Discuss price elasticity of demand and how it is calculated. Explain the usefulness of the total revenue test for price elasticity of demand. List the factors that affect price elasticity of demand and describe some applications of price elasticity of demand. Describe price elasticity of supply and how it can be applied.

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Module 3: Consumer Behavior

After completing this module, you will be able to do the following:
⦁ Discuss price elasticity of demand and how it is calculated.
⦁ Explain the usefulness of the total revenue test for price elasticity of demand.
⦁ List the factors that affect price elasticity of demand and describe some applications of price elasticity of demand.
⦁ Describe price elasticity of supply and how it can be applied.
⦁ Apply cross elasticity of demand and income elasticity of demand.
⦁ Define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility.
⦁ Describe how rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase.
⦁ Explain how a demand curve can be derived by observing the outcomes of price changes in the utility-maximization model.
⦁ Discuss how the utility-maximization model helps highlight the income and substitution effects of a price change.
⦁ Give examples of several real-world phenomena that can be explained by applying the theory of consumer behavior.
⦁ Relate how the indifference curve model of consumer behavior derives demand curves from budget lines, indifference curves, and utility maximization.
⦁ Define behavioral economics and explain how it contrasts with neoclassical economics.
⦁ Discuss the evidence for the brain being modular, computationally restricted, reliant on heuristics, and prone to various forms of cognitive error.
⦁ Relate how prospect theory helps to explain many consumer behaviors, including framing effects, mental accounting, anchoring, loss aversion, and the endowment effect.
⦁ Describe how time inconsistency and myopia cause people to make suboptimal long-run decisions. Define fairness and give examples of how it affects behavior in the economy and in the dictator and ultimatum games.

Select and analyze a current event article. Perform descriptive and positive analysis of the current even in the form of a 250 word paragraph and relate to at least one core principal.

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Gains from trade

Select and analyze a current event article. Perform descriptive and positive analysis of the current even in the form of a 250 word paragraph and relate to at least one core principal.

Determine the direction in which the demand curve shifts when the price of substitute bottles of wine decreases by $1. Calculate the amount of the shift in the demand curve.

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Chapter 2 Demand and Supply Problem

Project Description:
In this problem, you will calculate the quantity demanded, quantity supplied, and equilibrium price. Then you will determine the effects of changes in the market conditions on equilibrium.

2 In cells D8-D14, E10-E14, H8-H13, and I10-I13, enter the coefficients and values for the market demand and market supply functions.

Note: Do not use the equal sign when entering a numeric value. The values for income and number of suppliers should be entered in thousands and the value for millennials should be entered in millions. 1
3 In cell H18, determine whether the quantity demanded increases or decreases when the price of Syrah increases by $1.

In cell J18, by using a cell reference, calculate the change in the quantity demanded. Refer to an appropriate cell among D8-D14.

Note: The change in the quantity demanded must be a positive number. 1
4 In cell H19, determine whether the quantity supplied increases or decreases when the price of Syrah increases by $1.

In cell J19, by using a cell reference, calculate the value of the shift. Refer to an appropriate cell among H8-H13.

Note: The change in the quantity supplied must be a positive number. 1
5 In cell H23, determine the direction in which the demand curve shifts when the price of substitute bottles of wine decreases by $1.

In cell J23, by using a cell reference, calculate the amount of the shift in the demand curve. Refer to an appropriate cell among D8-D14.

Note: The amount of the shift in the demand curve must be a positive number. 1
6 In cell H24, determine the direction in which the supply curve shifts when the price of substitute bottles of wine decreases by $1.

In cell J24, by using a cell reference, calculate the amount of the shift in the supply curve. Refer to an appropriate cell among H8-H13.

Note: The amount of the shift in the supply curve must be a positive number. 1
7 In cells H27 and H28, by using cell references, calculate the bottles demanded and bottles supplied, respectively, corresponding to Price of Syrah In cell H26. Use the Excel SUMPRODUCT function as a part of your formula. Use cell H26 and the appropriate cells among D8-D14, E10-E14, H8-H13, and I10-I13. 1
8 In cell H32, determine whether there is a shortage or surplus corresponding to Price of Syrah In cell H26.

In cell J32, by using cell references, calculate the amount of shortage/surplus. Use cells H27 and H28.

Note: The amount of shortage/surplus must be a positive number. 1
9 In cells H35 and H36, by using cell references, calculate the bottles demanded and bottles supplied, respectively, corresponding to Price of Syrah In cell H34. Use the Excel SUMPRODUCT function as a part of your formula. Use cell H34 and the appropriate cells among D8-D14, E10-E14, H8-H13, and I10-I13. 1
10 In cell H40, determine whether there is a shortage or surplus corresponding to Price of Syrah In cell H34.

In cell J40, by using cell references, calculate the amount of shortage/surplus. Use cells H35 and H36.

Note: The amount of shortage/surplus must be a positive number. 1
11 In cells E43-F49, do the following:

In cell E43, by using relative and absolute cell references, calculate the quantity demanded corresponding to Price of Syrah In cell D43. Use the Excel SUMPRODUCT function as a part of your formula. Use cells D43, D8-D14, E10-E14. Copy the formula from cell E43 down the column to cell E49.

In cell F43, by using relative and absolute cell references, calculate the quantity supplied corresponding to Price of Syrah In cell D43. Use the Excel SUMPRODUCT function as a part of your formula. Use cells D43, H8-H13, and I10-I13. Copy the formula from cell F43 down the column to cell F49. 2
12 In cell H50, by using a cell reference, determine the equilibrium price. Refer to an appropriate cell among D43-D49.

In cell H51, by using a cell reference, determine the equilibrium quantity. Refer to an appropriate cell among E43-F49. 1
13 In cell H54, by using cell references, calculate the quantity supplied corresponding to Price of Syrah In cell H50 and Costs of production In cell H53. Use the Excel SUMPRODUCT function as a part of your formula. Use cells H50, H53, H8-H13, I11-I13. 1
14 In cell K56, determine whether the change in the costs creates a shortage. 1
15 In cells E59-F63, do the following:

In cell E59, by using relative and absolute cell references, calculate the quantity demanded corresponding to Price In cell D59. Use the Excel SUMPRODUCT function as a part of your formula. Use cells D59, D8-D14, and E10-E14. Copy the formula from cell E59 down the column to cell E63.

In cell F59, by using relative and absolute cell references, calculate the quantity supplied corresponding to Price In cell D59. Use the Excel SUMPRODUCT function as a part of your formula. Use cells D59, H53, H8-H13, and I11-I13. Copy the formula from cell F59 down the column to cell F63. 2
16 In cell H64, by using a cell reference, determine the equilibrium price. Refer to an appropriate cell among D59-D63. 1
17 In cell H66, by using a cell reference, determine the equilibrium quantity. Refer to an appropriate cell among E59-F63. 1
18 Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed. 0
Total Points 18

What is different about urbanization in rich and poor countries?

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Urbanization

Referee Report on paper: • Chauvin, J. P., Glaeser, E., Ma, Y., & Tobio, K. (2016).

What is different about urbanization in rich and poor countries? Cities in Brazil, China, India and the United States. Journal of Urban Economics 98 p17-49.

What costs must be included in economic analyses according to these publications? What aspects are subjective versus objective?

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Sustainability in engeineering economics

Explain the implications of the principles espoused in the National Society of Professional Engineers’ Code of Ethics and Pope Francis’s encyclical, Laudato Si, on engineering economics.

What costs must be included in economic analyses according to these publications?
-three pillars of sustainability: Economics, Environmental, and Social
What aspects are subjective versus objective?
Include an argument for objective norms.

Explain what is meant by the term ‘globalisation’ and what is the link between globalisation and wellbeing? As the world looks to recover from the COVID-19 pandemic, give some examples of the ways that international collaboration and co-operation are important for the global recovery?

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International collaboration and globalisation

Your Policy Brief needs to consider the ways that the Australian economy is part of the Asian-Pacific region and connected to the rest of the world. Your team is analysing the ways that countries interact with each other for the purpose of elevating economic prosperity and overall wellbeing.

a) Explain what is meant by the term ‘globalisation’ and what is the link between globalisation and wellbeing? (2-3 sentences)

b) As the world looks to recover from the COVID-19 pandemic, give some examples of the ways that international collaboration and co-operation are important for the global recovery? In what ways has international collaboration been under threat during the pandemic, and what policy arrangements and institutional settings can help to ensure that countries continue to co-operate with each other in the future? (2-3 sentences)

c) The Australian Trade and Investment Commission (Austrade) reports on Australia’s trade patterns with the rest of the world, as illustrated in the map below. In its 2021 Benchmark Report, Austrade noted that “12 of Australia’s top 15 export markets are in the Asian region. China remained Australia’s largest trading partner in 2020, accounting for around 31% of total two-way trade. Japan and Korea continue to be important trade partners, representing around 13% of total trade.”

Source: Austrade, Benchmark Report 2021 https://www.austrade.gov.au/benchmark-report/global-ties (Accessed 1 September 2021).
Much of Australia’s exports with these Asia-Pacific countries include commodities such as iron ore, coal and agricultural products, but also include services such as tourism and international education. When Australia’s international borders reopen and visitors from China, Japan and South Korea can travel to Australia again, what do you predict will happen to the value of the Australian dollar, and why? (2-3 sentences)

a) Your team of economists is constantly monitoring economic conditions around the world, on the lookout for any potential economic shocks that could disrupt the global economy. In recent weeks, your attention has been focused on the UK economy which has been experiencing multiple economic challenges: shortages and price rises in fuel; shortages in transport workers due to the consequences of Brexit; and large disruptions to supply chains that are preventing the transportation of many essential products.
Visually illustrate this shock to the UK economy using the following AD-AS diagram. For simplicity, assume that the economy is initially at Y*.
Imagine that your economist colleagues working at the Bank of England have contacted you to ask for your economic advice. Australia has recently signed on a new trade deal with the UK and it is in Australia’s interest for the UK economy to restrengthen. What ‘doubly problematic’ macroeconomic concerns would you alert them to in relation to this type of economic shock? (1-2 sentences)
The Bank of England is trying to figure out the most appropriate monetary policy response in this situation. Your colleagues inform you that they are concerned about unemployment, but even more concerned about inflation. What monetary policy prescription would you recommend? (2-3 sentences)
Adding on what you have already illustrated in your AD-AS diagram, illustrate what would happen to the UK economy if they adopt your policy advice. Use the bullet points to explain each step Be sure to show the final effect on Output and Price Level, relative to your starting equilibrium.

Illustration of the economic shock on the UK economy and your recommendation for the Bank of England’s monetary policy response

Use these bullet points to firstly explain the shock being experienced by the UK economy, followed by an explanation of your policy advice to the Bank of England. Be sure to refer to every element on your AD-AS diagram:

Identify what type of monetary policy did the RBA implement in that month? What actions would the RBA have needed to take to achieve this change in the cash rate, with respect to Open Market Operations and money supply? Which part of the AD-AS model was this policy aiming to shift?

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Monetary policy and financial stability

The Treasury is paying close attention to the policy responses that Australia’s central bank, the Reserve Bank of Australia (RBA), is taking to help mitigate the economic fallout of the COVID-19 pandemic.
⦁ Based on the announcement that the RBA Governor made in November 2020 (see the RBA Monetary Policy Statement), identify what type of monetary policy did the RBA implement in that month? What actions would the RBA have needed to take to achieve this change in the cash rate, with respect to Open Market Operations and money supply? Which part of the AD-AS model was this policy aiming to shift? (3 sentences)

Place a description of the plant, including where it is found and its natural habitat; what does it do for that habitat; and a picture of the plant.

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Wetland Plants

Search the Internet and find 10 common wetland plants (5 Freshwater & 5 Saltwater Species) native to Georgia. Produce a Powerpoint or Google Slides that contains a slide for each of those species. On each slide you need to place a description of the plant, including where it is found and its natural habitat; what does it do for that habitat; and a picture of the plant. Include a title slide and a bibliography slide that includes links to the sites where you found your information. Upload the completed PPT into the drop box.

What market structure best describes the beauty industry in the US?

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Beauty industry in the US

Ib extended essay structure. Must contain Monopoly, oligopoly, perfect competition and monopolistic competition as well as supply and demand. Use simple English with key terms and good terminology. try to have at least 4 graphs/ economic diagrams and lots of statistical facts. MLA8 citation and in text citation.

Define and explain how perfect competition or a highly competitive markets impact the supply of goods and services? Explain these economic concepts applied to a specific highly competitive UK-based industry between 2010 and 2019.

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Production decisions in UK manufacturing between 2010 to 2019

Task 1: Answer the following question

“When and why do inputs and costs impact the production decisions related to the supply of goods and services? Explain these economic concepts using examples from within the UK economy between 2010 and 2019”

• Task 2: Answer the following question

“Define and explain how perfect competition or a highly competitive markets impact the supply of goods and services? Explain these economic concepts applied to a specific highly competitive UK-based industry between 2010 and 2019”.