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Unit I introduced the benefits of markets to improving outcomes for producers and consumers. Unit II examined the role of costs and prices in decision-making. For this assignment, you will answer a series of questions in the form of an essay. Support your answers with research from at least three peer-reviewed journal articles using the CSU Online Library (or other sources).
1. Research elasticity information for two particular goods: one with an elastic demand and one with an inelastic demand. Using elasticity information you gather, predict changes in demand. The United States Department of Agriculture website has a good resource to help with this.
2. Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.
3. Explain the importance of opportunity costs to decision-making and how opportunity costs lead to trade.
4. Evaluate how better business decisions can benefit not just the producer but the consumer and society as a whole. In your evaluation, contrast the deontology and consequentialism approaches to ethics.
Illustrate what happens to wheat farmers and the market for wheat when university agronomists discovers a new wheta hybrid that is more productive than existing varieties? show graphically.
Consider the traditional farm problem: Food can be viewed as a necessity, and overall has a price-inelastic demand. Suppose that 10% of each farmer's crop were destroyed. What is the effect on farmer income? If the price elasticity of demand is -0.5,..
Chucks Economic Predictions Ltd. is a monopoly. Its cost is C = 100 - 5Q + Q2 and Demand is P = 55 - 2Q
Regarding combined returns on a merger, what does the efficiency theory state, and what do empirical studies suggest? Regarding the same issue, what does the entrenchment theory state, and what do empirical studies suggest?
Think about a time you were truly motivated to work hard. What was the "goal" at the end of the hard work (i.e. driver's license, diploma, etc.). Now think about a time when you were asked to work hard and did not. What was the difference bewteen the..
Which of the following is NOT an example or consequence of a market externality?
Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for t..
An indifference curve involving two goods identifies the:
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $38,000 per year. The store is located on prime real estate in a college town. World of Vide..
What will happen as a result to prices, production, and consumption of domestic solar panels?
Assume that a perfectly competitive, constant cost industry is in a long run equilibrium with 20 firms. Each firm is producing 70 units of output which it sells at the price of $18 per unit; out of this amount each firm is paying $2 tax per unit of t..
Explain the relationship between the monopolist's demand curve and marginal revenue curve.
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