100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
Eerder door jou gezocht
Eerder door jou gezocht
logo
Solution Manual For Economics for Today, 7th Edition Allan LaytonTim RobinsonTommy TangDinusha DharmaratnaIrvin Tucker Chapter 1-19 €16,57
In winkelwagen
Snel navigeren naar
Voorbeeld
  2.  
  3. SM+TB
  4.  
  5. SM+TB

Tentamen (uitwerkingen)

Solution Manual For Economics for Today, 7th Edition Allan LaytonTim RobinsonTommy TangDinusha DharmaratnaIrvin Tucker Chapter 1-19
 1 keer verkocht
  • Vak
  • SM+TB
  • Instelling
  • SM+TB
  • Boek
  • Economics for Today

Solution Manual For Economics for Today, 7th Edition Allan LaytonTim RobinsonTommy TangDinusha DharmaratnaIrvin Tucker Chapter 1-19

Voorbeeld 6 van de 169  pagina's

Document informatie

  • 23 maart 2024
  • 169
  • 2023/2024
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden

Onderwerpen

  • solution manual for economics for today 7th editi

Gekoppeld boek

book image

Titel boek:

Auteur(s):

  • Uitgave:
  • ISBN:
  • Druk:

Geschreven voor

  • SM+TB
  • SM+TB

Verkoper

avatar-seller
SolutionsStuvia

Ontvangen beoordelingen

Voorbeeld van de inhoud

Solution Manual For
Economics for Today, 7th Edition LaytonTim Robinson
Tommy Tang Dinusha Dharmaratna Irvin Tucker




Layton 7th Edition
Economics for Today

Table of contents
Chapter 1: Thinking like an economist 1
Chapter 2: Production possibilities and opportunity cost 13
Chapter 3: Market demand and supply 24
Chapter 4: Markets in action 37
Chapter 5: Elasticity of demand and supply 47
Chapter 6: Production costs 57
Chapter 7: Perfect competition 66
Chapter 8: Monopoly 75
Chapter 9: Monopolistic competition and oligopoly 82
Chapter 10: Climate change and behavioural economics 89
Chapter 11: Measuring the size of the economy 97
Chapter 12: Business cycles and economic growth 106
Chapter 13: Inflation and unemployment 113
Chapter 14: A simple model of the macro economy 121
Chapter 15: The monetary and financial system 129
Chapter 16: Macroeconomic policy I: monetary policy 138
Chapter 17: Macroeconomic policy II: fiscal policy 146
Chapter 18: International trade and finance 152
Chapter 19 Macroeconomic policy issues: reflecting on economic & debt crisis 161

,Instructor Manual - Economics for Today, 7th Edition


Contents
Chapter summary ..................................................................................................................... 2
Key concepts ............................................................................................................................ 2
Learning objectives ................................................................................................................... 3
Chapter 1 outline....................................................................................................................... 3
Hints for effective teaching ........................................................................................................ 4
Tutorial ethics discussion .......................................................................................................... 4
Solutions to text problems ......................................................................................................... 5
Global perspective ................................................................................................................. 5
Economists disagree about how to get the best from teachers (pp. 12–13)........................ 5
Analyse the issue .................................................................................................................. 5
The myriad ways in which economists disagree (pp. 15–16) .............................................. 5
Study questions and problems: Solutions .............................................................................. 6
(p. 19) ................................................................................................................................ 6
Multiple-choice questions: Solutions ...................................................................................... 7
(p. 20) ................................................................................................................................ 7
Appendix summary ................................................................................................................... 8
Key concepts ............................................................................................................................ 8
Learning objectives ................................................................................................................... 8
Appendix to Chapter 1 outline ................................................................................................... 8
Hints for effective teaching ........................................................................................................ 9
Solutions to text problems ....................................................................................................... 10
Study questions and problems ............................................................................................ 10
(pp. 29–30) ...................................................................................................................... 10
Multiple-choice questions: Solutions .................................................................................... 12
(p. 30) .............................................................................................................................. 12




Layton, Robinson, Tucker, Economics for Today, 7th Edition. © 2022 Cengage Australia Pty Ltd. All Rights
1 hole or in
Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in w
part.

,
,Chapter 1
Thinking like an economist
Chapter summary
Understanding the economic way of thinking provides a framework for understanding a wide
range of economic issues and events. These include the global challenge arising from the
coronavirus pandemic and the policy responses from organisations such as the G20 (the
world’s leading 19 economies plus the European Union). It also provides a framework for
understanding the behaviour of firms and the government policies of individual nations.
Scarcity is an economic problem faced by everyone. It is a situation in which we are unable
to have as much as we would like to have. While society has unlimited wants, it faces limited
means. In essence, society has insufficient resources or factors of production (i.e. land, labour
and capital) to produce all goods and services to meet everyone’s needs. As a result of
scarcity, society has to make choices. These choices are made at the ‘micro’ and ‘macro’
levels. Microeconomics is the branch of economics that studies decision-making by a single
individual, household, firm or industry, while macroeconomics is the branch of economics that
studies decision-making for the economy as a whole.
Economic theories are developed in much the same way as scientific theories; both are
based on induction and deduction. These theories can be expressed:
 in verbal or written form
 as a numerical table
 graphically
 mathematically.
From these theories, models are formed that help explain the relationship between
economic variables. However, models should be used with caution. Two common pitfalls to
clear thinking are the failure to understand the ceteris paribus assumption and confusing
association and causation.
Behavioural economics makes comprehensive assumptions about human behaviour that
are being explored in experimental economics, to help explain how decisions are made.
Economics can also be subdivided into positive (‘what is’) and normative (‘what ought to
be’) economics. We would all be well advised first to have a firm grasp of ‘what is’ before we
argue ‘what ought to be’. This does not mean that economics is about non-ethical behaviour.
The key concept here is enlightened self-interest: people pursuing individual goals, but in the
context of the society in which they live and its laws and norms.
The appendix to this chapter focuses on how theories can be expressed graphically.
Graphs are visual aids that help us see the direct or inverse relationship between two or more
sets of data or variables.

Key concepts
 Scarcity  Microeconomics
 Factors of production  Macroeconomics
 Land  Model
 Labour  Ceteris paribus
 Entrepreneurship  Behavioural economics
 Capital  Experimental economics
 Economics  Positive economics


2 © Cengage Learning Australia 2022

, Normative economics  Enlightened self-interest

Learning objectives
After completing this chapter, students should be able to:
 Understand why the problem of scarcity is central to economics.
 Explore the differences between macroeconomics and microeconomics.
 Discover the methodology of economics.
 Understand the hazards of economics ways of thinking.
 Understand why economists disagree.
 Discover the practical applications of economics.

Chapter 1 outline
Introduction
The problem of scarcity
Exhibit 1.1: Three factors of production
Land
Labour
Capital
Macroeconomics and microeconomics
Microeconomics
You’re the economist: What is the price of economic freedom in Cuba or China?
Macroeconomics
The methodology of economics
Exhibit 1.2: The steps in the model-building process
Identifying the problem
Developing a model Exhibit 1.3: A map of Auckland CBD
Testing the model
Hazards of the economic way of thinking
The ceteris paribus assumption
Association versus causation
Why do economists disagree?
Behavioural economics
Positive economics
Normative economics
Analyse the issue: The myriad ways in which economists disagree
Practical applications of economics
Economics and ethics: Does economics promote greed?
Key concepts
Summary
Study questions and problems
Answers to ‘You’re the economist’
Multiple-choice questions


© Cengage Learning Australia 2022 3

, Hints for effective teaching
1 Try to use this chapter to generate as much interest in economics as possible. Don’t feel
too pressed for time: allow for talk about economics, but make sure there is some
discussion about the methodology. Students need to understand the need for simple
models, and how they help to make sense of quite complex issues. (Some additional
comments with respect to theories are found in point 5 below.)
You may want to start the class by asking students what they thought economics was
all about before they looked at the textbook or any notes. (Establishing a rapport with your
students at the first opportunity will pay off, as will getting them to think about economics.)
A common answer is ‘money’, but you can use that to say economics is about money – in
terms of the prices of things we want to buy, the costs of things that are produced (i.e.
micro) and how much money supply there is in the economy, and what happens if there is
too little or too much money (i.e. macro). Point out, though, that all of these things involve
decision-making, and choice. Ask students to identify some economic issues, and establish
that these issues stem from the fact that we are faced with scarcity. It is important to stress
the difference between ‘positive’ and ‘normative’ economic analysis – the difference
between ‘fact’ and ‘opinion.’
2 Indicate that in economics, capital is not ‘money’. It is defined as ‘plant and equipment’.
Students often get ‘capital’ and ‘money’ confused.
3 Point out that ‘scarcity’ is not a synonym for ‘poverty’. Even ‘rich’ nations like Australia (and
rich people) are faced with scarcity because they are unable to have as much as they
would like to have. It might be useful to suggest that students think of scarcity as a
condition, rather than a problem (i.e. something that is not going to go away).
4 Give some examples of economic investigations, and ask students to distinguish between
whether they relate to micro or macro issues. Students need to be clear that these are two
distinct areas of study.
5 Indicate that theories are realistic because they are based on facts. Theories are practical
because they avoid unnecessary detail and enhance our understanding of relationships
among economic variables. Theories (general statements about the causal relationship
between variables based on facts) are extremely useful in developing workable policies to
address a real-world problem. In sum, stress that economists derive economic theories
because they are useful in the development of economic policies designed to solve real-
world economic problems.
6 Indicate that there are really three forces at play in the real world in which we all live:
economic, social and political. These three forces are often in conflict. Sound or rational
economic reasoning does not always prevail, especially when it comes to developing
economic policy in a political environment.

Tutorial ethics discussion
1 In the film Wall Street, the principal character, Gordon Gekko, declared, ‘Greed is good.’
How can greed be good?
2 In his book The Theory of Moral Sentiments, Adam Smith argued that the market is a
mechanism for sorting the efficient from the inefficient. Markets therefore create winners
and losers, and society has no responsibility to support loses. Discuss these concepts as a
class.




4 © Cengage Learning Australia 2022

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper SolutionsStuvia. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €16,57. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 64302 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis

Laatst bekeken door jou

Tentamen (uitwerkingen) ·

(1)

Test bank introduction to health research methods a practical guide 3rd edition by kathryn h. jacobsen / All chapters /2024 Updated / Rated A+

Tentamen (uitwerkingen) ·

(0)

Solutions Manual for McGraw-Hill’s Taxation of Business Entities 2024 Edition, 15th Edition by Spilker, Ayers, Robinson Worsham 100% Complete

Voordeelbundel ·

(0)

NUR 2755 Multidimensional Care 4 MDC IV at Rasmussen University :-2024-2025 - EXAM PREPARATIONs COMPILATION BUNDLE 100% GUARANTEED SUCCESS

Tentamen (uitwerkingen) ·

(0)

NYS EMT CERTIFICATION EXAM NEWEST ACTUAL EXAM 2025 QUESTIONS AND DETAILED CORRECT ANSWERS WITH RATIONALES (VERIFIED ANSWERS) | GET CERTIFIED

Voordeelbundel ·

(0)

Exam 1,Exam 2 & Final Exams: NUR1172/ NUR 1172 Test Banks (Latest 2023/ 2024) Nutritional Principles in Nursing| 100% Correct - Rasmussen

Tentamen (uitwerkingen) ·

(0)

Chapter 19: Sleep–Wake Disorders |Halter: Varcarolis’ Foundations of Psychiatric Mental Health Nursing: A Clinical Approach, 8th Edition

Tentamen (uitwerkingen) ·

(0)

NR606 / NR 606 Week 2 Review Qs & Ans (Latest 2024 / 2025): Diagnosis & Management in Psychiatric Mental Health II Practicum (Verified Answers)

Tentamen (uitwerkingen) ·

(0)

HESI: NUR203 / NUR 203 (Latest 2024 / 2025 Update) Pediatric Nursing | Guide with Questions and Verified Answers 100% Correct | Grade A - Fortis

Tentamen (uitwerkingen) ·

(0)

Exam 1: NR326/ NR 326 (NEW 2024/ 2025) Mental Health Nursing Exam | Complete Review with Questions and Verified Answers| 100% Correct- Chamberlain

€16,57  1x  verkocht
  • (0)
In winkelwagen
Toegevoegd