prices for international flights causing a three-percent(3%) increase in sales(tickets-revenue).At the same time, because of the aforementioned pandemic there have been eleven-percent(11%) reduction in demand for international-air-travel.Using the list of options of possible impacts, select what is happening in the following markets. Select the impact if any on:i.Supplyii.Priceiii.Quanityiv.Demand
(This question assumes that daily life has returned to the way it used-to-be before the Covid-19 pandemic.) Suppose that technological advancements in high-speed rail transport has led some people to substitute rail travel for driving to their holiday destinations. A study by Professor Q of Nomash University found that the reduction in car travel led to fewer road traffic accidents and deaths per year, since rail travel is safer (per passenger kilometre) than car travel. a) Using the logic suggested by Professor Q, illustrate and explain with demand and supply curves how a rise in wages paid to all rail-transport employees would affect the number of road accidents and deaths per year. (Hint clearly identify which market you will use to analyse the question.) b) How would your conclusion to part (a) change if, in addition to the rise in wages mentioned above, there is a significant decrease in rental rates for minibuses or passenger vans? Illustrate and explain your reasoning.
What is the true cost of going to the doctor? Question 7 options: The amount you pay minus the amount your insurance covers (i.e. the amount you pay out of pocket) The amount you pay There is no cost if your insurance is good enough. The amount you pay out of pocket, plus the worth of the time you lose while waiting, plus the travel cost, plus the increased risk of being infected with Covid-19 while at the doctor's office
!
10: Suppose the market for used cars has 50% good cars (peaches) and 50% bad cars (lemons). There are an unlimited number of potential buyers. Buyers are willing to pay $9,000 for a good car and $3,000 for a bad car. Sellers value good cars at $6,500 and bad cars at $1,000. (1) If both buyers and sellers know whether cars are good or bad, which cars will sell in the market and at what price or prices? (2) If neither buyers nor sellers know whether cars are good or bad, which cars will sell in the market and at what price or prices?
While eating at Lizzy's "Taco Taco Taco" shop, Gabi gained 10 utils from her first taco and would only gain 5 additional utils from a second taco, at the same price. Based on this information, we can conclude that Lizzy may have to lower the price to convince Gabi to buy a second taco. Gabi will not eat a second taco, even if it is given to her at no charge. Gabi will definitely want to buy a second taco. Even if Gabi buys a second taco, she will not buy a third taco.
The town of Fenerbahce has hired world‐class econometricians to investigate their criminal justice system. The researchers report an interesting finding. People who were previously detected and punished by law enforcers gain a better understanding of the functioning of the law enforcement system, and are better able to exploit laws designed to protect defendants against the state. Thus, people who have been detected and punished before are better able to avoid detection and punishment. In particular, theyreport the following facts: ‐ The offense of jay‐walking causes social harm of $100.‐ A person who has never been punished for jaywalking before faces a 0.5probability of being detected while jaywalking.‐ A person who has been punished before for jaywalking faces a probability of0.25 of being detected while jaywalking. The town wants to implement optimal punishment schemes. It is well known thateveryone in Fenerbahce is risk‐neutral and rich (i.e. not judgment proof). Moreover, the…
5. 7) Fifteen years ago, the town of Easton decided to increase its annual spending on education so that its high school graduates would be able to earn higher wages. Now Easton has asked you to evaluate the effectiveness of the spending increase. Their data show that before the spending increase, the average salary of recent high school graduated was $25,000 and that now the average salary has risen to $28,500. Fortunately for your analysis a neighboring community did not change its annual spending on education. In the other town 15 years ago high school graduates earned an average of $22,500, and now the average is $23,750. a) Use a differences-in-differences estimator to determine whether Easton’s spending increase potentially caused the wages of high school graduates to rise. b) What underlying assumption do you have to make in order for your estimate to be valid? What might cause that underlying assumption to not be valid?
This is one question but I didn’t have space so inserted the two pictures thank you :)
Hi! Can you help me with the question below? Todd has a job that presents zero risk of death or injury, but has always craved something more exciting. His current annual salary is $50,000. He has been offered a job on an Alaskan fishing boat that will pay$55,000 annually. This new job offer, however, comes with a 10% risk of severe injury that will cause Todd to have no income. Which of the following is true? (Assume the severe injury has no relevant implications besides reducing Todd’s income) A) Todd will definitely take the new job if he’s risk averse.B) Todd will definitely take the new job if he’s risk neutral.C) Todd will definitely decline the new job if he’s risk averse or risk neutral.D) Todd will definitely accept the new job if he’s risk seeking.E) Not enough information to determine.
A factory manufactures both toy boats and toy trucks. It costs $125 to make a toy boat and $175 to make a toy truck. The factory only has $3,000 available to put into their production. If B is the number of boats made, and T is the number of trucks made, which of the following will be a Lagrangian equation if you are trying to maximise profits? a.120 + 5B + 7T = 0 b.120 - 5B - 7T = 0 c.0 = 120 - 5B + 7T d.0 = -120 - 5B - 7T e.120 + 5B - 7T = 0