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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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- Subject: Engineering Economics List the "Ceteris Paripus" variables that affect demand and illustrate a shift in a Demand Curve. Now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing.Part 4 Question B: “Economic Decision-Making Process” Prompt: explain how each stage is critical in a consumer’s ability to maximize the effectiveness of spending their household income and the role ‘Opportunity Costs’ play in determining the level of success of that final choice.”In this week’s discussion, we focus on how the market changes when there are changes to the supply or demand of goods and services. (a) “This year the weather smiled on us, and we made a good crop,” said a wheat farmer in Manitoba. “But just as we made a good crop, the economic situation changed.” This quotation brings to mind the saying, “If you are a farmer, the weather is always bad.” How would use economic theory to explain that this saying might be true and what would you suggest the farmer do to make the best of the situation despite good or bad weather? (one paragraph) (b) Along with your textbook reading, review the related videos and article for a background on Canada’s marijuana legalization, then respond to the following questions:Do you see any economic effects not mentioned that might occur in the longer period? What major changes do you see happening with the supply and demand sides of the cannabis market in the long run? (1-2 paragraphs; no mini essay).
- MICROECONOMICS Questions 3 ( ALL OF IT IS ONE QUESTION!!!) For article 3 write the number of the graph that best describes what happened. Fill in only the appropriate boxes in the chart for article 3 and be sure and indicate if it is an increase or a decrease. For the graph use an arrow to indicate an increase or a decrease. Make sure you fill in the graph PLEASE Leave it blank if there is no change Masks (Now). The easing Covid-19 pandemic is expected to reduce demand for medical masks this year, joining a group of companies that have forecast a decline in business from Covid-19 prevention. Masks became a billion-dollar business for the St. Paul, Minn., manufacturer starting in 2020, when the virus’s rapid spread sent consumers and healthcare workers looking to secure facial coverings to try to avoid infection. Now, as the latest U.S. surge caused by the Omicron variant fades, 3M said they are seeing slowing mask sales. WHICH GRAPH BEST FITS THE ARTICLE. Graph # Graph…6) Explain how marginal analysis can be used to determine the "correct" amount of time to spend studying for an exam. Make sure to explain the role of rising marginal costs and declining marginal benefits in your decision. Why might the "correct" amount of time to study for an exam be different for different students?[Microeconomic theory] Explain in a picture what is meant by Corner Solution? Illustration of haram and halal goods, ice cream and hot coffee during the rainy season.
- (Please refer to the attached image.) 1. What is the message in this cartoon? 2. Does the cartoon show a challenge or an opportunity? Why do you say so?6. Scarcity, opportunity cost, and marginal analysis Tim is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because his pool sessions are helping him swim more quickly, Tim plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Tim's plan illustrate that his wife's advice does not? Many decisions are made on the margin. O Resources are scarce. People usually exploit opportunities to make themselves better off. O All costs are opportunity costs.3. A decision at the margini Manuel is a hard-working college senior. One Tuesday, he decides to work nonstop until he has answered 154 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 70 112 140 154 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's second hour of work, from 9:00 AM to 10:00 AM, is problems
- Question 2 Covid-19 pandemic has affected various economic sectors around the world. Choose one example of consumer goods and services in the output market (from Firm's perspective) that has a clear impact due to the pandemic. Illustrate and explain your answers with the help of diagrams/graphs (pre-pandemic and during pandemic).1. Distinguish between Microeconomics and Macroeconomics with their obiectivesWhat does the picture below mean?(interpret). Use what you learned in class about how important economics is to our daily lives as a guide for your answer. ps. kindly don't answer if its from another educational sites/pls don't plagiarized. answer must be made by tutors...(1-2 paragraph is enough, please lessen long explnation that doesn't make any sense or not related to the given question, pls answer direct to the point/question asked).