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PART I
Directions: Please respond to the question below. Your submission must be at least three pages in length and utilize APA format. You must use at least four scholarly sources (two are provided below and the third can be your textbook) and cite your references in APA format. Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center (ARC) for a guide on how to utilize LIRN successfully and for APA guidelines
After reading the two articles in Modules 1 and 2 related to economic theory ("History of Economics on the Making" and "How Did Economists Get It So Wrong"), reconstruct what happened from 2006 through 2012 as it relates to microeconomic theory. Was there too much focus on the macro climate and not enough on the micro climate? Do you concur more with Krugman or Duarte? What is the basis for your opinion? Be sure to isolate other peer-reviewed articles from the LIRN library that back your viewpoint. Use these as a basis for analysis in addition to what you see happening in the market yourself. Compare and contrast the two articles and the two authors' perceptions of the market. In this assignment, you should focus on the following:
• Microeconomic Theory• Macro Climate versus Micro Climate• Current market trends
PART II: Reflection Essay
Reflect on this week's work as it relates to decisions you make in your own life. Think about the laws of supply, demand, and price elasticity. Write a reflection essay that is one page in length about at least two decisions you have made in the past six months as they relate to supply and demand and price elasticity. How would this module's material have impacted your decision making if you knew it at the time?
Participating in the market for a product are 12 consumers, each of whom will buy at most one unit of the good, and 11 suppliers, each of whom will sell at most one unit of the good. The distribution of buyer values is as follows:
If the errors in a regression model contain autoregressive conditional heteroskedasticit
An urn (vase) contains 10 balls that are exactly alike except that 5 are red, 3 are blue, and 2 are green. What is the probability that, in picking up a single ball, the ball is Red and Blue?
The prices of consumer goods in Los Angeles and Miami are different: some things are cheaper in Miami, while others are cheaper in Los Angeles. Is this consistent with the standard theory of consumer behavior? Prove any claims that you make
mikes utility for consumption and leisure is ucl c times l so that his marginal rate of substitution between leisure
Which of these will still be needed when you move your company to PayMaster?
Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate and How many years would it take for GDP (gross domestic product) to double (using your answer from part (a)?
The starting point of many methods for predicting equilibrium strategy in sequential games - An illustration of a non-credible commitment is the promise
Ken will receive a $5,000 annual payment from a family trust. This will continue until Ken in 30; he is now 20. Inflation averages 4% and Ken’s real MARR is 8%. If the first payment is a year from now and a total of 10 payments are to be made, what i..
In trip calculation, it is observed that a Wal-Mart store driver successfully made a total of 104 trips in a given period of time. During field calculation, it is shown that the calculated number of trips is actually 128. What is the value of the ..
The percentage change in the price of plastic surgery is less than the percentage change in quantity demanded - Changes in the price of plastic surgery do not affect the number of operations.
What is the history of inflation in the US in the last 10 years, with particular emphasis on the on the great recession and the recovery?
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