Discuss which type of market does that product belong to? and why? Discuss the price elasticity of demand for this chosen product to increase total revenue.

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Week 7: Interactive activity

7.1 Learning Outcomes

1. Explain the difference between explicit and implicit costs

2. Explain the difference between the short run and the long run

3. Explain the difference between variable and fixed costs

4. Apply the Principle of Diminishing Returns

5. Define economic cost and economic profit

6. Provide examples of production costs.

7. Evaluate a company’s cost structure

8. Recognize how changes in economic conditions affect a company’s profitability

7.2 Action Required:

Reading

Read the following to prepare for this week:

  • Survey of Economics, Chapter 5: Production Technology and Cost

Video:

MIT OpenCourseWare video lecture series, “Productivity and Costs”)

Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question.

http://www.youtube.com/watch?v=Q4iKuKAjzK0&list=SP61533C166E8B0028&index=10

7.3 Test your Knowledge (Question):

Question: Refer the video lecture, once an economist Malthus has predicted that production of food will slow down because of diminishing marginal product of labour, without increasing capital. So, continuous increase in demand due to increase in world population, some day may result in mass starvation. Now world population has increased more than 800% and there is no mass starvation as predicted.

Discuss what did Malthus get wrong?

7.4 Instructions

  • Answer the question in test your knowledge section.
  • Post your answer in the discussion board using the discussion link below (Week7: Interactive learning Discussion
  • Choose a product of your own choice and complete the following. [5 Marks]
    1. Discuss which type of market does that product belong to? and why?
    2. Discuss the price elasticity of demand for this chosen product to increase total revenue.

How does this session relate to the economic concepts we covered from our second exam this semester? Specifically, how did this session address any of the following: elasticity, consumer and producer surplus, externalities, costs?

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Principles of Microeconomics

Assignment: Political Economy Days

Description:
This assignment will help you synthesize the material we are learning in this course with events occurring outside our classroom (or our virtual space). Please attend or watch at least one of the Political Economy Days guest lectures. The schedule of events is included under Announcements on our Canvas page. Some of these lectures will be recorded; the information will be sent to you after the event concludes.

Instructions:
Answer the following questions for each Political Economy Days lecture you attended or viewed.

Responses for questions 2-7 should be at least several sentences.

1. Which Political Economy Days lecture(s) did you view? Please state the title of the talk and the name of the presenter.

2. In your own words, please provide a brief overview of this session’s topic.

3. After attending this session, how has it affected your understanding of the topic? Focus on if this session has challenged or reaffirmed your ideas. If this is the first time you’ve engaged in this subject, describe your reaction.

4. How does this session relate to the economic concepts we covered from our first exam this semester? Specifically, how did this session address any of the following: trade-offs, opportunity costs, marginal analysis, scientific method, demand, supply, or market equilibrium? (In some sessions the relationships may be obvious, in other sessions they may be more subtle – remember, economic principles are present in all aspects of everyday life!) In your response, be sure to properly define all economic concepts/terms you discuss in your answer. Please underline the economic term in your definition.

5. How does this session relate to the economic concepts we covered from our second exam this semester? Specifically, how did this session address any of the following: elasticity, consumer and producer surplus, externalities, costs? (In some sessions the relationships may be obvious, in other sessions they may be more subtle – remember, economic principles are present in all aspects of everyday life!) Be sure to properly define any economic concepts/terms you discuss in your answer as well.

6. How does this session relate to the economic concepts we covered from our third exam this semester? Specifically, how did this session address any of the following: competitive markets, monopolies, oligopolies, monopolistically competitive markets, labor, factors of production? (In some sessions the relationships may be obvious, in other sessions they may be more subtle – remember, economic principles are present in all aspects of everyday life!) In your response, be sure to properly define all economic concepts/terms you discuss in your answer. Please underline the economic term in your definition.

7. What additional questions do you have that were not addressed within the scope of the presentation (or the following Question and Answer session, if recorded)?

Do you think COVID-19 will reverse the trend of globalization and bring manufacturing jobs back to US?

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Globalization and US economics

  1. Discuss the impact of globalization, specialization, and international competition on US economy from different perspectives:
    • Consumers
    • Job market
    • Big corporation
    • Small business
    • Shareholders and investors
    • Government policy
  2. Do you think COVID-19 will reverse the trend of globalization and bring manufacturing jobs back to US?

Find the average propensity to consume level (APC). Provide an economic interpretation of this level from the world bank view. Suppose the import equation is 𝑴 = 𝜸𝟎 + 𝜸𝟏 ∗ 𝒀 where (𝜸𝟎, 𝜸𝟏) are constants to be estimated. Find (𝜸𝟎, 𝜸𝟏).

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Capstone Term Project Report

TASKS
For all the tasks below only use quarterly or yearly data for at least 30 years from ASIA’S REGION ONLY (GCC region is excluded).

1.1 (1 mark) Use real (or constant prices) household Consumption (C) and your data on real GDP (Y). Plot on the same diagram the 45–degree line (it is also called the real GDP line, Y) along with the consumption curve (call this Figure 1): 𝑪 = 𝒂 + 𝒃 ∗ 𝒀  where (a, b) are constants to be estimated.

HINTS: The frequency of the data for C, and Y must be the same (e.g., quarterly or yearly), and that you need to use constant prices of the same year for both variables (e.g., Consumption and GDP, at constant prices of 2005, or 100=2005, or any other year available).

1.2 (1.5 marks) Find the average propensity to consume level (APC). Provide an economic interpretation of this level from the world bank view.

2. (1.5 marks) On a new diagram (call this Figure 2), find the private saving equation and graph (assume Tax = 0).

3. (1 mark) Suppose the import equation is 𝑴 = 𝜸𝟎 + 𝜸𝟏 ∗ 𝒀 where (𝜸𝟎, 𝜸𝟏) are constants to be estimated. Find (𝜸𝟎, 𝜸𝟏).

4. (1 mark) Assume anything else is constant, define and compute the multiplier (K) for the chosen economy given that 𝑌 = 𝐶 – 𝑀

Write paper on your business strategy wooing the investors to fund your business model. Pick any stock market listed company like Microsoft, Apple, Amazon etc.

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Business strategy wooing the investors to fund your business model.

Write paper on your business strategy wooing the investors to fund your business model. Pick any stock market listed company like Microsoft, Apple, Amazon etc. You are to write as if you are the owner of the company and are trying to sell your company to get additional funding from investors. Present your best arguments – what your business is doing that competitors cannot. What are some barriers to entry, if any.

How does the statistical information influence your perspective on the topic? Did it change your perspective? Why or why not?

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Economics Question

You may earn up to 10 points by writing a one page single-spaced report analyzing a news article that has statistical content. Goals for this extra credit assignment are: 1) to connect ideas from this course to information and issues you encounter in relation to your personal life or role as a citizen and 2) to critically analyze statistical content in news articles. The report should include the link to the analyzed article.

What to include (each bullet is worth 5 points)

  • Point out examples of descriptive statistics and/or inferential statistics in the article you choose by explaining/defining each example and citing the textbook to demonstrate your learning of the material (just saying the key term or concept is not enough).
  • How does the statistical information influence your perspective on the topic? Did it change your perspective? Why or why not?

How does this company’s ratio compare to those of its competitors? Why is comparing this ratio to the industry average important? Explain how a well-managed supply chain can come into play here.

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Most current days of working capital (DWC)

Select a company of your choice, and calculate the most current days of working capital (DWC) that are available. Review page 656 in the textbook, and watch the short video segment “Working Capital,” which is one of the required unit resources in this unit. In addition to your calculations, include the information below in your essay.
 How does this company’s ratio compare to those of its competitors?
 Why is comparing this ratio to the industry average important?
 Explain how a well-managed supply chain can come into play here.

You may use the company’s webpage, or keep in mind that the CSU Online Library has several databases to choose from that are good starting points for your research:
 Mergent Online,
 Business Insights: Global,
 Business Source Ultimate, and
 ABI/INFORM Collection.

Your essay should be at least two pages in length. Use APA format to cite and reference all quoted and paraphrased material, including your textbook. Use a minimum of two sources, one of which may be the textbook. Include a title page, introduction, body, conclusion, and references page. An abstract is not required.

According to the Constitution of the United Mexican States (Mexico), which of these statements is FALSE ?

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 Constitution of the United Mexican States

According to the Constitution of the United Mexican States (Mexico), which of these statements is FALSE ?

  • A Men and women are equal before the law.
  • B All children must attend elementary school.
  • C Catholicism is the official religion of the country.
  • D Citizens must be at least 18 years of age to vote.

Noting the problems you presented above, what solutions do you have to help protect society? Offer an alternative solution that addresses the issues you noted in the rough draft and avoids the problems you noted above.

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Case study

Description

Part I – (this draws on welfare analysis regulation (Ch 4) to improve the argument made in the Rough Draft as well as describe an unintended consequence)

Consider rent control policies in the rental housing market and the negative aspects of this government intervention. In addition to improving your paper based on the feedback you received, add to your previous discussion of the US rental housing market using what you have learned about DWL and welfare analysis; specifically discuss efficiency concerns as a result of the intervention. You may have already discussed DWL in the rough draft, but you should elaborate on that discussion and really focus on what causes the DWL and in what ways is the loss generated, exactly who is impacted and how; give specific examples. Make sure you use multiple different economic terms from key concepts in chapter 4 throughout this part of the paper.

Part II – (this requires you to offer a creative alternate solution to the consequence you described above)

Now put yourself in the role of a social advocate. Noting the problems you presented above, what solutions do you have to help protect society? Offer an alternative solution that addresses the issues you noted in the rough draft and avoids the problems you noted above. Be creative, you are not limited to possible government interventions but should also consider potential interventions from other groups in society.