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Why study economics?What do you think is more important to focus on when considering inequality: income inequality or wealth inequality? To reduce income inequality, should the marginal tax rates on the top 1% be increased? What is economics, and why is it important? By the end of this section, you will be able to: Discuss the importance of studying economics. Explain the relationship between production and division of labor.&nbs...
TaskTo apply the economics that you are learning to the complicated real world and to help you practice your writing skills. You work as a Teaching Assistant for a math professor. The professor doesn’t know our economic terms and definitions, but she is smart and understands basic economic concepts. She expects the highest-level economic analysis you are capable of, in clear English, without any use of jargon. You must use only words &n...
Determining the Proportion of the Population Working in Different Occupations1. In a population of individuals, there is a distribution of ìoccupation 1îability, which is uniformly distributed on the interval [0; 1]: If a type individual works in occupation 1, their wage income is w1 = r1:All individuals are equally productive in occupation 2, and the wage paid there is w2 = r2: The objective of each individual is to maximize the...
Task 1: How Resource Scarcity and Opportunity Cost Impact Microeconomic Decision Making for Households and Individuals in the UKAssessment Questions: Understanding microeconomics and the principles of individual choice The following four “Principles of Individual Choice” are fundamental aspects of microeconomics: 1. People must make choices because resources are scarce.2. The opportunity cost of an item—what you must give u...
TaskAs the Midwest regional manager for American Airlines, you have recently undertaken a survey of economy-class load factors (the percentage of economy-class seats that are filled with paying customers) on the Chicago-Columbus, Ohio route that you service. The survey was conducted over 5 successive months. The survey results appear in the table below. Assume that all other factors have remained constant over the 5-month period: Mo...
Data Sourcea. Introduction Assume that you are an economic consultant hired by an international organization/government to provide your expert advice on economic conditions pertaining to the United States and Ecuador. Your analysis will consist of two separate reports (one for Assignment 1 and the other for Assignment 2). As an expert, your job is two-fold: You are required to analyse any relevant issue using your technical This involves u...
Impact of Covid-19 on the Tourism Industry in MalaysiaSurviving The Impact of Covid-19: Tourism industry waits to cruise out of the doldrums The tourism industry remains “unpredictable and fragile” as the pandemic is taking an extremely long time to end, causing most of the association’s agencies to enter hibernation mode while awaiting a return to normal. The MCO and its multiple variants — CMCO, Recovery MCO, Enhanc...
Question 1. (18 points) Note: Students should show the step-by-step answers to the questions above. If only final answers were provided, NO marks will be counted for the question. Question 1. (18 points) A firm has the following production function:q=5LK^0.5+2L^2 K-L^3 K (4 points) What is its short-run production function if capital is fixed at K=9? (7 points) What are the firm’s marginal product of...
Background on Open Electricity Market ImplementationFor the past week, Ms Janet Wong and her neighbours have been discussing the merits of switching electricity providers. This after the Energy Market Authority (EMA) on Sep 21 announced the nationwide roll-out of the Open Electricity Market, an initiative to fully liberalise the retail power market here. Simply put, buying electricity will soon be like choosing mobile phone plans. Instead of...
Price Elasticity and Petrol CompaniesWord count: 1,000 words Note: the standard allowance is an excess of 10% of the word count; i.e. you may go over the above stated word count by 100 words. Any excess beyond this point will be penalised. Going under the word count is not penalised as such, but you will likely find that you are unable to adequately explain the assignment with too few words. References (including in-text citations and the a...
Executive SummaryNote: Business product / producing firm = Basmati Rice / basmati rice producing firm- company name does not matter. Executive summary: [total of 4 marks] Please explain the main features of the assignment including its purpose, utility and expected conclusions. This report summarise the statistical modelling and analysis results associated with economic data of Country India. The main purpose of report to implemented sampl...
Part I: Pandemic ScenarioImagine that your group is a decision-making team of civil servants in a department of health. Over the past few months, your medical and public health advisors have been tracking reported cases of an unknown illness at hospitals in your jurisdiction. The illness, respiratory in nature and transmitted by close contact, appears to be caused by an unknown coronavirus strain. They have reached out to the Centers for D...
Beer lovers hit with 2.5% pint price increaseThe price of a pint of beer has risen by 2.5% since last year – but here’s where costs have fallen A postcode lottery means there's a £1.07 price difference between the cheapest and most expensive pints depending on where in Britain you drink By Olivia Feld, Digital Consumer Reporter 6th September 2018, 12:01 am Updated: 6th September 2018, 2:23 am From The Sun available at...
Final Case Study – Overview: Next week, you will complete a 200-point Final Case Study. Current assignment is 60 points. After you finish this, I will ask next part another assignment extending this outline for my portion. This week, you will complete a high-level outline assignment. This week’s outline, and the corresponding peer review discussion this week will both be very useful to you as preparation. The final...
Assignment DescriptionGdp represents the total output and the total income in the economy. The source of GDP is the production by various producers and industries. As such, each industry has a share in GDP. This means that, if the industry grows, then its share as a percentage of GDP grows as well. Moreover, when GDP grows, income level in the economy increases. As a result, some industries in the economy expand when GDP and the income level r...
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