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Chapter 2: Q 26 (page 44)
Draw Marie鈥檚 budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint?
The slope of the budget constrain is -3.
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Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or
normative statement?
Suppose Alphonso鈥檚 town raises the price of bus
tickets from \(0.50 to \)1 and the price of burgers rises from \(2 to \)4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso鈥檚 weekly spending money increases from \(10 to \)20. How is his budget constraint affected from all three changes? Explain.
What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world?
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?
Explain why scarcity leads to tradeoffs.
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