Summarize the article. Focus on the important points, claims, and information. Discuss the main issues of the article. Express the main points, arguments, and findings of the article in your own words.

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Microeconomics Fall   2022

Due Date: Tuesday  December  20 – 11:30pm

The review of the article will be set up in the following parts:

1.Summarize the article. Focus on the important points, claims, and information. Discuss the main issues of the article. Express the main points, arguments, and findings of the article in your own words. And most important how the article makes the point across – What example, data and graphs  are examined.

Connect what you read in the article to your existing knowledge of the topic discussed in class – Perfect Completion, Monopolistic Competition, Oligopoly, Monopoly. Do you agree with the article conclusion that there is less competition in our economy today? Is the economy moving from the model of perfect competition to monopoly power? Write your critique.Use your outline of opinions to write a page  explaining your opinion  Decide if you agree with the article, then provide sufficient support as to why or why not from your personal life and experience.

What are the four different types of market structures? In two or more sentences provide at least 3 or more characteristics that separate a perfectly competitive market structure from a monopolistic market structure?

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Module 3 Assignment

Assessments Content

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Instructions:

Your task is to complete all assigned questions to the best of your ability. Best of luck!

    1. What are the four different types of market structures?
    2. In two or more sentences provide at least 3 or more characteristics that separate a perfectly competitive market structure from a monopolistic market structure?
    3. Which type of market structure has differentiated goods and services?
    4. Identify at least one market structure that is predominant in the United States?
    5. At what point do all four market structures maximize profits?
    6. In one to two sentences explain, how a monopolistic market structure determines its optimal price and quantity?
    7. Which type of market structure faces a perfectly elastic demand curve?
    8. In two or more sentences, explain the difference between consumer surplus and producer surplus?
    9. Given the graph below explain which triangle color represents consumer surplus and which triangle color represents producer surplus.

Values to construct the graph above are given in the table below:

Price Quantity Supplied Quantity Demanded
30 30 0
28 25 5
26 20 10
24 15 15
22 10 20
20 5 25
18 0 30

 

  1. Given the graph below, in one to two sentences, state whether consumer surplus will increase or decrease and state whether producer surplus will increase or decrease, if the price was increased from $24.00 to $28.00.

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n two or more sentences define, the Law of Supply? In two or more sentences define, the Law of Demand? Identify at least 4 determinants of supply? Identify at least 4 determinants of demand?

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Module 2 Assignment

Assessments Content

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Your task is to complete all assigned questions to the best of your ability. Best of luck!

  1. In two or more sentences define, the Law of Supply?
  2. In two or more sentences define, the Law of Demand?
  3. Identify at least 4 determinants of supply?
  4. Identify at least 4 determinants of demand?
  5. In two or more sentences explain how the equilibrium point is determined?

The graph below was constructed by using the values in the table as references.

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Quantity Demanded Quantity Supplied Price
110 10 1
100 20 2
90 30 3
80 40 4
70 50 5
60 60 6
50 70 7
40 80 8
30 90 9
20 100 10
10 110 11

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  1. If Joshua has an increase in income, would the supply curve or demand curve shift and in which direction or would there be movement along the demand curve? Please explain in one to two sentences.
  2. If taxpayers are given a tax credit for the purchase of electric automobiles, illustrate on the graph given below a shift in the supply or a shift in demand curve for electric automobiles. Please state whether price will increase or decrease and whether quantity will increase or decrease.
  3. If agricultural subsidies were cut, please illustrate on the graph below the direction or movement of the supply or demand curve. Please state whether the price will increase or decrease and whether quantity will increase or decrease.
  4. If tastes increase and taxes decrease, please illustrate the direction or movement of the supply and demand curves and state whether price will increase, decrease, or remain at the same level and state whether quantity will increase, decrease, or remain at the same level.
  5. If input costs decrease and income decrease by the same proportion, please illustrate the direction or movement of the supply and demand curves and state whether price will increase, decrease, or remain at the same level and state whether quantity will increase, decrease, or remain at the same level.

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Discuss trade and competition in the Semiconductor Industry as defined by Laura Tyson in Who’s Bashing Whom? How did the Japanese manage to gain market share at the expense of the United States, and how did the United States resolve the issue?

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Discuss trade and competition in the Semiconductor Industry as defined by Laura Tyson in Who’s Bashing Whom? How did the Japanese manage to gain market share at the expense of the United States, and how did the United States resolve the issue? At this time, why did the European industry remain stagnant? Lastly, what lessons did the United States learn regarding US Trade Policy due to the Semiconductor experience?

What are the strengths and weaknesses of each policy? Which policy do you believe is best for both preventing and countering the unfair advantages that new entrants to an industry receive from their respective governments?

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 Who’s Bashing Whom?

From the book Who’s Bashing Whom? we’ve learned about how developing countries can nurture their domestic industries through establishing a robust industrial policy, which often works to the detriment of existing companies. What are those policies? Also, the book describes various countermeasures, such as Cautious activism, Reciprocity and Aggressive Unilateralism etc. What are the strengths and weaknesses of each policy? Which policy do you believe is best for both preventing and countering the unfair advantages that new entrants to an industry receive from their respective governments?

According to the video, the typical price of for a pound of acai is $0.20. This is the price that workers (or the direct producers) receive whereas the price of a small bowl of acai in the U.S. is $7. Why do workers receive so little even though they risk their lives/health to harvest acai?

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Harvesting Acai berries

Watch this video on the production, costs and markets associated with harvesting Acai berries from Brazil and answer the following questions.

1. According to the video, the typical price of for a pound of acai is $0.20. This is the price that workers (or the direct producers) receive whereas the price of a small bowl of acai in the U.S. is $7. Why do workers receive so little even though they risk their lives/health to harvest acai? (Hint: Think about the role of markets and governments) (1-2 sentences

2. We discussed 4 different ways that businesses can increase their surplus product (which translates into profit). Which of these 4 ways is most applicable in explaining why businesses in the U.S. get high surplus product and profits by selling acai harvested in Brazil? Provide an explanation in 1-2 sentences. 2 points

3. According to the video, the global demand for acai could lead to overharvesting. This could also reduce the availability of the nutritious acai berries for the workers and their families. This illustrates the concept of negative externalities. Explain this in 1-2 sentences with respect to acai production. 2 points

4. Formulate one specific question that you could pose to a policy maker/politician about the situation of acai workers in Brazil? 2 points

 

Briefly discuss why the author believes we need to return to the ideas and theories of John Maynard Keynes. Do you think this may be answer to an economic recovery after the Covid19 pandemic runs its course?

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Bloomberg Businessweek article

“John Maynard Keynes is the Economist the World Needs Now” by Peter Coy. This is a Bloomberg Businessweek article from October 2014. Briefly discuss why the author believes we need to return to the ideas and theories of John Maynard Keynes. Do you think this may be answer to an economic recovery after the Covid19 pandemic runs its course?

What is the main economic issue? How is the economic issue related to the concepts or models that you have learned from this course? What sorts of arguments/opinions have been discussed? Do you agree or disagree with the analyses/opinions? Why?

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The Economist

Read the Wall Street Journal, The Economist, or any other major newspaper or weekly publication and select a single article or articles that (1) either report on interesting economic news that can be analyzed by the concepts or models taught in this course or (2) discusses one or more economic issues related to the concepts or models taught in this course. It is OK to use an online economics news article.

Write a four page (1000 to 1200 words) essay analyzing the topic or critique the article from economic perspectives. Essay must be typed and double-spaced, (Times New Roman, font 12). The questions that you may address in this essay may include, but are not limited, to the followings:

  • Summarize the article(s) you read in 1-2 paragraphs.
  • What is the main economic issue?
  • How is the economic issue related to the concepts or models that you have learned from this course?
  • What sorts of arguments/opinions have been discussed?
  • Do you agree or disagree with the analyses/opinions? Why?
  • What argument would you, as an economist, make?
  • What ideas and/or facts you find interesting?

The following is a suggested list of topics. This list is not exhaustive. INDUSTRY STUDY. For a specific industry, choose a current issue such as deregulation, foreign competition, and the impact of new technologies, mergers/takeovers, changing methods of competition, labor problems, or financial changes.
COMPANY STUDY. Study the recent growth or decline of a particular company or its current position. This topic might include such points as the market structure within which the company grew and now operates, the elasticity of demand for its products, the degree of unionization, the cost structure (degree of fixed cost, economies of scale), the role of advertising, the degree of international competition, etc.

Useful Links:

 

Describe how a country can measure its income inequality. Evaluate the trend in the measure of income inequality for the United States from 1940–2020. Evaluate the roles of globalization and advances in technology as causes of widening income inequality in the United States.

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Final paper

Income and Wealth Inequality
[WLOs: 3, 4] [CLOs: 1, 2, 3, 4, 5, 6, 7]
Prior to beginning work on the final paper, read Menasce Horowitz, Igielnik, and Kochhar’s 1: Trends in Income and Wealth Inequality Links to an external site.and Strauss’s article The Connection Between Education, Income Inequality, and Unemployment Links to an external site.. In your final paper, you should address the following based on the information presented in the article and other research:

Describe how a country can measure its income inequality.
Evaluate the trend in the measure of income inequality for the United States from 1940–2020.
Evaluate the roles of globalization and advances in technology as causes of widening income inequality in the United States.
Compare wealth inequality to income inequality.
Explain trends in wealth inequality in the United States from 1940–2020.
Evaluate two causes of wealth inequality in the United States.
Evaluate the role of healthcare inequality as it relates to income and wealth inequality.
Estimate the wealth gap between those who have access to private insurance and those who do not.
Evaluate whether increasing access to affordable or free healthcare can reduce income or wealth inequality.
Make one recommendation on how to reduce income or wealth inequality if you were a federal policy maker.

Discuss the contents of your presentation, paying close attention to the components and steps of the budget cycle, how they relate to each other, and the constraints involved.

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Discussion Essay

Responses to the questions should be in essay format. Your answers must show originality, be straight to the point and not be more than 3 double-spaced pages to a question.

You have been invited for an interview for the position of a budget analyst in a major Florida county. As part of the interview, you are to give a presentation titled “The Budget Cycle: Federal, State and Local Governments of the United States.” Discuss the contents of your presentation, paying close attention to the components and steps of the budget cycle, how they relate to each other, and the constraints involved.