Assignment 8 spring
Q1. Why the 19th century philosophers call economics ” the dismal science”? What has happened to make it less dismal in the 20th and 21 1st centuries?
Q2. Why must all economies devise for answering the basic economic questions of what to produce, how to produce, and what who is get the output?
Q3. For most goods, would the income effect or the substitution effect of a price change have a greater influence on the change in quantity demanded? Why?
Q4. Are there any goods that are income inferior to you? If so, what makes them income inferior?
Q5. If you were running a business, what would the supply of you firm mean to you?
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