1.3. Early economists made a distinction between needs and wants. Needs were economists concern; wants were of...

Question:

1.3. Early economists made a distinction between needs and wants. Needs were economists’ concern; wants were of far less importance.

a. Is such a distinction useful?

b. Would making such a distinction change the nature of economic analysis?

c. Does the fact that the book makes no distinction between luxuries and necessities other than in their elasticity of demand reflect a bias in economic analysis?

(Religious)

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Economics

ISBN: 9781259193156

10th Edition

Authors: David Colander

See More Books

Question Posted: Oct 16, 2024 02:01 AM

See More Questions

Three years ago, Witt Gas Controls purchased equipment for $80,000 that was expected to have a useful life of 5 years with a $9000 salvage value . Increased demand necessitated an upgrade costing...
Write Responses on net neutrality
Three point charges are aligned along the x axis as shown in Figure P23.52. Find the electric field at (a) The position (2.00, 0) and (b) The position (0, 2.00). 0.500 m -0.800 m- -4.00 nC 5.00 nC...
1.3. Early economists made a distinction between needs and wants. Needs were economists concern; wants were of far less importance. a. Is such a distinction useful? b. Would making such a distinction...
On January 1, 2013, National Insulation Corporation (NIC) leased office space under a capital lease. Lease payments are made annually. Title does not transfer to the lessee and there is no bargain...
Can someone help me to add the ReGex operator to my calculator? Instruction: You need to check whether the input is string or float or integer, or complex and will return a message accordingly. You...
1.2. In this chapter, we learn that most new cars arent sold at their list price but are sold at a discount and that this allows dealerships to charge more to customers with inelastic demand. At the...
1.4. In the chapter, you saw that an increase in Vermonts minimum wage stimulated a small quantity response. a. What does this tell you about the nature of the labor market in Vermont? (Hint: Think...
2. Discuss the nature of venture capital and explain the various types of venture capital.
Ionic Charge is a newly organized manufacturing business that plans to manufacture and sell 50,000 units per year of a new product. The following estimates have been made of the company's costs and...
Comprehensive Problem Part 1 and Part 2 : Palisade Creek Co . is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co . as of May 1 , 2 0 Y 7...
QUESTION 7 Jimmy has fallen on hard times recently. Last year he borrowed $250,000 and added an additional $50,000 of his own funds to purchase $300,000 of undeveloped real estate. This year the...
b. Brent uses the actual cost method. [Assume that no 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto...
Given the following rules and certainty factors draw the inference network and show all certainty factors. Show calculations for full credit. 1. a. Rule 1: IF A THEN B {cf -0.9] b. Rule 2: IF C THEN...
A block is connected to a spring that is suspended from the ceiling. If the block is set in motion and air resistance is neglected, describe the energy transformations that occur within the system...
The electric field due to a line charge is given by where l is a constant. Show that E is solenoidal. Show that it is also conservative. E =

1.3. Early economists made a distinction between needs and wants. Needs were economists concern; wants were of...

Question:

Step by Step Answer:

Economics

Students also viewed these Business questions