Project #40842 - Business Economics

1.       Lesson 1

a.       From Lesson 1 how many different definitions of economics can you find? Explain briefly how they are related to one another. [definitions, not descriptions].

b.      Why are private property rights important for the smooth functioning of an economy?

c.       From Lesson 1B draw a PPC with increasing opportunity costs. Show geometrically that for equal gains in fish, the sacrifice in fruit gets progressively larger. Explain this. [you may use PowerPoint or Microsoft Word drawing or anything that works for you to draw it and save it for submission.]

2.       Lesson 2

a.     From Lesson 2, it was argued that there are two ways of defining demand and that they lead to the same demand curve – the two views of demand are equivalent.  Explain this and support the argument that they are equivalent. [explain why you think they result in the very same demand curve no matter what definition you use].

b.      No seller would knowingly or willingly set the price in the region to the right of the maximum total revenue quantity. Can you explain this?

c.       Prove (or clearly explain) that the elasticity of any straight line that goes through the origin is unity (1).

3.         Lesson 3

a.       The simple case of a fixed per-unit tax is indicative of more complicated ones. Construct a similar analysis for a proportional sales tax and a progressive sales tax. How do the tax revenues, and quantities produced compare in these various cases?

b.      Explain the deadweight loss for the case of a subsidy.

Each question can be answered briefly. These are not essay questions. Make your answers clear and direct – and as brief as possible.

 

 

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Due By (Pacific Time) 09/25/2014 09:00 am
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