Category Archives: Economics

The Lost Decade


The Lost Decade

Needs to be 150-250 words and one or two citations.  No cover page is needed

Aggregate expenditure is the total amount of spending in the economy that determines the level of the GDP. Components of aggregate expenditure are autonomous expenditure, planned private investments, government expenditure, and net exports. When autonomous expenditure increases or decreases, it has a multiplied effect on the GDP.

Referring to the 10-year historical period that you chose for your final project, discuss an example of a change in autonomous spending. Research a government policy implemented during that time and discuss the multiplier effect it had on the economy.

 

Unit 7 Assignment: Cost Elements of a Business


Unit 7 Assignment: Cost Elements of a Business

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Name:                       

Course Number and Section: AB2240X

Date:                                     

 

General Instructions for all Assignments

 

  1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format: Course number_section number_Last_First_unit number

 

  1. At the top of the template, insert the appropriate information: Your Name, Course Number and Section, and the Date

 

  1. Insert your answers below, or in the appropriate space provided for in the question. Your answers should follow APA format with citations to your sources and, at the bottom of your last page, a list of references. Your answers should also be in Standard English with correct spelling, punctuation, grammar, and style (double spaced, in Times New Roman, 12–point, and black font). Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.

 

  1. Upload the completed Assignment to the appropriate Dropbox.

 

  1. Any questions about the Assignment, or format questions, should be directed to your course instructor.

 

 

Assignment   

 

In this Assignment, you will define and calculate the remaining six major cost elements of a business, when given the Total Costs and the Quantity Produced, as well as to use the computed costs to determine a minimum cost output level for that business. In addition, you will also clearly explain how the Average Total Cost of a new output level is affected by its share of Fixed Costs and Variable Costs.

 

Questions 

 

  1. When Total Costs (TC) are known, explain how to calculate each of the following:
  2. Fixed Costs (FC)
  3. Variable Costs (VC)

 

  1. Average Variable Costs (AVC)

 

  1. Average Total Costs (ATC)

 

  1. Average Fixed Costs (AFC)

 

  1. Marginal Costs (MC)

 

  1. Table 1. Shows the hourly production and Total Cost estimates for a new manufacturing firm wishing to enter the smart phone market. Fill in the blank cells in columns a., b., c., d., and e. on the table by computing the appropriate values.

 

Table 1.
Smart cell phones produced in an hour Total Cost (TC) Variable Costs (VC) Average Variable Costs (AVC) Average Total Costs (ATC) Average Fixed Cost (AFC) Marginal Cost (MC)
    a. b. c. d. e.
0 $3,200   n/a n/a n/a n/a
15 $3,525          
30 $3,875          
45 $4,250          
60 $4,650          
75 $5,075          
90 $5,525          
105 $6,725          
120 $8,210          
135 $9,950          

 

  1. Based on your calculations in completing the table in Question 2, what is this manufacturer’s minimum cost output level? Explain your answer.

 

 

 

  1. According to our textbook (page 341) when one additional unit is produced, two factors directly impact the change in average total costs, the Spreading effect and the Diminishing Returns effect. In the following two situations explain how the factors of the Spreading effect and the Diminishing Returns effect cause the average total cost to be different.

 

  1. Production of the 10th Gizmo resulted in an average total cost (ATC) of $20, but production of the 11th Gizmo resulted in an average total cost of $22.

 

 

 

  1. Production of the 10th Gizmo resulted in an average total cost (ATC) of $20, but production of the 11th Gizmo resulted in an average total cost of $18.

 

 

 

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References:

 

 

Unit 7 Assignment: Cost Elements of a Business Grading Rubric

Content Percent Possible Points Possible
Full Assignment 100% 40
     
Overall Writing: 20% 8
Correct coversheet information at the top of 1st page 5% 2.00
APA format for answers 3% 1.20
Correct citations 3% 1.20
Standard English, no errors 4% 1.60
At least one, or more, references 5% 2.00
     
Answers: provides complete information demonstrating analysis and critical thinking: 80% 32
Individual Questions:    
1. a. – Explain the calculation of variable cost. 6% 2.40
1. b. – Explain the calculation of average variable cost. 6% 2.40
1. c. – Explain the calculation of average total cost. 6% 2.40
1. d. – Explain the calculation of average fixed cost 6% 2.40
1. e. – Explain the calculation of marginal cost 6% 2.40
2. a. – Calculate this manufacturer’s variable cost. 6% 2.40
2. b. – Calculate this manufacturer’s average variable cost. 6% 2.40
2. c. – Calculate this manufacturer’s average total cost. 6% 2.40
2. d. – Calculate this manufacturer’s average fixed cost 6% 2.40
2. e. – Calculate this manufacturer’s marginal cost 6% 2.40
3. – Identify this manufacturer’s minimum cost output level. 6% 2.40
4. a. – Explain why the average total cost of 11th Gizmo is $22. 7% 2.80
4. a. – Explain why the average total cost of 11th Gizmo is $18. 7% 2.80

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Unit 6 Assignment: Price Floor


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Unit 6 Assignment: Price Floor

Name:                       

Course Number and Section: AB2240X

Date:                                     

General Instructions for all Assignments

 

  1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format: Course number_section number_Last_First_unit number
  1. At the top of the template, insert the appropriate information: Your Name, Course Number and Section, and the Date
  1. Insert your answers below, or in the appropriate space provided for in the question. Your answers should follow APA format with citations to your sources and, at the bottom of your last page, a list of references. Your answers should also be in Standard English with correct spelling, punctuation, grammar, and style (double spaced, in Times New Roman, 12–point, and black font). Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.
  1. Upload the completed Assignment to the appropriate Dropbox.
  1. Any questions about the Assignment, or format questions, should be directed to your course instructor.

In this Assignment, you will be assessed on the following outcome:

AB224-2: Examine changes in price and quantity caused when governments take actions to modify market outcomes.

Assignment     

 

In a perfectly competitive market, the equilibrium price and quantity represent the most efficient operation of that market. Optimum efficiency means that sellers cannot be made better off without, at the same time, making buyers worse off, and that buyers cannot be made better off, without making the sellers worse off. This Assignment presents a scenario in which a government tries to improve the financial position of the sellers, in such a perfectly competitive market, by instituting a legal price floor that is significantly above the equilibrium price. A price floor is the lowest price for which a seller can legally sell the product.

In this Assignment, you will focus on calculating the consumer surplus, producer surplus and total surplus both before a price floor is established and after a price floor is enacted. You will also demonstrate an understanding of the impact on the entire economy, based on any changes in taxes required, if the government is to purchase any extra product that is not sold to consumers.

Questions

Suppose that the Gondwanaland Chairman of Production who sets the governmental price floor for gosum berries, in an effort to assist the gosum berry producers to have a higher income, set the price floor at $70 per barrel. These berries are a food staple of the Gondwanalandians and contributes directly to their health and long life (average lifespan of 150+ active years). In that particular year the amount of gosum berries produced at the $70 price floor was 700 barrels per month. To support the price of gosum berries, the Chairman of Production’s Office had to purchase 400 barrels per month. The accompanying diagram shows supply and demand curves illustrating the market for Gondwanaland gosum berries.

  1. In the absence of a price floor, the maximum price that a few of the consumers are willing to pay up to $100 per barrel of gosum berries. The market equilibrium (E) price is $50 per barrel. How much consumer surplus is created, when there is no price floor? Show your calculations.
  1. How much producer surplus when there is no price floor? Show your calculations.
  1. What is the total surplus when there is no price floor? Show your calculations.
  1. After the price floor is instituted, the legal minimum price that can be charged by suppliers is $70 per barrel. The maximum price that a few of the consumers are still willing to pay is $100 per barrel of gosum berries. With the price floor at $70 per barrel, consumers buy 300 barrels of gosum berries per month. How much consumer surplus is created with the price floor? Show your calculations.
  1. How much producer surplus when there is no price floor? Show your calculations.
  1. The Chairman of Production’s Office buys any barrels of gosum berries that the producers are not able to sell. With the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. How much money does the Chairman of Production’s Office spend on buying up surplus cheese? Show your calculations.
  1. The Emperor of Gondwanaland must collect taxes from the people to pay for the purchases of surplus gosum berries by the Chairman of Production’s Office. As a result, total surplus (producer plus consumer) is reduced by the amount the Chairman of Production’s Office spent on buying surplus gosum berries. Using your answers for parts d, e, and f, what is the total surplus when there is a price floor? Show your calculations.

 

 

  1. How does this compare to the total surplus without a price floor from part c?

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References:

 

Unit 6 Assignment: Price Floor Grading Rubric
Content Percent Possible Points Possible
Full Assignment 100% 80
     
Overall Writing: 20% 16
Correct coversheet information at the top of 1st page 5% 4.00
APA format for answers 3% 2.40
Correct citations 3% 2.40
Standard English, no errors 4% 3.20
At least one, or more, references 5% 4.00
     
Answers: provides complete information demonstrating analysis and critical thinking: 80% 64
Individual Questions:    
 a. – Calculate total consumer surplus with no price floor? 10% 8.00
b. – Calculate total producer surplus with no price floor? 10% 8.00
c. – Calculate total surplus with no price floors? 10% 8.00
d. – Calculate total consumer surplus with a $70 price floor? 10% 8.00
e. – Calculate total producer surplus with a $70 price floor? 10% 8.00
f. – How much must be paid to purchase the surplus cheese? 10% 8.00
g. – Calculate total surplus with a $70 price floor? 10% 8.00
h. – How does the total surplus with a $70 price floor differ from no price floor? 10% 8.00

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Econ202; Research Project 2: Endogenous Verses Exogenous Growth Theories


Econ202

Research Project 2: Endogenous Verses Exogenous Growth Theories
In neoclassical growth models, the sources of growth, is exogenous usually “technology”. Such theoretical models hence are able to describe how an economy grows, but not why it grows. To overcome this shortcoming, several growth models have been developed that make growth an endogenous variable. In contrast to neoclassical growth theory, endogenous growth theory argues that policy measures (such as subsidies on R&D and education) can have an increase long-run growth rate of an economy.
Write an essay
· Developing a brief summary of endogenous and exogenous growth theories.
· Analyzing the impact of government policy on the long-term growth rate of an economy.
Complete this essay in a Microsoft Word document, APA formatted which will automatically submit it to “TurnItIn” for plagiarism review. Please note that a minimum of 700 words is required.

ECON 201: Economics Essays


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ECON 201: Economics Essays

Complete each of the following six essays:  double-spaced, as a single MS-Word or rich text format document file, numbered consecutively; between 12 – 15 [Max] page range total, and without references listed.  This is a critical thinking & analytical assignment which should be written exclusively in your own words & perspective.   Only the fifth question will require an external website, as you develop your own individual & informed interpretation from the basis of our microeconomic course content…

 

Analyze your chosen topics in terms of your own economic understanding to date, by beginning with an underlined thesis statement (purpose) in the first paragraph of each essay..   Next, in each & every succeeding paragraph apply as many of the principles and theories from the textbook to your topic as possible.   The final paragraph should reflect your conclusions.  Summary or narrative description is valued less than substantive economic analysis…

 

You do not need to find current event articles, as you may simply write about a current microeconomic topic, firm, or market occurring during this quarter for each of the first two questions.  The case studies in the Modules forum provide a broad range of appropriate topics to choose from for the third question.   In the fourth question you will respond to a topical issue.  The next question is taken from a website video & chapter summary.   Finally,  the sixth topic should carefully reflect the evolution of your own economic thinking throughout the quarter.  The assigned topics are as follows:

 

  1. Analyze an American (domestic) current event, firm, or market (~ 2 pages);

 

  1. Analyze a foreign (outside of the U.S.) current event, firm, or market (~ 2 pages);

 

  1. Analyze your favorite Case Study from the Modules Forum (~ 2 pages);

 

  1. Assess which of the four product market structures that you find to be the LEAST desirable from an economic perspective, clearly explain your rationale, and provide such an example (~ 2 pages);

 

  1. Go to the website:  www.pbs.org/commandingheights

 (Links to an external site.)

and scroll to Storyline on your left.  Select Episode II:  “The Agony of Reform” for Chapter Summaries and watch the video (links in Week # 7 Module from You Tube).  Analyze the how, why, & what type of microeconomic theories were applied in South America, India, Poland, and Russia to help stimulate their markets and promote business.  Apply as much material from our course as it relates to & helps explain these historical experiences (~ 3 pages); and finally

 

  1. Describe specifically how your economic thinking has been affected by this course and how you can best make use [apply] the central principles and theories which were studied.   What is the main outcome from the course for you?  (~ 1 page)

 

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Healthcare Economics and Policy Analy


Subject Economics
Topic Healthcare Economics and Policy Analysis

 

Paper details

Part 1 must be two to three substantive paragraphs (250 + words) and include at least two APA-formatted citation/reference Access the Library Resources located on SHARC and use the Journal/Research Databases to locate an article on any of the following topics. After reviewing the article, discuss your opinion regarding the article. Apply basic economic principle to today’s healthcare market Explain the role of healthcare consumers and providers in relationship to supply and demand Describe the role of cost-benefit and cost-effectiveness analysis in the determination and deliverance of healthcare services Examine the impact of the different types of health insurance plans on health care economics must be two to three substantive paragraphs (250 + words) and include at least two APA-formatted citation/reference ****http://econlib.org/library/Enc/HealthCare.html This a helpful link for part 1 assignment*** part2 Answer the following problems from you textbook. Support your answers using peer-reviews or scholarly journals. Follow APA format and attach as a Microsoft Word document. 1) Chapter 1 (page 23): Question 1 {economic principles} What is the opportunity cost of going to a doctor to be examined for skin cancer? 2) Chapter 2 (page 46): Question 9 Provide your own example of a diamonds– water paradox in medicine, in which the clearly more valuable service is provided at a much lower price. 3) Chapter 3 (page 76): Question 7 {willingness to pay} What determines the value of a cure for acne? For ALS (amyloid lateral sclerosis, or Lou Gehrig’s disease)? For Alzheimer’s disease? Which discovery is worth more to a pharmaceutical firm that is able to patent a cure? 4) Chapter 4 (page 105): Question 10 {incidence} When medical care is reimbursed through employer- provided insurance, whose welfare is ultimately affected when the cost of medical care rises: the owners of the firm that pays the premiums (employer), the government whose revenues are reduced because insurance benefits are not taxable as wages, or the public in their roles as workers, consumers, and taxpayers? Is there any difference between short- term and long- term effects? 5) Chapter 5 (page 132): Question 6 {adverse selection} Which government insurance program is more affected by adverse selection: Medicare or Medicaid? *****please include at least two APA-formatted citation/reference,,,,,,,,,Please put part 1 and part 2 on separate papers,,,,,,,I will message the book and the helpful link for part 1….Also,,,,,please use only 250 words for part 1 and the remaining for part 2

Healthcare Economics and Policy Analysis


Subject Economics
Topic Healthcare Economics and Policy Analysis

 

Paper details

Part 1 must be two to three substantive paragraphs (250 + words) and include at least two APA-formatted citation/reference Access the Library Resources located on SHARC and use the Journal/Research Databases to locate an article on any of the following topics. After reviewing the article, discuss your opinion regarding the article. Apply basic economic principle to today’s healthcare market Explain the role of healthcare consumers and providers in relationship to supply and demand Describe the role of cost-benefit and cost-effectiveness analysis in the determination and deliverance of healthcare services Examine the impact of the different types of health insurance plans on health care economics must be two to three substantive paragraphs (250 + words) and include at least two APA-formatted citation/reference ****http://econlib.org/library/Enc/HealthCare.html This a helpful link for part 1 assignment*** part2 Answer the following problems from you textbook. Support your answers using peer-reviews or scholarly journals. Follow APA format and attach as a Microsoft Word document. 1) Chapter 1 (page 23): Question 1 {economic principles} What is the opportunity cost of going to a doctor to be examined for skin cancer? 2) Chapter 2 (page 46): Question 9 Provide your own example of a diamonds– water paradox in medicine, in which the clearly more valuable service is provided at a much lower price. 3) Chapter 3 (page 76): Question 7 {willingness to pay} What determines the value of a cure for acne? For ALS (amyloid lateral sclerosis, or Lou Gehrig’s disease)? For Alzheimer’s disease? Which discovery is worth more to a pharmaceutical firm that is able to patent a cure? 4) Chapter 4 (page 105): Question 10 {incidence} When medical care is reimbursed through employer- provided insurance, whose welfare is ultimately affected when the cost of medical care rises: the owners of the firm that pays the premiums (employer), the government whose revenues are reduced because insurance benefits are not taxable as wages, or the public in their roles as workers, consumers, and taxpayers? Is there any difference between short- term and long- term effects? 5) Chapter 5 (page 132): Question 6 {adverse selection} Which government insurance program is more affected by adverse selection: Medicare or Medicaid? *****please include at least two APA-formatted citation/reference,,,,,,,,,Please put part 1 and part 2 on separate papers,,,,,,,I will message the book and the helpful link for part 1….Also,,,,,please use only 250 words for part 1 and the remaining for part 2

Discussion Question Economics


Discussion Question Economics

How does applying econometrics to economics validate economic decisions for an organization? Support your response with an example.

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ECON 304 – Summer 2016 (Session I)


ECON 304 – Summer 2016 (Session I)
Homework 4
DUE: June 23rd (THURSDAY), 2016
From the Syllabus:
1. Homework must be turned in on the day it is due. Late homework will NOT be
accepted.
2. You may work with your friends / classmates. However, you MUST put names of other
group members on your homework. You also MUST write up your own answers.
3. TYPE your work. Long equations and graphs may be hand-written.
4. BUY A STAPLER! (10% deduction from your homework grade if you do not staple
your homework)
5. Carefully explain your work! This means you MUST SHOW YOUR WORK FOR
YOUR CALCULATIONS.
6. Write your name! (Homework will not be graded if you do not put your name on your
homework.)
Name:
Course: ECON 304 (Summer I, 2016)
Group members (if any):
1
Question 1
Suppose that the price level is fixed in the short run so that the economy does NOT reach
general equilibrium immediately after a change in the economy. For each of the following
changes, what are the short-run effects on the real interest rate and output? Assume that,
when the economy is in disequilibrium, only the labor market is out of equilibrium; assume
also that for a short period firms are willing to produce enough output to meet the aggregate
demand for output.
(a) A decrease in the expected rate of inflation. (Draw the FE-IS-LM diagram to explain
and answer the question.)
2
(b) An increase in consumer optimism that increases desired consumption at each level of
income and the real interest rate.
(c) A temporary increase in government purchases.
3
Question 2
An economy is described as follows:
Desired consumption:
Cd = 600 + 0.5(Y T) 50r
Desired investment:
Id = 450 50r
Real money demand:
L = 0.5Y 100i
Full-employment output: Y ¯ = 2210
Expected inflation: πe = 0.05
In this economy the government always has a balanced budget, so T = G, where T is
total taxes collected.
(a) Suppose that M = 4320 and G = 150. Use the classical IS-LM model to find the
equilibrium values of output, the real interest rate, the price level, consumption, and
investment. (Hint: In the classical model, output always equals to what?)
4
(b) The money supply rises to 4752. Repeat part (a). Is money neutral?
5
(c) With the money supply back at 4320, government purchases and taxes rise to 190.
Repeat part (a). Assume for simplicity that Y ¯ is fixed (unaffected by G). Is fiscal
policy neutral in this case? Explain.
6
Question 3
The discovery of a new technology increases the expected future marginal product of
capital.
(a) Use the classical IS-LM model to determine the effect of the increase in the expected future MPK on the real interest rate, employment, real wages, consumption, investment,
and the price level. Assume that expected future real wages and future incomes are
unaffected by the new technology. Assume also that current productivity is unaffected.
(b) Find the effects of the increase in the expected future MPK on current output and
prices from the AD-AS diagram based on the misperceptions theory. What accounts
for the difference with part (a)?
7
Quesiton 4
An economy has the following AD and AS curves.
AD curve:
Y = 300 + 30(M
P
)
AS curve:
Y = Y ¯ + 10(P P e)
Here, Y ¯ = 500 and M = 400.
(a) Suppose that P e = 60. What are the equilibrium values of the price level P, and
output Y ?
8
(b) An unanticipated increase raises the money supply to M = 700. Because the increase
is unanticipated, P e remains at 60. What are the equilibrium values of the price level
P and output Y ?
9
(c) The FED announces that the money supply will be increased to M = 700, which the
public believes. Now what are the equilibrium values of the price level P , the expected
price level P e, and output Y ?
10
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Trade and Geography


Trade and Geography: How can regional concentration of firms in an industry lead to external economies of scale? Give examples (at least three) of these types of industrial clusters in the United States or any other country. Are they always beneficial? Compare the trade patterns under economies of scale and comparative advantage. Is the US trade with Germany more likely to be based on comparative advantage or economies of scale? Why? What about the US trade with Brazil?

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