8. What would you have to change about the Earth to stop our planet from having significantly different seasons?

Which of the following statements best distinguishes normative economics from positive economics?

Miranda spends all of her income on lattes and take-away lunches. The price of a latte is $5, and the price of a take-away lunch is $7. At the current consumption bundle, the marginal rate of substitution of take-away lunches for lattes is 2.1. Assuming that diminishing marginal utility applies to both goods, to maximize utility given her income, Miranda should:

Suppose a fall in consumer income drives down the demand for lobster, while a record harvest increases supply. How would these changes affect the equilibrium price and quantity of lobsters?

Suppose that the equilibrium price of blackberries is $3 per pound, and the price of black raspberries (a substitute for blackberries) increases. What happens in the market for blackberries?

If Blair, Serena, and Dan are the only three buyers in the market and the price of a bag of potato chips is $0.80, the total market quantity demanded is _____ bags per month. Table: The Demand for Potato Chips Quantity Demanded (bags per month) Price per Bag Blair Serena Dan $0.90 20 10 70 0.80 25 20 90 0.70 30 30 110 0.60 35 40 130 0.50 40 50 150 0.40 45 60 170 0.30 50 70 190  

The consumer’s budget constraint is 6 = 0.50G + P, where G is packs of gum, and P is bags of pretzels. The marginal utility of pretzels is MUP = G0.5, and the marginal utility of gum is MUG = 0.5G−0.5P. The consumer’s utility function is U = G0.5P. The utility-maximizing bundle consists of _____ packs of gum and _____ bags of pretzels. (Hint: MRSPG=)

Hamburger meat is a(n) _____ good, and canned tuna is a(n) _____ good.    

Which of these is a microeconomic topic?

(Figure: Price Elasticity of Demand II) Which of these statements is TRUE regarding the figure? ​ ​