Explain the behavior of the workers
Use the economic perspective to explain the behavior of the workers? Why do they work so diligently?
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Workers at the fast-food restaurant are also engaging in rational behaviour attempting to achieve maximum fulfillment of their goals. Every worker is considered the opportunity cost of being in the restaurant rather than participating in the activity that is perceived as the next best alternative (say, cruising around in their cars).
The diligence observed is a function of their desire to maintain employment and the marginal benefit they receive from another day’s pay. Most among them quit their jobs after high school graduation because they receive more highly valued offers for the use of their time.
Explain the Market System Specialization?
Transaction costs tend to be decreased and markets are more efficient when: (w) the government subsidizes a good. (x) inter-market price differentials are eliminated through arbitrage. (y) taxes are used to give for social wants. (z) regulations close
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.
Both individual sellers and buyers within perfect competition: w) can affect the market price through their own individual actions. x) can affect the market price by joining along with some of their competitors. y) have to take the market price as a specified. z
Question: Some commentators have argued that the failure of the "Super committee" is good thing for the economy? Do you agree? Answer: The Super committe
How does society decide its optimal point on the production possibilities curve?
Explain the demand for bagels rises dramatically while the demand for breakfast cereal falls?
What are the main sources of growth?
Suppose studies show that students who study more hours receive higher grades. Is there any relationship which guarantees that any particular student who studies longer will get higher grades?
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