- Based on your research and findings from the second e-Activity, answer the following question: If the government cuts taxes and funds the deficit with debt, household consumption does not change and disposable income rises. If this is a desirable result of tax cuts and deficit spending, is it a good idea for the government to regularly pursue this type of fiscal policy? Why or why not?
Economic growth depends in part on the ability of business entities and households to borrow money. Is government borrowing necessary to achieve the same purpose? Is deficit spending financed by debt always undesirable? Why or why not?
Discussion 1: “Government Spending and Its Effect on Households.” Please respond to the following:
Gross Domestic Product (GDP), Per Capita GDP and Quality of Life
This week’s discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of Life. GDP is the market value of all final goods and services produced in an economy in a year. Per Capita GDP is GDP/Population and shows how much of total GDP is theoretically available to each individual in the society. Per Capita GDP is the normal measure of Standard of Living when comparing nations.
Quality of Life has no standard definition. It is broader concept that attempts to embrace the multitude of variables that make people happy. There are many measures of it, but all include GDP and/or Per Capita GDP.
The ultimate question for this week is: “Is GDP a good measure of national economic well being?”
Part of answering that question is a consideration of whether economic well being for the nation is the same as quality of life for the individual? If not, how would you measure quality of life for the individual?
- Review the concept and details of computing GDP
- Read the article in Chapter 23 in your textbook: “Measuring Macroeconomic Well-Being” (pages 488-489).
- Each post submitted should be between 150 and 250 words. Keep them short, specific, and clear.
Microeconomics-Explain how changes in technology affect and change the demand for labor. Distinguish between situations in which a particular type of technological change increases the demand for a particular type of labor and those in which it decreases the demand for a particular type of labor. Provide examples to support your answe
Microeconomics
ECON Microeconomics
Assignment 4
Name _________________
Each question is worth 25 points and each response must contain:
1) a min of 100 words
2) and must be in your own words
3) and must include citations to support your answer
1. Explain how changes in technology affect and change the demand for labor. Distinguish between situations in which a particular type of technological change increases the demand for a particular type of labor and those in which it decreases the demand for a particular type of labor. Provide examples to support your answer. 25 points
2. Most major sports organizations (NFL, NBA, NHL, etc.) and the players’ unions can be viewed as a bilateral monopolies. In the light of the text discussion and the theory of bilateral monopoly, discuss the situation faced by the team owners and players as to ease of settling salary and salary cap disputes, prospects for the future, etc. 25 points
3. If the purpose of taxation is to raise revenue: 25 points
· Would it be better for the government to levy taxes on products whose demand is elastic or inelastic? Explain.
· Are there any other reasons why governments levy taxes? Explain.
4. Compare and contrast the economic issues involved in each of the following pairs of terms: 25 points.
A. Rule of reason versus illegal per se
– compare them
– contrast them
B. Antitrust policy versus regulation and deregulation
– compare them
– contrast them
Assignment 4
Name _________________
Each question is worth 25 points and each response must contain:
1) a min of 100 words
2) and must be in your own words
3) and must include citations to support your answer
1. Explain how changes in technology affect and change the demand for labor. Distinguish between situations in which a particular type of technological change increases the demand for a particular type of labor and those in which it decreases the demand for a particular type of labor. Provide examples to support your answer. 25 points
2. Most major sports organizations (NFL, NBA, NHL, etc.) and the players’ unions can be viewed as a bilateral monopolies. In the light of the text discussion and the theory of bilateral monopoly, discuss the situation faced by the team owners and players as to ease of settling salary and salary cap disputes, prospects for the future, etc. 25 points
3. If the purpose of taxation is to raise revenue: 25 points
· Would it be better for the government to levy taxes on products whose demand is elastic or inelastic? Explain.
· Are there any other reasons why governments levy taxes? Explain.
4. Compare and contrast the economic issues involved in each of the following pairs of terms: 25 points.
A. Rule of reason versus illegal per se
– compare them
– contrast them
B. Antitrust policy versus regulation and deregulation
– compare them
– contrast them
Do you believe that currently there is enough regulation and safeguards in place to ensure a level and fair playing field for all businesses in today’s economy? Make sure to provide references to support your opinion.
- Do you believe that currently there is enough regulation and safeguards in place to ensure a level and fair playing field for all businesses in today’s economy? Make sure to provide references to support your opinion.
- Please provide a real world business example that shows this happening and reinforces your points of view.
Your posts must contain a minimum of 200 words. You must include citations to support your responses.
International Trad-explain and illustrate the mutual benefits of trade.
International Trade has become a hot topic lately and after reviewing the chapters and powerpoint presentations
explain and illustrate the mutual benefits of trade.
Explain and illustrate the conditions under which two countries can mutually benefit from trading with each other.
Explain and illustrate how the terms of trade determine the extent to which each country specialize
Then finally
(Use vocabulary from your readings. Examples include: comparative advantage, absolute advantage, opportunity costs, production and consumption)
Your initial post must answer all three questions and posts must contain a minimum of 200 words. You must include citations to support your responses.
Explain and illustrate how the terms of trade determine the extent to which each country specializes
Wolf Camera is a Michigan -based importer and distributor of high-end digital cameras used by professional photographers. Revenue and cost are as follows
economics
Quiz
Name:____________________________
1) Wolf Camera is a Michigan -based importer and distributor of high-end digital cameras used by professional photographers. Revenue and cost are as follows:
TR = $1500Q – 1.1Q2 = PQ
TC = $45,500 +110Q + 0.44Q2
A. Calculate output, marginal revenue, marginal cost, average cost, price, and profit at the average total cost-minimizing activity level. (Hint – MC passes through the minimum point on the ATC curve)
B. Calculate these values at the profit-maximizing activity level.
C. Compare and discuss your answers to parts A and B.
2) The Charleston Country Club (CCC) is a private, not-for-profit golf club located in Charleston; SC. Currently, CCC has 2,200 members but is planning on a membership drive to increase this number significantly. An important issue facing Jean Murphy, CCC’s administrative director, is the determination of an appropriate membership level. CCC’s Board of Directors has instructed MS. Murphy to maximize CCC’s operating surplus, defined as total revenues minus total costs so as to optimize the use of club resources.
Currently, CCC’s fixed costs are $3,000,000 per year. In addition, variable costs amount to $600Q + $.15Q2. , where Q is the number of CCC members. Members pay an annual fee of $1750.00, and on the average, spend another $900 per year on green fees. The Board of Directors want to hold the fees at current levels regardless of membership numbers (Hint- MR = P = $1750 +$900).
a) How many additional members should Ms. Murphy recruit into the club in order to maximize surplus?
b) If the additional members can only be recruited by building a new swimming pool and tennis courts at a cost of $500,000/year, should the club build the new facilities? Explain and justify your answer.
3) Given your analysis, what course of action would you recommend to the Board of Directors
4) Raspberries are a product of the Southern Growers’ Association. Producers in the area can switch back and forth between blackberry and raspberry production, depending on market conditions. Similarly, consumers tend to regard raspberries and blackberries as substitutes. As a result, the demand and supply of Raspberries is highly sensitive to changes in both raspberry and blackberry prices. Demand and supply functions for Raspberries are as follows:
QD = 14500 − 25P + 12.5PB + 0.1Y (Demand)
QS = 1000 + 75P − 25PB − 12.5PL + 10R (Supply)
where P is the average wholesale price of Raspberries ($ per bushel), PB is the average wholesale price of Blackberries ($ per bushel), Y is income (GDP in $ millions), PL is the average price of unskilled labor ($ per hour), and R is the average annual rainfall (in inches). Both QD and QS are in millions of bushels of Blackberries.
A. When quantity is expressed as a function of price, what are the Raspberry demand and supply curves if PB = $4, Y = $15,000 million, PL = $8, and R = 20 inches?
B. Calculate the surplus or shortage of Raspberries when P = $1.50, $2, and $2.50.
C. Calculate the market equilibrium price-output combination.
D) Assume that the price of labor goes up to $9.00 /hr. and that national income decreases by $1.500 millions. What is the new equilibrium price and quantity for Blackberries?
4) Giovanni’s Pasta Bar recently reduced appetizer prices from $12 to $10 for afternoon “early bird” customers and enjoyed a resulting increase in sales from 85 to 120 orders per day. Beverage sales also increased from 340 to 500 units per day.
A. Calculate the arc price elasticity of demand for appetizers.
B. Calculate the arc cross-price elasticity of demand between beverage sales and appetizer prices.
C. Holding all else equal, would you expect an additional appetizer price decrease to cause both appetizer and beverage revenues to rise? Explain
Name:____________________________
1) Wolf Camera is a Michigan -based importer and distributor of high-end digital cameras used by professional photographers. Revenue and cost are as follows:
TR = $1500Q – 1.1Q2 = PQ
TC = $45,500 +110Q + 0.44Q2
A. Calculate output, marginal revenue, marginal cost, average cost, price, and profit at the average total cost-minimizing activity level. (Hint – MC passes through the minimum point on the ATC curve)
B. Calculate these values at the profit-maximizing activity level.
C. Compare and discuss your answers to parts A and B.
2) The Charleston Country Club (CCC) is a private, not-for-profit golf club located in Charleston; SC. Currently, CCC has 2,200 members but is planning on a membership drive to increase this number significantly. An important issue facing Jean Murphy, CCC’s administrative director, is the determination of an appropriate membership level. CCC’s Board of Directors has instructed MS. Murphy to maximize CCC’s operating surplus, defined as total revenues minus total costs so as to optimize the use of club resources.
Currently, CCC’s fixed costs are $3,000,000 per year. In addition, variable costs amount to $600Q + $.15Q2. , where Q is the number of CCC members. Members pay an annual fee of $1750.00, and on the average, spend another $900 per year on green fees. The Board of Directors want to hold the fees at current levels regardless of membership numbers (Hint- MR = P = $1750 +$900).
a) How many additional members should Ms. Murphy recruit into the club in order to maximize surplus?
b) If the additional members can only be recruited by building a new swimming pool and tennis courts at a cost of $500,000/year, should the club build the new facilities? Explain and justify your answer.
3) Given your analysis, what course of action would you recommend to the Board of Directors
4) Raspberries are a product of the Southern Growers’ Association. Producers in the area can switch back and forth between blackberry and raspberry production, depending on market conditions. Similarly, consumers tend to regard raspberries and blackberries as substitutes. As a result, the demand and supply of Raspberries is highly sensitive to changes in both raspberry and blackberry prices. Demand and supply functions for Raspberries are as follows:
QD = 14500 − 25P + 12.5PB + 0.1Y (Demand)
QS = 1000 + 75P − 25PB − 12.5PL + 10R (Supply)
where P is the average wholesale price of Raspberries ($ per bushel), PB is the average wholesale price of Blackberries ($ per bushel), Y is income (GDP in $ millions), PL is the average price of unskilled labor ($ per hour), and R is the average annual rainfall (in inches). Both QD and QS are in millions of bushels of Blackberries.
A. When quantity is expressed as a function of price, what are the Raspberry demand and supply curves if PB = $4, Y = $15,000 million, PL = $8, and R = 20 inches?
B. Calculate the surplus or shortage of Raspberries when P = $1.50, $2, and $2.50.
C. Calculate the market equilibrium price-output combination.
D) Assume that the price of labor goes up to $9.00 /hr. and that national income decreases by $1.500 millions. What is the new equilibrium price and quantity for Blackberries?
4) Giovanni’s Pasta Bar recently reduced appetizer prices from $12 to $10 for afternoon “early bird” customers and enjoyed a resulting increase in sales from 85 to 120 orders per day. Beverage sales also increased from 340 to 500 units per day.
A. Calculate the arc price elasticity of demand for appetizers.
B. Calculate the arc cross-price elasticity of demand between beverage sales and appetizer prices.
C. Holding all else equal, would you expect an additional appetizer price decrease to cause both appetizer and beverage revenues to rise? Explain
Explain and illustrate how the terms of trade determine the extent to which each country specializes
Why do medications cost so high in the U.S. compared to other countries? Should individuals be allowed to purchase medications over the Internet? Why/Why not? Should there be a cap on the mark-up that hospitals or other healthcare facilities charge for medications? Please explain.
Why do medications cost so high in the U.S. compared to other countries? Should individuals be allowed to purchase medications over the Internet? Why/Why not? Should there be a cap on the mark-up that hospitals or other healthcare facilities charge for medications? Please explain.
2 paragraphs
2 references
this is some video you could get some information from