One page per part
Part 1
After reading chapter two from the book below, discuss the difference between substitutes and complements and the difference between normal goods and inferior goods. How do managers and business owners use these concepts? Please provide real world examples, please give some examples of pairs of goods that you consume that are Substitutes and Complements. Also give examples of goods that you consume that are Normal Goods and Inferior Goods. Thank you.
Managerial Economics 11th Edition
Christopher R. Thomas and S. Charles Maurice
McGraw-Hill Irwin
978-0-007-802171-8
Part 2
Discuss the legal, moral, and ethical issues surrounding the concept and importance of economic profits versus accounting profits.
Please include various economic ways of thinking and measuring these issues. Also include specific examples of firms’ successes, as well as failures, thank you.
Managerial Economics 11th Edition
Christopher R. Thomas and S. Charles Maurice
McGraw-Hill Irwin
978-0-007-802171-8