Project #51930 - Econ

Part 1:

Go online and find the inflation rate over the last few years of a country you select.  Then find the unemployment rate for the country.  Using the sacrifice ratio as a guide (the 1/5 tradeoff), what you think the country should do to improve or maintain their current situation?  If the inflation is high, what does the unemployment look like?  Should the country try to lower their inflation or their unemployment?  If they do (again using the sacrifice ratio as a predictor) what would be expect to see as corrective policies get into place.  How long would it take country to reach a satisfactory level of inflation / unemployment?  Is this good? Is this Bad?

Part 2:

Decide on two products that you normally use - describe the products. 

Using budget constraints and indifference curves as a guide; Describe how you (a consumers) optimal choice is determined. 

Describe how you may respond to changes in income and changes in prices. Describe how the income and a substitution effect may be shown.

Give an example of how all these theories of consumer choice lead to a decision you have made in your household.

 

requirement : 150words for each part

Subject General
Due By (Pacific Time) 12/14/2014 12:00 am
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