Download Category: Economics

The consumption pattern for goods and services Utility Maximization One of the main principles behind mainstream, neoclassical economic theory, is that individuals act to maximize their utility. Utility is generally defined as a satisfaction (pleasure) that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of … Read more

The relationship between independent and dependent variables 1——–The relationship between independent and dependent variables is the basis for formulating hypotheses for correlational, quasi-experimental, and experimental studies” (Grove, Gray, & Burns, 2015, p. 153). Independent variables can be changed (controlled, manipulated) by the person doing the research to see what effect it has on the dependent … Read more

 Under what elasticity conditions would the following be true 1. Under what elasticity conditions would the following be true? “Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.” 2. The market for gasoline has changed in a couple significant ways over the last … Read more

Two ways that researchers attempt to control extraneous variables Compare independent variables, dependent variables, and extraneous variables. Describe two ways that researchers attempt to control extraneous variables. Support your answer with peer-reviewed articles. 2-) Describe the “levels of evidence” and provide an example of the type of practice change that could result from each. Answer … Read more