Principal Of Macro Economic

Principal of Macro Economic

Student’s Name

Institution

Explain the Economic Principles of Adam Smith

Adam Smith is considered to be the father of economic and therefore, he had a diverse belief on several economic issues. Adam Smith believed that countries should produce what they are good at and trade their produce. For example, Smith pointed out that there is not needed to grow grapes in Scotland while they are so plenty in France CITATION Ada11 \l 1033 (Smith, 2011). He believed specialization can improve human production a lot and therefore, people should invest their skills and the machinery and other technologies should be used to boost production.

Government policies that Foster Economic Growth

The government policies are essential for the economic growth of a country. Without effective policies, the economic growth of a country could perform poorly for a century. Therefore, the government policies which can foster economic growth are fiscal policy and monetary policy. Fiscal policy is the changing of government taxation and the rate of spending in order to influence the collective demand in the market. According to Mankiw (2017), if the government wants to increase demand in the economy, it would lower taxes and increase government spending. However, the monetary policy is regarded as affecting the supply of money and changing the interest rate. Therefore, if the government wants to encourage economic growth and increase spending, it lowers the interest rate charged by banks and other microfinance institution and increase the supply of money, though this could increase the inflation rate, it one of the best way to foster economic growth of a country.

3. Compare and explain why neighboring countries like Singapore & Cambodia, North and South Korea

The economic growth of a nation is determined by economic policies, and the kind of leadership being practice. The economic growth of North and South countries is different and South Korea is highly developed compared to North Korea. South Korea practices democratic leadership and leaders are accountable to the people. Its market is open because its economy is liberalized compared to North Korea where the state controls all the businesses and other economic activities CITATION CIA19 \l 1033 (CIA Report, 2019). The North is ruled under the communist system and therefore, the people have little say in the manner the country is governed. The North Korea market is closed and therefore, does not attract investors. This happens in other countries such as Singapore & Cambodia, where the Singapore market is open and businesses operate without government interference while the Cambodia government controls businesses.

References

BIBLIOGRAPHY CIA Report. (2019). Central Inteligence Agency . https://www.cia.gov/library/publications/the-world-factbook/geos/cb.html , 2-34.

Mankiw, G. (2017). Productivity and Nation in Principles of Economic. In G. Mankiw, Productivity and Nation in Principles of Economics (pp. 12-38). New York: Pearson.

Smith, A. (2011). The Wealth of Nations. https://www.adamsmith.org/the-wealth-of-nations, 2-15.

Principles Of Macroeconomic

Principles of Macroeconomics

Ana Sori

[Institutional Affiliation(s)]

Author Note

Principles of Macroeconomics

Most research articles emphasize the fact that research and development is an important factor even it comes to its contribution to the economic growth of a country. In addition to its direct contribution towards the economy of a state, it also has a spillover effect on the other businesses of the state. Investment in R&D is often considered as the measurement of the economic influence that a country can maintain its command over global politics CITATION Atl19 \l 1033 (Atlanta, 2019). As of 2018, the US is the world leader when it comes to investing in the area of development and innovation. These include areas like automation, artificial intelligence, and robotics, to note some important ones. However, there is a chance that the world would soon witness a new leader of R&D spending as China is on the heels of the US R&D spending as the former tries to cement its place in global politics.

This goes the same for the industrial policy as well. It is defined as the struggle and the plans that are undertaken by the state to encourage the growth and development of the economic sector of a country CITATION Lan93 \l 1033 (Landegger, 1993). Most scholars believe that a state needs to regulate its industrial policy, although their stances vary. For those who are against industrial policy, they believe that states with weaker economies should not be following selective trade policies. Instead, they should focus on the reformation in their overall trade structure. Those in favor think that states moving towards the start of their industrialization need regulatory policies due to weaker government structures, unsustainable development, and weaker institutions. They cement their argument with several examples of African states like Sierra Leone which turned to failed states due to lack of industrial policy. Therefore, we can conclude that the best approach is the one that maintains an oversight rather than an iron-fist control.

References

BIBLIOGRAPHY Atlanta. (2019). U.S. Military Research; New U.S. Military Research Findings from U.S. Army Research Laboratory Outlined (Development of a Computed Tomography System Capable of Tracking High-velocity Unbounded Material Through a Reconstruction Volume). 173. Retrieved from https://search.proquest.com/docview/2251485632?accountid=158399

Landegger, C. C. (1993). An increase in global competition demands the development of U.S. industrial policy. Agriculture Science Database, 91. Retrieved from https://search.proquest.com/docview/209779169?accountid=158399

McEachern, W. A. (2016). Macroeconomics: A Contemporary Introduction. Cengage Learning.

Principles Of Macroeconomic

Principles of Macroeconomic

Author Name

[Institutional Affiliation(s)]

Author Note

Principles of Macroeconomic

Unemployment Rate

A person who is willing to work and cannot find work to earn a livelihood is called an unemployed person. The rate of unemployment can be defined as the percentage of unemployed persons in the total labor force. The overall unemployment rate in the US was 3.5% in December’2019. This overall unemployment rate is regardless of the differences in the unemployment rate in different population groups in the country and therefore, it cannot portray an accurate picture of the unemployment rate in the country ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"14lUG73Q","properties":{"formattedCitation":"(A. McEachern, 2016a)","plainCitation":"(A. McEachern, 2016a)","noteIndex":0},"citationItems":[{"id":1234,"uris":["http://zotero.org/users/local/s8f0QVnP/items/68B8TUW5"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/68B8TUW5"],"itemData":{"id":1234,"type":"chapter","container-title":"Macroeconomics: A Contemporary Introduction","edition":"11th","event-place":"New York City, New York","publisher":"Cengage Learning","publisher-place":"New York City, New York","title":"Chapter 7: Unemployment and Inflation.","author":[{"family":"A. McEachern","given":"William"}],"issued":{"date-parts":[["2016",1,1]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (A. McEachern, 2016a). Although the overall unemployment rate was 3.5% in December 2019, the unemployment rate was significantly higher for different age groups. For instance, the unemployment rate was 8.6% for people aged 16-24 years. It was observed to be lower for people aged 25-29 years as they faced a 4.3% unemployment rate. However, this is still higher than the overall unemployment rate. The general trend in the unemployment rate is that it decreases as we move from younger to older population groups as the people belonging to the age groups of 45 and above have to face a 2.9% unemployment rate which is lower than the overall unemployment rate.

Actual and Anticipated Inflation

The most significant impact of any change in the actual inflation rate can be seen on the real interest rate as it is calculated as the nominal interest rate minus the inflation rate. An increase in the inflation rate means a decrease in the actual interest rate. Every lender and borrower of loanable funds makes anticipations about the future inflation rate at the time of lending or borrowing a loan. This anticipated inflation rate helps them realize the actual interest rate in the future and enables them to make decisions about their savings and investments.

If actual inflation exceeds the expected inflation, the real interest rate will decrease as compared to the expected interest rate which will be beneficial for the borrower as he will have to pay less interest on loans. The lender of loans, however, will have to face losses as he will get less interest. So, the purchasing power of a lender will decrease and for a borrower, it will increase.

Prices, Wages, and Interest Rate

Classical economists believe that prices, wages, and interest rates, all are fully flexible nominal variables and they work to restore equilibrium in their respective markets. The fully flexible prices ensure equilibrium in the goods market and there can be no overproduction. As any change in demand for supply will be absorbed through the adjustments in the prices, the flexibility of the wage rate makes it possible to achieve all-time equilibrium in the labor market. Labor demand and supply are functions of the real wage rate, while the nominal wage rate works like the stabilizer of the market. Classical economists hold the same view for the interest rate.

Keynes criticized the unrealistic assumptions of classical economists as they believe that every economic agent has full information about any change in the market and they adjust their behavior accordingly. Keynes argues that there cannot be full information and as a result, there can be disequilibrium in the markets.

The Financial Crisis of 2008

The Financial Crisis of 2008 was the most severe economic setback since the Great Depression. It hit almost all the developed economies of the world especially the economy of the US had to suffer a lot. Due to lower levels of investment and to boost the economy, the government of the US had to spend extra money. The government of the US adopted the expansionary fiscal policy to tackle the situation and as a result, it had to face huge budget deficits ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"SSNBBYus","properties":{"formattedCitation":"(A. McEachern, 2016b)","plainCitation":"(A. McEachern, 2016b)","noteIndex":0},"citationItems":[{"id":1235,"uris":["http://zotero.org/users/local/s8f0QVnP/items/KYWWZKJI"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/KYWWZKJI"],"itemData":{"id":1235,"type":"chapter","container-title":"Macroeconomics: A Contemporary Introduction","edition":"11th","publisher":"Cengage Learning","title":"Chapter 12: Federal Budgets and Public Policy","author":[{"family":"A. McEachern","given":"William"}],"issued":{"date-parts":[["2016",1,1]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (A. McEachern, 2016b). The government budget deficit was 0.46 trillion USD in 2008 which rose to 1.41 trillion USD in the very next year. The budget deficit remained very high for the four years as it was observed to be 1.29, 1.30, 1.08, and 0.68 trillion USD in 2010, 2011, and 2012 respectively.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY A. McEachern, W. (2016a). Chapter 7: Unemployment and Inflation. In Macroeconomics: A Contemporary Introduction (11th ed.). Cengage Learning.

A. McEachern, W. (2016b). Chapter 12: Federal Budgets and Public Policy. In Macroeconomics: A Contemporary Introduction (11th ed.). Cengage Learning.

Principles Of Microeconomics

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

Death of the Internal Combustion Engine

The world economy and the seven billion inhabitants of the world directly or indirectly depend on internal combustion engines in power stations, cars, airplanes and generators. The ‘death of internal combustion engine’ will result in job losses for millions of people in the automobile industry as well as the oil and gas industry. Mechanics, automobile factory workers and technicians in the oil industry will be hit the hardest. The people dependent on these workers as well as the middle-men will suffer as a consequence and unemployment rates will rise. Some of the biggest economies of the world who depend on oil such as Saudi Arabia will see steep declines in their revenues leading them into deficits that will affect all of their trade partners. Economic giants who import oil to fulfill their needs will have cash surplus on their hands and this will enable them to invest in innovative technologies meant to replace internal combustion engines. Countries such as Nigeria, for whom oil has become a burden rather than a source of profit, will benefit from the phasing out of internal combustion engines as they will move away from dependence on oil.

The world is already witnessing a lithium revolution, which has led to a significant rise in its demand. Lithium is the main component in batteries that are used in electric vehicles. Cars will need to be cheaper to buy and maintain so people shift towards electric cars. The charging times will have to be brought down to make them even more feasible and there will be a demand to make the batteries lighter in weight so efficiency can be improved further. Grid-storage will be in demand as the world realizes its potential to not just store electricity but also regulate it in case of uneven or inconsistent supplies in the case of wind or solar energy.

Professional Assignment 1

Economics Assignment 1

Jessica Shaffer

Economics Assignment 1

Chapter 4: Problem # 2

Between the group, the seniors would not be affected by price increases and the least price-elasticity of demand would be the least for membership in the Association of Business Professionals. The juniors earn lower than seniors and more than students, thus they would be in-between the senior executives and the student i.e. they would be having an intermediate level of price-elasticity of demand. Price-elasticity of demand for students would be the maximum. Amid the factors that determine the price-elasticity of demand an important role is played by the prortion of spending of the consumer’s out of the total income. As the senior executives earn the most and are also having the most disposable income, the junior executives are in-between their disposable income is lower than senior executives, and the students are earning the lowest and their disposable income is the lowest. Moreover, the location of elastic region is on the left side of the center of the demand graph and price increases suddenly decrease demand for the lower income class, therefore the senior executive’s demand would not be affected as much as would be affected in case of junior executives or the students CITATION Jer19 \l 1033 (R, 2019) CITATION Ano191 \l 1033 (Anon, SECTION 3: DETERMINANTS OF PRICE ELASTICITY OF DEMAND, 2019).

Chapter 5: Problem # 8

The maximum expense a person can make on all needed items is determined by the constraints set by his/her budget. At times the marginal utility earned by each additional dollar is similar in that case rational and optimal spending occurs. Maximum marginal utility earned is given by the following formula:

MUx/Px = MUy/Py

Marginal utility of good X is represented by MUx, and the marginal utility of good Y is represented by MUy, Px is the value of commodity X, and Py is the value of commodity Y.

As the fare has increased from $10 to $20 per trip, and there are 20 trips per month. So, the increased expenditure (keeping the number of trips at the same level) per month is $10 x 20 =$200. Ann compensates the increase in fares by reducing the expenditure by the same amount previously incurred on food. As a result, the marginal utility against each dollar for the train would decline and the marginal utility per dollar for food would rise. Economically we cannot infer from it that Ann behavior is rational, but practically the problem is that train ride to office is needed and due to limited resources Ann does not have enough resources to manage even if the prices increase CITATION AND19 \l 1033 (BLOOMENTHAL, 2019).

Because Ann’s budget is constrained because of having a limited and fixed budget. Due to increased expenditure on one good a smaller amount would be left behind to spend on the other goods. The same is the case here an increase in train’s fare has made Ann cut down other expenditure i.e. food in this case.

Chapter 5: Problem # 10

Graphically consumer surplus is the amount that a buyer pays in the marketplace and worth placed on product by the consumer CITATION CHR19 \l 1033 (MURPHY, 2019). It is calculated as the area of the triangle below the market demand curve and above the price line. In the following diagram, consumer surplus is the red colored zone in triangle:

30099008826500Numerically:

= 0.5 x ($10-$2) x 80,000

= 0.5 x $8 x 80,000

= $320k

Chapter 6: P4

There are six specific conditions that give rise to a perfectly competitive industry. One of these is the profit maximization rule, to maximize profits a company should select that level of productivity where MC equals MR and the MC curve is rising. In another way, production should be on the level where MC = MR. In addition economic efficiency condition that P = MC is the normal state for commercial productivity. This state means that the incomes are being utilized in a way that generates the maximum possible level of satisfaction CITATION Ano19 \l 1033 (Anon, 2019).

In the given case the amount for which P = MC, i.e. $2.50 at 570 slices per day. So, the seller would need to make sales of 570 slices/day. It profits would be (Price – Average Total Cost) x (Quantity) = $2.50 - $1.40 x 570 = $627 per day.

Chapter 6: P7

The primary objective of every private firm is to maximize profits, and the formula for profit is as follows:

Profit = Total Income – Total Expenses

The variable portion of direct expenses of the company is waging i.e $15/labor hour, and the fixed expenses are $60 on daily basis. So, the company would strive to decide that particular level of production where its revenue is maximized and resultantly profits are maximized after deducting the total costs (total of variable and fixed costs).

For example, at production level of 15 bats per day the revenue would be $10 x 15 = $150, variable costs are $15 x 4 = $60, and the fixed costs are $60. So, Profit = ($150 – ($60 + $60)) = $30.

At production level of 20 bats per

revenue would be $10 x 20 = $200, variable costs are $15 x 7 = $105, and the fixed costs are $60.

So, Profit = ($200 – ($105 + $60)) = $35$

At production level of 25 bats per

revenue would be $10 x 25 = $250, variable costs are $15 x 11 = $165, and the fixed costs are $60.

So, Profit = ($250 – ($165 + $60)) = $25.

From the above, we can conclude that at 20 bats per day the profits are maximized. Any quantity higher or lower than 25 bats per day decrease the profits.

If the fixed costs are only $30 per day the profits would be maximized at 20 bats per day in the following way.

Variable costs $15 x 7 = $105, Fixed cost = $30, Revenue = $10 x 20 = $200

Profit = ($200 – ($105 + $30)) = $65

Increasing the production to 25 bats per day would affect the profits in the following way: Variable costs $15 x 711= $165, Fixed cost = $30, Revenue = $10 x 25 = $250

Profit = ($250 – ($165 + $30)) = $55

The profit has decreased by $10 by increasing the production by 5 units only.

References

BIBLIOGRAPHY

Anon. (2019, June 3). Perfect Competition, Long-Run Equilibrium Conditions. Retrieved from amosweb.com: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=perfect+competition,+long-run+equilibrium+conditions

Anon. (2019, June 3). SECTION 3: DETERMINANTS OF PRICE ELASTICITY OF DEMAND. Retrieved from inflateyourmind.com: https://inflateyourmind.com/microeconomics/unit-3-microeconomics/section-3-determinants-of-price-elasticity-of-demand/

BLOOMENTHAL, A. (2019, May 23). Marginal Utility. Retrieved from investopedia.com: https://www.investopedia.com/terms/m/marginalutility.asp

MURPHY, C. B. (2019, May 6). Consumer Surplus Definition. Retrieved from investopedia.com: https://www.investopedia.com/terms/c/consumer_surplus.asp

R, J. (2019, June 3). Determinants of Price Elasticity of Demand | Goods | Economics. Retrieved from www.economicsdiscussion.net: http://www.economicsdiscussion.net/price-elasticity-of-demand/determinants-of-price-elasticity-of-demand-goods-economics/27466

Project

Name of Student

Name of Professor

Name of Class

Day Month Year

Project

Technology changes with time. From first communication device (telegraph) to the latest smartphones individuals made the demand for this technology. Apple is the company popular for its innovative technology. It is the major industry for laptop and smartphone manufacturing. Apple is an American multinational company, whose headquarter is in California. Sales of Apple products are increasing every year. Brand sales in 2013 were 170 billion while it reached 229 billion dollars in 2017. iPhone is the most popular brand of Apple company. About 60% of the total population of the United States consumes this brand. Latest news about the approval of the government request for the customer data access made consumers insecure regarding privacy policy. The latest transparency report of the company indicated that more than thirty thousand demands had been made by the government worldwide to access the 160 thousand devices approximately. The latest figure shows the nine percent increase in the demand for device access. Apple explained that the increase in the demand for access is mostly due to the investigation for stolen devices. German is the most demanding government while the US as well ranked highly with about 4.5 thousand requests for 15 thousand devices. About thousands of requests sent for financial identifier by the US. Apple is unable to reject the request unless it is inappropriate, invalid, or unclear. This news of transparency report made Apple customer curious. To maintain the loyalty of consumers CEO of Apple said that company made an effort to make their consumer's privacy as the priority over profit. The company can make a ton of profit if they monetized their costumer and treat them as a product ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"ONfjhRhi","properties":{"formattedCitation":"(\\uc0\\u8220{}Apple Admits Giving Governments Access to Thousands of IPhones and Other Devices\\uc0\\u8221{})","plainCitation":"(“Apple Admits Giving Governments Access to Thousands of IPhones and Other Devices”)","noteIndex":0},"citationItems":[{"id":62,"uris":["http://zotero.org/users/local/rVaVAHaF/items/PYHKHQ8B"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/PYHKHQ8B"],"itemData":{"id":62,"type":"webpage","title":"Apple admits giving governments access to thousands of iPhones and other devices","container-title":"The Independent","abstract":"Apple's Transparency Report reveals a 9 per cent rise in the number of demands for customer data in 2018","URL":"https://www.independent.co.uk/life-style/gadgets-and-tech/news/apple-iphone-ipad-government-data-privacy-transparency-report-2018-a8697761.html","language":"en","issued":{"date-parts":[["2018",12,24]]},"accessed":{"date-parts":[["2019",1,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} ("Apple Admits Giving Governments Access to Thousands of iPhones and Other Devices").

Many questions arise from this news, but the most important question is "Should there be more regulations in place to ensure consumer privacy?" Apple lies in two types of market structure at the same time. It can be considered an oligopoly for smartphones brands while it is monopolistic competition in computer brands. Different factor effect the price an output of the company such as substitutes of products, taste, and preference, and total income. Apple s one of the high priced brands, but high demand for the product is successfully made through different strategies. The high price is determined due to the unique features of the product. There are different companies in competition with Apple, but this uniqueness of technology and unique feature made Apple largest company of industry. Apple is also taken as a luxury item, and people demand it due to taste and preference. In nutshell factors that affect the output and price of the company include customer orientation, innovation, leadership, and production ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"aWVs5e9I","properties":{"formattedCitation":"({\\i{}Apple\\uc0\\u8217{}s Key Success Factors in the UK That Could Be Learned and Applied by Other Companies from the Same Industry by Edgar Wilson\\uc0\\u8239{}:: SSRN})","plainCitation":"(Apple’s Key Success Factors in the UK That Could Be Learned and Applied by Other Companies from the Same Industry by Edgar Wilson :: SSRN)","noteIndex":0},"citationItems":[{"id":64,"uris":["http://zotero.org/users/local/rVaVAHaF/items/Y423ZF2S"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/Y423ZF2S"],"itemData":{"id":64,"type":"webpage","title":"Apple's Key Success Factors in the UK that Could Be Learned and Applied by Other Companies from the Same Industry by Edgar Wilson :: SSRN","URL":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3152328","accessed":{"date-parts":[["2019",1,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Apple’s Key Success Factors in the UK That Could Be Learned and Applied by Other Companies from the Same Industry by Edgar Wilson :: SSRN).

If we analyze the news of privacy concern, we noticed that it could affect different microeconomic terms like demand and supply, strategic interaction and price discrimination. Lets us look each of these terms one by one.

Demand and Supply:

Demand and Supply model is the simplest but essential model of the microeconomics. It tells the behavior between the producer and consumers. Consumers made demand and producers made the supply. Demand refers to the quantity that a consumer is willing to buy while supply is the quantity that a firm or market can supply.

The effect of the news will be adverse on demand. If the customer faces any problem or insecurity from the goods and services demands go down. No one feels comfortable if their private information becomes public or used with their consent. As the government requested the information from the company, it will lead to the customer to feel insecure. He will try to maintain his privacy. For this reason, customers may move to other substitute product or company who will ensure their privacy. This will result in a decrease in the demand for company product. Demand curve will shift to the left which mean access to supply. When supply is more than the demand, company decrease their prices, but in the case of Apple they are unable to change the price as the company works in monopolist competition market structure. Monopolist competition is the type where there are no proper competition different companies' produce products that are dissimilar to each other. It men there is no perfect substitute. Therefore, change in price will not attract the consumers ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"IMsQNWxq","properties":{"formattedCitation":"(Roosen)","plainCitation":"(Roosen)","noteIndex":0},"citationItems":[{"id":67,"uris":["http://zotero.org/users/local/rVaVAHaF/items/C8Q6PEAB"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/C8Q6PEAB"],"itemData":{"id":67,"type":"report","title":"A Regional Econometric Model of U.S. Apple Supply and Demand","collection-title":"ISU General Staff Papers","publisher":"Iowa State University, Department of Economics","source":"ideas.repec.org","abstract":"Estimation of consumer and producer surplus changes that are caused by technology shifts requires knowledge of demand and supply elasticities in the markets in questions. Because apple production systems are very heterogeneous across the United States, growers' abilities to respond to technology changes and market forces differ widely. To capture the dispersion of responses, estimates of elasticities are needed for the different grower groups. To this end, a model of U.S. apple production was estimated at a regional level.","URL":"https://ideas.repec.org/p/isu/genstf/199904010800001318.html","number":"199904010800001318","language":"en","author":[{"family":"Roosen","given":"Jutta"}],"issued":{"date-parts":[["1999",4,1]]},"accessed":{"date-parts":[["2019",1,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Roosen).

Price discrimination:

Apple is a highly consumed brand. Increase in the demand of the products enables the company to increase the price of the product in order to maintain supply and production. From the past few years, demand for Apple product is increasing due to this reason Apple today is one of the highest priced brands in the world. Still, the price discrimination is not possible for the company. They made a high price only because of the unique feature they develop, latest technology, and monopolist competition market.

Strategic interaction:

It is the model between two companies that contain a different combination of the rules and outcome. A company made a decision which can affect the outcome of the other companies in return other company makes his strategy to avoid the loss or any risk for the company.

In this case, Apple Company is on risk as news can make their customer move to a similar group. Samsung is the largest competitor of Apple Company. Therefore we can say that customer may start using Samsung product instead of Apple. Samsung can take advantage of this news and start producing the product which has similar features to the Apple brand. On the other hand, Apple should play the card to minimize the issue created by the news. They should make the concerns of the consumer as their priority, and it will lead to the maintenance of consumer loyalty and total demand of the product.

Government Intervention:

Government intervention is harmful in this case. Government is the one who made these complications for the company. The government needs to make the policy that will efficient for both the consumers and company. The demand for consumer personal information and access to their data somehow questions on the individual freedom in the country.

Conclusion:

Apple is the monopolistic competitive company which is in the news due to the privacy issues from the consumers. Government is demanding to access to the consumer’s data that can create the complications. Customers may move to other substitute product or company who will ensure their privacy. This will result in a decrease in the demand for company product. Demand curve will shift to the left which mean access to supply ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"4oGy8AMZ","properties":{"formattedCitation":"(Smith)","plainCitation":"(Smith)","noteIndex":0},"citationItems":[{"id":66,"uris":["http://zotero.org/users/local/rVaVAHaF/items/4WEUIGSD"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/4WEUIGSD"],"itemData":{"id":66,"type":"article-journal","title":"Distribution channels for events: Supply and demand-side perspectives","container-title":"Journal of Vacation Marketing","page":"321-338","volume":"13","issue":"4","source":"SAGE Journals","abstract":"Distribution involves the dissemination of information, the means of booking and purchase, and product bundling or packaging. In an increasingly competitive market place, special events, like other tourism products, require an effective distribution strategy to reach their target tourist and local markets. This article systematically integrates data from interviews with events organizers and a survey of attendees at four events in Wellington, one of New Zealand's main event tourism destinations. The complexity of event distribution channels is influenced by the event's target market, capacity, partnership relationships, and other factors. Free events have simple distribution channels focused on disseminating information; channels for ticketed events are more complex. There is limited bundling of event tourism packages and a number of barriers exist to their further development in this destination.","DOI":"10.1177/1356766707081009","ISSN":"1356-7667","shortTitle":"Distribution channels for events","journalAbbreviation":"Journal of Vacation Marketing","language":"en","author":[{"family":"Smith","given":"Karen A."}],"issued":{"date-parts":[["2007",10,1]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Smith). The company cannot change the price of the product much to handle the risk, and there is the risk of strategic interaction with the Samsung company. Therefore it is concluded that the government should play a role to help the company to solve this issue. The loyalty of the consumer is the most important factor in this case. Only consumer loyalty and their trust can minimize the negative impact of the news on the apple company.

Works Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY “Apple Admits Giving Governments Access to Thousands of IPhones and Other Devices.” The Independent, 24 Dec. 2018, https://www.independent.co.uk/life-style/gadgets-and-tech/news/apple-iphone-ipad-government-data-privacy-transparency-report-2018-a8697761.html.

Apple’s Key Success Factors in the UK That Could Be Learned and Applied by Other Companies from the Same Industry by Edgar Wilson :: SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3152328. Accessed 25 Jan. 2019.

Roosen, Jutta. A Regional Econometric Model of U.S. Apple Supply and Demand. 199904010800001300, Iowa State University, Department of Economics, 1 Apr. 1999. ideas.repec.org, https://ideas.repec.org/p/isu/genstf/199904010800001318.html.

Smith, Karen A. “Distribution Channels for Events: Supply and Demand-Side Perspectives.” Journal of Vacation Marketing, vol. 13, no. 4, Oct. 2007, pp. 321–38. SAGE Journals, doi:10.1177/1356766707081009.

Project #1: Data Visualization (PUMS Data With Tableau)

Data Visualization (PUMS data with Tableau)

Student’s Name

Institution

Date

Introduction

The housing, health, and living condition of people have changed for the last two decades. In the United State, several people depend on food stamps, and in the housing sector have changed as well. Therefore, understanding the housing, health, living condition, and economic growth, including the inflation trend, require analysis of various data. This study is meant to analyze the housing and living condition or statues of residents of Oregon. The purpose of the study is to test different variables. The research focuses on the house income, inflation, and the economic or income status of mixed couples. It first analyzed the relationship between a person's weight and the age every people to determine whether there is a relationship between the age and the weight of a person

Age and person weight

This case, the relationship between weight and age of individuals were tested. This was to determine whether the age of a person affect weight. Based on the analysis, the P (T<=t) one is 0, and the P (T<=t) two is 0. In this case, it means that the p-value is less than 0.05, which is the significant value. According to Michael (2015), when the p-value is less than 0.05, it means that the null hypothesis is rejected and therefore, there is no significant value. It is, therefore, means that there is no relationship between the variance. In this case, it can, therefore, conclude that there is no relationship between age and the weight, and therefore, the age does not determine the weight of a person.

Variable 1

Variable 2

Mean

100.7445739

42.0665133

Variance

5786.708805

551.1620883

Observations

39992

39992

Pearson Correlation

-0.142522245

Hypothesized Mean Difference

0

df

39991

t Stat

141.8124539

P(T<=t) one-tail

0

t Critical one-tail

1.644891731

P(T<=t) two-tail

0

t Critical two-tail

1.96002325

The second variables tested by this study are the relationship between ADJINC and FINCP and HINCP in the housing. The analysis of the data established that there is a relationship between inflation, house income, and house ownership as well. The study shows that the income of many households depends on the type of couples. The analysis of the household income based on the kind of couples shows a unique trend; the study indicates that married couples have higher income compared to single couples. Though same-sex couples are insignificant, the analysis shows that same-sex couples have higher income compared to the rest of couples or straight couples. The study shows that the means mean income for same-sex couples across the city is $164,000, and the mean income for different couples is $142,000. According to the result of the analyzed data, it is evident that the income of the same-sex couples is higher compared to different couples. This goes to mean to single people as well since the mean income of single people is $95,021. With this study, it can be concluded that the majority of single people have less income compared to couples living in Oregon.

There are several challenges related to couples in marriage and household income. And therefore, to establish the problem or challenges faced by couples whether same-sex or straight couples, the data set of household income and people’s personal data were used. The problem was solved using a simple range by merging of the data and then subtracting to include the primary household. The average income for couples was analyzed to determine the living standard of the community. It includes the living standard of same-sex couples, parents living with grandparents, and a number of children in a family. It is, therefore, established that Based on the analyzed data, the house income of residents depend on whether both couples are working or not, and the number of children couples have. The analysis of the data establishes that couples with few kids, and both working have higher house income. The analysis of the mean of the house income is 112.0823558, and therefore, it can be concluded that the majority of residents have a good income. However, depth analysis of the income in relation to family indicates that most couples with homes or houses are both working and also having 1 to 3 children. It can, therefore, be concluded that families with fewer children have higher income and have an investment as well. It is, therefore, evident that parents with children and both are working are having higher income compared to other couples without children.

Column1

Column2

Column8

Column9

Column11

Mean

90.655872

Mean

2.1066702

Mean

2.7371307

Mean

2.8498384

Mean

1.9727127

Standard Error

0.551599

Standard Error

0.0101961

Standard Error

0.0082787

Standard Error

0.015508

Standard Error

0.0012801

Median

75

Median

2

Median

3

Median

2

Median

2

Mode

0

Mode

2

Mode

3

Mode

2

Mode

2

Standard Deviation

76.262423

Standard Deviation

1.4096838

Standard Deviation

1.0897729

Standard Deviation

2.0414033

Standard Deviation

0.1629244

Sample Variance

5815.9571

Sample Variance

1.9872083

Sample Variance

1.1876049

Sample Variance

4.1673273

Sample Variance

0.0265444

Kurtosis

7.0766569

Kurtosis

3.6741399

Kurtosis

1.2770929

Kurtosis

2.528609

Kurtosis

31.685262

Skewness

2.1115996

Skewness

1.340229

Skewness

0.1163765

Skewness

1.9230776

Skewness

-5.8035635

Range

754

Range

20

Range

7

Range

9

Range

1

Minimum

0

Minimum

0

Minimum

0

Minimum

1

Minimum

1

Maximum

754

Maximum

20

Maximum

7

Maximum

10

Maximum

2

Sum

1732887

Sum

40269

Sum

47429

Sum

49382

Sum

31954

Count

19115

Count

19115

Count

17328

Count

17328

Count

16198

It can be concluded that there is no relationship between age and weight of an individual. It is established that the income of households depends on whether the couples are working or not, and when both couples are working, the household income is higher compared to other couples.

Michael, J.., (2015), Economic condition and performing indicators. International Journal of

Economics, 25-145 (21).

Public-Private Partnerships ( PPP) In The Democratic Republic Of The Congo

Add Title Here, up to 12 Words, on One to Two Lines

Author Name(s), First M. Last, Omit Titles and Degrees

Institutional Affiliation(s)

Author Note

Public-Private Partnership in Democratic Republic of Congo

Public Private Partnership

When governments fail to manage finances and resources for the infrastructure of the country, they make a partnership with private sector companies to build and operate those projects. These kind of partnerships ensure more efficient results of a project and the contracts last for 25-30 years. Both parties are equally involved in the projects i.e. Private sector provides finances, participates in planning and implementing the project. Whereas, the public partner takes care of the progression and productivity.

Success or Failure Factors of PPP

For PPP to be successful a venture, governments are supposed to maintain their involvement as an equal partner. Public sector must set the standards for accountability and monitor product/service quality and safety. An appropriate legal framework, measurable output and transparency, keeping record of all the finances, revenues and costs. All these factors contribute towards the success of PPP CITATION Gab17 \l 1033 (Tati, 2017).

Failure of a Public Private Sector project could be caused by financial crisis, lack of profit rate and an unequal distribution of roles and responsibilities between public and private sector. In this kind of partnerships, private partner has a slightly stronger position so it is essential for the government to have more skilled participation.

PPP in Democratic Republic of Congo

One of the most famous and recent projects by the collaboration of public and private sector in Congo is The Telecommunication Infrastructure Projects. The country has remained unstable financially and there had been no development especially in the areas of science and construction. There were many risks and challenges in this project including political factors i.e. rebellion, delays by the authorities and incompetence of public sector bodies. In telecommunication projects, there are many issues that both private and public sector faced over the period of time such as property rights because the fiber cables have to be laid somewhere on the land. Local authorities did not facilitate the task due to which property owners put a hold on an ongoing project a number of times and it caused a major conflict between them. According to new environmental protection laws, it became difficult to meet the project requirements efficiently and productively. Dealing with natural factors i.e. weather conditions and human workforce made the project more challenging than it already was CITATION Jul18 \l 1033 (Julien Barba, 2018).

The lessons learned from this project are that to make the PPP a successful venture, fairness and trust must be the fundamental factors. Both Private and public partners must look at it as an opportunity rather than a competition and risk of losing control. The targets and goals of a project can only be achieved by fulfilling the operational and strategic realities CITATION Dim04 \l 1033 (Jamali, 2004).

References

BIBLIOGRAPHY Jamali, D. (2004). Success and failure mechanisms of public private partnerships. International Journal of Public Sector Management, 17-26.

Julien Barba, E. D. (2018). Public - Private partnership (PPP) The experience of Congo-Brazzaville. Research Gate, 90-99.

Tati, G. (2017). Public-Private Partnership in Telecommunications Infrastructure Projects : Case of the Democratic Republic of Congo. World bank Group, 188-197.

Quiz

Hussein

Quiz

7th April, 2019

1. Stereo headphones vs hearing aids

Stereo headphones, since they tend to be less of a necessity good than hearing aids. For each of the following goods, identify whether you would expect demand to be more(own-price) elastic in the short run or the long run.

2. If a rise in the price of good 1 decreases the quantity of good 2 demanded

A. the cross elasticity of demand is negative

3. Frank spends $75 on 10 magazines and 25 newspapers. The magazines cost $5 each and the newspapers cost $2.50 each. Suppose that his MU from the final magazine is 10 utils while his MU from the final newspaper is also 10 utils. According to the utility-maximizing rule, Frank should:

A. Reallocate spending from magazines to newspapers.

7. The ultimate purpose of indifference curve analysis is to illustrate that:

A. the individual is very much like a calculator, constantly conducting economic cost/benefit analysis before making a decision

8. You are the sales manager for a pizza company and have been informed that the price elasticity of demand for your most popular pizza is greater than 1. To increase total revenues, you should

A. decrease the price of the pizza

9. What will happen to the price elasticity of demand for Ford sport-utility vehicles (SUVs) when the government bans importation of SUV's from Japan?

A. The price elasticity of demand for Ford SUVs will decrease because other cars are viewed as less of a substitute.

10. An indifference curve shows all alternative combinations of two consumption goods that:

B. yield the same level of utility

11. the price of a bus ride decrease, but the total revenue of the bus company does not change. This means the demand for the bus rides must be approximately

A. unit elastic

12. Jermaine spends his money on cucumbers and lettuce. If the price of cucumbers falls, the MU per dollar of cucumbers will and Jermaine will cucumbers for lettuce.

B. Rise; substitute

13. If, when the price of a product rises from $1.50 to $2, the quantity demanded of the product decreases from 1,000 to 900, the price elasticity of demand coefficient, using the midpoint formula, i

A. 3

14. Demand is inelastic when

1. The quantity demanded is very responsive to changes in price

15. A consumer

B. is equally satisfied with any indifference curve

16. The marginal rate of substitution in a move down the indifference curve.

A. increases

17. According to indifference curves (IC) approach, at the point of equilibrium:

C. slope of IC = slope of budget line

18. Which of the following is not a property of an indifference curve.

C. Indifference curves are none intersecting

19. Suppose that Jessica’s MU/P is 8 for swimming lessons, 12 for voice lessons, and 4 for piano lessons. In order for Jessica to maximize total utility, she should definitely

A. takes more swimming lessons

20. Consider the three combinations of leisure and income represented by points A, B, and C. Which of the following is a correct statement?

D. Larry prefers C to A

21. Disney is considering a 10% decrease in ticket prices for its theme parks in summer. If the price elasticity of demand for the theme parks is inelastic during the summer

C. Disney's revenue from the theme parks will remain constant

22. if a consumer moves from combination A to combination B, calculate the consumer's MRS of the consumption good for leisure.

B. 0.04

23. Of the following, demand is likely to be the least elastic for A) Toyota automobiles. B) compact disc players. C) Ford automobiles. D) tooth picks.

D. Toothpicks

24. The table below shows the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4 and the price of product Y is $2. The income of the consumer is $ 20. The optimal combination of the two goods is the first 3 units of X and the first 4 units of Y. At this combination what is the total utility the consumer will receive? .

C. 136

Quiz

Quiz

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

Short Questions

What was the second industrial revolution? What were the key components? What role did industrialization play in the growth of urbanization and class distinctions?

Technology has changed from the late 19th to early 20th centuries (from 1850 to 1914). The advancement in the industrial sector, lead to the second industrial revolution. There were three main components of the second industrial revolution i.e., heavy industry, scientific innovation, and big business. Due to these three characteristics, living and working conditions improved. The main reasons for the improvement in living standards of the people included the emergence of labor unions, cultural changes, availability of jobs, and initiatives of the administration. Industrialization played an important role in the growth of class distinction and urbanization, by providing opportunities for better-paying jobs, making better conditions for labor, and leisure.

What was the Progressive Era? Why did the Progressive Era happen? Who was involved? What were the goals and how were they achieved?

The Progressive Era began in the early 1900s, through progressive reform. It started in the urban area, for returning control of the administration to individuals and by taking a stand against injustice. When injustice and inequality started to increase in society, people like Florence Kelley (an advocate), Muchraker (a journalist), and Robert Lafollette (a republican senator) participated in the reform. The main goals of the progressive era included creating economic reform by controlling big businesses, protecting social welfare through an equality-based judicial system, promoting moral movement, and fostering efficiency.

What changes did urbanization cause in the United States? How did cities change from 1876 to 1929? Did cities improve or worsen over time?

In America, urbanization affected the nation culturally, politically, and environmentally throughout 1836-1915. With the increase in economic opportunities, there was an increase in literature, artwork, mass communication and leisure time that affected the nation culturally. Changes like strict policies introduced by the government, affected the nation politically. While a rapid increase in population, benefits and hazard of surroundings resulted in environmental changes. During 1876-1929, negative changes were also observed. With the increasing population, crime rate increased rapidly. There was an increase in diseases like typhoid, dysentery, and cholera. Furthermore, the positive impact of industrialization started decreasing and the condition of the cities became worse.

Why did the United States fight in World War I? How did the war affect the United States domestically? What effects did the war have on the US?

The United States fought in World War I due to Germany’s decision to resume the unrestricted submarine warfare policy. The incidence of the sinking of America’s merchant ships became the immediate reason for entering into the war. Due to World War I, America became the world’s greatest industrial and military superpower. The late entry of America in the war resulted in less lives loss, and benefits for balancing the economy.

Quiz

Quiz

Ratio Analysis

Ratio Analysis

[Name of the Writer]

[Name of the Institution]

Ratio Analysis

The current ratio of the company is 1.19 which implies that the current assets of the company are more than the current liabilities of the company and they are able to pay their short term loans through current assets. The ideal current ratio of the company must be between 1 to 1.2 because if the current ratio of the company will be less then 1 or greater then 1.5 it will be a concern for the company. The current ratio analysis also gives rough idea to the company that they will be able to survive or not in a year. The Dept to equity ratio of the company is 5.08 which is considered as a high-debt equity ratio that shows the company is using the leverage to increase equity returns. Another benefit of high debt-equity is that the cost of the equity is typically greater than the cost of Dept. However, If the company has a debt-equity ratio which is very high, then the company may not be able to service its debt.

Rational And Behavioral Economics

Peter Codrington

Rational and Behavioral Economics

15th April, 2015

Rational choice is difficult to make to any person, even in the presence of an adequate system of information exchange, transparent economic regulation. Behavioral economics is the area of ​​knowledge that deals with these issues. It shows systematic failures in the rational behavior of people and the mistakes they make when making decisions. According to the PBS NOVA Mind over Money, behavioral economics is an area of ​​economics that studies the peculiarities of the influence of emotional, cognitive, and social factors on how people and companies make economic decisions, as well as the impact of these decisions on the market. We live not only in the world of market relations, but in the world of social norms and between those and others there may be inconsistencies and even conflicts.

Adam. Smith recognizes that the main motive of human activity in the economic sphere is self-serving interest. From the concept of self-interest, the policy of non-intervention, or "natural freedom" flowed. It is interesting to note that Smith’s thesis about the harmony of interests of various people is not a conclusion that follows from the action of the “ invisible hand"(i.e., objective economic laws), and the initial ideological premise based on faith in God and man; therefore, the search for economic laws rests on his belief in natural, original harmony. It is no accident that in describing the action of the" invisible hand " Smith is present not only in the economic aspect, which boils down to the beneficence for society of the unintended consequences of the targeted actions of people, but also the worldview - the belief in the wisdom of Providence, the recognition of the limitations of the human mind.

The authors of the article presented the results of a large number of experiments conducted by them, during which it turned out that very often people are not able to rationally assess the benefits and losses from their decisions. Unexpected conclusions for the classical economy were made. For example,

For example,

People tend to react differently to the situation, depending on whether they lose or win. So, the joy to get a prize equal to 100 rubles for a person is less than the bitterness of losing the same 100 rubles.

Even very familiar with mathematics, people tend to be mistaken in assessing the likelihood of certain events, taking into account the generally accepted stereotypes and delusions, as well as their own feelings.

References

Ashraf, N., Camerer, C. F., & Loewenstein, G. (2005). Adam Smith, behavioral economist. Journal of Economic Perspectives, 19(3), 131-145.

Referee Report

Name of student

Name of Instructor

Course Number

Date

Referee Report

Declining American Economic Growth Despite ongoing Innovation

This paper discusses the causes of the decline in the rate of economic growth in the US despite the advancement in technology. The study has considered various time phases while looking at economic growth in the US. The slowdown has been divided into two phases. The first phase is from 1920 to 2006 and the second phase is after 2006. The reasons for slowing growth have been studied as either being related to productivity growth or not. There have been different reasons identified by the author for the slowdown in growth. The demographic reasons include the changes in fertility, mortality, expected life span and immigration. In the demographic aspects, the main contributor to the slowdown was the decrease in growth of work hours which was in turn caused by the decline in population growth. The slower population growth reduced the inflow of new workers in the workplace. The increased life expectancy will mean that the population is aging and more people are dependent on the young working people. The decrease in the population growth is a combination of a decrease in fertility, decrease in mortality and changes in immigration. The author has pointed out a socioeconomic decay where the fertility has declined along with the rate of mortality. The participation of the labor force has declined because the number of hours worked by each person has declined along with the decline in population growth.

One of the economic reasons related to slow economic growth is the increased inequality in income growth. The overall growth in income is not equally distributed and the top 1 % of the population have got the biggest chunk of the increase. The bottom 90% of the population had a decrease in the real income as compared to an increase in the real income of the overall population. In this regard, there have been serious flaws in the methods used to compare the incomes of various groups.

The productivity based reason for slower growth is education. There has been a considerable decline in the productivity of labor over the period under consideration. Educational attainment is a considerable source of higher productivity but after a given point in time, the educational aspect is saturated. The percentage of the population that completed high school declined sharply after the 1980s. In order to measure the growth in productivity, the productivity index is used. The author should have used technical education instead of simple traditional education. In fact, the most appropriate consideration here would have been the skill-based variable. This is because the author has continuously reverted to the industrial revolutions.

There has been a considerable decrease in the productivity of all the developed economies of the world during the period under consideration. The productivity pattern for the US economy has shown a variable pattern. The increase in productivity was mainly attributable to the major inventions from the second industrial revolution. There was a considerable impact of the digital revolution on all the developed economies but this impact was different in the US as compared to other developed economies. The difference lies in the time span, in case of the US this impact is concentrated within a shorter time span while in case of other developed economies this impact was notable over a longer course of time. After 2006, the implementation of the digital processes in the business activities matured and slowed down. There was a considerable difference between the increases in productivity after the second and third industrial revolutions. The increase in productivity after the second industrial revolution lasted around 50 years as opposed to the increase in productivity after the third industrial revolution that lasted only 10 years.

This is a descriptive study that has used secondary data from various sources to describe trends in economic growth in the US. The growth has been studied within the phases attributable to the second and third industrial revolutions. Various social, demographic and economic variables have been studied to analyze the growth patterns in the economy. The authors have concluded that people lost their jobs due to globalization and automation. This trend coupled with the increasing inequality has resulted in people not seeing the future positively. The education attainment has no longer been considered a source of increased productivity. College education has become too costly for the masses.

Importance of the questions

The discussion regarding economic growth is an important aspect for the country as well as the masses. There are many factors that have been given in the paper. The most important ones are the second and third industrial revolutions. The authors have used the education variable to have an impact on the slowdown of productivity. In my opinion, technical education should have been used as a variable. The reason is that high school education is not directly related to the workforce output but technical education is. The paper is based on some secondary data and it has deduced some analysis from it. No proper statistical methods have been used by the authors. There is a mix of demographic, social and economic variables considered while studying the decline in economic growth. This means that no single dimension has been completely covered in this paper. The author has compared various parts of the world in terms of the variables discussed. This study ignores the most important part of the world namely Asia. This is because the demographic factors studied in this paper could best be studied in this part of the world.

Concerns with this paper

The major concerns with this paper relate to the usage of variables and data. The secondary data has been used by the author which relate to very further past. The variables that have been used related to different dimensions or categories. Thus, there has not been any convincing conclusion as to what causes the most decline in economic growth. The better way would have been to use the regression analysis on some fresh data and analyze those variables that affect the economic growth most significantly. Especially the education variable should have been changed with technical education. The regions selected have huge areas and lower populations, it could have been better if the author had chosen South East Asia as one of the regions. This would have allowed him to analyze the impact of changes in population on growth properly. Similarly, productivity is affected by many factors other than education. These factors include both on the job as well as of the job factors. The author has ignored these factors. The author has given some alternative aspects of the slowdown in economic growth. Investment in the business capital stock is one of them. Again, there are several considerations regarding this aspect. The ease with which the entrepreneurs can get loans is one of them. If the loans are easily available, the investment in capital stocks will increase and vice versa. Again, some regression model would have been more useful here. A comprehensive regression model would have taken into account the mismeasurement aspect of the error term. The paper shows some complex relationships between the variables considered. He has named such relationship as reverse causation. This sort of relationships can be assessed using statistical models.

Works Cited

BIBLIOGRAPHY Gordon, Robert J. "Declining American Economic Growth despite ongoing innovation." Explorations in Economic History (2018): 1-12. Article.

Regulation Of The Market For Alcohol In Australia

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REGULATION OF THE MARKET FOR ALCOHOL IN AUSTRALIA

Students Name

University

REGULATION OF THE MARKET FOR ALCOHOL IN AUSTRALIA

Quantitative analysis of the current market for cheap wine, based on the illustrative model given in the table above and an evaluation of the effects on this market of three possible policies (i) implementing a 13 per liter price floor on wine (1.30 per standard drink, in addition to the current tax) (ii) replacing the current 29 proportionate price tax with a volumetric tax of 5/L (0.50 per standard drink) and (iii) a combination of these two policies.

Quantitative analysis

In an economic perspective, demand is extensively influenced by customers buying behaviours and decisions. In the analytical context, the demand is depicted through a line or curve that features various combinations of price and quantity consumers are willing to pay to avail a particular service or product. The lower price refers to higher demand and elevated prices affect the demand negatively it is called the law of demand. Similarly, the below chart demonstrates that higher price reduced the demand for wine. Meanwhile, the prices inclusive of 29 tax and mitigated prices stabled the supply by 0.32. On the other hand, the supply that is exclusive of tax increased the quantity of the supply by 0.029.

13 per liter price floor on wine (i.e. 1.30 per standard drink, in addition to the current tax).

In this regard, the supply in inclusive of 29 of tax will convert into P1.30 0.08Q from P1 0.08Q, and for this change, the curve will be as follow. The graph demonstrates that even a shift in the price of inclusive tax lifts the demand slightly up.

Replacing the current 29 proportionate price tax with a volumetric tax of 5/L (0.50 per standard drink).

Even after implementing a volumetric tax of 0.50 per standard drink (Australian price 0.75 per standard drink), the demand curve slides up with a slight margin.

A combination of these two policies.

2.An illustrative model showing the operating position for an individual price-taking producer of cheap wine, currently in long-run equilibrium with an analysis of how this firm will be affected by these three polices.

Price-taker can be defined as a company or individuals that are bound to encounter the prevailing prices in the market the mechanism lacks the influence of market share on the market price. The interconnectivity between demand and supply signifies a determinant market equilibrium that in turn, makes both buyers and sellers price-takers such scenario is known as competitive equilibrium (Hayes, 2019). In real life instances, markets usually do not demonstrate a perfect competition however, some policies and their associated problems can be used as parameters to evaluate the supply and demand model. For instance, government-imposed tax policy affects the benefits of either sellers or buyers or both producers and consumers partially. In situations when consumer surplus dwindles, they have to pay increased prices of a product and has o deduct the buying events. Contrarily, the fall in producer surplus makes producers generate less and obtain a decreased net price. In scenarios when the total surplus gets down the government earns the revenue through taxes and therefore causes a loaded thrashing. Nevertheless, the case of cheap wine illustrates that the effects of taxes did not harm the demand curve because of the addictive nature of the commodity that somehow makes the price of product irrelevant against the associated utility.

All the three policies make an insubstantial difference to the long-run equilibrium of the cheap wine because it is almost an addiction and therefore increase in price seldom reflects as a significant demand drop. Secondly, the market is in perfect competition, and therefore, the producer of cheap wine can stay in business and hope for steady revenue. The marginal cost and average cost curve asserting that the price-taker producer is not encountering a loss either earning a significant profit. However, the firm will not get benefits from leaving the industry at this point because other businesses have limited incentives to enter the market at this time.

3. A discussion of alcohol policy

The sales and usage of alcohol is an exacerbated issue not only in Australia but all across the planet unfortunately, all the implied rules and regulation to prevent the adversaries encountered some substantial flaws. In 2016, it was pinpointed that Australias taxation system regarding alcohol is not accurately harmonized with economic and public health facades. At that time, it was observed that the taxing system against alcohol commodities only promoting the usage of cheap wine and in turn, elevating the harmful impact of such products (Dobson, 2016). Afterwards, in 2018, studies in the area of sin taxes explored the advantages and cons of implicating a sin tax on indulging activities and products. Sin taxes are the subject of sizzling debates because according to the experts, the implication of sin taxes obscures the primary purposes of its imposition. The two purposes can be categorized as daunting the peoples attitude and buying behaviour toward the product. The second purpose is to offset the disbursement to society against practising detrimental behaviour. As a result, the supporters of sin taxes allege that government necessitates an additional amount of monetary resources to deal with the sick and unhealthy populace and therefore the imposition of negative externalities on the society is a feasible initiative (Economist, 2018). When researched thoroughly, it was found that tobacco and alcohol were the most prominent items that less affected by increased taxes because of associated addictive attributes. The very study reflected that the change made in this regard is insignificant, and only a little effect was noted in the sales of alcohol and tobacco after augmenting the amount of taxes (Economist, 2018).

Contrarily, the application of floor pricing strategy that was opted by the Australian government in 2018 brought futile outcomes. Such regulations delivered the extra charged amount to rehab services, and the government has to confront a shaky taxed-based budget. Phenomenally, floor prices are defined as a minimum value, below which, sales of alcohol is banned. For example, if the price of a litre of wine is A5 at an average of five standard drinks, then it cannot be sold for A8.30 at least. The most prevailing con of the minimum or floor price tactic is the spending of exceeding money on alcohol-based products retrieved by the industry. In due context, it is observed that diminution in the utilization of commodity will not wholly compensate the augmented prices. Meanwhile, the levy that is collected by the government employed to finance NT alcohol programs that leave the government with no benefit (Livingston, 2018).

In this context, it is evident that no policy is adequate to its entirety when it comes to controlling the sales and consumption of alcohol. The graphs and economic situation of the paper also underline that increase in taxes did not hurt the demand curve as it should have. Therefore, the government should employ some qualitative intervention along with quantitative measures to mitigate the adversaries of alcohol usage along with its side-effects. Alcohol economic stratagem and effectual tax amendments are significant social and health concerns, and therefore the government needs to take active actions to perk up the quality of life and health altogether.

References

Dobson, C. (2016, August 3). Alcohol tax reform will save lives and money.  HYPERLINK http//actiononalcohol.org.au/alcohol-tax-reform-will-save-lives-and-money/ http//actiononalcohol.org.au/alcohol-tax-reform-will-save-lives-and-money/.

Hayes, A. (2019, September 3). Price-Takers What They Are, How They Work.  HYPERLINK https//www.investopedia.com/terms/p/pricetaker.asp https//www.investopedia.com/terms/p/pricetaker.asp.

Livingston , M. (2018). Minimum price on alcohol in the NT will likely reduce harm.  http//theconversation.com/minimum-price-on-alcohol-in-the-nt-will-likely- reduce-harm-92577.

Sin taxes-eg, on tobacco-are less efficient than they look. (2018, July 28).  https//www.economist.com/international/2018/07/28/sin-taxes-eg-on-tobacco-are- less-efficient-than-they-look.

REGULATION OF THE MARKET FOR ALCOHOL IN AUSTRALIA

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