Economics

Please listen to the following EconTalk podcast in its entirety: Craft a discussion post in which you answer the following: 1. The host (Roberts) and the guest (Rajkumar) agree that the current prices of cancer drugs are not reflective of a ‘market price.’ Why not? What are the main factors that influence the prices of cancer drugs (and other pharmaceuticals) in the U.S.? 2. To what extent is the demand for this type of product characterized by ‘bounded rationality’ and cognitive biases? Is this an example where the ultimate consumer, the patient, is not the best judge of need or value? Why or why not? 3. Which of Rajkumar’s reform proposals do you find to be the most compelling? Which are the least persuasive? Explain. 4. This podcast might be summarized by the maxim, “governments are notorious for simultaneously subsidizing demand and restricting supply – a recipe guaranteed to raise prices.” Where else do you observe this pattern?

The World Trade Organization is an important global organization that deals with the rules of trade between nations with the goal to ensure that trade flows as smoothly and predictably as possible. One common critique of the WTO is that it overturns national environmental protections and forces countries to lower standards. Research and find at least one example where the WTO has done this. What are the implications to the country, to the rest of the member states, and to international trade when the WTO overturns such national environmental protections? Minimum word count: 600 words; Have an introduction and a strong conclusion; provide a cover page and a separate reference page; Follow APA guidelines.

1. Why are coal miners paid more than other workers with similar amounts of education? (4 Marks) 2. A basic finding of labour economics is that workers who have more experience in the labour force are paid more than workers who have less experience (holding constant the amount of formal education). Why might this be so? Some studies have also found that experience at the same job (called job tenure) has an extra positive influence on wages. Explain why this might occur.(4 Marks)

Here are four individuals telling you their stories of how they became unemployed. In a multi-paragraph essay, apply the theories of unemployment to explain the type of unemployment that each of these individuals is facing and explain which of these individuals qualifies for unemployment benefits: Two months ago, Marcelle used to work full time in an automobile manufacturing firm. “The factory where I used to work has closed because our market contracted so much, and so I was laid off. This is happening to people all over the country-all you see in the papers is that economic growth has fallen and incomes across the country have fallen. I have been looking very hard for a new job, but have had no luck yet.” Until last week, Dominic used to work full time as a hair-dresser in downtown Cincinnati. “I decided to quit my job, because I want to move to New York City.” Until last month, Francine worked part time at a ski resort. “Well, it is summer now, and so the resort is closed. I will apply again in the winter when the snow is back. I am not interested in working until then.” Two months ago, Beauvoir had been working full time as a secretary. “I was a good typist, but I don’t know how to use a computer. My boss wanted to upgrade the office to computers, and so I was replaced by someone who is computer-savvy. I have been looking for another job, but it appears that I need to learn some computer skills.” Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.

Consider three possible areas for applying a tradable permit system: Runoff of nitrates in the Mississippi River basin (see (Links to an external site.) for more detail) Mercury emissions from coal-fired power plants (see https://www.epa.gov/mats/cleaner-power-plants#controls (Links to an external site.) – the current plan is to set a standard for mercury) Shrimp, an important natural resource found in the waters off the coast of South Carolina (see (Links to an external site.) for background on shrimp in South Carolina) Which of these do you think presents the greatest opportunity from shifting from a standard based regulation to a tradable permit system and why? Describe briefly how such a system might work in this case, including who would get permits, the size of net benefits from controlling emissions (or overharvesting in the case of shrimp) resulting from a more cost effective regulation, and what you think the greatest challenge to implementing such a system might be. Present your ideas in about 350-400 words.

A TALE OF TWO BUSINESSES: A COMPARATIVE ANALYSIS OF TWO (2) BUSINESSES WITHIN A SIMILAR INDUSTRY, IN DIFFERENT GEOGRAPHICAL LOCATIONS BACKGROUND The decisions made by firms to compete and thrive in the market, are heavily influenced by their environments. Firms operate in different industries/market structures: Perfect Competition, Monopolistic Competition, Oligopolistic Competition and Monopoly Competition. Factors like the market size, target customers, products/services sold, and number of competitors can determine their behaviour and impact success (or lack thereof) over time. ASSIGNMENT REQUIREMENT You are required to select any TWO (2) businesses of your choice: ONE (1) local and ONE (1) international, operating in the same industry. You are expected to collect data regarding these selected businesses and then critically analyse and compare their competitive behaviours with respect to their own environmental factors. These findings together with relevant conclusions should be presented and submitted in a written report. The rubric provided with guide you in the content for the written report. the company that is locally which is in Jamaica is grace Kennedy limited and the international company is Heinz.

What is economics and how do economic concepts apply to your life? With the complexities of technology and the current global economy, it may be helpful to consider a simplified and hypothetical scenario of an ancient family of potters who lived in a remote area. While the family was skilled and efficient, they only needed a certain number of pots but still needed clothing, shelter, food, and more. After struggling to tend to their farm and being unable to sell any more pots in their area, the family moved to a village that was in need of pottery. In this village, the family no longer had to tend to the farm, build and renovate their home, or make clothing. By focusing on their skills, they were able to trade their pottery with other families who were skilled in those other areas. By collaborating with traveling merchants, the family was able to manufacture more pottery that was sold across the lands and brought wealth to the potter family. For this Assignment, you will explain basic economic concepts, such as how scarcity and incentives affect economic decisions, how marginal analysis affects allocation of time and resources, how the production possibilities frontier for countries can be impacted by opportunity costs, and if absolute advantage and specialization create opportunities for gains from trade. Provide an example of a scarce resource and a free resource. What are the key differences between the two? What can cause a free resource to become a scarce resource? Your response should be at least 75 words (1 paragraph) in length. Economists argue there is “no such thing as a free lunch,” yet you’ve just had lunch with a friend who paid for it. Are the economists incorrect? Explain using basic principles of economics. Your response should be at least 75 words (1 paragraph) in length. A manager notices the company’s sales personnel are offering its customers deals that, while increasing revenues, are lowering profits. After reviewing the company’s compensation plan, the manager finds bonuses are based on sales revenue. Explain the sales personnel’s behavior using the economic principle that “people respond to incentives” and recommend a change to the compensation plan to correct this problem. Your response should be at least 75 words (1 paragraph) in length. You have 8 hours to study for two final exams. The exam for course A is worth 25% of your grade and the exam for course B is worth 50% of your grade. The first hour you spend on studying for either exam will increase your score on it by 10 percentage points, the second hour will increase your grade on it by an additional 9 percentage points, the third hour will increase your grade on it by an additional 8 percentage points, and so forth. How will you allocate your time? Explain your answer in terms of marginal analysis. Your response should be at least 75 words (1 paragraph) in length. How do increasing opportunity costs affect the shape of the production possibilities curve? Provide an example that illustrates the concept of increasing opportunity costs. Include a graph or illustration to support your answer. Your response should be at least 75 words (1 paragraph) in length, plus the graph or illustration. Assume country A has an absolute advantage in producing all products compared to country B but country B has a comparative advantage in producing several products. Are there opportunities for gains from trade? If so, what determines the direction of trade? Your response should be at least 75 words (1 paragraph) in length. Explain how international trade allows a country to move beyond its production possibilities frontier and create gains from trade. Your response should be at least 75 words (1 paragraph) in length

The paper should provide a general understanding of Managerial Strategic Behavior and link that to a specific company as an example (any Fortune 500 company except for Apple or Amazon) Introduction: State your thesis and the purpose of your research paper clearly. Explain briefly the major points you plan to cover in your paper, and why readers should be interested in your chosen topic. Body: This is where you present your argument to support your thesis. Conclusion: Restate your thesis. Summarize your arguments. Explain why you have reached your conclusion.

Summarize two videos, the summary should be less than 250 words per video (500 words total). Do not quote or copy any element when writing your journal. The journal should be completely original. DO NOT USE OVER COMPLICATED VERBIAGE. Aggregate Demand: Long Run Aggregate Supply: https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/national-income-and-price-determinations/long-run-aggregate-supply-ap/v/long-run-aggregate-supply

Think about any significant purchases you have made that have required compromise on your part—perhaps a car, a house, a set of furniture, a new computer or other electronic device, or even your decision to pursue a college education. When you were considering your purchases, what trade-offs did you think about? In other words, what were the compromises or sacrifices you had to make in order to acquire the thing you wanted to purchase? How did the trade-offs influence your choices? To prepare for this Discussion: Choose a recent purchase of yours to consider for your initial response to this Discussion prompt. Try to use an example in which the compromises were either clearly worth it—or clearly not worth it. Consider your reasons for making the purchase and how you weighed the pros and cons of your decision