ENGR.ECONOMIC ANALYSIS
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ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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discuss briefly (7-8 lines) the meaning of "economic analysis is marginal analysis" and give a personal example! (please give any personal example!)
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- 5. A decision at the margin Suppose that Darnell is a diligent hard-working second-year college student. One Wednesday, he decides to start the day by working through 300 practice problems to study for the econometrics class. Using a table to track his progress throughout the day, he notices that as the hours pass, it takes him longer to solve the problems. Time Total Problems Solved 7:00 AM 0 8:00 AM 120 9:00 AM 210 10:00 AM 270 11:00 AM 300 Use the table to answer the following questions. The marginal, or additional, gain from Riley's second hour spent working, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Riley's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. The following week, Riley's econometrics faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 105 multiple choice questions boosts a student's test score by about the same amount as spending an hour reviewing lecture notes. For simplicity,…arrow_forward5. Illustrate the differences between microeconomics and macroeconomics?arrow_forwardI need help answering questions a, b, c, d, ei and eii. (please show all work) thank you!!arrow_forward
- 8. The interaction of individual choices Because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. Initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number eels swimming outside regulated areas is much higher than it was before. With the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the laws. Which of the following principles of economic interaction best describes this scenario? O Markets allocate goods effectively. O When markets do not achieve efficiency, government intervention can improve overall welfare. O There is a tradeoff between equality and efficiency. O Markets usually lead to efficiency.arrow_forwardurgentarrow_forwardCourse: Introduction to Microeconomics1. Our students Francisca and Javier have a heated discussion about Axioms of Preference and Rational Consumer Choice, from which they raise questions and reflections regarding topics seen in class. You are asked to comment on each of these statements, justifying whether statement is true, false or uncertain. You should be supported by graphic analysis as appropriate.Statements that our students arrive at are as follows:(a) To have consistent ordering and represent convex indifference curves, only Axioms of order (Monotonicity) and Transitivity are needed.b) For a consumer to find equally preferred baskets from an initial basket, he must establish a substitution relationship between goods to stay on same indifference curve.c) Given consumer's income, the best he can do with respect to his consumption decision, is to find a situation where marginal utility per weight spent on good X is equal to marginal utility per weight spent on good Y.arrow_forward
- 1 As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.arrow_forward8arrow_forward2. Indicate whether the following statement(s) applies to microeconomics (Micro) or macroeconomics (Macro): a) A U.S. automobile manufacturing firm announced to hire 500 workers last month. (. b) The unemployment rate in the United States was 13.3 percent in March 2020. c) In 2011 an unexpected late spring frost after planting in southwestern Minnesota incurred additional costs to farmers as they replanted, although replanting payments are covered by insurance. (arrow_forward
- 6. Scarcity, opportunity cost, and marginal analysis Cho is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Cho must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? A-The cost of something is what you give up to get it. B-People usually exploit opportunities to make themselves better off. C-Trade can make everyone better off. D-Markets are usually a good way to organize economic activity.arrow_forwardCould someone help me with this? Thanks so much.arrow_forwardCourse: Introduction to Microeconomics Topic: Consumer Theory and Preferences You are asked to comment on each of following statements, justifying whether statement is true, false or uncertain. You should be supported by graphical analysis as appropriate.Statements that our students arrive at are as follows:(a) To have a consistent ordering and represent convex indifference curves, ONLY axioms of ORDER and TRANSITIVITY are needed, omitting others.b) For a consumer to find baskets that are equally preferred from an initial basket, he must establish a substitution relationship between goods to stay on same indifference curve.c) Given a consumer's income, best that can be done for Consumption Decision is to find a situation where marginal utility per weight spent on good "X" is equal to marginal utility per weight spent on good "Y".arrow_forward
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