Answers to chapter 1

Answers to chapter 1 - 3. a. b. -2.0 movies, CD What Is...

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Solutions to End-of-Chapter Exercises Chapter 1 SECTION 1.1: WHAT IS ECONOMICS? 1.1 what, how, who 1.2 statement “a.” is TRUE 1.3 a. normative b. positive c. normative d. normative e. positive SECTION 1.2: ECONOMIC ANALYSIS AND MODERN PROBLEMS 2.1 b. 2.2 legal system, regulatory environment SECTION 1.3: THE ECONOMIC WAY OF THINKING 3.1 the earth is flat, the roads are flat 3.2 assumptions, use of ceteris paribus to isolate variables, margin, incentives 3.3 b. 3.4 increased, decreasing 3.5 imposing an $8 per vehicle tax on road use between 7:00 AM and 6:30 PM Chapter 1 Appendix 1. a. b. $5.00, hours/month
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2 Chapter 1 c. $15.00 d. 6 additional hours 2. $20, $4.00, 10, $60, $80
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Unformatted text preview: 3. a. b. -2.0 movies, CD What Is Economics? 3 4. a. Number of Deliveries Total Costs 50 5 90 10 130 15 170 20 210 b. $8.00, delivery c. Drivers wages and the rental cost of the truck. In addition, the other costs of delivery, such as the price of fuel, insurance, and taxes. d. deliveries e. drivers wages, the rental cost of the truck, or the price of fuel 5. along, shifts 6. 10.0%, -2.0%, 6.0% 7. 112, 54, 23 For further faculty and student resources for this chapter, visit the O'Sullivan/Sheffrin/Perez Companion Website at: http:/ /www.prenhall.com/osullivan...
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This note was uploaded on 10/25/2009 for the course ECON 81509 taught by Professor X.song during the Spring '09 term at Mesa CC.

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Answers to chapter 1 - 3. a. b. -2.0 movies, CD What Is...

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