Indifference curves

  1. Draw indifference curves that represent the following individuals’ preferences for hamburgers and soft drinks. Indicate the direction in which the individuals’ satisfaction (or utility) is increasing.

a. Joe has convex preferences and dislikes both hamburgers and soft drinks.

b. Jane loves hamburgers and dislikes soft drinks. If she is served a soft drink, she will pour it down the drain rather than drink it.

c. Bob loves hamburgers and dislikes soft drinks. If he is served a soft drink, he will drink it to be polite.

d. Molly loves hamburgers and soft drinks, but insists on consuming exactly one soft drink for every two hamburgers that she eats.

e. Bill likes hamburgers, but neither likes nor dislikes soft drinks.

f. Mary always gets twice as much satisfaction from an extra hamburger as she does from an extra soft drink.

Sample Solution

A good / service that America has a comparative advantage in producing.

Take a closer look at our local economy or a country of your interest and pick a good or a service that you believe America (or your country of choice) has a comparative advantage in producing. Discuss the factors that you believe give America (or your country of choice) such an advantage.

In addition, is it better for a country to export more or to import more?

Moreover, what is the impact of trade surplus (exporting more than importing) and trade deficit (importing more than exporting) on GDP, employment, and the exchange rate of the country’s currency?

Sample Solution

The logic, rationale, and effectiveness of Global Economic Governance

Considering the readings, video presentations, and your own research, draft a quality 5–7 pg. research paper on the logic, rationale, and effectiveness of Global Economic Governance in accordance with the following prompts, answering in a separate or integrated manner as you wish.

Reasoning with clear ideas and examples, explain at least 3 reasons for the authority and legitimacy of the IMF and World Bank? According to their defenders, what is their stated role and rationale? In reverse, mention at least 3 criticisms of these institutions. Is there a particularly Christian approach to international finance or micro-finance, or might Christians split left to right on this issue? Explain.
Reasoning with clear ideas and examples, discuss the pros and cons of the free trade regime established after WWII. Most Western economists defend free trade as a religious mantra, believing it a partial remedy for the ills of inequality between peoples, states, and regions like the North-South divide for example. Many Christians endorse free trade as one of the only ways to reconcile capitalism, freedom, and Christian faith. Providing 3 pros and 3 cons, offer a more balanced view of free trade.

Sample Solution

Theodore Levitt’s remarks about the contrasting needs of the seller

Theodore Levitt’s remarks about the contrasting needs of the seller and the marketer were shared. Levitt described how satisfying the needs of the customer is now the pathway to marketing success. This concept and others related to the four Ps of product, price, promotion, and place were further explored throughout the units. For this reflection paper, respond to these three prompts:

Reflect on how this introductory marketing course has changed your view of how the field of marketing works.
What was the most surprising thing you learned? What do you need to learn more about?
Do you see the rise of consumer power through evolving changes in technology? If so, how? If not, why not?

Sample Solution

An analysis of market structures and relating pricing strategies that are suitable for each

Develop a paper detailing an analysis of market structures and relating pricing strategies that are suitable for each of these structures. Furthermore, include a real world example of pricing strategy for a specific company by identifying its market structure.

Your paper should be around 10 double spaced pages, in APA Format and structured as follows:

Cover page with a running head
Abstract

  1. Perfect Competition
    1.1. Description
    1.2. Pricing Strategies
  2. Monopolistic competition
    2.1. Description
    2.2. Pricing Strategies
  3. Oligopoly
    3.1. Description
    3.2. Pricing Strategies
  4. Monopoly
    4.1. Description
    4.2. Pricing Strategies
  5. Case Study
  6. Conclusion
    References

Sample Solution

Projections for demand

Given future projections for demand, how do you think the industry as a whole will do over the next twenty years? How might your forecast differ for the wide-bodied and narrow-bodied segments?

Sample Solution

The Great Recession

During the Great Recession, like any other economic downturns, as unemployment rises, aggregate income declines causing a major decline in tax collections. On the other hand, with the rise in unemployment, spending on safety net programs rise. So, to stabilize the national economy, government appears to have only two options (neither good) either to put in place severe austerity measures (cut spending) or increase borrowing. Of course, it is very difficult to defend cuts in the federal government programs and especially the programs geared to sustain the minimum of the standard of living for the “poor.” But increase in borrowing has major adverse impacts on the national economy.

Write an essay analyzing

· Different theoretical views on national debt,

· Long-run costs of high national debt,

· Costs of eliminating the budget deficit solely through (1) personal tax increases, and/or (2) through spending cut by decreasing in transfer payments (i.e., Social Security, Medicare and Medicaid) and in discretionary spending (such as defense and education budgets).

Sample Solution

Monetary policy

Discuss what monetary policy is. Discuss different instruments of monetary policy. Discuss the impact of expansionary and contractionary monetary policy, specifically the change in interest rate and credit availability, and the process by which these changes impact business’s decision making process.

Sample Solution

SF MODEL

Suppose we have two sectors: MANU and AG. Capital is specific to MANU and Land specific to AG. Labour is mobile. Prices are given.

a) What do we mean by Labour market equilibrium in this model? Show the equilibrium using the ‘Leontief Box’ diagram below and explain why it is the equilibrium.

b) Show/depict how to find total payments to labour, returns to the owner of capital and returns to owners of land.

c) How do we calculate GDP at equilibrium? Prove that the equilibrium maximizes GDP.

Sample Solution

Scarce resources and how you would use that resource most effectively.

  1. Discuss one of the four types of scarce resources and how you would use that resource most effectively.
  2. How do the laws of supply and demand affect ongoing business, and what policy or system could you use to help? Please give one example of an effect of supply or demand and then describe how you would manage the situation. Please be detailed and specific with a tangible example.
  3. Describe one type of systematic risk and one type of unsystematic risk and then explain how a business would create a plan to address the risk.
  4. What is the difference between strategic planning and functional planning and describe specific situational uses for each type of planning.
  5. Describe one of the types of business organization and what circumstances would make it the best organization to use.
  6. Name a specific benefit to writing a business plan when creating a new business? Explain your answer.

Sample Solution