Macroeconomic Paper

Macroeconomics

Macroeconomics

[Name of the Writer]

[Name of the Institution]

Unemployment has become one of the significant issues of almost every country. Canada has also been a target of this calamity as well but there are many ups and downs in the Canadian economy. For the past four decades, the unemployment rate of Canada has dropped drastically, but September 2018, has proved to be a month of such a great relief as the Canadian economy added around 63,300 jobs for reducing tensions of the people who were getting into depression because of unemployment. These job opportunities helped a lot in pushing down the rate of Canadian unemployment to 5.9 percent. The data that was collected for breaking this new involved the observation of three months that were full of hazardous twists and turns. If statistics of the blockbuster labor market are to be believed, it could be seen that there was a fall of around 52,000 positions in the employment section in August and surprisingly there was a gain of 54,000 jobs in July. By taking this result in consideration, economical conditions of other countries could be assumed from where people used to migrate to Canda in search of better life and job opportunities.

One of the most significant issues that are attached to this unstable and all-time fluctuating situation of job loss and job gain, is becoming an area of prime focus for the economists. People and particularly economists are trying to digest these shocks and aftershocks of unemployment, but this instability of this gain and loss of jobs, is incorporating more insecurity and restless in people. The economists who were expecting just a little gain in the area of jobs in the month of September were much surprised by looking at such a considerable drop in the unemployment section. This was an indication that economic conditions are going to work well for the coming few months but there was no assurance about the stability of these jobs that were offered in September because of the unknown evaporation of jobs. The number of jobs that were offered blew economic experts as it went a lot higher than their expectations. One of the senior economist Royce Mendes was much shocked and wrote about this drop that the number went beyond his expectation and it’s a good omen for the Canadian economy that is going through a severe crisis.

No one can deny this fact that there is a difference how general public analyses a news and how an economist is going to dissect the news for analyzing it. Though this addition of the jobs is going to work well just like a back to the sinking economy, the situation is still not satisfactory as the jobs that have been offered were for the part-time section only. Though this fact has faded the shine and charm of this news but still there is still a hope as it is said that "a drowning man catches at a straw" this drop rate in unemployment is going to help Canada in making the threatening situation a little better. The situation is expected to be a bit better as there are opportunities in the section of hourly earnings that are growing at a slower rate as well. Hourly earnings are going to be a source of relief for those who are not going to get full-time jobs. They are going to have something then sitting idle but only a few are going to take this advantage as well because these hourly earnings are growing at prolonged rate of 2.4 percent that was 2.6 last year in the month of August that was at the rate of 3.3 at the beginning of this year according to the chief economist of BMO Financial Group Douglas Porter.

End Notes:

Alini, Erica. 2018. "Canada Adds 63K Jobs In September, Unemployment Rate Dips To 5.9%". Global News. Accessed January 11 2019. https://globalnews.ca/news/4519783/canada-63k-jobs-september-2018/.

Macroeconomics

Extra Credit ECO

Answer the questions below. Must be typed, double spaced.

1.Who appoints the members of the Federal Reserve's Board of Governors, and who must approve or confirm these appointments?

The board of governors of federal reserve have seven members, who are appointed for 14 years. And they are appointed by president and confirmed by the Senate. (ECO 14, p.279)

2. How long is the term of a Fed Res Governor? Why so long?

The Board of Governors functions with significant independence. Presidents and members of Congress can put political pressures on the BOG, but their 14-year terms incline to protect the members from outside pressures. The current chairman of the Federal Reserve is Janet Yellen, who began her term on October 4, 2014. (ECO 14, p.279)

3. Who are the permanent and rotating members of the Federal Open Market Committee? (not their names but the position they hold)

The FOMC is a 12-member board containing of the seven associates of the Board of Governors, the president of the New York Federal Reserve Bank, and the presidents of four other regional Federal Reserve Banks. (The presidents of the regional banks other than New York serve on a rotating basis; the seven nonvoting bank presidents attend the meetings and offer their opinions.) The chairperson of the Board of Governors also serves as the chairperson of the FOMC. The FOMC makes the actual decisions on changes in the money supply. Its members are assisted by vast teams of professionals at the Board of Governors and at the regional Federal Reserve Banks. (ECO 14, p.279)

4. How many Federal Reserve districts are there?

List 8 of the district cities in which there is a Federal Reserve Bank. (not Washington DC which is the location of the central Federal Reserve Bank)

The 12 Federal Reserve Banks are dispersed crossways the United States. These district banks serve as a Liaison between the Fed and the banks h their districts. Hawaii and Alaska are in the 12th district which is headquartered e San Francisco. It includes; Chicago, Dallas, Atlanta, Minneapolis, Cleveland, Boston, New York Philadelphia, Richmond , St. Louis. (ECO 14, p.280)

Macroeconomics Paper

Name

Instructor Name

Subject

Date

Research Essay: Macroeconomics

Introduction

The economy of a country plays a pivotal role in the determination of the living standard of its citizens. This is one of the most important duties of the government to take care of the economic well-being of its population. Economic well-being can be defined as the financial security of people. The economic well-being of an individual is highly correlated with the economic development of its home country. There is a huge number of financial and social indicators that can show the economic performance of an economy. In financial indicators, we mostly focus on GDP, GDP per capita, GDP growth rate, savings rate, investment rate, inflation rate, unemployment rate, current account balance, fiscal balance, and data on many more indicators are measured regularly. The U.S. Bureau of Economic Analysis is responsible for the collection of data on macroeconomic indicators.

In this research paper, we will briefly discuss the current economic outlook of the American economy with the help of imperial data and economic theory. Furthermore, we will also try to forecast the economic performance of the U.S. in the context of economic theory and literature.

Current Economic Outlook of U.S.

The economy of the U.S. is a highly developed mixed economy and is ranked as the largest economy of the world by nominal GDP and the second-largest economy by real GDP with the amount of 21,525.8 billion USD. Its GDP is growing at an annual rate of 1.9% in the 3rd quarter of 2019 ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"elmYnvJT","properties":{"formattedCitation":"({\\i{}U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)})","plainCitation":"(U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA))","noteIndex":0},"citationItems":[{"id":924,"uris":["http://zotero.org/users/local/s8f0QVnP/items/CC27N3G6"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/CC27N3G6"],"itemData":{"id":924,"type":"webpage","title":"U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)","URL":"https://www.bea.gov/news/glance","accessed":{"date-parts":[["2019",11,20]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)). GDP growth rate in the 3rd quarter this year was less than the growth rate of GDP in the 1st and 2nd quarters. GDP growth rate is considered the most important indicator of the economic performance of a country, and it is going pretty well in the country. The annual growth rate of 2-3% is considered good for an advanced economy like the economy of the U.S. Personal disposable income is another important indicator of an economy. Personal income is another indicator of economic well-being, and it increased by 0.3% in September 2019. Total government receipts were 5764.5 Billion USD in the 2nd quarter of 2019, while expenditure was 7123.0 billion USD during the same time. The government of the U.S. had to face a budget deficit of 1502.9 Billion USD in the 2nd quarter of 2019, which was the highest budget deficit in the last seven years. After discussing the financial data of the domestic American economy, now we take a look at some indicators of internal data indicators. U.S. exported goods to other countries worth of 414.6 billion USD in the second quarter of 2019 and imported goods from other countries worth of 637.9 billion USD in the same quarter. While at the same time, the American exports of services were 207.8 billion USD, and imports of services were 147.8 billion USD. The current account balance of the U.S. was 128.2 billion USD in deficit. The current account measures the trade of goods and services of a specific country with other countries. It also includes transfer payments made by an economy. The average unemployment rate remained around 3.7% during the first three quarters of 2019, while the average inflation rate remained at 1.6% during the same time ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"tk1NE7rS","properties":{"formattedCitation":"({\\i{}U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)})","plainCitation":"(U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA))","noteIndex":0},"citationItems":[{"id":924,"uris":["http://zotero.org/users/local/s8f0QVnP/items/CC27N3G6"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/CC27N3G6"],"itemData":{"id":924,"type":"webpage","title":"U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)","URL":"https://www.bea.gov/news/glance","accessed":{"date-parts":[["2019",11,20]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)). The overall economic look of the American economy looks pretty good, considering the above-stated indicators.

Besides these financial indicators of an economy, there are some socio-economic indicators that measure the overall well-being of the residents of a country. Among all of the socio-economic indicators of economic development, Human Development Index (HDI) is of most importance. This index is also used by the United Nations Development Programme (UNDP) to evaluate the real economic development of a country. HDI is a statistical way of measuring economic development, and it included three indicators of life expectancy at the time of birth, income per capita, and education ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"X9bGHkgX","properties":{"formattedCitation":"(Anand and Sen)","plainCitation":"(Anand and Sen)","noteIndex":0},"citationItems":[{"id":937,"uris":["http://zotero.org/users/local/s8f0QVnP/items/XLPWXXRA"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/XLPWXXRA"],"itemData":{"id":937,"type":"article-journal","title":"Human Development Index: Methodology and Measurement.","author":[{"family":"Anand","given":"Sudhir"},{"family":"Sen","given":"Amartya"}],"issued":{"date-parts":[["1994"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Anand and Sen). According to the reports of UNDP, America ranked at no. 13 in the HDI ranking of 2018.

Me in My Professional life

Choosing a profession is a very critical decision in one's life, and it should be done after considering many aspects. To choose any profession, first, we should find out our interest and aptitude. We should always choose a profession in which we can enjoy our work. Moreover, we should also observe the market and economic trends in the country while choosing a profession. We should try to choose a field where we can get financial security and many opportunities for a career.

Economics is a subject in which I have a profound interest, and I would like to grow my career in the field of economics. After completing my school, I will do graduation with a major in economics, and then I will do my masters in economics also. After completing my education after 7-8 years, there will be a huge no of options open for me to start my professional career. With a master's degree in economics, I will be able to join a financial institution as a market analyst or data analyst or pricing analyst. The key function behind this job will be to provide opinions and suggestions to customers after making research on data and trends in the market. An economic and financial analyst is a profession with a huge no of job opportunities. According to the recent data of the Bureau of Labour Statistics, the unemployment rate is very low in the professions related to financial services. In October 2019, the overall unemployment rate was at 3.3% in the country. But this unemployment rate decreased to 1.8% in the fields related to finance ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Y1Qnaa2V","properties":{"formattedCitation":"({\\i{}A-30. Unemployed Persons by Occupation and Sex})","plainCitation":"(A-30. Unemployed Persons by Occupation and Sex)","noteIndex":0},"citationItems":[{"id":933,"uris":["http://zotero.org/users/local/s8f0QVnP/items/K9F9ENQR"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/K9F9ENQR"],"itemData":{"id":933,"type":"webpage","title":"A-30. Unemployed persons by occupation and sex","URL":"https://www.bls.gov/web/empsit/cpseea30.htm","accessed":{"date-parts":[["2019",11,20]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (A-30. Unemployed Persons by Occupation and Sex). On the bases of forecasts made by different international institutions like the International Monetary Fund (IMF) and the United Nations (U.N.), we can say that job opportunities will further increase in the field of finance.

Economic Forecasts for the U.S. and My Financial Goals

Economic forecasting is a wide subject, and there are many well-known and established organizations that made forecasts on different economic indicators of countries. The economic forecast is done by using past empirical data and economic theory and after considering many socio-economic and political indicators. The economic forecasts for the GDP growth rate of the U.S. are made many different organizations, and it ranges from 1.9-2.4% annual growth rate for the next decade. IMF projections show that the U.S. economy will grow with an average annual GDP growth rate of 1.6%. The forecasted growth rate of 1.6% is pretty low as compared to the past GDP growth rate of the economy. The GDP grew at an average growth rate of 3.2% between the periods of 1950-2018 ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"X0ZtiQXN","properties":{"formattedCitation":"({\\i{}How Fast Can America Grow? | Committee for a Responsible Federal Budget})","plainCitation":"(How Fast Can America Grow? | Committee for a Responsible Federal Budget)","noteIndex":0},"citationItems":[{"id":935,"uris":["http://zotero.org/users/local/s8f0QVnP/items/HYKZ9CBD"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/HYKZ9CBD"],"itemData":{"id":935,"type":"webpage","title":"How Fast Can America Grow? | Committee for a Responsible Federal Budget","URL":"https://www.crfb.org/papers/how-fast-can-america-grow","accessed":{"date-parts":[["2019",11,20]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (How Fast Can America Grow? | Committee for a Responsible Federal Budget). Economists claimed the population's demography of the U.S. as a source of the decline in the GDP growth rate of the country. The portion of aging people will increase in the next decade, and the labor force will decline.

My financial goal is to set up a financial advisory company within the next 10 years. First, I will do a job in some well-established financial firm to get practical exposure to the field. I will try to improve my financial and analytical skills during my job so that it can help me when I start my own company. My job in a financial company will increase my knowledge of the market and will help to make contacts that can be necessary for starting a company. My savings during my job will help me financially to start my own company. Commercial banks can also provide me with loans, although economic forecasts for the American economy show a consistent and relatively slow growth rate for the next decade. But I am hopeful that there will be no severe recession in the economy in the next ten years that can create hurdles in the establishment of my own financial consulting company.

Works Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY A-30. Unemployed Persons by Occupation and Sex. https://www.bls.gov/web/empsit/cpseea30.htm. Accessed 20 Nov. 2019.

Anand, Sudhir, and Amartya Sen. Human Development Index: Methodology and Measurement. 1994.

How Fast Can America Grow? | Committee for a Responsible Federal Budget. https://www.crfb.org/papers/how-fast-can-america-grow. Accessed 20 Nov. 2019.

U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA). https://www.bea.gov/news/glance. Accessed 20 Nov. 2019.

Make One

Name of Student

Name of Professor

Name of Class

Day Month Year

Economics

A tale of three cities

In this article Mark Schapiro picks the audience and takes them to the carbon- rich world tour; where same deranged powers are diversifying our natural resources, reconstructing our economy, carrying chaos with corporate estimations and political power and reversing our comprehension of the real dangers, risks, costs and future apperceptions. He starts his essay documenting the effectiveness of carbon—the mother of all the greenhouse gases and pollutants—and puts a dilemma forward to the audience that economists and environmental professionals are called upon and asked to seek ways for reducing the consumption of carbon and at the same time it is factored in nearly all the long- term financial plans. He emphasized that example of Pittsburgh, Guangzhou and Manchester synchronizes purely with the term; my production is your consumption and my consumption is your pollution. This is because these cities share a carbon history with each other; Pittsburgh, two decades back, was the one of the polluted cities that consumed higher carbon compounds to produce energy however a huge shift was seen in its carbon consumption during 2013 as its industrial tools were shifted to Guangzhou—a Chinese city—where it produced greenhouse gasses for USA and UK. Hence, both Manchester and Pittsburgh became miraculously green and pollution free. Although global climate talks, for almost two decades, have focused more on how polluters can be paid for their environment- threatening activities, however, it is still inconclusive that what would be the cost, who will pay? To whom will he pay? It is still a concealed financial mystery.

Why equality is likely to make a comeback?

Ronald Inglehart emphasized on the economic inequality in United States particularly with reference to the income statistics. He suggested that during 1915, 18% of the national income was comprised of one percent richest Americans. In 1930s this share underwent massive plummet and remained below 10% till 1970s. However, by the end of 2007, this share has risen to a considerable degree i.e., 24% of the total national income. The rise of inequality is exceedingly greater particularly when we talk about household wealth rather than income. Most of the countries that are the members of the Organization of Economic Cooperation and Development (OECD) are experiencing substantial rise in income disparities from the year 1980 to 2009. According to him, this increase in economic disparity is the result of modernization and capitalism. The Great Depression and World Wars led the governments to ensure the redistribution of money around the globe and at national level due to which a substantial fall in income disparity was seen. However, when nations overcame this shock and became economically stabilized, a great rise in income equality was manifested as evident through above mentioned statistics. This rise in economic inequalities is largely associated with the fluctuations in the balance of political power between elite forces and masses; driven by the pervasive and perpetuating progression of modernization.

Making Rich the Richer

This article was published by Rana Foroohar; a finance expert who seems to be dissatisfied with the banking system particularly with respect to its deteriorating and unreliable security systems. He called himself as BOB; bored of banking for two reasons; the first reason is obvious—the unreliable security assurance of the banking as much of the banking scandals have shared the television screens during past two decades. On the other hand, banks, through their investment options, trading and prize bonding schemes are widening the fiscal gaps between rich and poor; making rich the richer and poor the poorer. This is why he emphasized that these banks undoubtedly provide excellent services; not to their customers but to themselves through financial advantages in form of corporate profits.

Making Irrational Choice, Supply And Demand, Gdp And Economics Growth



Economics Growth

Name

Institution

Course

Instructor’s name

Date

There are a lot of products in the market today that most consumers occasionally find themselves buying at a costlier price than they cost to create. This could be as a result of them being difficult to make or either in high demand — for instance, furniture, HDMI cables, wedding dresses, etc. A close friend was admitted into a private college at $ 9,970 instead of a public college where there are government subsidies. Attending college as an opportunity cost includes not only tuition fee, spending on books, or accommodation but also the lack income due to inability to work full time and loss of leisure time as one takes studies during the nights as well as weekends. Intellectual enrichment and better job opportunities are some of the marginal benefits of education to the level that one graduate from.

Demand is the product amount a consumer is able and willingly purchase whereas a change in supply is whereby the suppliers of a particular good alter its production. For instance, new technology reduces the cost of production and increases the output of consoles. As a result, the products cost has a tendency to fall hence creating higher demand. Increased sales are experienced as a result. Early 2010, in North America oil extraction through hydraulic fracturing from shale rock formations triggered a positive change in the oil market supply, and as a result, oil per-barrel price got to $27 in February 2016 from $147 in 2008.

GDP is not the best measure of economic welfare because:

GDPs ignorance on externalities

The use of resources goes alongside economic growth. Increased use of these results into externalities such as pollution and hence decrease in social welfare, but this is not included in GDP.

GDP includes market transactions only

GDP does not give an account of either domestic or voluntary work regardless of their influential impact on the economy

GDP does not describe products

GDP measures the value of all the finished goods and services irrespective of their adverse effects on the economy. If a country had a strong armaments industry whereby arms were sold and used within the state, the overall social welfare has a likelihood to decrease.

Several approaches that could be used to have a better reflection of how well people are in a country include the Human Development Index (HDI) which focuses on people's health, education, life expectancy and their abilities to enhance the development and economy of a country. Gross national happiness index is built on governance, preservation of cultural and the environment to measure social welfare. The Social Progress Index is an elegant framework founded on a person's well-being, basic human needs and opportunity.

Marginal Utility



Marginal Utility

[Name of the Writer]

[Name of the Institution]

Marginal Utility

In the above graph budget constraint is made where the horizontal axis shows bread while the vertical axis shows chicken.

In the above graph, the indifference curve is made while the bundle is labelled as E.

Spending = (4*10) + (5*12)

= 100$

Therefore budget is exhausted.

When the income decreases budget line shifts to left. In the above graph, BC1 is showing budget constraint at income equals to 80$.

Budget E cannot be affordable by Farah now because it is more than her income that is 80$.

With the decrease in the income level, her total utility will also fall.

2.

Quantity of Pineapples

Total Utility

Marginal Utility

Marginal Utility per Dollar

Quantity of Green Tea

Total Utility

Marginal Utility

Marginal Utility per Dollar

1

32

32

8

1

28

28

14

2

52

20

5

2

46

18

9

3

64

12

3

3

54

8

4

4

68

4

1

4

60

6

3

5

70

2

0.5

5

64

4

2

6

71

1

0.25

6

66

2

1

7

71

0

0

7

67

1

0.5

The utility is not maximized by Arnold if he buys two bottles of green tea and four pineapples.

As MU of pineapples per dollar = 1 and MU of green tea per dollar = 9

Therefore, TU of the bundle = 114 utils.

Marginal utilities can be equal by buying three pineapples and four bottles of green tea because its total utility will be 124.

Behavioral economics is the branch of economics that includes the psychological factors which affect the decision making of the consumers and producers ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"QoRUU7ve","properties":{"formattedCitation":"(Pesendorfer, 2006)","plainCitation":"(Pesendorfer, 2006)","noteIndex":0},"citationItems":[{"id":948,"uris":["http://zotero.org/users/local/rVaVAHaF/items/4N4SZDPT"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/4N4SZDPT"],"itemData":{"id":948,"type":"article-journal","title":"Behavioral Economics Comes of Age: A Review Essay on \"Advances in Behavioral Economics\"","container-title":"Journal of Economic Literature","page":"712-721","volume":"44","issue":"3","source":"JSTOR","archive":"JSTOR","abstract":"\"Advances in Behavioral Economics\" contains influential second-generation contributions to behavioral economics. Building on the seminal work by Kahnemann, Strotz, Thaler, Tversky, and others, these contributions have established behavioral economics as an important field of study in economics. In this essay, I discuss aspects of the research strategy and methodology of behavioral economics, as exemplified by the contributions to Advances.","ISSN":"0022-0515","shortTitle":"Behavioral Economics Comes of Age","author":[{"family":"Pesendorfer","given":"Wolfgang"}],"issued":{"date-parts":[["2006"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Pesendorfer, 2006). The first mistake that consumers make is the failure to ignore sunk costs like rent of the house that cannot be returned. The second mistake is the ignorance of the nonmonetary opportunity costs like winning a lottery. The third mistake is overly optimistic regarding future decisions like the price of stocks in the future.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Pesendorfer, W. (2006). Behavioral Economics Comes of Age: A Review Essay on “Advances in Behavioral Economics.” Journal of Economic Literature, 44(3), 712–721. Retrieved from JSTOR.

Market

The World Automotive Market

[Name of the Writer]

[Name of the Institution]

The World Automotive Market

Application of Market

The automotive market at global level comprised of a wide range of companies and organizations. These corporate organizations are established as the main stakeholders of the overall functioning of the industry of automotive at the international market level. A huge range of automobile companies at the country level involves the global perspective of the market of automotive. Exploration of potential buyers and sellers in case of the automotive market is essential to assess the overall potential of this particular market. When it comes to consideration of buyers and sellers of the market of automotive than it works in two forms. Some automotive markets work in the business-to-business in which cars are sold by the manufacturing companies to the dealership whereas there is the approach of business-to-consumer where there is a direct business connection between car sellers and consumers in the form of public business dealing. Exploration of the basic product of the automotive market is essential to identify the potential business perspective of this market ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"k3LvpvD9","properties":{"formattedCitation":"\\super 1\\nosupersub{}","plainCitation":"1","noteIndex":0},"citationItems":[{"id":910,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/YN7NL3YL"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/YN7NL3YL"],"itemData":{"id":910,"type":"article-journal","title":"The emergence of hybrid-electric cars: Innovation path creation through co-evolution of supply and demand","container-title":"Technological Forecasting and Social Change","page":"1371-1390","volume":"77","issue":"8","author":[{"family":"Dijk","given":"Marc"},{"family":"Yarime","given":"Masaru"}],"issued":{"date-parts":[["2010"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} 1. The items of the car are established as the basic product of the global automotive market. The global business of automobile market involves manufacturing and selling of car vehicles around the world.

It is important to mention that changes in the global business scenario eventually influence the automotive market specifically considering the practical implications of demand and supply. It is interesting to explore the features that influence the economic domains of demand and supply for the basic product of car in case of international automotive market. It is observed that the market structure of the automotive sector is changing due to different factors relevant to the broad ideas of demands and supply. When it comes to exploration of demand factors than different financing options is the key parameter to observe changes in case of the automotive market. Car loans are recognized as the major driving force that influences the demands of cars in different markets linked with the global perspective of the automotive market. It is crucial to indicate that the growing trend of advertisement and marketing also impact the demand for the main product of the market of the automobile. Price of the car also plays a critical role in the entire phenomenon of demand for the product of cars at the global business level. Price of the commodity plays a critical role to bring any form of change in the demand of the product for the market of automobile products. It is also vital to explore specific aspects that become the reason for a change in case of the supply side of the automotive market. Increasing range of efficiency of operation is a major indicator of offering a business change in the form of the supply side of the product of cars. Another major reason for changing trend in the market of automotive is established as the increasing role of technology advancement. Growing access to business technology eventually increases the potential of production of cars at a global level.

Analysis

The changes in the form of demand and supply eventually impact the overall business of the product of automotive at both the local and global level. Demand and supply are determining as the basic economic indicators to evaluate the changing perspective of the market of the automotive industry. Various contributing factors functioning in the market eventually reflects the demand and supply of the basic product of the market of the automobile at an international level.

Consideration of the changing marketing trends helps to determine the significant implications in the form of demand and supply. Evolution of different contributing factors is essential to determine the changing aspects of relevant to the broad idea of operations of the market of the automotive industry. The domains of changes in prices and quantities in case of cars links with different factors that influence the demand and supply of the product of the automobile market ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"5yfw3sYX","properties":{"formattedCitation":"\\super 2\\nosupersub{}","plainCitation":"2","noteIndex":0},"citationItems":[{"id":909,"uris":["http://zotero.org/users/local/7Hi3kAOD/items/ZTGX83JG"],"uri":["http://zotero.org/users/local/7Hi3kAOD/items/ZTGX83JG"],"itemData":{"id":909,"type":"article-journal","title":"A framework for analysing supply chain performance evaluation models","container-title":"International Journal of Production Economics","page":"247-258","volume":"142","issue":"2","author":[{"family":"Estampe","given":"Dominique"},{"family":"Lamouri","given":"Samir"},{"family":"Paris","given":"Jean-Luc"},{"family":"Brahim-Djelloul","given":"Sakina"}],"issued":{"date-parts":[["2013"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} 2. The diagram about the quantities and price of the product of cars indicate the approaches of demand and supply. It is revealed that change in the form of price and quantity impacts both forms of demand and supply of the product at the international business level.

Conclusion

To conclude the discussion about the economic approach of the international market of automotive, it is essential to indicate the demand and supply are two main economic aspects to assess the business approach of the market at the global business level. The automotive market is established as one important market operating at the global level that influences the economy of countries and the overall domain of the global economy. The perspective of change is greatly linked with the market of automotive at the international business level. There are many different factors that contribute to the overall paradigm of economic changes specifically in the case of automotive sector working at the global business level. The broad idea of changes can observe in many different forms considering the approaches of both demand and supply side of the business. The changing business features eventually influence the buying and selling prospects of the products of cars. The growing trend of technology advancement ultimately increases the supply of the product of cars. On the other side, the factor of technology advancement also impacts the demand side as customers are more attracted to buy high-tech automobile product. Government involvement is another major domain relevant to the global business operations linked with the broad perspective of the automobile market.

End Notes

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY 1. Dijk M, Yarime M. The emergence of hybrid-electric cars: Innovation path creation through co-evolution of supply and demand. Technol Forecast Soc Change. 2010;77(8):1371-1390.

2. Estampe D, Lamouri S, Paris J-L, Brahim-Djelloul S. A framework for analysing supply chain performance evaluation models. Int J Prod Econ. 2013;142(2):247-258.

Market Focus:Healthcare In The United States

Market Focus: Healthcare in the United States

[Name of the Writer]

[Name of the Institution]

Market Focus: Healthcare in the United States

Introduction

Healthcare is the largest industry in the United States consist of nursing homes, physicians, dentists, hospitals, and laboratories. Healthcare industry takes the largest share of total GDP where government providing facilities through two programs that are Medicare and Medicaid. The U.S is the nation that spends more than any other developed nation in the healthcare industry still ranked in 27th place for best health care level. The main purpose of this paper is to analyze structure, and challenges of the healthcare industry to understand intervention that the government needs for improvement.

Discussion

Healthcare is the largest industry consist of about nineteen million employees, 5,600 hospitals with more than nine lacs beds. In 2014 total spending was recorded as 3 trillion dollars which increased to 3.65 trillion in 2018. 59% of total spending goes to physicians, hospitals and clinical services. During 2017-18 spending per person increased to 4.5%. Level of economic increase causing difficulty for the citizens to acquire medical care ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"6R7GtvV1","properties":{"formattedCitation":"(\\uc0\\u8220{}Backgrounder: Making Sense of the U.S. Health Care System: A Primer \\uc0\\u8211{} Evidence Network,\\uc0\\u8221{} n.d.)","plainCitation":"(“Backgrounder: Making Sense of the U.S. Health Care System: A Primer – Evidence Network,” n.d.)","noteIndex":0},"citationItems":[{"id":1058,"uris":["http://zotero.org/users/local/mlRB1JqV/items/IG35TN54"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/IG35TN54"],"itemData":{"id":1058,"type":"webpage","title":"Backgrounder: Making Sense of the U.S. Health Care System: A Primer – Evidence Network","URL":"https://evidencenetwork.ca/backgrounder-making-sense-of-the-u-s-health-care-system-a-primer-2/","accessed":{"date-parts":[["2019",9,5]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Backgrounder: Making Sense of the U.S. Health Care System: A Primer – Evidence Network,” n.d.).

The healthcare system of U.S consists of both public and private-funded combination of programs and fragmented systems. Health insurance is the main element of the system that covers insured Americans both privately and publically. President Obama implemented the Affordable Care Act for the citizens in 2010. Children's health insurance programs, Medicaid and Medicare cover only thirty percent of the population. Besides, this structure is also depends on private payers who are not insured, or come under the umbrella of health insurance and free healthcare facilities. In 2013 U.S spending was 16.45% of GDP in healthcare as compared to the second-largest spending nation Switzerland and Netherlands with 11.1% of GDP. Still, Switzerland is the best country for its political, economic stability, and the healthcare system. On the other hand, the U.S is constantly moving down in healthcare ranking. This indicates that the increase in spending by cutting down the shares of other industries cannot improve healthcare level ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"1MHNRSio","properties":{"formattedCitation":"(School, 2017)","plainCitation":"(School, 2017)","noteIndex":0},"citationItems":[{"id":1061,"uris":["http://zotero.org/users/local/mlRB1JqV/items/W3PJMJDD"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/W3PJMJDD"],"itemData":{"id":1061,"type":"webpage","title":"The U.S. Healthcare System: Structure and Strategies","container-title":"Courses at Columbia Business School","URL":"https://www8.gsb.columbia.edu/courses/mba/2017/fall/b8823-001","title-short":"The U.S. Healthcare System","language":"en","author":[{"family":"School","given":"Columbia Business"}],"issued":{"date-parts":[["2017",6,19]]},"accessed":{"date-parts":[["2019",9,5]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (School, 2017).

Some unique challenges that healthcare presents from a consumer standpoint include unskilled labor and payment model. For instance, with the latest innovation, new machines and equipment are provided to the healthcare organization, however, not every physicians and nurse can use them effectively. In addition, advancement in IT and online payment, billing or emailing are the things consumers are not used to. They face difficulty to cooperate with organizations through new technology ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"hNqRwu5G","properties":{"formattedCitation":"(\\uc0\\u8220{}The U.S. Health Care System,\\uc0\\u8221{} n.d.)","plainCitation":"(“The U.S. Health Care System,” n.d.)","noteIndex":0},"citationItems":[{"id":1064,"uris":["http://zotero.org/users/local/mlRB1JqV/items/383VLMZI"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/383VLMZI"],"itemData":{"id":1064,"type":"webpage","title":"The U.S. Health Care System: An International Perspective","container-title":"DPEAFLCIO","URL":"https://dpeaflcio.org/programs-publications/issue-fact-sheets/the-u-s-health-care-system-an-international-perspective/","title-short":"The U.S. Health Care System","language":"en-US","accessed":{"date-parts":[["2019",9,5]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“The U.S. Health Care System,” n.d.). Besides the increase in healthcare cost and consumer challenges, the government is trying to improve healthcare level through numbers of strategies and interventions. In 2011, the National Strategy for Quality Improvement in Health Care was created to improve the quality of healthcare. In addition, the government is promoting effective treatment and preventions along with better communication with the patient and their families ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"L3Avo3cO","properties":{"formattedCitation":"(\\uc0\\u8220{}How does the quality of the U.S. healthcare system compare to other countries?,\\uc0\\u8221{} n.d.)","plainCitation":"(“How does the quality of the U.S. healthcare system compare to other countries?,” n.d.)","noteIndex":0},"citationItems":[{"id":1060,"uris":["http://zotero.org/users/local/mlRB1JqV/items/ICQLIGI8"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/ICQLIGI8"],"itemData":{"id":1060,"type":"post-weblog","title":"How does the quality of the U.S. healthcare system compare to other countries?","container-title":"Peterson-Kaiser Health System Tracker","abstract":"This collection of charts and a related brief explore a number of different metrics used to look at health outcomes, quality of care, and access to services. Inconsistent or unavailable data and imperfect metrics make it difficult to firmly judge system-wide health quality in the U.S., but a review of the data we do have …","URL":"https://www.healthsystemtracker.org/chart-collection/quality-u-s-healthcare-system-compare-countries/","language":"en-US","accessed":{"date-parts":[["2019",9,5]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“How does the quality of the U.S. healthcare system compare to other countries?,” n.d.).

Singapore model depends on the minor proportion of government spending and the remaining are paid by the employers. This model can be useful for the U.S because it will help to reduce the large spending from GDP. Besides, it will result in equal distribution of facilities to the whole population as the current model is beneficial for specific people while remaining are still uninsured.

Conclusion

Healthcare is the largest industry in the U.S where the government spends highest share of GDP. U.S healthcare structure depends on the numbers of programs and fragmented system. It consists of Medicare, Medicaid, the Affordable Care Act, and various other programs. However, the nation still ranks in 27th place in healthcare level. Increase in healthcare cost making difficult for the people to acquire healthcare facilities. The government requires effective policies and strategies to improve the healthcare level rather than increasing the total spending.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Backgrounder: Making Sense of the U.S. Health Care System: A Primer – Evidence Network. (n.d.). Retrieved September 5, 2019, from https://evidencenetwork.ca/backgrounder-making-sense-of-the-u-s-health-care-system-a-primer-2/

How does the quality of the U.S. healthcare system compare to other countries? (n.d.). Retrieved September 5, 2019, from Peterson-Kaiser Health System Tracker website: https://www.healthsystemtracker.org/chart-collection/quality-u-s-healthcare-system-compare-countries/

School, C. B. (2017, June 19). The U.S. Healthcare System: Structure and Strategies. Retrieved September 5, 2019, from Courses at Columbia Business School website: https://www8.gsb.columbia.edu/courses/mba/2017/fall/b8823-001

The U.S. Health Care System: An International Perspective. (n.d.). Retrieved September 5, 2019, from DPEAFLCIO website: https://dpeaflcio.org/programs-publications/issue-fact-sheets/the-u-s-health-care-system-an-international-perspective/

Market Power

Market Power

[Name of the Writer]

[Name of the Institution]

Market Power

An individual requires lots of struggle to enter into a market as an existing firm always have a strong place in the market with excellent strategies. To enhance the productivity of the company, the producer acquires a number of strategies and policies which help them to compete with other companies. In case of monopolistic companies it is easy to gain more profit as they do not face threats from other companies ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"56g6DW35","properties":{"formattedCitation":"(\\uc0\\u8220{}Why Do the Biggest Companies Keep Getting Bigger? It\\uc0\\u8217{}s How They Spend on Tech,\\uc0\\u8221{} n.d.)","plainCitation":"(“Why Do the Biggest Companies Keep Getting Bigger? It’s How They Spend on Tech,” n.d.)","noteIndex":0},"citationItems":[{"id":502,"uris":["http://zotero.org/users/local/rVaVAHaF/items/PFVQE88G"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/PFVQE88G"],"itemData":{"id":502,"type":"webpage","title":"Why Do the Biggest Companies Keep Getting Bigger? It’s How They Spend on Tech","URL":"https://outline.com/pmvvF9","accessed":{"date-parts":[["2019",4,12]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Why Do the Biggest Companies Keep Getting Bigger? It’s How They Spend on Tech,” n.d.). They acquire power over the price and quantity fluctuation and consumer lacks any sort of market power. Besides monopolies, various companies in a competitive market also access to the monopolistic profit. For instance, Apple, Facebook, Google, and Amazon are among the most successful companies. The secret behind their success is advanced technology or spending on IT. Spending on IT helps in created exclusive featured software which is unusual than the standard understanding of R&D. Large companies are investing in their own hardware and software instead of using outside developer's ideas. This is the biggest reason for the success of these companies.

The productivity and spread of innovation are essential for the companies as it enables them to acquire monopoly profit even existing in the competitive market. Companies are unable to create a monopoly and minimize the government regulation therefore; they try to increase their productivity by investing in IT. These companies show IT intensity and through profit, they acquire shares in the market as much as they can. The increase in share through productivity and investing in IT enable them to get the monopoly profit. It means, other companies in the market gain small share, therefore, their market power gets limited ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"scKva0Bp","properties":{"formattedCitation":"(\\uc0\\u8220{}Monopoly,\\uc0\\u8221{} n.d.)","plainCitation":"(“Monopoly,” n.d.)","noteIndex":0},"citationItems":[{"id":504,"uris":["http://zotero.org/users/local/rVaVAHaF/items/RUBYX3J3"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/RUBYX3J3"],"itemData":{"id":504,"type":"webpage","title":"Monopoly","container-title":"Econlib","abstract":"A monopoly is an enterprise that is the only seller of a good or service. In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. Just being a monopoly need not make an enterprise more profitable than …","URL":"https://www.econlib.org/library/Enc/Monopoly.html","language":"en-US","accessed":{"date-parts":[["2019",4,12]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Monopoly,” n.d.). These gaps between the productivity and profit of the companies resulted in inequality in salaries of workers. Inequality between companies is like wage inequality between individuals. Companies with high profit offer high salary while smaller companies gain limited revenue and spending thus offer fewer wages. Therefore, workers in bigger companies get more income and opportunities than the worker with the same skill in smaller companies.

The smaller companies find it difficult to compete with bigger companies due to the productivity gap. This gap continues to widen because high productive companies invest almost seven percent of their profit on proprietary IT which is almost two hundred and fifty dollars a year. It equivalents to their outlay for capital spending and R&D ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"6FT33JDj","properties":{"formattedCitation":"(Frick, 2017)","plainCitation":"(Frick, 2017)","noteIndex":0},"citationItems":[{"id":510,"uris":["http://zotero.org/users/local/rVaVAHaF/items/PITZYXKF"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/PITZYXKF"],"itemData":{"id":510,"type":"article-magazine","title":"Making Sense of Our Very Competitive, Super Monopolistic Economy","container-title":"Harvard Business Review","source":"hbr.org","abstract":"Maybe it can be both.","URL":"https://hbr.org/2017/07/making-sense-of-our-very-competitive-super-monopolistic-economy","ISSN":"0017-8012","author":[{"family":"Frick","given":"Walter"}],"issued":{"date-parts":[["2017",7,25]]},"accessed":{"date-parts":[["2019",4,12]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Frick, 2017). As the wage gap get increases with an increase in productivity, therefore, smaller companies to find it difficult to compete with bigger companies. For instance, companies could copy the technology or software of Microsoft office to disrupt bigger companies. Besides these, a natural monopoly is a reason for the smaller companies to compete with bigger companies. Bigger companies introduce their advanced technology and exclusive hardware and software like Apple and Google companies. The smaller companies cannot reach to the top by copying their ideas; they need to develop their own exclusive ideas ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"znfkkHs3","properties":{"formattedCitation":"(\\uc0\\u8220{}Monopolistic Competition \\uc0\\u8211{} definition, diagram and examples - Economics Help,\\uc0\\u8221{} n.d.)","plainCitation":"(“Monopolistic Competition – definition, diagram and examples - Economics Help,” n.d.)","noteIndex":0},"citationItems":[{"id":506,"uris":["http://zotero.org/users/local/rVaVAHaF/items/XUH2WEN4"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/XUH2WEN4"],"itemData":{"id":506,"type":"webpage","title":"Monopolistic Competition – definition, diagram and examples - Economics Help","container-title":"Economics Help","abstract":"Definition of monopolisitic competition. Diagrams in short-run and long-run. Examples and limitations of theory. Monopolistic competition is a market structure which combines elements of monopoly and competitive markets.","URL":"https://www.economicshelp.org/blog/311/markets/monopolistic-competition/","language":"en-GB","accessed":{"date-parts":[["2019",4,12]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} ("Monopolistic Competition – definition, diagram, and examples - Economics Help," n.d.).

The situation of monopolistic competitive companies can be problematic for workers and consumers. For instance, the iPhone from Apple brand is available at a high price. In a competitive market, companies are unable to get power over the price. However, Apple successfully offers high prices because no other companies have introduced the software and technology that Apple is providing. Therefore, consumers have to pay more than the normal price and worker get low wages as compared to the productivity level. In this way, both workers and consumers face disadvantage ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"0SldMG1k","properties":{"formattedCitation":"(\\uc0\\u8220{}Monopolistic Competition | Boundless Economics,\\uc0\\u8221{} n.d.)","plainCitation":"(“Monopolistic Competition | Boundless Economics,” n.d.)","noteIndex":0},"citationItems":[{"id":508,"uris":["http://zotero.org/users/local/rVaVAHaF/items/MNRA4SLS"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/MNRA4SLS"],"itemData":{"id":508,"type":"webpage","title":"Monopolistic Competition | Boundless Economics","URL":"https://courses.lumenlearning.com/boundless-economics/chapter/monopolistic-competition/","accessed":{"date-parts":[["2019",4,12]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Monopolistic Competition | Boundless Economics,” n.d.). The situation of larger companies should be controlled through proper channel. Companies can identify their power by reducing their control over the prices on the product even it is exclusive. Price should be set according to the total cost of the product rather than its popularity and exclusiveness. It can give a chance to smaller companies to move forward and to compete with the larger companies.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Frick, W. (2017, July 25). Making Sense of Our Very Competitive, Super Monopolistic Economy. Harvard Business Review. Retrieved from https://hbr.org/2017/07/making-sense-of-our-very-competitive-super-monopolistic-economy

Monopolistic Competition | Boundless Economics. (n.d.). Retrieved April 12, 2019, from https://courses.lumenlearning.com/boundless-economics/chapter/monopolistic-competition/

Monopolistic Competition – definition, diagram, and examples - Economics Help. (n.d.). Retrieved April 12, 2019, from Economics Help website: https://www.economicshelp.org/blog/311/markets/monopolistic-competition/

Monopoly. (n.d.). Retrieved April 12, 2019, from Econlib website: https://www.econlib.org/library/Enc/Monopoly.html

Why Do the Biggest Companies Keep Getting Bigger? It’s How They Spend on Tech. (n.d.). Retrieved April 12, 2019, from https://outline.com/pmvvF9

Market Structure Classification

Market Structure Classification

[Name of the Writer]

[Name of the Institution]

Market Structure Classification of the Apple iPhone 6 plus

Apple Inc. is among the leading companies in the smartphone market. Likewise, the Smartphone market is considered as the most profitable market in the world. When a market structure for the Apple iPhone 6 plus is discussed, the oligopoly market best lines up with the product. Moreover, in this market structure, there are few sellers, every seller has a small number of market share whereas the Apple remains prominent among those sellers. Being a supplier in the oligopoly market, Apple needs to anticipate the competitors' reactions before taking any decision regarding the price of the product. Moreover, a new entrant has to pay sunk cost to enter in an oligopoly market, and this sunk cost works as a "barrier to entry" (Abbring and Campbell, 2006).

In an Oligopoly market, the prices, quantities, and qualities of competitors depend on the sellers. However, if a company increases its costs but competitors do not change the amount. In such case, the quantity demanded for the product of that company will fall. On the other side, Apple relies on premium pricing strategy and differentiation strategy, so it has the competitive advantage to set the price accordingly. Due to these strategies, there will be a steady customer loyalty for Apple products. The customers of iPhone will not switch to other brands. However, Apple Inc. should not underestimate its rivals while setting prices for its products.

Furthermore, there are other competitors in the smartphone market. These competitors include Samsung, Nokia, BlackBerry, Verizon, AT&T, and Sony Mobiles. At the same time, Chinese Companies have also introduced smartphones for very lower prices. It can influence the product demand for any of these competitors. In addition, the competitors discussed in this essay also have a significant impact on the market. Samsung has been a competing rival of Apple in history. In 2013, Samsung Galaxy S4 had higher sales than iPhone 5 in the United States (Zeman, 2013).

In price discrimination, prices are altered for a specific group of customers. This is happening in the smartphone market. There are entities like those Chinese mobile companies which decrease the rates of their products in the market. As a result, the demand for the products of other brands will decrease. For instance, to increase the profit the competitors can rely on price discrimination. They can enjoy the market shares in oligopoly market by lowering their product prices. However, they cannot enjoy the profit for so long because in that time period other entities will also decrease costs for their smartphones. There is a collective control of prices in the oligopoly market. Thus, all the firms in the oligopoly market depend on each other to enjoy the profit. In addition, this might affect the price of iPhone 6 Plus in the market as other firms were also releasing competitive products.

The smartphone market aligns with the game theory, where Apple and Samsung have been rivals for so many years. With the launch of iPhone in 2007, Samsung had to face a huge challenge as it was producing mobiles since 1985 (Cornell University, 2016). Apple had introduced a product with modern features and innovative designs, and it dominated the market. However, to save its market shares, Samsung started launching Galaxies and began competing with Apple. Since then, both of the rivals are introducing new products with some modifications every year and compete with each other. At the same time, both were involved in some serious legal issues (Cusumano, 2013). All these legal issues force them to make some choices. They have options either to file a case against the competitor or not. Thus, it aligns with the prisoner’s dilemma.

References

Abbring, J. H., & Campbell, J. R. (2006). Oligopoly dynamics with barriers to entry.

Cornell University. (2016). Game Theory within the Apple-Samsung Rivalry. Retrieved from https://blogs.cornell.edu/info2040/2016/09/13/game-theory-within-the-apple-samsung-rivalry/

Cusumano, M. A. (2013). The Apple-Samsung lawsuits. Communications of the ACM, 56(1), 28-31.

Zeman, E. (2013). Samsung Galaxy S4 Outsells iPhone 5. InformationWeek. Retrieved from https://www.informationweek.com/mobile/mobile-devices/samsung-galaxy-s4-outsells-iphone-5/d/d-id/1110264

Marketing

Name of Student

Name of Professor

Name of Class

Day Month Year

Marketing

Introduction

Marketing has been defined as the activity or process of exchanging or delivering those offers or products that have been valuable for clients, customers, and society as a whole. Marketing myopia is used in marketing that has been written by Theodore Levitt. While delivering conception of industry, he pointed out towards short-sightedness of a product or service provided by industry. This article highlights many business strategies, tactics and plans as well. In this article, Levitt has highlighted the fact that all industries are growth industries but if any industry fails to grow it is just because of the failure of management. Failure as a fact has occupied the central place, when it comes to the field of industry or business and it does not matter which industry one talks about as failure comes at the top of all industries.

Discussion

Concept of marketing that has been given by Levitt is quite understandable. One who wants to know the hidden reality about mantra of success and failure of any industry should go through this article once. One of the main things that have grasped my attention is that the author not only focused on one industry instead he tried to cover all major industries starting from railway to modern day electronic (Levitt,et,al,1960). While reading this article, I came to know that it is the executive whose indulgence and diligence for making policies and strategies in order to run an industry matters for deciding future of an industry. If the head or executive of an industry is going to be efficient for coping things sensibly and would plan out right marketing policies at right time only then industry would come in the list of promising and growing marketing industries. Another idea that helped me a lot in understanding concept of marketing is that there are always numbers of competitor in one industry and they always try to know what their customer demands, by focusing more attention on the need of buyers than that of sellers. A business would grow only when an industry is going to be more concerned more about its buyer than anything else.

I should say, each industry should be more concerned about the product that it delivers, such as an industry of railroad should make products for railway only as it would be non-logical to make products that would promote bus transportation business. According to me, there are mainly four steps that define a successful industry, first is, a business must adapt all those things that are being required by customers or that specific market in which an industry operates, secondly any successful industry needs a vigilant and vigorous leader who has a clear vision and foresight for making his company one of the best in that market place. Thirdly, the whole organization should work together as one body for making and satisfying customers and lastly, a marketing industry should be focused on its aim of increasing the numbers of its buyer.

Conclusion

As a whole, it could be concluded that in this article, the author has discussed main tactics and strategies by which companies that stand at the edge of extinction gets replace by other companies that work in the same market but with different strategies. After reading this article, I came to know that management and leadership of an industry would be the decisive figures for a business. I assert that Levitt was a visionary man who underlined such subjects in his creation, in 1960 about many industries like train, Hollywood, petroleum and many others that turned out as correct even after many years of its publication. One who is interested in marketing should read this article, for having a good start by gathering basic knowledge about marketing field.

Work Cited:

Levitt, Theodore. Marketing Myopia. 1960.

Measuring Nation Income

Measuring Nation Income

[Name of the Writer]

[Name of the Institution]

Measuring Nation Income

US's GDP for the last 3 years (2016, 2017, est. 2018)

2017:$18.108 (In Trillions)

2018:$18.638 (In Trillions)

2019: $21,337,900

U.S. Current growth rate this year - last month

U.S. Current Growth Rate is 2.10%

GDP of top 5 world economies

Japan (GDP: 5.36 trillion)

Germany (GDP: 4.42 trillion)

India (GDP: 3.16 trillion)

France (GDP: 3.06 trillion)

United Kingdom (GDP: 3.02 trillion)

Per Capita GDP

Japan: 39,313.457 USD

Germany: 48500.00 USD

India: 2,041.091 USD

France: 44201.07 USD

United Kingdom: 39,720.44 USD

What is the purpose of the GDP deflator?

The GDP deflator is a measure to level the prices of all new, domestically produced, final goods and services in an economy. It is a price index that measure price inflation and deflation by using real and nominal GDP.

What is the trade deficit? Projected

Trade deficit is the amount by which the imports of a country get exceed exports or value of exports of that country. Trade deficit is projected to be 1.6% to $54.9 billion, annually.

Top Import Categories

Machinery including computers: US$386.4 billion (14.8% of total imports)

Electrical machinery, equipment: $367.1 billion (14%)

Vehicles: $306.7 billion (11.7%)

Mineral fuels including oil: $241.4 billion (9.2%)

Pharmaceuticals: $116.3 billion (4.5%)

Optical, technical, medical apparatus: $93.4 billion (3.6%)

Furniture, bedding, lighting, signs, prefab buildings: $72.1 billion (2.8%)

Plastics, plastic articles: $61.9 billion (2.4%)

Gems, precious metals: $60.8 billion (2.3%)

Organic chemicals: $54.6 billion (2.1%)

The countries from whom we import above listed items are; China, Canada, Japan, Mexico, and Germany.

Top Export Categories

Food, beverage and feed: $133 billion.

Crude oil, fuel and other petroleum products: $109 billion.

Civilian aircraft and aircraft engines: $99 billion.

Auto parts, engines and car tires: $86 billion.

Industrial machines: $57 billion.

Passenger cars: $53 billion.

Pharmaceuticals: $51 billion.

Mineral fuels including oil: $189.9 billion

Aircraft, spacecraft: $139.1 billion

Optical, technical, medical apparatus: $89.6 billion

To whom we (U.S.) Exports:

European Union

South Korea

China

United Kingdom

Canada

France

Japan

Pakistan

Mexico

India

Germany

Italy

References

FocusEconomics. (2019). The World's Largest Economies (2019-2023). FocusEconomics | Economic Forecasts from the World's Leading Economists. Retrieved 2 November 2019, from https://www.focus-economics.com/blog/the-largest-economies-in-the-world

Isidore, C. (2019). These are the top US exports. CNNMoney. Retrieved 2 November 2019, from https://money.cnn.com/2018/03/07/news/economy/top-us-exports/index.html

OEC. (2019). United States (USA) Exports, Imports, and Trade Partners . Oec.world. Retrieved 2 November 2019, from https://oec.world/en/profile/country/usa/

Product, G. (2019). United States (USA) GDP - Gross Domestic Product 2019. countryeconomy.com. Retrieved 2 November 2019, from https://countryeconomy.com/gdp/usa

Trading Economics. United States Exports By Country . (2019). Tradingeconomics.com. Retrieved 2 November 2019, from https://tradingeconomics.com/united-states/exports-by-country

Media Project

Name

Instructor Name

Subject

Date

Media Project

Summary of Article

The Federal Reserve had cut the interest rate three times this year. One of the officials of Federal Reserve announced that further cut in the interest rate was not an option unless we see some disturbances in economic data. President Trump urged the officials of the Federal Reserve to cut down the interest rate to boost economic activity. Fed was an independent institute and it decided to keep its interest rate policy unchanged for December 2019. In 2018, the policy of the Fed was to raise the interest rate but trade war with China decelerated the economy and decrease in the interest rate became the necessity of time. It was not clear at that moment that how Mr. Trump looked at the possibilities of a trade deal with China. In case of any trade deal, the Fed had to rethink its policies.

The current economic outlook is stable as unemployment is at 3.6% which is the lowest in the last 50 years. The wage growth rate is stable and inflation is increasing significantly. So, there is no need for an increase in the interest rate. But a permanently lower level of inflation can change the future expectations of businessmen. They will perceive a lower growth in future prices and will cut down their production level which can slow down the economy ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"UjO8ypVY","properties":{"formattedCitation":"(Smialek)","plainCitation":"(Smialek)","noteIndex":0},"citationItems":[{"id":1058,"uris":["http://zotero.org/users/local/s8f0QVnP/items/VSVSRDGP"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/VSVSRDGP"],"itemData":{"id":1058,"type":"article-newspaper","abstract":"Minutes of the Federal Reserve’s last policy meeting reinforced the central bank’s message that it may be done cutting rates barring economic weakness.","container-title":"The New York Times","ISSN":"0362-4331","language":"en-US","section":"Business","source":"NYTimes.com","title":"Fed Unlikely to Cut Rates Again Unless Economy Shows Signs of Weakening","URL":"https://www.nytimes.com/2019/11/20/business/economy/federal-reserve-minutes.html","author":[{"family":"Smialek","given":"Jeanna"}],"accessed":{"date-parts":[["2019",12,8]]},"issued":{"date-parts":[["2019",11,20]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Smialek).

Analysis of Trends

Significant changes could be seen in the interest rate during the last two years. At the start of 2018, the interest rate was 1.50% and the Fed increased the interest rate three times in 2018. The interest rate was 2.25% at the end of 2018. In 2019, the Fed cut down the interest rate three times and it was at the level of 1.50% at the end of October.

Unemployment is another important indicator of the economic performance of a country. The unemployment rate in the US was decreasing continuously since 2010 ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"rKStHHJP","properties":{"formattedCitation":"({\\i{}Employment | U.S. Bureau of Economic Analysis (BEA)})","plainCitation":"(Employment | U.S. Bureau of Economic Analysis (BEA))","noteIndex":0},"citationItems":[{"id":1061,"uris":["http://zotero.org/users/local/s8f0QVnP/items/7J5VR9CN"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/7J5VR9CN"],"itemData":{"id":1061,"type":"webpage","title":"Employment | U.S. Bureau of Economic Analysis (BEA)","URL":"https://www.bea.gov/data/employment","accessed":{"date-parts":[["2019",12,8]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Employment | U.S. Bureau of Economic Analysis (BEA)). The inflation rate remained stable during the last 12 months. It varied from 1.5% to 2.5% during the same period and was on the level of 1.8% in October this year ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"4SIV1BV8","properties":{"formattedCitation":"(\\uc0\\u8220{}United States - Monthly Inflation Rate October 2018/19\\uc0\\u8221{})","plainCitation":"(“United States - Monthly Inflation Rate October 2018/19”)","noteIndex":0},"citationItems":[{"id":1063,"uris":["http://zotero.org/users/local/s8f0QVnP/items/2M3W64YU"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/2M3W64YU"],"itemData":{"id":1063,"type":"webpage","abstract":"This statistic shows the 12-month percentage of change in the consumer price index, respectively the monthly inflation rate for goods and services in the United States.","container-title":"Statista","language":"en","title":"United States - monthly inflation rate October 2018/19","URL":"https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/","accessed":{"date-parts":[["2019",12,8]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“United States - Monthly Inflation Rate October 2018/19”).

Application of Macroeconomic Theory

The interest rate is one of the key tools that can be used for monetary policy. The Fed can adjust the interest rate according to the macroeconomic outlook and environment of the economy. The American economy slowed down a little due to the trade war with China and the fed continuously decreased the interest rate to stimulate the economy. Any decrease in the interest rate will first affect the levels of investment. Investment in different projects becomes more profitable if the borrowing cost is low. An increase in investment can boost the economy and unemployment can also decrease. Another impact of lowering the interest rate over the exchange rate of the currency by decreasing the capital inflows in that country. The decrease in the interest rate in the US will depreciate the US dollar which can help the US economy to increase its exports and decrease its imports. Lower interest rates in the economy at the time of trade war with China will provide the economy with a boost by making investment more attractive.

Concluding Remarks

Federal Reserve is responsible for the determination of objectives and tools of monetary policy. Fed adjusted its policy according to the economic conditions to stabilize the economic outlook of the county. The recent trade war with China can harm the US economy and become a source of depression. The Fed is using the interest rate as a tool to cope with this situation. Fed is continuously decreasing the interest rate which provides the country with a stable economic outlook. Fed's timely interest rate adjustments weaken the negative impacts of the trade war with China.

Works Cited:

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Employment | U.S. Bureau of Economic Analysis (BEA). https://www.bea.gov/data/employment. Accessed 8 Dec. 2019.

Smialek, Jeanna. “Fed Unlikely to Cut Rates Again Unless Economy Shows Signs of Weakening.” The New York Times, 20 Nov. 2019. NYTimes.com, https://www.nytimes.com/2019/11/20/business/economy/federal-reserve-minutes.html.

“United States - Monthly Inflation Rate October 2018/19.” Statista, https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/. Accessed 8 Dec. 2019.

Memoradum

Date:

From:

To:

Re: Tax advice for our valuable Client, Mike Mony

Memorandum: Tax Advice

Introduction

Education credit (EC) is a policy that enables families to claim the educational expenses which they spend on their college-level children. If a student is dependent on his parents then parents have the right to claim the EC. No matter who pays the expenses of education, EC can claim by student himself or by his parents. Mike is a university student at Huston Baptist University. His tuition fee was paid by his grandfather, Mega. According to the tax laws, EC cannot be claimed by the grandparents. It only can be claimed by parents or by the student himself only if he is a taxpayer. Mike's parents claim an EC for mike's educational expenses by showing him a dependent on them. So they will get this EC. Mike is also a taxpayer and he can also claim for the EC. But only if his parents don't claim the EC.

Claim for Education Credit

Education credit generally goes to the parents of the college level students if they claimed. A student can only get the EC if he is a taxpayer and his parents do not claim for the EC ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"qo1APysy","properties":{"formattedCitation":"({\\i{}Tax Benefits for Education})","plainCitation":"(Tax Benefits for Education)","noteIndex":0},"citationItems":[{"id":855,"uris":["http://zotero.org/users/local/s8f0QVnP/items/H7KLZBSP"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/H7KLZBSP"],"itemData":{"id":855,"type":"webpage","title":"Tax Benefits for Education: Information Center | Internal Revenue Service","abstract":"Many tax breaks are available to help with the cost of higher education.","URL":"https://www.irs.gov/newsroom/tax-benefits-for-education-information-center","title-short":"Tax Benefits for Education","language":"en","accessed":{"date-parts":[["2019",11,14]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Tax Benefits for Education). So, Mike can claim for EC even though his educational expenses were paid by his grandfather, Mega. But he will get the EC only if his parents do not have the privilege for this credit.

Mike as an Independent Taxpayer

Mike's parents claim him as a reliant on on their tax returns but they both cannot claim the EC at the same time. Only one of the parents has the right to claim the EC. Both of the parents can claim for EC only if they have a joint tax return. Mike's parents have right to claim the EC only if they claim Mike as a dependent on them, ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"WxTxZrkr","properties":{"formattedCitation":"({\\i{}Self Employed Individuals Tax Center | Internal Revenue Service})","plainCitation":"(Self Employed Individuals Tax Center | Internal Revenue Service)","noteIndex":0},"citationItems":[{"id":857,"uris":["http://zotero.org/users/local/s8f0QVnP/items/X5AKKL7U"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/X5AKKL7U"],"itemData":{"id":857,"type":"webpage","title":"Self Employed Individuals Tax Center | Internal Revenue Service","abstract":"Learn the basics about being self-employed, filing requirements and reporting responsibilities.","URL":"https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center","language":"en","accessed":{"date-parts":[["2019",11,14]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Self Employed Individuals Tax Center | Internal Revenue Service). But if they failed to prove mike as a reliant on on their tax return, they would not be able to get this EC. If mike is proved as an independent taxpayer and his parents or grandparents failed to prove him as a dependent then they will not be eligible to claim for EC for the educational expenses of Mike. In this situation, only Mike can apply for EC. But to claim an EC, mike must be a tax filer. So, in a situation where nobody can prove a student as dependent, nobody have the right to claim the EC for that student. In this situation, the student himself can claim an EC ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"QaPYIppm","properties":{"formattedCitation":"(\\uc0\\u8220{}Understanding Tuition Tax Credits\\uc0\\u8221{})","plainCitation":"(“Understanding Tuition Tax Credits”)","noteIndex":0},"citationItems":[{"id":861,"uris":["http://zotero.org/users/local/s8f0QVnP/items/6WR86PTB"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/6WR86PTB"],"itemData":{"id":861,"type":"webpage","title":"Understanding Tuition Tax Credits","container-title":"2019 TurboTax® Canada Tips","abstract":"College and university students may be eligible to claim Tuition tax credits. Learn more in this article and get your maximum refund!","URL":"/tips/understanding-tuition-tax-credits-6549","language":"en-CA","issued":{"date-parts":[["2019",11,13]]},"accessed":{"date-parts":[["2019",11,14]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Understanding Tuition Tax Credits”). A student only can claim for EC if he files his tax return. In the given situation, when Mike's parents cannot claim mike as dependent on them, then mike can claim the EC.

Options for Mike

The CPA firm in Huston offers mike to work for them as an independent contractor so that he can also attend his university. The CPA firm offers Mike a 5% increase in salary if he works as an independent contractor instead of a full-time job or internship. There are some different tax laws for an independent contractor as compared to the tax laws that are for job holders or internees. An independent contractor or freelancer is generally considered self-employed. A self-employed person has to pay tax on his income as well as Self-Employment tax. Self-Employment tax is a tax for social security and Medicare. In mike's case, he has to pay much attention either he should work as a freelancer/independent contractor or as an internee. In both cases, tax returns can be different for him. If he works as an independent contractor, then he will be considered as a self-employed person on his tax return and he will have to pay not only the Income Tax but will also have to pay Self-Employment tax. But he will get an extra salary of 5% if he works as an independent contractor. Moreover, there will be opportunities for him have to work at the farmhouse of his father. He will also get extra time for his studies. On the other hand, if he works as an internee at CPA firm, he will get 5% less salary as compared to the salary that he would get if he works as an independent contractor. Moreover, he will not be able to work on the farmhouse of his father in Montana if he joins the CPA firm as an internee. There will be less time that he can be able to give his studies. But if he works as an internee at CPA firm, there can be some benefits that he can avail. These benefits can be in the form of some relaxations in the tax returns. As a job holder, he only has to pay income tax. But if he works as a freelancer then he also has to pay self-employment tax. So, there is a trade-off in both choices.

Conclusion

Mike can choose anyone offer but each offer has its benefits and consequences. Mike should do some calculations regarding his tax returns and should try to figure out the net benefits of the offer for working as an independent contractor. Are the benefits that Mike will get from the additional 5% of salary is enough to compensate for the additional tax burden that he has to bear in the form of self-employment tax? If this addition of 5% in salary is enough to compensate for the extra burden of taxes in the form of Self-Employment tax, then he must choose to work as an independent contractor. Because working as an independent contractor will provide him more time to work on his father's farmhouse. There will be more time that he can give to his studies. But if the additional tax burden in the form of the Self-Employment tax increases the benefits of a 5% increase in the salary, then he must have to look at his net earnings. He might have some other options. He can demand a 10% increase in salary instead of a 5% increase so that this increase can compensate for the additional burden of self-employment tax.

Works Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Self Employed Individuals Tax Center | Internal Revenue Service. https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center. Accessed 14 Nov. 2019.

Tax Benefits for Education: Information Center | Internal Revenue Service. https://www.irs.gov/newsroom/tax-benefits-for-education-information-center. Accessed 14 Nov. 2019.

“Understanding Tuition Tax Credits.” 2019 TurboTax® Canada Tips, 13 Nov. 2019, /tips/understanding-tuition-tax-credits-6549.

Mentioned In The Details

Demand for Labor and Minimum Wage

[Name of the Writer]

[Name of the Institution]

Demand for Labor and Minimum Wage

Amazon’s Raise: Unequivocally Good:

Demand for labor is known as derived demand because the concept is derived from the consumer demand for goods and services produced by the labors. For instance, Amazon demand for labor is depending on the demand of the consumer for its products. To produce sufficient product for establishing the equilibrium between the demand and supply of the product sufficient number of labors should be hired. The labor demand curve is negatively sloped like consumer demand curve. The factors that can change the demand for labor include; change in the process of production i.e., the organization wants to increase or decrease labor force, change in government regulation, and change in output. Change in wage rate leads to the movement along the supply curve.

In the labor market, the firm’s demand curve for labor is the total requirement or demand of one firm for producing the goods and services to meet consumer demand. On the other hand, workers' supply curve of labor is the total labor force present in the market to provide their services. For instance, Amazon has 350000 labors which are the firm's demand curve for labor while there are 160 million labors present in the labor force which indicates the workers' supply curve of labor. By summing up a firm's demand curve for the labor of all the firms present in the market we can develop market demand curve for the labor and it helps us to understand how many workers are available to enter into the market for providing their services.

In a competitive labor market, firms are price taker, unlike monopolist firms who are price maker. Within the competitive labor market, wages are determined through the demand and supply by the economic force. The firm offers minimum wage to the labor which can be affected by an external factor. For instance, a minimum wage that a firm is offering to the labor is good enough for him and he accepts the offer. However, if another firm offers higher wage to the labor then he would prefer the firm with a high wage. Another factor that affects the wage determination is government regulation. For instance, the US government has set a minimum wage rate that is 7.25 dollars, however, Amazon has raised the minimum wage of its firm which is 15 dollar per hour.

Amazon has decided to raise its minimum wage to 15 dollars while minimum wage rate set by the federal government is 7.25 dollars. It is because Allegretto stated that they could control 5% of the unemployment rate rather than 4% which means millions of labors did not get the chance to avail the benefits of the expansion. This statement raises political pressure and gives chance to Amazon to raise the minimum wage to implement the change. In addition, a rise in wage rate is not much costly for Amazon as much as it is expected because fulfillment-center labor is already making fifteen dollars an hour.

The positive effect of the increased wage rate is to advocate for the increase in the minimum wage because the current minimum wage by federal government was set decades ago. It is beneficial for the Amazon as company will become the price maker. On the other hand, there will be a negative impact on the other firms because competition in the labor market will increase and they should also increase their minimum wage rate to maintain the competition. In other words, employees will get benefit from the change and it will increase the production and revenue with the fewer pressure on the employer of Amazon while other companies will get pressure from the strategy ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Me90DDZa","properties":{"formattedCitation":"(\\uc0\\u8220{}Amazon\\uc0\\u8217{}s raise,\\uc0\\u8221{} n.d.)","plainCitation":"(“Amazon’s raise,” n.d.)","noteIndex":0},"citationItems":[{"id":663,"uris":["http://zotero.org/users/local/rVaVAHaF/items/VVUA6S2A"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/VVUA6S2A"],"itemData":{"id":663,"type":"webpage","title":"Amazon's raise: unequivocally good news | Columns | Journal Gazette","abstract":"If, like me, you've been dying to hear some good news, then you surely welcomed Amazon's decision to raise its minimum wage to $15 for all its 350,000 ...","URL":"http://www.journalgazette.net/opinion/columns/20181007/amazons-raise-unequivocally-good-news","shortTitle":"Amazon's raise","accessed":{"date-parts":[["2019",5,18]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Amazon’s raise,” n.d.).

Public Choice and Rent Seeking:

Public choice theory is the theory which is used to cope with traditional issues of political science by using the economic tool. Its content contains the understanding of the political behavior that is how the public makes decisions for political activities. It includes the politicians, political committees, voting public interaction, and the bureaucracy. Public choice develops when the public official ensures the goals that must be in favor of public and portrait themselves as a public servant. The behavior of the people in the theory is derived by the aim of utility maximization. Public choice enables a person who is like other people to get better off; with the voting power they elect the official and give them the power to serve the public. The way people make choices for their eating and clothing which mostly depends on the cultural influence; they also make choice for voting. For instance, when the society portrait a politician that he is good for society then there is a high chance that public choice will be in favor of him and most of the people will vote for him.

Rent-seeking is the concept or the strategy which is used by the individuals and the firm to obtain additional benefit from the government. For instance, the government often announces subsidies on different items which mean some proportion of the total cost of the product is paid by the government which results in benefit for both the firms and individuals. The term rent indicates the payment received more than the total cost of the product or keeping the product in service. These changes do not develop any benefits for the society on a large scale and they only redistribute the resources of taxpayers. Politicians establish the policies and laws that regulate the firms about the process of subsidies distribution.

Rent seeking is the strategy to achieve the legal benefits to increase the profit in term of revenue or money. Public choice represents the goal of the bureaucrats and politicians which is economic self-interest. Both the terms rent-seeking and public choice represents the benefits seeking, therefore, both can be combined together. Politicians do not do that they do not use lobbying for personal benefits. However, there should be a justification about the budget and spending over the campaigns for elections which means the sources who give donations to make the candidates more successful than the others. If the lobbying is useful for the politicians for their election campaign and there is also the importance to rent seekers that benefits be granted that there would be a constant increase of the regulatory states because in this way politicians will be able to farm more of the economy for the donations. In addition, there can be a negative privilege as well by combining both the term because positive privilege would not be enough for competition.

Rent seeking is the way to get the legal privilege to increase the profit and public choice explains that the bureaucrats and politicians acquire economic self-interest. The combination of these two terms can easily be seen in today's world. The best example of the combination of rent-seeking and the public choice is the tech companies. In the past, there was no role of politicians or government for the profits of the companies. The only role of the government was to set the regulations and companies did not know about the lobbying. However, in contemporary time almost every tech companies like Microsoft and Google are well aware of the privilege gained by lobbying. These companies have to lobby for discrediting the more preposterous plans. It indicates that more resources are flowing into the political ecosystem by lobbying ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"B9fVvcsN","properties":{"formattedCitation":"(Worstall, n.d.)","plainCitation":"(Worstall, n.d.)","noteIndex":0},"citationItems":[{"id":662,"uris":["http://zotero.org/users/local/rVaVAHaF/items/J4LSJCTI"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/J4LSJCTI"],"itemData":{"id":662,"type":"webpage","title":"One Benefit of Nancy MacLean's Democracy In Chains - Public Choice And Rent Seeking Popularised","container-title":"Forbes","abstract":"Or as we might put it, that combination of rent seeking and public choice economics leads to threats of the expansion of the regulatory state in order to attract the lobbying revenues against said expansion. A complete waste of the time and money of course.","URL":"https://www.forbes.com/sites/timworstall/2017/08/06/one-benefit-of-nancy-macleans-democracy-in-chains-public-choice-and-rent-seeking-popularised/","language":"en","author":[{"family":"Worstall","given":"Tim"}],"accessed":{"date-parts":[["2019",5,18]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Worstall, n.d.).

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Amazon’s raise: unequivocally good news | Columns | Journal Gazette. (n.d.). Retrieved May 18, 2019, from http://www.journalgazette.net/opinion/columns/20181007/amazons-raise-unequivocally-good-news

Worstall, T. (n.d.). One Benefit of Nancy MacLean’s Democracy In Chains - Public Choice And Rent Seeking Popularised. Retrieved May 18, 2019, from Forbes website: https://www.forbes.com/sites/timworstall/2017/08/06/one-benefit-of-nancy-macleans-democracy-in-chains-public-choice-and-rent-seeking-popularised/

Micro Economics Exam

Spring 2019 Final Exam Economics 20205

Name

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Fish Fruit Possibility (pounds) (pounds) A 37 56 B 31 78 C 20 ~ 90 D 9 99

Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production —_—_1) possibilities frontier is given in the above table. If Mr. Crusoe increases the amount of fish he catches from 9 to 20 pounds, the opportunity cost is

9 pounds of fruit.

In the above figure, curve B is the curve and curve C is the curve. 2) 3

total variable cost; total fixed cost

If a good has an external cost, then the marginal private cost curve 3)

is negative.

4) Total revenue increases if the price of the good

c) Rises and demand is inelastic.

5) The profit maximizing/loss minimizing level of output (Q) a firm should produce is

C) Marginal cost equals marginal revenue

Price (dollars per pizza)

S + tax

144 12 4

lo B fess flovnrsfunin 6

4-4

2-4 D

0 20 40 60 80 100 120 140 Quantity (pizzas per hour)

In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the tax 6) revenue collected by the government equals

E) $240.

In the above graph, the shaded area is called

D) dead weight loss

8) Consider the market for peanut butter. If there is an increase in the price of peanut butter,

c) there is a decrease in the demand for peanut butter.

9) If the marginal social cost of producing a ton of cement is $5,000 and the marginal private cost is 9) $3,500, then the

b)marginal external cost of producing a ton of cement is $500.

For a perfectly competitive firm, marginal revenue is

equal to the price.

_

If a 1 percent increase in the price of X increases the quantity demanded of Y by 2 percent, then X and Y are

E) complements and the cross elasticity of demand equals 2.

Jennifer owns a pig farm near Salina, Kansas. Last year she earned $39,000 in total revenue while 12) incurring $38,000 in explicit costs. She could have earned $27,000 as a teacher in Salina. These are all her revenue and costs. Therefore Jennifer earned an

b) accounting profit of $1,000 but incurred an economic loss of $26,000.

What are the four broad categories of resources (factors of production) in economics? 13)

land, labor, capital, and entrepreneurship

14) Producing leather creates external costs in the form of water pollution. The figure above illustrates 14) the market for leather. If the government regulates the market so that it achieves efficiency, how many tons of leather will be produced?

c) 200 tons

During periods of full employment, this will place an economy 15)

on the production possibilities curve or a little inside the production possibility frontier.

The above figure illustrates a perfectly competitive firm. If the market price is $40 a unit, to 16) maximize its profit (or minimize its loss) the firm should

d) produce 40 units.

Ben's cost of making an additional rocking chair is $75.

If he sells it for a $100, his producer surplus is $25.

18) If a firm does not produce any output, its 18)

c) total fixed cost must be zero.

19) The figure above illustrates the market for new houses. Suppose that the equilibrium price and quantity of new houses both increase. Which of the following could be a cause of this change?

. B) Both the supply and demand for new houses remained the same but quatity demanded and quantity supplied both decreased

The definition of free will is

Volition

21) The opportunity cost of a decision is measured in terms of

b) the price of the next best alternative given up.

If the price elasticity for laptops equals 3, then an increase in the price of laptops from $300 to $400 will

Cause the demand for gasoline to become elastic.

The longer the time that has elapsed since the price of a good changed, the

c) More elastic the demand for that good.

Quantity (thousands of MP3 players per week) The figure above shows the market for MP3 players, where S is the supply curve and D is the demand curve before any tax is imposed. The government imposes a $10 per unit tax on sellers of MP3 players.

Based on the figure above, the burden of the tax 24)

C) falls mostly on sellers.

Milk (millions of gallons per year)

The figure above shows the production possibilities frontier for a country. If the economy is 25) operating at point A, then the opportunity cost of 3 million gallons of milk is

d) 3 g million gallons of ice cream for a million gallon of milk.

The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. 26) Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 60 bikes?

$400

The total revenue test says 27)

Demand is elastic if a decrease in price results in an increase in total revenue.

Total revenue is maximized when demand is elastic.

Total revenue is minimized when demand is unit elastic.

D) i only

28) What type of factor of production is a college education?

c) entrepreneurship

29) When the percentage change in the quantity demanded equals the percentage change in price, then 29) demand is

elastic.

30) In the figure above, the equilibrium market price is $20. The producer surplus is 30)

a) 1500

The law of supply states that

b) when all else remains the same, when the price of a good increases, the quantity supplied increases.

Market equilibrium occurs when

c) the quantity demanded equals the quantity supplied.

33) If a new apple picking machine is invented and it doubles speed with which apples are picked then, the equilibrium price of an apple and the equilibrium quantity .

rises; increases

34) One requirement for an industry to be perfectly competitive is that

d) there are no restrictions on entry into or exit from the market.

What is the formula for the price elasticity of demand? The percentage change in the

b) quantity demanded divided by the percentage change in price.

Government regulation of an industry that creates pollution

c) can help reduce pollution.

"Human capital" refers to the

knowledge and skills that just college graduates obtain and bring to the workplace.

The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table,

B) The total fixed cost is $1. C)

39) The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the

c) price elasticity of demand.

Value and price can be compared by noting that 40)

value is always greater than price.

An external cost exists when the cost of producing a good or service

D) falls on other people and is not totally borne by the producer of the good or service.

Price (dollars per pizza)

Market price

i °

0 5 10 15 20 Quantity (thousands of pizzas per day)

The figure above shows the demand curve for pizza and the market price of pizza.

In the figure above, what is the consumer surplus per day?

C) $100,000

43) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is

e) inelastic.

What is an inferior good? 44)

B) a product for which demand increases when income decreases, and demand decreases when income increases

The demand and supply schedules for slices of pizza are in the table above. If the price of pizza is 45) $4 per slice then there is

a surplus of 20 slices of pizza.

46)The income elasticity of demand is if the good is good, 46)

c) positive; a normal

Total revenue equals 47)

price multiplied by quantity.

48) An industry with a large number of firms, homogeneous products, and free entry and exitis called 48)

A) perfect competition.

To maximize its profit, a perfectly competitive firm produces so that____.. 49)

c) MR=MC;

As we observe the cost curves' graph, we see that the

MC curve intersects the AVC curve and ATC curve at their minimums.

If a product is an inferior good, then its income elasticity of demand is 51)

negative.

In the figure above, a price of $15 per dozen roses results in 52)

c) a shortage.

53) The phrase “tax incidence" refers to

B) who actually bears the burden of paying the tax.

54) In the market for cotton, suppose the equilibrium price is $10 per ton and the equilibrium quantity is 100 tons. If the government then imposes a price floor of $20 per ton,

C) the market price decreases.

The figure above shows the market for tires. The figure shows that the government has imposed a 55)

tax of per tire and that pay most of the tax.

d) $60; buyers

14 Revenue and cost (dollars per unit) 50 -+ 40 + 30 -

20 -

. .

.

ees etecereterirengereraerersereen ’ 3

Output (units per day)

The above figure shows a perfectly competitive firm. If the market price is 5$ per unit, the firm 56)

b) might shut down but more information is needed about the fixed cost.

The above figure shows a perfectly competitive firm. If the market price is $15 per unit, the firm 57)

b) will stay open to produce and will incur an economic loss.

As we observe the cost curves’ graph, we see that the MC curve intersects the AVC curveand ATC _——58) curve at their minimums because

d) MC curve intersects the ATC curve at its maximum

In the short run, a perfectly competitive firm can experience which of the following? 59)

an economic profit

d) only i

60) A perfectly competitive firm's short-run supply curve is 60)

c)horizontal at the market price.

Microeconomics

Microeconomics

[Name of the Writer]

[Name of the Institution]

Ahead of Canada's Legalization date cannabis suppliers struggle to meet demand

Rich Weissman in his article “Ahead of Canada's Legalization date cannabis suppliers struggle to meet demand” highlighted the fact that the legalization of cannabis is a threat to the adequate supply rate that would be sufficient enough to meet the demand of consumers. According to the insights of the projection made by C. D. Howe Institute, it has been brought into insight that the supply of licensed Cannabis in Canada can only meet the 30% to 60% of the needs of the users. The CEO of Aphria, one of the Canada's largest licensed cannabis producers has confirmed that the supply would be insufficient in the upcoming three months, adhering to the shortage of product. It has been highlighted that the supply chain issues are one of the chief problems. Neufeld asserted that the main cause of the shortage is the legalization procedure adhering to which, the packaged cannabis products require a special stamp known as "excise stamp" from the government that is occasionally delayed. It is important to note that the harvest issues are also a major concern because the country usually prepares for "unprecedented" legalization. The author compared the supply of cannabis in Canada with the supply in North America that is relatively uncomplicated, more financial and political, adhering to the social pressures that are some major barrier. The mainstream suppliers of Marijuana in Canada are much slower to respond to the market while the adopter suppliers are more towards restricting the supplies of marijuana.

A special insight was given to the "Banks" and "Mainstream Suppliers" the banks are at a greater risk of lending marijuana to the companies in the recreational cannabis sector. In the past few years, the Massachusetts Credit Union has directed to offer certain services for the recreational marijuana, and it would be great heed towards the opening up of financing. In Canada, there is no such extension towards the analysis of the supply of marijuana, because there is greater stress in the huge upside potential. Rich Weissman addressed that he own property in the United States and Canada as well but there is a great difference between the availability of marijuana. He inferred that according to the Financial Post of Canada, there are certain cultivation issues as well, and it has been announced earlier that as the legalization was expected to hamper the trends of availability and the production will be effected side by side. The government agency of Canada, "Health Canada" estimated that the annual demand of cannabis in the country is about 2 million pounds, but there is no affirmed or justified data on the exact supply of the licensed recreational vendors. It has been highlighted that although stress is made on the availability of the product, still it is not justified that there would be complete run out.

The major suppliers would be having certain availability. The recreational shops will not display empty shelves and emptied containers; however, there would be a considerable shortage. In a nutshell, assumptions are made regarding the recent and the future circumstances, stressing that there will be a shortage of the amount of cannabis in Canada. Certain reasons are also presented for the shortage of marijuana, affirming that the procedure of legalization is much longer and the market holders will not opt for certain lengthy proceedings and circumstances in order to make cannabis available, side by side, it has been inferred that there would not be a complete run out certain proportion of marijuana will always be available for the consumers However a comparison to United Sates, reflect great difference. The author inferred his insight to highlight that Canada is lagging the quantity of cannabis after legalization, adhering to the procedures and the proceedings.

References

"Ahead Of Canada's Legalization Date, Cannabis Suppliers Struggle To Meet Demand". 2018. Supply Chain Dive. Accessed January 11 2019. https://www.supplychaindive.com/news/cannabis-supply-chain-legalization-challenges/539461/.

Microeconomics Exercise 1

Microeconomics exercise 1

Isabel

“Great nations never become poorer because of the waste and unreasonableness of individuals, but they are often poor as a result of the waste and unreasonableness of state power”.

At the end of the twentieth and the beginning of the twenty-first centuries, economists began to persistently develop and strengthen their opinions about the crisis of the theoretical part of economics, whatever name it was - “political economy”, “economic theory”, “general economic theory”, “economics” and so on. Increased interest in economic theory arises in critical periods of social development. It was then, in the era of the formation and development of capitalism, that the liberal economic doctrine was formed. The economic person of A. Smith, with his egoistic basic norms and today, despite all modifications, is the basis of the liberal doctrine. In this regard, in different interpretations by economists, the question is posed.

In the economic doctrine of the Western countries thinkers, there is no social dominant as such. The narrowing of the subject matter to a purely economic issue at that time was considered a great progress in the methodological aspect. In that historical framework, the approach was apparently correct. The state budget of the countries was small, national economies were not burdened with social problems, the institutions of civil society were in the process of formation, initial capitalism, even a “semi-wild” state, was in all respects more attractive than feudalism, burdened by a whole range of class restrictions. In the realities of our time, many of the positions of Smith’s economic liberalism doctrine have shown their limitation.

Today, it is wrong to consider that Smith created a remote economy of the entire business ethics. But a thorough reading of his work, as proposed by the Nobel Prize in economics A. Sen, allows to an investigation into the natural world and reasons of the Wealth of Nations? "(1776) as a practical application of ethics that stems from his previous book"? “The theory of moral feelings (1759). From this global perspective, it is not surprising to see how, for Scots, moral values ​​have been intimately linked to human behavior.

Adam Smith and his time were redundant to write about ethics in business since it was already implicit. The motivational exchange of self-interest was mutually beneficial if the parties did not try to deceive each other. Based on a superficial reading of Smith and influenced by liberalism and positivism, the mainstream of contemporary economics today goes against the deepest convictions of early classical economists. In order to create an ethically neutral, predictable science, the result was to end up using elegant mathematical models that deprived people of motives other than self-interest. By using the exchange of equivalents as the only valid means of contributing to rationality and the common good, we have come across a system that seems to supplant the human person from the center of the stage.

Conclusion

Adam Smith concludes in his essay that the economic system is a self-regulating system that develops on the basis of objectively existing laws. Further, the theory of economic laws is developed. True, the term itself is not yet in his writings. Adam Smith speaks of the "laws of human nature." Nevertheless, the introduction of this concept into the scientific revolution represented an undoubted step forward in comparison with the position of its predecessor W. Petty, who interpreted the laws in force in the economy as “laws of nature”. Smith, on the other hand, has a definite understanding of the specifics of economic laws — their belonging to social phenomena. A valuable in this position of the Western economist is his understanding of the objective nature of such laws, that they act independently of the will and consciousness of economic entities and that people.

References

Keohane, R. O. (2005). After hegemony: Cooperation and discord in the world political economy. Princeton University Press.

Maddison, A. (1995). Monitoring the world economy, 1820-1992 (p. 238). Paris: Development Centre of the Organisation for Economic Co-operation and Development.

Throsby, D. (2001). Economics and culture. Cambridge university press.

Hirshleifer, J. (1985). The expanding domain of economics. The American Economic Review, 75(6), 53-68.

Hoogvelt, A. (2001). Globalization and the postcolonial world: The new political economy of development. JHU Press.

Microeconomics Project1

MICROECONOMICS PROJECT1

[Name of the Writer]

[Name of the Institution]

MICROECONOMICS PROJECT1

The VAT is a tax on the consumption and purchases of the products when it adds value at the stage of the supply chain, from the point of production. A value-added tax (VAT) is the amount of tax charged by the businesses on the products and services at every sale transaction that adds value (Tait, 1988). The VAT is mostly expressed as a percentage of the total cost incurred. The amount of VAT remits to the government when paid by the consumer. The VAT is different from sales tax, and it is based on the invoice which is collected at various points throughout the production (Schenk et al., 2015). To keep the proper record of VAT, it is essential to preserve the history of all purchases. It could be maintained both in the manual log book and in accounting software. The software generates it automatically, which is further compiled to complete the quarterly VAT returns (Moon, 2017).

According to standard accounting scheme, the company has to complete four VAT returns per year. The VAT is paid for the sales made in each quarter of the year. Annual Using Cash Accounting scheme of VAT will help your cash flow especially when the payments from the customers are slow. In this scheme, a business doesn't need to pay VAT until it does not receive payments from the customers. Taxes can increase the revenue of the government, but it can increase the prices of the products and services (Sharma, 2017). Due to the raises in cost, the prices get higher, which results in a decline in the demand. The decline in demand curve also decreases the supply.

UAE excise tax on carbonated and energy drinks and tobacco to raise the revenue of government through the tax revenue (Shaikh et al., 2017). These 50 percent excise will reduce the demand for carbonated beverages. The demand will be elastic, and its sale will be decreased to a certain level while excise tax on 100 percent will double the prices of the products so the demand for these products will be unit elastic. The price elasticity of demand will be inelastic for those who are high-income people and habitual (Coglianese et al., 2017). While for low-income people and non-addictive people the price elasticity will be elastic. Similarly for the carbonated drinks, and energy drinks the price elasticity will be unit-elastic. The demand for these commodities will reduce by 1 unit due to the increase 1 unit of price. The most affected brand will be the carbonated drinks because these are already costly, and the use of cigarettes and carbonated drinks is higher so it will be maintained to a greater extent.

The total utility curve alongside with marginal utility curve for the trousers and T-shirts. It satisfies the law of diminishing marginal utility because with the increase of a single unit of these commodities the total utility increases while the change in the utility reduces. Within the given budget maximum utility can be achieved by purchasing four T-shirts which will give 150 utils, and two trousers 43 utils. None of the other combinations can give more utility than this combination.

Implicit cost is an economical cost also called opportunity cost; it doesn't involve the cash outflow from the business (Miller & Alberini, 2016). The implicit cost is that a company own a building and considering the rent of the business. While the explicit cost occurs when the company pays for its factor of production, it is the actual cost in which there is an outflow of cash (Luyten & Denier, 2018).

The long run is a time frame in which all the factors of production are variable, and their costs are also variable. While in the short run the firms can influence their prices.

The long-run average cost curve is U-shaped because of the economies of scale. The economies of scale mean to increase production to lower the unit cost. It shows the average cost per unit in the long run. The diseconomies of scale will increase the average cost in the long run.

Sunk cost, when incurred by a company, can no longer recover (Ho et al., 2017). The sunk cost is the decision taken by the business to invest in a project which completely, and the cost is not recoverable (Augenblick, 2015).

References

Tait, M. A. A. (1988). Value added tax: International practice and problems. International Monetary Fund.

Schenk, A., Thuronyi, V., & Cui, W. (2015). Value added tax. Cambridge University Press.

Moon, W. J. (2017). Tax Havens as Producers of Corporate Law. Mich. L. Rev., 116, 1081.

Shaikh, S. W., Worku, G. B., & Rao, A. (2017, December). Sectoral Evaluation for Economic and Financial Development in Dubai and the rest of the UAE. In International Conference on Advances in Business, Management and Law (ICBM) (Vol. 1, No. 1, pp. 1-29).

Sharma, C. N. (2017). GLOBAL PERSPECTIVE. CHARTERED ACCOUNTANT, 20.

Coglianese, J., Davis, L. W., Kilian, L., & Stock, J. H. (2017). Anticipation, tax avoidance, and the price elasticity of gasoline demand. Journal of Applied Econometrics, 32(1), 1-15.

Miller, M., & Alberini, A. (2016). The sensitivity of price elasticity of demand to aggregation, unobserved heterogeneity, price trends, and price endogeneity: Evidence from US Data. Energy Policy, 97, 235-249.

Ho, T. H., Png, I. P., & Reza, S. (2017). Sunk cost fallacy in driving the world’s costliest cars. Management Science, 64(4), 1761-1778.

Augenblick, N. (2015). The sunk-cost fallacy in penny auctions. The Review of Economic Studies, 83(1), 58-86.

Luyten, J., & Denier, Y. (2018). Explicit Cost-Effectiveness Thresholds in Health Care: A Kaleidoscope. Social Justice Research, 1-17.