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Solve it plzzz Part B: Your Grandmother is impressed with your quiz results in this course and has come to you seeking some economic advice.

Solve it plzzz

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Part B: Your Grandmother is impressed with your quiz results in this course and has come to you seeking some economic advice. Pick TWO out of the THREE following mini-questions from your Grandmother and answer them briefly. Each is worth 4 marks, for a total of 8 marks. Since your Grandmother doesn't have a lot of economics background, use of graphs is FORBIDDEN - a short, logical answer (MAXIMUM half of a page) involving cause and effect will suffice. Maximum of 1 page in total for this section. 2. Your Grandma is worried about decision-making in hospitals these days due to COVID-19, and thinks maybe economics would have some insight. She has a friend who argues that a human life is of "infinite worth", and we cannot place a value on a life, for example a child's life. Her friend says, if we have a sick child dying in a hospital, we should spare no costs in saving the child's life. "We should have the hospital order all its resources, all its staff to be diverted to taking care of that child." Grandma feels intuitively, there must be something wrong with this statement. Use some basic economics to explain to your Grandma what an economist would say about this statement. 3. Your Grandma was interested last month when you explained real GDP to her at dinner. She has been doing some Googling on the internet and has read that many people think real GDP is a flawed measure of economic well-being. Specifically, she has read that because the way we measure real GDP ignores the massive amounts of production that goes on in the home (childcare, cooking and cleaning, personal renovations, leisure creation), this means that we massively undervalue the contribution of women to the economy. True, false, or uncertain? Explain briefly to Grandma, does real GDP undervalue the contribution of women to the economy? 4. Grandma is active on Twitter and saw the tweet to the rightre-tweeted to one of the Dr. Seema Yasmin @DoctorYasmin people she follows. 1 wedding with 55 ppl led to Covid Grandma has heard a lot of people say that outbreaks in the community, at a LT care public policy should "just let everyone make facility 100 miles away + a correctional their own decisions about mask wearing, facility 200 miles away. social distancing, group gatherings." 177 cases, 7 hospitalizations + 7 deaths Using economics, and this tweet's story as an were linked to the wedding. example, explain the problems with the public policy quoted of "let everyone make No one who died had attended the their own decision." What would most wedding. economists suggest instead? Justify the suggestion

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