Question 01: Explain with examples what is the positive and nominative Economics. (8 marks) . Question...

Question 01: Explain with examples what is the positive and nominative Economics.

.

Question 02. Game theory is the study of multi- player decision making in situation where the choices of each player may affect the pay-offs received by other players. Arrange how many types you can categorized Game Theory.

.

Note: Plagiarism is strictly prohibited please do not copy from internet and give the answer in detail

Expert Solution

Above is the answer of question 1 with explanation and examples.

Rahul Sunny answered 7 months ago

Identify the following statements as examples of positive economics, normative economics, or the art of economics:...

Identify the following statements as examples of positive economics, normative economics, or the art of economics: a. Based on microeconomic models, extending the tax cuts instituted in 2001 will likely continue to further the trend of growing income inequality in the United States. b. The Federal government needs to raise the minimum wage to $8 per hour so that families will have sufficient income to meet their basic needs. c. A country’s overall income is more important than how that...

What is the difference between Positive and Normative Economics? Please provide examples of each and which...

What is the difference between Positive and Normative Economics? Please provide examples of each and which would you support?

Question One (10 Marks) Explain the difference between a positive and a negative network externality and...

Question One Explain the difference between a positive and a negative network externality and give an example of each, with a completely labelled diagram, respectively.

This question is on the economics of fisheries. [4 marks] With the aid of a suitable...

This question is on the economics of fisheries. [4 marks] With the aid of a suitable fully labelled diagram, explain how efficiency can be attained in the management of fisheries? [2 marks] How would a decrease in the cost of harvesting fish affect the rate of harvesting fish? [5 marks] Define the term “open access resource” and explain what often goes wrong in open access fisheries? Do these problems arise in all fisheries? [3 marks] Propose some policies for improving...

what are some examples of economics

QUESTION FIVE (20 MARKS) (a) Explain any four characteristics of accounting. [8 marks] (b) Discuss the...

QUESTION FIVE (a) Explain any four characteristics of accounting. [8 marks] (b) Discuss the users of accounting information. [12 marks]

Economics Question 1. a. Will positive network effects lead to positive or negative feedback effects, and...

Economics Question 1. a. Will positive network effects lead to positive or negative feedback effects, and given these feedback effects, will this lead to a larger or smaller size of the firm? b. The article “The Nature of the Firm” by Ronald Coase introduced the idea of transaction costs. Discuss how transaction costs also affect the size of the firm?

4 Q5 Total Marks 8 Marks 8 Marks 8 Marks 8 Marks 8 Marks 40 Marks...

4 Q5 Total Marks 8 Marks 8 Marks 8 Marks 8 Marks 8 Marks 40 Marks Q1: A cantilever beam having span ‘L’ m was subjected to a uniformly distributed load of magnitude 8 kN/m for a distance of ‘0.6 L’ from the free end and two concentrated loads one of magnitude 15 kN at a distance ‘0.25 L’ m from the free end while the other of magnitude ‘22’ kN at a distance ‘0.6 L’ m from the...

1. a. Discuss the causes of market failure in the context of environmental economics (8 marks)...

1. a. Discuss the causes of market failure in the context of environmental economics b. In a competitive market, competitive equilibrium is said to be not an efficient equilibrium. Explain this statement. c. Explain competitive equilibrium and efficient equilibrium using appropriate diagram. d. Explain methods to achieve competitive equilibrium and efficient equilibrium using: Marginal Social Benefit (MSB) = Marginal Social Cost (MSC) Comparing marginal profit (Mir) and marginal external cost (MEC). e. Use appropriate examples to explain negative externality and...

What are 3 examples (topics) in economics can be applied to real life? Explain

Question