Harris ECN 3000 Homework #1 Please show your work and answers to all parts on separate paper. It will probably be in your best interest to keep this sheet and make a copy of your answers since I may not return your graded homework before the test. Use the following information to answer questions 1-13 below. Two countries‚ Athens and Troy‚ produce two goods‚ ships and food‚ according to the following production functions: 1 ship = 4 capital + 2 labor 1 food = 1 capital + 3 labor. Athens
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1. Determining changes in equilibrium price and quantity for a perfectly competitive industry given changes in demand and/or supply (Ch. 2‚ p. 60-65; Class Notes) A. Graphical analysis given demand and supply curves (a) While there is increased awareness of Vitamin C available from orange juice‚ a hard‚ freezing winter occurs in most of the orange producing areas. Demand increases while supply decreases. (b) While the technology used for tobacco production is improving‚ there is increased
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1 INTRODUCTION 1.1 Definition of economics Economics is a social science‚ positive as well as normative‚ divided into microeconomics and macroeconomics‚ concerned with how society allocates limited factor inputs to produce goods and services to satisfy unlimited human wants. 1.2 Economics as a social science A social science is the study of a particular aspect of human behaviour using the scientific method. Examples of social sciences are economics‚ sociology and
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1. If ours were a barter economy‚ how would you pay your tuition bill? What if your college did not want the goods or services you offered in payment? Answer) In the barter economy‚ we would be paying the tuition bill in the form of any good or services that are somehow useful and benefit to the college. Example‚ we can barter tuition with food items so college can give those to the professors and other staff members of the college. And also services in the form of building maintenance‚ cleaning
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Incentives: rewards that encourage action or penalties that discourage action. • Economics studies the allocation of scarce recourses among people • Alfred marshell (1842-1924) shaped macro economics • Joan robinson: “ the main reason to study econ is to avoid being fooled by it Two main parts: A) Microeconomics: studying the choice of individual decision makers. And how they interact in markets B) macroeconomics: how the overall economy performs. 2 big questions 1. What‚ how and
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Full Title of Your Paper Here: Not to Exceed 50 Characters Your Name Your College Name Course Name Course Number Date The entire body of the essay is double-spaced‚ aligned left and new paragraphs are indented .5. Be sure not to include extra spaces between paragraphs and headings. There are some differences in APA style when writing college essays versus a graduate thesis. First off‚ in a college essay for this course‚ you do not need a running head or abstract. Begin your essay with
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ECN101 Homework 3 Figure 3-1 The following diagram shows two budget lines: A and B. 1. Which of the following could explain the change in the budget line from A to B? a. a decrease in the price of X b. an increase in the price of Y c. a decrease in the price of Y d. More than one of the above could explain this change. Scenario 3-1 Suppose the price of hot wings is $10‚ the price of beer is $1‚ and the consumer’s income is $50. In addition‚ suppose the consumer’s budget constraint
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Questions based on “Too Big to Fail” movie Watch the movie and answer the following questions briefly. Upload your answers on Moodle using the Link “Submit Assignment on Too Big to Fail here” 1. When Lehman brothers was in trouble‚ Henry Paulson called the other banks’ CEOs on a meeting to find a solution to Lehman Brothers’s problem? Why did Henry Paulson think that a private sector solution‚ instead of government bailout‚ was needed? 2. (Up to about 43:00 of the movie) Why did the Lehman
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Scerria Ford EDUC 301 B03 Fall 2014 Geometry Essay According to the merriam-webster dictionary‚ the definition of measurement is the "act or process of measuring something". A further explanation goes on saying that the act of measuring something pertains to a size‚ length or amount known by measuring something. I do believe that this explanation works equally well for length‚ area‚ weight and volume but perhaps not time. You can not physically measure time‚ you can not hold time in your hand
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GCSE Set Text – Aeneid II (268-280‚ 298-317‚ 624-654‚ 671-716‚ 768-795) 268 - 280 tempus erat‚ quo prima quies mortalibus aegris It was the time at which the first rest begins for weary incipit et dono divum gratissima serpit. mortals and creeps most welcome by the gift of the gods. in somnis‚ ecce‚ ante oculos maestissimus Hector 270 In my dreams‚ look‚ in front of my eyes Hector most gloomy seemed to stand visus adesse mihi largosque effundere fletus‚ before
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