Supply and demand

2.10 Andrew and I considering the absolute advantage, when we should be thinking about the comparative advantage. Just because Andrew can sell Colts memorabilia better than anyone, and I can clean faster than anyone in my office, that is telling us that we have the absolute advantage, but not necessarily the comparative advantage. To have the greatest success, we should always do what we have the comparative advantage for because it means it will have the lowest opportunity cost, and therefore…

1. Why do price changes cause a budget line to pivot while income changes cause a budget line to shifting a parallel manner? Price changes cause a spending line to rotate, when it does this is opens up more open door for various mixes and divider climbing that beforehand were not reasonable. Income changes causes a spending line to move in a parallel way since it's twofold the first wage and you can now bear the cost of twice as a great part of the great. 2. Describe the utility maximizing…

Imohiosen Longe 213737465 1) What does Heilbroner mean by the economic problem ? Robert Heilbroner believed that economics is essentially the study of a process we find in all human societies. In addition to that, Heilbroner believed that the economic problem was simply the process of providing for the material well being of the society. Heilbroner was able to bring light to the idea that we ourselves as humans are the major source of our economic problems and not nature. Although nature might…

Morath). The demand of trucks has increased because of consumers taste and preference. Furthermore, if an economist calculated the cross-price elasticity between gasoline prices and pick-up trucks, it would be negative. It would imply that gasoline and trucks are complements. In others words, if gasoline price increases, the demand for trucks would decrease and if the gasoline price decreases, then the demand for trucks would increase. The effect of lower gasoline prices on the demand for…

The article, “Is Uber Bad For The Environment In NYC,” by Ben Adler discusses the impact of the new popular form of transportation called Uber that is popping up all over the United States. Uber is believed to be both useful for humans, as well as beneficial for the environment. Some ways that Uber is beneficial for users include: Uber is cheaper and more readily available than traditional cabs, it makes it much easier for people to get by without having a car, it is becoming more appealing for…

I often encounter anchoring bias during decision making. I often make an assumption based off a piece of information, rather than taking all facts into consideration. For instance, when shopping I quite often fall for marketing and sales tactics to get me to pay more for an item, when I may think I am getting the best deal. For instance, before I go shopping I like to budget myself telling myself I can only spend so much. Anything below my budget is the best deal and most likely what I will…

Expanding quantities of two-wage family units is a monetary pattern in the United States. People put a premium on time. Enhanced client benefit, prompt accessibility, inconvenience free operation of items, and reliable support and repair administrations are turning out to be more essential. Individuals today are more ready than any time in recent memory to pay for good administration in the event that it limits burden. Financial elements directly affect the potential engaging quality of…

Problem Statement: Ralph and Jody go to the shop to buy candy bars and potato chips. Ralph buys 3 bags of potato chips and 4 candy bars. The potato chips and candy bars cost 3 dollars and 75 cents for Ralph. Jody buys 4 bags of potato chips and 2 candy bars. The potato chips and candy bars cost 3 dollars for Jody. Later, Clancy asks to buy 1 candy bar and one bag of potato chips from them. How much should he pay? Ralph writes 3p + 4b = 375. If p stands for the cost, in cents, of a bag of potato…

Correlation (or association) is when two different factors react similarly to one another because of a connecting variable, but are not occurring as a result of one another. Causation is when a change in one factor results in a corresponding change in another factor. An example of a positive correlation is ice skating and the avalanches. It would be weird if ice skating was a cause of avalanches. An actual cause of both of those things that link them is the cold weather. Between correlation…

-On average, the nation’s heavy rail lines carry almost five times as many passenger miles per route mile as the nation’s light rail lines. -City Block Trains running in city streets can be no longer than the length of a city block; otherwise, they would obstruct traffic every time they stop. A typical light rail car is a little more than 90 feet long. -Platform Heavy rail lines can run trains as long as the platforms at each station. Longer trains mean more capacity. The effectiveness of new…