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Economics in the Current News
Take some time to think about the ways in which your learning in this class relates to the real world. Has the knowledge you gained been valuable in helping you understand or evaluate events or policies? Are there any current events in the news that you can directly link to concepts or theories covered so far?
Guided Response:
Review the popular news websites listed in the Current Events required readings section for this week. In 300 words or more, discuss one current event article and explain how economic theory can be applied to analyze the information presented. Make sure to provide an APA reference to your article.
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
Explain why does the magnitude of price elasticity differ in a and b above, although the same set of price-quantity combinations are used to compute the price elasticity of demand
Suppose that the economy is short of its full-employment (potential) level of GDP, assumed to be $14,000 billion, by $500 billion.
Elucidate the factors which contribute to the elasticity of goods. Descriobe how these factors influence consumers to purchases goods or services.
Which type of firm faces the most elastic demand curve? In which of market structures are firms able to earn both accounting and economic profits in the long run?
For each of the following pairs of goods, would you expect the cross-elasticity of demand to be positive or negative? Large (in absolute value) or small? Defend your answers:
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Leisure-Time boats is a manufacturer of mid-to-high end boats with 12 sales territories throughout the U.S. Sales are generated by salespeople in each territory who develop relationships with boating distributors and related retailers.
Describe the following statement: "In competitive market the least-cost production methods are revealed by entry and exit, while in public utility regulation they're revealed by commission rate hearings. It is easier to fool commissi..
How many cases of peaches will be produced per week during the growing season, and what will the selling price per case be if producers ignore the marginal external costs imposed on others?
Elucidate why does the Fed like to fight inflation in our economy and is inflation a concern right now given our current economic situation.
Economists have estimated the subsiquent transportation elasticities.
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