Assignment is for an Managerial Economics class where ALL work will have to be ORIGINAL, No direct quotes from another writer or any book can be a part of the assignment. This teacher is very, very strict about plagirism and direct quoting that we are not allowed to do so in her class. I've taken her before and she actually reported me for plagirism for using a direct quote, even though I referenced it she still considered it plagirized because she does not accept outside sourcing in her class. :(
However, the questions are very easy and short. They do not have a word minimun, BUT they need to be concise, detailed and put thought and effort into them. I will list our syllabus rules that she gave us, so that you can be sure to meet them.
I would like to share with you my expectations regarding your answers to the Complete and posts to the Discuss.
1. There are no word limits for either section. Use your best judgment. Be complete but concise.
2. For the Complete, I expect to see YOUR thoughts and analysis. Therefore, I ask that you refrain from using outside sources on the Complete section. While you may certainly use outside sources to enhance your understanding, I am not looking for direct quotes from other writers. Please see the syllabus for further information and point deductions.
3. The Discuss is your opportunity to research other sources. I do expect to see several peer-reviewed sources on each post as you research your and your classmates’ topics. Again, try not to use a lot of direct quotes. A good rule of thumb is that no more than 10% of your post should be direct quotes.
4. I understand that we all have opinions, but try to put them aside while doing your work for this course. We are studying economic theory and learning how to apply it to our own lives. This requires critical thinking and an open mind.
5. I am always happy to look over your work ahead of the deadline. If you are ever unsure about an answer, or a question, please ask!
The Reading PDF book for Unit 1 is:
Discussion: Due Wed/Tomorrow
Costs and Benefits of Responding to Incentives:
PLEASE BE SURE TO REVIEW THE SYLLABUS REGARDING GRADE ASSIGNMENT FOR THE DISCUSS PORTION OF THE COURSE.
Explain a situation in which you responded to an incentive.
What were some of the benefits of how you responded?
What were the opportunity costs?
Did the benefits end up outweighing the costs or were the costs greater than the benefits?
For your responses to classmates, help them identify some additional costs or benefits from responding to the incentive. You may also choose to comment on their analysis of the outcome.
Jerimiah: A situation in which I have responded to an incentive was to buy a truck that was on sale. The benefits were that I got a new vehicle with lower miles and better gas mileage for a lower price than advertised. The opportunity costs were that I did not have the extra money to go on vacation with because I now have a vehicle payment. In the long run yes the new vehicle did outweigh the opportunity costs because I now have a vehicle that will last me longer and get better cash mileage than the last one I had, and I can eventually save up my money and go on vacation anytime. The money I will save over time because of the cost of gas will more than benefit me spending my savings on a new vehicle.
Lashall: Just last week in to pay my daughters phone bill. The company is switcher to a new provider. The sales clerk said that we all should turn in our phones to get an upgrade. I told the clerk I was not ready, she went on tell me that if I traded in all phones I would get the the upgrade, then she said if I need it that night she would give me the promotion that was supposed to take place next week. I got four phones for free and as an incentive my bill would be prorated for two months. It was an opportunity I could not miss. I got four new phones for free and I got my bill lowered for two months. I would be have to say the benefit outweigh the cost.
1. Define, in your own words, opportunity cost. What are your opportunity costs associated with attending Bethel’s on-line program? How do they differ from your opportunity cost if you chose a program that required attendance in a traditional face-to-face classroom? Be sure to list several costs. The costs may be monetary or non-monetary.
Using the concepts of trade-offs, absolute advantage, and comparative advantage analyze the following questions:
Should Bill Gates clean his home or hire a housekeeper?
Should you clean your home or hire a housekeeper?
Is Mr. Gates’ trade-off different from yours?
Discuss the following statement from the standpoint of TANSTAAFL: “Everyone in society should be guaranteed the best healthcare possible.”
Use the concepts of equity and efficiency to support your argument.
Classify the following statements as positive or normative. Explain.
a. Price controls should be in place to keep the price of gasoline under $3 per gallon.
b. Markets are usually a good way to allocate scarce resources.
c. The current healthcare market in the United States is inefficient.
d. The U.S. should guarantee everyone “free” healthcare.
Discussion Question: Applying Supply and Demand
Find an article or use an example from your own business experiences in which supply and/or demand changed. Do not choose the market for labor. The analysis for a labor market is different from a typical good or service.
Include each of the following in your initial post.
1. Explain which curve shifted and which shifter was affected. (If you think both curves shift, for simplicity, just choose one of the curve shifts to analyze.)
2. Discuss how equilibrium prices and quantities changed.
For your responses, help your classmates analyze their situation further or ask them questions about their scenario.
[Hint: Demand shifters are listed on pages 105-111 of your text. Supply shifters are covered on pages 116-119. I also go over the shifters in the Livescribe notes and the supplemental powerpoints that are provided in the Course Materials section.]
Reading PDF Book for Unit2:
Classmate Response: (Will come back to post once students have uploaded their responses).
Using the demand curve shifters (PYNTE), explain whether each of the following will increase or decrease demand for cell phones. Tell whether the demand curve shifts to the right or to the left.
a. A decrease in the incomes of consumers of cell phones.
b. An increase in the price of apps for cell phones.
c. An increase in the number of consumers in the market for cell phones.
Using the supply curve shifters (SPEND) explain whether each of the following will increase or decrease the supply of cell phones. Tell whether the supply curve shifts to the right or to the left.
a. The market price of the glass used in cell phone screens increases.
b. The number of firm that make cell phones increases.
c. Cell phone manufacturers expect the market price of cell phones to increase next month.
Read the following article regarding Cap and Trade policies.
a. What is a good or service market that might be affected limiting pollution via the cap and trade policy as described in the article? Explain.
[For simplicity, do not choose “jobs” or employment. Choose a good or service that would have its supply or demand affected by the cap and trade policy.]
b. Which of the shifters that shift either supply or demand (SPEND or PYNTE) does a Cap and Trade policy affect in the market you chose in Part (a)? Which curve (supply or demand) would shift in response to the policy? Will it increase or decrease?
c. Draw a supply and demand graph. Start with an initial equilibrium like you see on Slide #25 in the Attend section. Shift the curve in the direction that you chose in the previous section. Find the new equilibrium. (You do not need to turn in your graph. It is for your own use.)
Did equilibrium price increase or decrease? Did equilibrium quantity increase or decrease?
|Due By (Pacific Time)||01/14/2015 02:00 pm|
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