ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- If you were the Prime Minister of the country, would you be more interested in your economic advisers' positive views or their normative views? Explain why.arrow_forwardExplain it early but correctly. Not copy paste answer provide.arrow_forwardWhat are endogeneity and heterogeneity in economics?arrow_forward
- In economics, the difference between normative and positive is that:arrow_forwardExplain economics as a science in the introduction to economics.arrow_forwardthis question is for Macroeconomics but it didn't show any option for Macroeconomics it just show economics. Use the table below to answer the following question. Table 21.3.2 Data from Southton Price (dollars) Price (dollars) Quantity (number) Quantity (number) Item Base Current Base Current Rubber Ducks Beach Towels 1.15 9.10 1.36 10.00 90 15 100 14 1) Refer to Table 21.3.2. From the data in Table 21.3.2. What is Southton's consumer price index for the current year? What is the rate of inflation over the current year? Show your calculations.arrow_forward
- Suppose you and your friend go out for dinner. Your friend orders a cheeseburger and fries. When your food first arrives, you ask your friend if you can have one of his fries. He looks at you like you are crazy and says, "No!" Then a few minutes later, after you both have started eating, you ask again, and your friend reluctantly says, "Sure. Go ahead." An economist's explanation for your friend's change of heart is most likely to be that: Your friend's total utility declines as he eats more fries, so he's more likely to share with you after he's eaten a few. Your friend's marginal utility from eating additional fries declines as he eats more of them, so he's more likely to share with you after he's eaten a few. Your friend's total utility increases as he eats more fries, so he's more likely to share with you after he's eaten a few. Your friend's marginal utility from eating additional fries increases as he eats more of them, so he's more likely to share with you…arrow_forwardWhat is the distinction between positive and normative economic analysis? Can you explain with both analyses please and thank you.arrow_forwardAnalyze whether each of the following is primarily a microeconomic or a macroeconomic issue: a) Setting the price for a cup of coffee. b) Measuring the impact of tax policies on total household spending in the economyarrow_forward
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