Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 6P
(Role of Theory) What good is economic theory if it can't predict the behavior of a specific individual?
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Macroeconomics is the branch of economics that studies________.
a.
the economy as a whole
b.
prices of individual goods
c.
none of these
d.
the way individual markets work
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- 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).arrow_forward19- : Which economics studies the behavior of economic units, the interaction of consumers and firms? a) international Economics B) Macro economics NS) growth economics D) monetary economics TO) microeconomicsarrow_forward#7 can you explain what the correct answer is and why?arrow_forward
- Question 6 On which of the following concepts do economists focus their study when explaining how humans behave? emotions money fairness O incentives O justicearrow_forward1[Rational Self-Interest): Discuss the impact of rational self-interest on each of the following decisions: Whether to attend college full-time or enter the full-time workforce Whether to buy a new or used text textbook Whether to attend a local college or an out-of-town college Whether to make contributions to charityarrow_forwardDraw and explain a production possibilities frontier for an economy that produces cheese and milk. What happens to this frontier if a disease kills half of the economy’s cows? (1 Mark) Use a production possibilities frontier to describe the idea of “efficiencyarrow_forward
- Question 1 (a) The production possibility frontier can be used to illustrate the tradeoffs and opportunity costs of different environmental policies. This question requires you to model the economic effects of these policies in the Australian context. i. Draw a production possibility frontier for Australia with automobiles on the Y-axis and all other goods and services on the X-axis (you do not need to include any numbers on your graph). Discuss how increasing awareness of climate change and action affect the choices made by the Australian economy. ii. Use this PPF to discuss how the introduction of a carbon tax would affect Australia. Clearly state your assumptions while making these conclusions. (b) Bob can make 10 burgers or 5 pizzas in an hour while Jane can make 30 burgers or 6 pizzas. i. Calculate each person's opportunity costs and determine which person has comparative advantage in the production of each item. Discuss whether there are any gains from trade. ii. Draw each…arrow_forwardQuestion 7 (10 points) Listen Figure 2-7 HOURS WITHOUT SLEEP Refer to Figure 2-7. Taking cause and effect into account, which of the following interpretations would be most reasonable regarding the relationship between coffee and hours without sleep? The less coffee a person drinks per day, the more time he can go without sleep. There is no relationship betwveen how much coffee per day a person drinks and how long he can go without sleep. The more coffee a person drinks per day, the more time he can go without sleep. The more coffee a person drinks per day, the less time he can go without sleep. Question 8 (10 points) V Saved CUPS OF COFFEE PER DAYarrow_forward7) Can I please get help with this question?arrow_forward
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