...Lead Economist Laura From: Alex Anderson Subject: Project Part 1 After some research, I have come to a series of conclusions that I will explain in the document. To understand what type of economy the United States has, first we must consider the three types of economic outlines. These are central, market, and mixed economies. By taking a closer look at how each type of economy operates, and looking at examples of each, we can come to an understanding of what best fits the model of the United States. First, we will take a closer look at a central economy. This type of economy has its grounding in government rulings. At first description this sounds as though it would fit properly for the United States government as the government regulates taxes and tariffs on trade. However, in the case of a central economy system, the government makes all the economic decisions, preventing people (individuals or firms) from being able to affect the current market within the bounds of the system. This also has a very high chance to have a black market for many different good due to high government control. For example, if a certain good (milk) were to be set a low price, those who produce the milk may save some of it to sell to a black market for a better price on their good. Likewise, this control can be used in conjunction with knowledge of the average budget to fix prices so only people working for the highest power parts of the government can have excess capital to spend on...
Words: 652 - Pages: 3
...Unit 1 - Individual Project - Introduction to Macroeconomic Theory Click Link Below To Buy: http://hwcampus.com/shop/unit-1-individual-project-introduction-macroeconomic-theory/ Assignment Details Assignment Description Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. In economics, they say a picture is worth a thousand words. Below, you will find two scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts. Scenario One Supply and demand are foundational concepts in understanding economic theory. Whether you are a coffee drinker or not, you have been tasked to examine the impact of supply and demand when dealing with the coffee retail industry. A few companies probably come to mind. Pick a major coffee retailer, and then contemplate what has been happening to both the supply and demand for this product. Next, analyze the following scenario that deals with what happened in the coffee industry at the beginning of the last decade: In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices...
Words: 4383 - Pages: 18
...Unit 1 - Individual Project - Introduction to Macroeconomic Theory Click Link Below To Buy: http://hwcampus.com/shop/unit-1-individual-project-introduction-macroeconomic-theory/ Assignment Details Assignment Description Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. In economics, they say a picture is worth a thousand words. Below, you will find two scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts. Scenario One Supply and demand are foundational concepts in understanding economic theory. Whether you are a coffee drinker or not, you have been tasked to examine the impact of supply and demand when dealing with the coffee retail industry. A few companies probably come to mind. Pick a major coffee retailer, and then contemplate what has been happening to both the supply and demand for this product. Next, analyze the following scenario that deals with what happened in the coffee industry at the beginning of the last decade: In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices...
Words: 4383 - Pages: 18
...Final Project Part I Milestone One: Supply, Demand, and Market Equilibrium Click Link Below To Buy: http://hwaid.com/shop/final-project-part-i-milestone-one-supply-demand-and-market-equilibrium/ Apple is the Company and the product is IPhone 6 3-2 Final Project Part I Milestone One: Supply, Demand, and Market Equilibrium This milestone, which covers Section II of Final Project Part I, should be a paper structured as follows: 1. Describe the price elasticity of supply or demand for your product or service. 2. Explain how two nonprice factors impact the demand of your chosen product or service. 3. Explain how two nonprice factors impact the supply of your chosen product or service. 4. Define the industry and the market equilibrium associated with the product or service. 5. Predict the effect of changes in supply and demand on the market equilibrium. 6. Describe the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium. 5-2 Final Project Part I Milestone Two: Production and Costs This milestone, which covers Section III of Final Project Part I, should be a paper structured as follows: 1. Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. 2. Analyze the factors that impact your choice of inputs to produce the chosen product or service. 3. Examine the production...
Words: 851 - Pages: 4
...Page 1 of 7 Massachusetts Institute of Technology Department of Economics 14.01 Principles of Microeconomics Final Exam Wednesday, December 19th, 2007 Last Name (Please print): ______________ First Name: __________________ MIT ID Number: __________________ Instructions. Please read carefully. The exam has a total of 100 points. Answers should be as concise as possible. This is a closed book exam. You are not allowed to use notes, equation sheets, books or any other aids. You are not allowed to use calculators. You must write your answers in the space provided between questions. DO NOT attach additional sheets of paper. This exam consists of (18) sheets (13 pages + 5 blank pages for scratch work). 0. Circle Your Section/Recitation (1 point): Please circle the section or recitation which you are attending below. The marked exam will be returned to you, in the section or recitation that you indicate. You will loose 1 point if you leave it unselected. S01: MWF9 (Peter Schnabl) R01: F10 (Rongzhu Ke) S02: MWF10 (Chia-Hui Chen) R02: F11 (Rongzhu Ke) S03: MWF11 (Chia-Hui Chen) R03: F2 (Rongzhu Ke) S04: MWF1 (Monica Martinez-Bravo) R04: F12 (Marco Migueis) R05: F1 (Marco Migueis) R06: F2 (Marco Migueis) DO NOT WRITE IN THE AREA BELOW: Question 1 __/25 Question 2 __/5 Question 3 __/25 Question 4 __/25 Question 5 __/19 Question 0 _/1 Total __/100 Cite as: William Wheaton, Chia-Hui...
Words: 2239 - Pages: 9
...26, 2015 Project 1 Part 1 Microeconomics vs. Macroeconomics The field of economics is broken down into two different areas of focus, microeconomics and macroeconomics. Microeconomics takes a look at the smaller picture and focuses on the basic theories of supply and demand. It looks at how businesses decide how much of something to produce and how much to charge for it based on the supply and demand. Macroeconomics is the opposite; it looks at the bigger aspect of economics. This focuses on the national economy as a whole and provides basic knowledge of what works in the business world. Macroeconomics also deals with the GDP (gross domestic product), or explain unemployment rate. To understand how economy as a whole works it is important to understand both sides of economics. Government as an Economy: While businesses adjust their product based on supply and demand, the government has a powerful say over the economy. They most importantly are involved in stabilization and growth of the government. For stabilization they ensure that monopolies to not happen to ensure competition and prices lower. They maintain the production of mint that is printed so that there isn’t too much money to lower the value of it. They also adjust the spending and tax rates to have money for other things such as paying for schools, roadwork, etc. Government is also responsible for growth of business to create jobs by giving tax breaks to new business owners, taking part in the bailout...
Words: 275 - Pages: 2
...Week 7 assignments Task 1: Consider the following table of costs for the Winsome Widget Factory, which operates in a perfectly competitive market. The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit at the top of the column in the gray section within the table. b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR, and Total Profit in the blue sections of the table. | Winsome Widget Factory | |Output |Total Fixed Cost | |Barnes & Noble books |-4.00 | |Coca-Cola |-1.22 | |Cigarettes |-0.25 | |Beer |-0.23 | |Gasoline |-0.06 | In your project, address the following questions: Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases. Using those classifications, make some assumptions regarding tax incidence. For instance, will buyers...
Words: 1770 - Pages: 8
...Econ 511: Managerial Microeconomics Spring 2010 Syllabus Department of Economics Business School HKUST Yuk-fai Fong (房育辉) Time and Venue: Section 1: 9:00 a.m. – 12:20 p.m., Saturday, April 9 – June 4 (except April 23) Section 2: 2:30 p.m. – 5:50 p.m., Saturday, April 9 – June 4 (except April 23) Venue: Room Rm 4219 (Lift 19) Instructor: Yuk-fai Fong Email: y-fong@kellogg.northwestern.edu Phone: 2358-7600 Office Location: Room 3434 Email is always a great way to reach me. Office Hours: By appointment Course Web Site: http://lmes2.ust.hk Course Description Businesses exist to create and capture economic value. A business creates value by combining inputs such as labor, materials, and capital to make products and services that consumers need and desire. And it survives and thrives by charging a price that equals or exceeds the cost of delivering the products and services that consumers value. In this course, students learn how businesses optimally create and capture value and how their abilities in doing so are impacted by various market forces and the strategic interaction among players in the industry. A good understanding of the 1 economic principles that govern the distribution of value in markets is critical to formation of a successful and sustainable business strategy. Learning Objectives: Understand and apply tools, concepts, and theories from microeconomics to perform industry and demand analyses. Apply demand and supply analyses in predicting...
Words: 1905 - Pages: 8
...Course Project - Part 1 This course contains two project assignments -- Project Part 1 in Week 2, and Project Part 2 in Week 5. Because of this, you will need to spend additional time and effort in Weeks 2 and Week 5. |Overview | | | | | Project Part 1 (PP1) Project Part 1 (PP1) consists of performing application-oriented exercises wherein the specific economic principles learned in this course are put to practical use. You must translate your ideas into economic analysis using the specific economic theory and economic terms contained in the TCOs covered in the course, and demonstrate that you are understanding and utilizing material from text chapters covered up to this point in the course, to receive full credit on the assignment. You are being asked to submit a report containing responses to three exercises. Exercise 1 entails a choice of one topical microeconomic issue out of two possible alternatives. Exercises 2 and 3 entail a choice of two textbook questions out of a list of possible alternatives. |Exercise 1 | | | | ...
Words: 1382 - Pages: 6
...Subject code: BBEK1103 Subject: Principles of Microeconomics Contents Preface .......................................................................................................................................................... 2 Introduction ................................................................................................................................................... 3 Effects of Tax systemt .................................................................................................................................. 4 Evaluation of Tax Reforms……………………………………………………………………………………………………………………..10 Conclusion…………………………………………………………………………………………………………………………………………....11 References…………………………………………………………………………………………………………………………………………….14 Easa Faheem S11422649 Bachelors Degree in Human Resource Management 1 Subject code: BBEK1103 Subject: Principles of Microeconomics Preface This is a work done as part of the module „Principles of Microeconomics‟, which is part of the course Bachelor of Human Resource Management. Consisting of an analysis of a Tax reforms for Maldives, this assignment evaluates the purpose of the tax system, types of tax systems, effects of the tax reform systems to the economy and other factors which affect it. The objective of this work is to develop students‟ ability to analyse the critically tax reform systems of certain country, as well as the various external factors that have an impact on the economy...
Words: 4493 - Pages: 18
...Regular Assignment 1 Module: The Business Environment Tutor: Steve Tidball Submission Date: 19th September 2013 Confidentiality: I have read, understand and adhere to the KOL Confidentiality Policy. Click here to access the KOL Confidentiality Policy. Academic Integrity Statement: I have read and understood the Academic Integrity guidelines for Kaplan Open Learning and the University Of Essex, and declare that this assignment conforms to all of the rules and regulations contained therein. Please note: the guidelines can be found in the Student Handbook (see section 6.4). Regular assignment one Introduction In this assignment, the explanation of the macroeconomic and microeconomic environment will be happen with the aid of examples. Once this has been completed, a critical analysis of how the economic environment in recent years has affected Hampshire fire and rescue service will be made. Main Body The Macroeconomic environment The Macroeconomic environment is an examination of the economy. The macroeconomic environment is an important one because the analysis compiled enables a business to investigate an economy and see what trends are occurring. For instance, if the economy has grown since the last analysis or shrunk. The difference between the increase and decrease of the economy is important because the retailer has no control over how the economy grows or shrinks. There are also certain influences which will affect the macroeconomics; these are...
Words: 1877 - Pages: 8
...Long-term Investment Decisions Introduction Investment is the process of creating or purchasing possessions with the aim of gaining benefits in future. Therefore, making long-term objectives or decisions is necessary for any business that relates to investment. For the organization to yield returns and gain good performance in the market it must make good use of the financial resources available to acquire buildings, machines, or other assets that will enable smooth operation within the organization for a long period. A planning that the management needs to consider involves accessing many issues that face the business, and finally decide which issue to invest on depending on its urgency in the business. The issues that are encountered in the business vary depending on attitude, circumstances to risk, and particular age. Therefore, the management must take time to think about the issues before making decisions to avoid possibly costly mistakes. A Plan Used By Managers When Selecting Pricing Strategies In Order To Attain Inelastic In Their Products. It’s very crucial for managers to price their product in order to attain the potential or current customers in the market. As a result, the decision made by the management will determine the future progress or success of the business. For that reason, major strategies like employing pricing, safeguarding inelasticity in products, and many other strategies need to be established to ensure that products are retained by customers...
Words: 1918 - Pages: 8
...ECON545: Project 1—Microeconomic Analysis Intro From a Microeconomic Analysis perspective this paper is designed to outline the current demand and supply associated with physicians in today’s economy and prospective future demand. Based on a microanalysis approach we will look at the current supply and demand for physicians, cost of production determinant, price elasticity of demand and the gains or losses from picking this profession. Demand Determinants Currently there are 691, 400 Physicians employed through the United States; however by 2022 the demand for the profession will increase by over 18% (numbers will vary based on origin of information) (Howard, 2013) (Occupational, n.d.) Current factors for the future demand of physicians include demographics and population needs. Aging and population growth are projected to account for 81% of the change in demand between 2010 and 2020. In the future the population will age and the number of people suffering from chronic diseases will increase. This will cause a demand for primary services (Projecting, 2013). A major part of the future demand of physicians is attributed to the Affordable Care Act, which will expand the number of citizens covered by insurance. The increase will also be attributed to the increase in preventative services and primary care these individuals will be able to receive. Technological and medical advances will also affect demand due to improving survival from illnesses and chronic diseases...
Words: 859 - Pages: 4
...Assignment no: 509 Answer Managerial economics refers to the application of economic theory and the tools of analysis of decision science to examine how an organization can achieve it aims or objectives most efficiently. Importance of managerial economics Managerial Decision Problems Economic theory Microeconomics Macroeconomics Decision Sciences Mathematical Economics Econometrics MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems OPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMS Managerial Decision Problems Economic theory Microeconomics Macroeconomics Decision Sciences Mathematical Economics Econometrics MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems OPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMS Managerial enables the use of economic logic and principles to aid management decision-making. Managers are decision-makers and economics should be relevant to give practical guidance in arriving at right decisions. Every manager has to take important decisions about using his limited resources like land, capital, labour, finance etc. to get the maximum returns, therefore, managerial economics, concentrates on those practical aspects of micro-economics which help in decision-making. Managerial economics focuses on the most profitable use of scarce resources rather than on the achievement of equilibrium prices...
Words: 3719 - Pages: 15
...550 March 9, 2014 Introduction One of the most important long term decisions for any business relates to investment. Investment is the purchase or creation of assets with the objective of making gains in the future. Typically investment involves using financial resources to purchase a machine/building or other asset, which will then yield returns to an organization over a period of time. Planning investments involves thinking about a range of issues that have a bearing on where you ultimately decide to put your money. These issues will vary according to your particular age, circumstances and attitude to risk, and thinking about them carefully before you start making commitments will help you avoid some potentially costly mistakes. 1. Outline a plan that managers in the low-calorie microwaveable food company could follow when selecting pricing strategies for making their products as inelastic as possible. Provide a rationale for your response. Pricing the product to reach out the current and potential customers is crucial for the managers. It is their understanding and decisions that are going to determine the success of any business. A major strategy that ensures that customers are retained with the product is to make the product inelastic employing pricing and other strategies. However, before we explain the strategies to make low-calorie microwavable food inelastic, we must understand the meaning of elasticity. Elasticity or price elasticity is a measure of quantity...
Words: 2357 - Pages: 10
