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1. In the new millennium, competition at regional and global levels have become very intense among market players. Thus, leaders or captains of the industries need to equip themselves with an array of advanced business and economics knowledge. Discuss why business/managerial economics knowledge is vital in the process of decision making for captain of profit maximizing organizations. Discuss. firms as well as not-for- profit.Multiple-choice question (2 points) Payoff Matrix Firm B Advanced Basic Advanced 20 30 Firm A 20 50 50 10 Basic 30 10 4. The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. The mixed-strategy Nash equilibrium is (a) Firm A produces an advanced computer with 80% chance, firm B produces an advanced com- puter with 20% chance. (b) Both firms produce advanced computers with 50% chance. (c) Firm A produces an advanced computer with 60% chance, firm B produces an advanced com- puter with 40% chance. (d) Both firms produce an advanced computer with an 80% chance.After reading chapters 1 and 2, answer the following questions: 1. Give a concise and precise definition of economics? 2. Explain why it is necessary to study economics? 3. What are the two branches of economics? Explain their differences. 4. Define positiveormative economics and give an example of each. 5. Is resource limitation an economic problem for the United States and its citizens? 6. Name the four economic resources and their respective remuneration. 7. Why do economists disagree? Explain using normative and positive economics. 8. What is the importance of assumptions in the study of economics? Use a word-processing software, such as Microsoft Word, to type your assignments.Question No 3: There are two major views regarding the methodology used in economics. Some of the economists holds the view that economics should be studied from a science perspective, while others argued that economics should be viewed from the perspective of art. Both the views have its own argument in favor and against. As a student of economics, how do you support the view 'economics is as art rather than science\"? Justify your support by analyzing any ve reasons that makes economics an art rather than science. [Answer in 150 200 words] (5 Marks) QUESTION 1 "The government has given the go ahead for shale gas development (fracking) in the Karoo region, Mineral Resources Minister Mosebenzi Zwane said " (News 24 30 March 2017) You are appointed as an advisor to the minister Should he stand by his decision or reverse it? Substantiate your recommendation by sound economic arguments QUESTION 2 'According to Pikkety (2014 571) wealth 'accumulated in the past grows more rapidly than output and wages' " This imply that governments may have to take a fresh look at wealth taxes to promote equity Do you agree? Explain your answer by giving attention to both the advantages and disadvantage of wealth taxationPart one Answer this first question- Using the information and skills learned this semester that surround Law and Economics apply those skills to the current economic and legal situation in China.. Answer two of the following questions, each of the questions has an obvious answer-but the most points go to answers that go beyond the obvious and demonstrate a broad understanding of course readings, lectures, and concepts.. 1. What are the two strains of thought in Law and Economics? Which do you believe to be correct? Why?. 2. What is Law and Economics? Why do we study it? How is it different than either law or economics?. 3. Trace the basic structure of the US Legal System. How does that structure influence your understanding of Law and Economics. 4. What are Social Norms and How do they impact Law?. WChoose 2 of the following questions and answer them thoroughly with a paragraph consisting of 1'5 to 10G words each. Clearly state the questions which have selected before providing your answer. 1. What is an economic theory or model? What constitutes a 'good" economic theory or model? 3. What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics? Exercise 1. Let y be the extensive game defined in Figure 1. Compute the set of mixed Nash equilibria (of the strategic form) of y. Figure 1: Game y U/ M D 2 (3, 1) (0, 0) (5,1) (1, 1) (4, 0)
