Kindly help me solve all of the following questions please!!!: HSM 544

Major Tasks of economics

Identify the major tasks of economics and discuss why they are important. What are their roles in organization management?

The three major tasks of economics are description, explanation and evaluation.

Description: is the fundamental task of economics and it includes the identification, definition and measurement of any phenomena. Through this task we can have the idea about the existing facts. This task is mostly related to facts finding. For instance, in America in 1992 the average of 65 years older people visited physician's office was 5.5 times each year and the average of 15 to 22 years old people was of 2.5. This statement will fall under the category of description. The process of description helps the organization in better understanding of what is happening in the company at each level that later help improvement.

Explanation:

The second task of economics is of explanation and prediction of certain phenomena. In this task there is cause and effect analysis is done. An example of explanation task is that why people of 65 years older and more use more medical care than younger people. This task helps the organization on identifying causal factors so that it can analyze how much these factors are contributing to outcomes.

Evaluation: the third task of economics is evaluation that focuses on analyzing and making judgment about the alternate phenomena according to some standard. First standard is chosen then it is used to rank the alternative means of distribution of resources that are scare that leads to desired outcome. This helps in creating a natural process and generating funds for the benefits of health care services.

Since you said description is the fundamental task, do you think it is the most important?

In my opinion all steps are important in different ways and so I feel like I can't pick which one is more important. For example, if you have less description and explanation, then the last step would come out different than of you had more.

[3/24, 12:53] Festuh: Marginal analysis and decision-making:

Concept: The Fundamental Assumption of Economics

All social phenomena emerge from the actions and interactions of individuals who are choosing in response to expected marginal benefits and expected marginal costs to themselves.

Definition: Marginal is additional or incremental (amount of increase) or decremental (amount of decrease).

Should I do (choose) activity x?

MC(x) = the additional costs of doing x

MB(x) = the additional benefits of doing x

Rule:

If Expected MB(x) > Expected MC(x), do x; otherwise don't.

Application:

Would an employer ever hire anyone if the expected additional cost of his or her employment were greater than the expected marginal/additional benefit? Of course not, to do so would be irrational.

Assumptions:

In economics, we assume rationality. No one would intentionally harm themselves.

Do businesses have the ability to measure costs? Marginal costs?

How would you use this concept to determine when to get married?

9. One thing economists do to help them understand how the real world works is All are correct. make assumptions. O ignore the past. O they try to capture every aspect of the real world in the models they construct.Quantity of Quarks 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks 11. Refer to the graph above to answer this question. If this society chooses to produce 10 quirks, what is the maximum quantity of quarks it can produce? A) 500 quarks. B) 800 quarks. C) No quark quarks. D) 600 quarks.Practice Question Enter your answer to each question in the space provided. Click on the button marked "Check Answer" to see if you are correct. Siamese Fighting Fish (Betta splendens) normally have short, rounded tails. Hobbyists have developed a variant that has a long, drooping "veil" tail. When pure breeding round-tailed fish are bred with pure breeding veil-tailed fish the progeny all have veil tails. When F1 progeny from such a cross were self-crossed, the F2 generation consisted of 63 veil-tailed fish and 25 round-tailed fish. Which phenotype is dominant? Veil tail Check Answer What percentage of the F1 progeny are expected to be heterozygous? % Check Answer What percentage of the F2 round-tailed progeny are expected to be heterozygous? % Check Answer What percentage of the F2 veil-tailed progeny are expected to be heterozyg %% Check