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Discussion
• You are to select a recent (three months of age or less) news article and write a post that relates the contents of the article to concepts from Chapter 3 and analyzes the article using an economic perspective.
For example, there are many concepts from class that can be linked to the USA Today article "Vanilla Shortage Threatens the Price of Desserts." The poor harvest mentioned in the article can be interpreted as a decrease in supply. From our discussions of supply and demand, you know that a decrease in supply in the vanilla market leads to an increase in the equilibrium price of vanilla. Furthermore, vanilla is an input, or ingredient, for ice cream and many desserts. If the price of an input rises, supply decreases in the ice cream markets and ice cream prices rise.
The article you select does not have to contain explicit economic terms. For example, you might use the supply and demand model to predict that the Chicago Cubs World Series victory will lead to increase in future ticket prices due to an increase in demand. Might other markets be impacted as well? Officially licensed apparel? Food vendors? Parking fees? Expand on the information in the article to make economically sound hypotheses.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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