Which of the following is a question answered with normative economic reasoning?O If the college offers free textbooks for students, will more students read their textbooks?If the college provided less financial aid for out-of-state students, would more in-state students benefit?O If the college increased its enrollment requirements, would class size decline?O Should the college increase tuition to fund its athletic programs?

Positive economic statements: A positive economic statement is based on empirical data and facts,…

Answered: Which of the following is a question…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 8SQP

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Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the following table will produce the desired output. a. With the resource prices shown, which technique will the firm choose? Why? Will production using that technique entail profit or loss? What will be the amount of that profit or loss? Will the industry expand or contract? When will that expansion or contraction end? b. Assume now that a new technique, technique 4, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? Explain your answer. c. Suppose that an increase in the labor supply causes the price of labor to fall to $1.50 per unit, all other resource prices remaining unchanged. Which technique will the producer now choose? Explain. d. “The market system causes the economy to conserve most…
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Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the table below will produce the desired output:a. With the resource prices shown, which technique will the firm choose? Why? Will production using that technique entail profifit or loss? What will be the amount of that profifit or loss? Will the industry expand or contract? When will that expansion or contraction end?b. Assume now that a new technique, technique 4, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the fifi rm adopt the new technique? Explain your answer.c. Suppose that an increase in the labor supply causes the price of labor to fall to $1.50 per unit, all other resource prices remaining unchanged. Which technique will the producer now choose? Explain.d. “The market system causes the economy to conserve most in…
Why do you think that college enrollments have flattened from 2010 to 2019 and are projected to be flat up to 2030? What was happening in 2010? How have the "marginal benefits" of going to college changed recently? How have the "marginal costs" of going to college changed recently? You might have some ideas of how "marginal benefits" or "marginal costs" have changed recently--state those. Or try to find a news article that suggests a particular change in people's perceptions of the net benefit of college. College Enrollment: Public & Private, 2019 (millions) (Source: statista.com) 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 1980 1990 2000 2010 2020 2030 -Public-Private 1960 1970 2040

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