Critical Analysis Questions Chapters 1 & 2 Macroeconomics Week 1

Feb 3rd, 2012
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Critical Analysis Questions Chapters 1 & 2 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 influence 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 (6,7,13) also included in answer 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? How does private ownership influence the incentive of individuals to

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Critical Analysis Questions (Chapter 1 & 2)3. a. What method is used to ration goods in a market economy? How does this rationing method influencethe incentive of individuals to supply goods, services, and resources to others?Ans:-The ration goods are based on price mechanism in market economy. While Price is affected bydemand and supply. Normally the producers sell their products to suppliers who sell products inthe market for small margins. Producers ask price whatever they think is good price for them.However price increases with increased demand of goods (Walter,2006). Suppliers supply/sellsgoods, products and services to other people in order to earn money and they use this earnedmoney on buying other products, goods and services they need, This rationing method is influencedby the price mechanism of products, goods or services as higher the prices of goods, products andservices the more the incentives of the individuals to supply goods, services and resources toothers.(b)How are grades rationed in your economics class? How does this rationing method influencestudent behavior? Suppose the highest grades were rationed to those whom the teacher liked best.How woul

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