writings

Business Finance – Economics HOMEWORK

-250 words each discussion

-2 references each discussion

Discussion 1:

Watch the video clip from  Jingle All the Way .   (View  Transcript.)   

Consider the following: Prices serve a rationing function. When quantity demanded exceeds quantity supplied, prices rise to alleviate the shortage. When quantity supplied exceeds quantity demanded, prices fall to alleviate the surplus. However, when prices are inflexible, shortages and surpluses persist. Other rationing mechanisms must develop.

1. Using demand and supply analysis, describe a specific situation that you have witnessed where a shortage occurred. Why were prices unable to adjust in this market?

2. Combining what you learned from your readings as well as from the video clip, what other rationing functions could develop to alleviate that shortage?

Citation: Barnathan, M., Columbus, C., Radcliffe, M. (Producers), & Levant, B. (Director). (1996). Jingle all the way [Motion picture]. United States: Twentieth Century Fox.

Discussion 2

Watch the video clip from  Bart Gets an Elephant.   (View  Transcript.) 

Consider the relationship between price elasticity of demand and total revenue, and why Homer didn’t make the smartest business decision when raising the price of admission. For this week’s discussion question, you should pick two products: one that is relatively price inelastic and another that is relatively price elastic. You can determine a product’s relative price elasticity by considering the Determinants of the Price Elasticity of Demand listed in your textbook. You should begin by defining your product in terms of the determinants and then describe how increases in the price would affect total revenue.Would it make good business sense to be the one producing and selling these products? Why or why not?

Discussion 3

Watch the video clip from  Cool Hand Luke .   (View  Transcript.)   

Consider how marginal benefits and marginal costs fit into Luke’s decision, and how the concept of diminishing marginal utility is at work as Luke eats more and more eggs.

a. What is driving his marginal benefits to continue to exceed his marginal cost?

b. Consider how Luke’s decision would change if he had to actually pay for each egg he eats. How would this affect his choice to continue eating?

c. Consider the concept of marginal utility per dollar spent (i.e. MU/P) and how it affects the consumption decisions we make. Think of a time when you ended up buying your second choice instead of your first choice. Explain how that decision was made because it wasn’t only about marginal utility for you, but about marginal utility per dollar spent.

Citation: Carroll, G. (Producer), & Rosenburg, S. (Director). (1967). Cool Hand Luke [Motion picture]. United States: Warner Brothers.

Principles Of Microeconomics

What is the main difference you see between Microeconomics and Macroeconomics. Give an example of differences.  (250 words minimum)  

Principles Of Microeconomics

Assignments must be submitted as a Microsoft Word document and must be in the MLA format.  Post question first before supplying your response. Students will answer each critical thinking questions with a minimum of 200 words.

Critical Thinking Questions:

1. Why would division of labor without trade not work?

2.  Can you think of any examples of free goods, that is, goods or services that are not scarce?

3.  A balanced federal budget and a balance of trade are secondary goals of macroeconomics, while growth in the standard of living (for example) is a primary goal. Why do you think that is so?

4.  What assumptions about the economy must be true for the invisible hand to work? To what extent are those assumptions valid in the real world?

5.  Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?

Please answer each of the questions below in short-answer format. Write your responses in complete sentences. Each answer should be two – three paragraphs (150 – 250 words) in length.

What does a supply curve illustrate? Other than its own price, what are the determinants of the supply of a commodity. What would make a supply curve shift to the right?

Imagine that the market for orange juice is in equilibrium at a price of $8 per gallon. Provide two demand-related and two supply-related reasons why the equilibrium price could fall to $7.00 per gallon.

What will happen to the market for orange juice if both producers and consumers believe that prices will rise in the near future? Explain your answer.

What will happen to the market for oranges if the government offers price supports to citrus producers? Who will gain and who will lose? Provide examples and explain your answer.

Why is it unfair or meaningless to criticize a theory as “unrealistic?” Provide examples and explain your answer.

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Introduction

Energy policies help shape the energy sector. Economic, political, environmental, and social factors influence their construction, implementation, and enforcement. As these policies change over time, they create varying degrees of incentives for the advancement of technology in the areas of energy production, transmission, and consumption. As such, to understand energy utilization you must not only understand energy policies, but also the factors that influence them and the results they produce. The goal of the Energy Policy Paper is to analyze how a given energy policy relates to energy utilization, both regionally and nationally.

This paper accounts for 40% of your course grade and consists of four cumulative assignments:

This activity will help you achieve Module Outcome 3.

Policy Selection

Begin your paper by selecting and researching an existing US energy policy. Examples include the Energy Independence and Security Act, the Federal Energy Management Program’s (FEMP) Energy Incentive Program, the Clean Air Act, etc. Then write a 400- to 600-word essay that addresses the following:

1. Describe your selected policy and why the policy was enacted.

1. Explain how well the policy has produced its desired outcome.

1. Discuss its impact on associated technology.

1. Describe any seemingly unintentional consequences that have accompanied its implementation.

Strictly adhere to the 400- to 600-word limit (not including the Title and References Page(s)), follow APA guidelines, and support your work using a minimum of  three reputable sources (your textbook may be used as one of the sources).

Compose your work in a .doc or .docx file type using a word processor (such as Microsoft Word, etc.) and save it frequently to your computer. For those assignments that are not written essays and require uploading images or PowerPoint slides, please follow uploading guidelines provided by your instructor.

Check your work and correct any spelling or grammatical errors.