N12 Which of the following situations will require the use of economic analysis
ID: 1140753 • Letter: N
Question
N12 Which of the following situations will require the use of economic analysis for making decisions 4 and why? may be more than one.) State any assumptior Adding another 3-credit course when your load is only 12 credit hours and the university charges you for a 15 credit hour load regardless of how many credits you take Refinancing a home mortgage (loan) from 4.5% to 3.65% if you know that you will be staying in the home at least for the next 5 years. Assume the loan is for S250K. Buying a suit for S300 at a department store using a charge card. Assume that you normally pay off the charge card balance every month 8 d) Buying the six-pack of water bottles for S3.50 or the 24-bottle case of water bottles for $13.50 10Explanation / Answer
Answer:
In the following situations economic analysis will require for making decisions:
a) Adding another 3-credit course when your load is only 12 credits hours and the university charges you for a 15 credit hour load regardless of how many credits you take
Through economics we can analyse the situation and make decision regarding the load given by university is justified or not and how many credit hours will be beneficial not exploiting etc.
d) Buying the six – pack of water bottles for $3.50 or the 24 – bottle case of water bottles for $13.50
we can economically analyse the situation to make decision regarding the quantity demanded and price of the water bottles and to know the elasticity of demand for the water bottles in the market.
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