Economics

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.

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

Section “a”Answer the below questions. Each question carries 10 marks.1) Discuss the supply schedule and the various factors affecting the supply in the market.2) Explain the Price elasticity with appropriate formulae. Also, explain how it will differ forelastic & inelastic goods.3) Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity. Compute elasticity in the below scenarios:a. Three days ago, the price of envelopes was $7 a box, and Julie was willing to buy 80 boxes. Today, the price has gone up to $7.75 a box, and Julie is now willing to buy 18 boxes. Is Julie’s demand for envelopes elastic or inelastic? What is Julie’s elasticity of demand? b. If Neil’s elasticity of demand for hot dogs is constantly 0.9, and he buys 4 hot dogs when the price is $1.50 per hot dog, how many will he buy when the price is $1.00per hot dog? 4) Explain the different types of Costs in a tabular format & with a well-labelled diagram5) Describe the various factors affecting demand and also draw the demand curve if it is perfectly inelastic and the demand for cardiac bypass surgery, given that the government pays the full cost for any patient. Section “B” Answer the below questions. Each question carries 20 marks. 6) Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a. The market for newspapers in your town Case 1: The salaries of journalists go up. Case 2: There is a big news event in your town, which is reported in the newspapers. b. The market for St. Louis Rams (a professional football team) cotton T-shirts Case 1: The Rams win the Super Bowl competition. Case 2: The price of cotton increases. c. The market for the Krugman and Wells economics textbook Case 1: Your professor makes it required reading for all of his or her students. Case 2: Printing costs for textbooks are lowered by the use of synthetic paper. 7) Asian-based telecom operator recently announced that it was launching Virgin Mobile as a new telecom brand within the country. It would operate in conjunction with Etisalat and Du. Assuming the trend continues, and the government opens the market for private and  ©Al Tareeqah Management Studies – 2020 4 foreign players. You are required to – a. Apply your understanding and concepts from microeconomics, to investigate and summarize the major characteristics of the emerging market form in the telecom industry. b. Describe and analyze the pricing policies that you would expect to find in this industry.

The essay is focused on the question: “How did the United States address the challenges of the Great Depression (1929-1933) and the Great Recession (2007-2009); are there parallels between the two? What lessons can be learned from these 2 events that can help address the economic situation today (economic fall because of the Covid-19 Pandemic)? I have to use at least two primary sources and the rest could be secondary sources. Use as one of the primary sources (has to be used): Eric Rouchway, The Great Depression and The New Deal: A Very Short Introduction https://www.overdrive.com/media/3714916/the-great-depression-and-the-new-deal-a-very-short-introduction The document that I am attaching has a written paragraph about Eric Rouchway’s book listed above. This paragraph has to be incorporated into the paper. It could either be used as it is or fixed and modified a little, but should be left with the same idea and information. Can also use (not necessary if not needed): Requirements: five to six-page essay, double spaced, Times New Roman font size 12.

ED 711- Economic Development for Defense Communities Group Exercise You will work as a group on this exercise. The final assignment consists of a PowerPoint presentation during the last online session on July 20 and a written report of findings due at the end of the course on July 27. The final paper should not exceed 15-20 pages in length (double space) using the same margins and fonts as used in the individual exercise. The final PowerPoint should include audio for each slide. The presentation should be condensed to 10-12 minutes in length. Longer presentations will receive lower grades. One of the skills the exercise is designed to teach is how to condense your findings into the most relevant material. Each group should appoint a leader. The leader will be the single communication link between the instructor and the group. Any questions or clarifications should come through the group leader. The group leader should identify themselves to the instructor via Canvas email. All members of your group have collected data on the same community in the first exercise. The instructor advises that you share your papers with the other group members to provide a common factual basis for the remainder of the assignment. Make sure you have a common basis of factual information for the rest of the assignment before proceeding to the other steps in the exercise. The final paper and presentation involves further analysis on the community and an investigation of the opportunities and threats that the community faces from changes in procurement policy and programs at DOD. The following list provides the tasks that teams should complete before writing the report and presentation: 1). Estimate the correct level of direct employment and payroll in the community from DOD spending. This step could involve estimating the proportion of employment within identified NAICS codes that is not DOD related. As an example, employment in the aerospace NAICS could include military or civilian aerospace spending. If so, estimate the share from DOD spending using a valid economic development method. EMSI data and their Impact Assessment Tool will make this step much easier. 2). Estimate the indirect and induced employment, payroll and spending from the DOD spending calculated in Step #1. The combination of direct, indirect and induced impacts are the total impacts of DOD on the economy of the community. You should determine what percent of the total economy stems from defense spending. You should also look at the DOD spending per person as another metric of how sensitive the economy is to shifts in DOD procurement policy. This type of information is not relevant unless compared to some yardstick. The best yardsticks to use are DOD spending per person in the same state and nationally. This information is shown in the Defense Spending by State report. 3). Use the EMSI data to determine other economic drivers in the community. Determine how important these drivers are in the economic health of the community relative to DOD spending. 4). Determine how future changes in DOD procurement spending will affect the economic health of the community. This step must involve more than a recitation that employment and spending goes up if the DOD budget rises. Threats stem from policy changes where future DOD spending will decline for an activity that is done within the community. Opportunities are the opposite. Shifts in the National Defense Strategy and in the Industrial Capabilities Report, and data on trends in procurement spending, are sources for the strategic assessment. Communities may see the same change as either an opportunity or a threat. For example, the 1995 BRAC round was a threat to San Antonio because DOD was going to outsource aircraft maintenance to airframe companies and consolidate Air Force logistics centers. Oklahoma City, another AFLC site, saw the change as an opportunity to capture more of the AFLC workload as depots closed. Leaders in Oklahoma City saw the change as an opportunity while leaders in San Antonio saw it as a threat. The difference in assessments could stem from the relative strengths and weaknesses for this kind of economic activity in San Antonio and Oklahoma City. This kind of competitive assessment should be incorporated into your group paper. The group should investigate the specific DOD procurement and operational activities that will affect the community under investigation. If the industrial base in the community, for instance, is tied closely to aircraft procurement or maintenance, the group should identify changes in aircraft acquisition and maintenance policy as one of the points of vulnerability for the community. The Annual Industrial Capabilities report and the National Defense Strategy are good sources to examine to identify future opportunities and threats for the community under investigation. Materials from trade associations and other course materials will enrich the presentation and paper.

What is the relationship between Pigovian taxes and market failure? How do Pigovian taxes internalize externalities? Suppose that we are able to identify that the external cost of driving cars is $5,000. How can we use a Pigovian tax to internalize this external cost? Use a graph to illustrate. Explain fully why the private sector of a free enterprise economy cannot produce public goods such as lighthouses. The fishery is the most important common property resource in Canada. Why is it so difficult to prevent over?fishing when the evidence is clear that over?fishing will destroy the fishery? What kinds of policies have Canada used to protect the fishery? The media often claims that high-income Canadians pay the same or lower taxes than low-income Canadians. Is this a valid claim? Why or why not? Compare a Canadian earning $40,000 per year with a Canadian earning$80,000 per year. Would the higher-income Canadian pay the same amount of tax? Twice as much tax? Or more than twice as much tax? Explain. Explain why marginal tax rates in Canada are higher than average tax rates.

Aviation Economics Hello, and thank you for reading. This class is economics related to the aviation industry. Airfare pricing structure is a complex issue, since empty seats cost the same as filled seats. Please include various economic topics such as: Sunk costs (e.g. empty seats) Oligopoly (this is the economic market airlines belong to) Competition Barriers to entry Pricing Subsidies (Boeing and Airbus receive substantial subsidies from their governments) Supply and Demand equations Economies of Scale and Scope Thank you so much. The paper (1) must be eight (8) pages typed and double spaced (not including a Title Page or a References page) with at least five (5) cited references in addition to the course text.

For this assignment, first read the article “International Trade: Pros, Cons, and Effect on the Economy”. The article mentions, among other things, that international trade is slowing. Article is here: https://www.thebalance.com/international-trade-pros-cons-effect-on-economy-3305579 1. Analyze the article and discuss the statements made by the author; 2. Back up your agreement/disagreement with your own research. 3. For your research, use the LIRN library resource – do not use the internet! Make sure your sources are reputable and peer-reviewed. 4. Minimum word count: 600 words; 5. Include a cover page and a separate reference page listing the sources used. 6. Include an introduction and a conclusion.

An underground economy exists in the U.S. Please review the “applying the analysis” segment on pages 105-106 regarding the underground economy. There is much debate in certain regions of the U.S. pertaining to the economic impact of legalizing marijuana. Thus, the purpose of assigning the segment is to provide some basis for the ongoing debate. 1. How would decriminalization of drugs instantly increase a nation’s real GDP? 2. In your opinion, why does the U.S. have one of the smallest underground economies? 3. Why is it important for a nation to have a very small underground economy?