Economics 283 () What is economics and why do we study it? What questions does i

Question

Economics 283 () What is economics and why do we study it? What questions does it deal with? )Briefly Discuss alternative economic systems. How are resources allocated under each 3) What is Agricultural Economics? What are the main economic sectors of agriculture? 4) What is an indifference curve? What is inferred by an outward shift of the curve? What S) Using indifference curve analysis, show how does a consumer maximize his/her utility? 6) What is the principle of Marginal Rate of Substitution (MRS)? Draw a set of indifference system? What is accomplished in each? do the slope and the curvature of an indifference curve imply? Explain the underlying principle of utility maximization curves for which MRS is constant between two products; MRS is zero. 7)How do we obtain the demand curve using indifference curve analysis. Explain. ) Explain the difference between change in quantity demanded and a change in demand ) Using indifference curve analysis show and explain the income effect and substitution effect due to price change of a product.(assume a price fall of product on the X-axis.) )Briefly explain Engel Curve for inferior, superior and normal goods. Where do the agricultural products belong? ) Discuss various demand elasticities and how and where do we use them. ) Discuss the factors that determine the value of price elasticity of demand. TE: One question will be about definitions of various concepts.

Explanation / Answer

The economics is the field where we study how the consumers and the producers behave in a market scenario. The economics is classified into two major divisions microeconomics and macroeconomics. Under microeconomics we study the behavior of the individual firm or the consumer but under the macroeconomics we study the the behavior of the aggregate consumer or the producer i.e the economy as a whole. For solution to other question please post as separate questions .supposed to solve only one question at atime.

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