Questions for Critical Analysis

Mar 2nd, 2014
DreamIt
Category:
Other
Price: $10 USD

Question description

Critical Analysis Questions Chapters 1 & 2

Answer and submit using APA format for each of the following Critical Analysis Questions:

3. a. What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods, services, and resources to others?

b. How are grades rationed in your economics class? How does this rationing method infl uence student

behavior? Suppose the highest grades were rationed to those whom the teacher liked best. How would this method of rationing influence student behavior?

7. A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision.

Chapter 2

6. If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership infl uence the incentive of individuals to (a) take care of things, (b) conserve resources for the future, and (c) develop and modify things in ways that are benefi cial to others? Explain.

7. What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces? What should be the distinguishing characteristics of the goods a nation imports? How will international trade infl uence people’s production levels and living standards? Explain

13. Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while the buffalo are virtually extinct. Why?


Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Purdue University
PREMIUM TUTOR

Studypool has helped 1,244,100 students

5 Reviews


Summary
Quality
Communication
On Time
Value
ashleyisgod
Nov 27th, 2016
" Top quality work from this guy! I'll be back! "
Molly_Moon
Nov 5th, 2016
" AMAZING as always! "
Hemapathy
Oct 13th, 2016
" all I can say is wow very fast work, great work thanks "
BlueOcean
Sep 30th, 2016
" Awesome! Exactly what I wanted. "
kevin12622
Sep 21st, 2016
" Goes above and beyond expectations ! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1823 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors