QUESTIONS (30 Marks) 1. Australia food price are expected to increase this year. It is in this context answer the following questions: (a) Explain why the law of demand applies to food just as it does to all other goods and services. Discuss the price elasticty of demand for food. [4 marks] (b) Explain … Read more
APPLIED ECONOMICS FOR PUBLIC ADMINISTRATION AND POLICY COURSE DESCRIPTION: The primary aim of this course is to develop a foundational understanding on economic principles and models relevant to public policy. It will also examine the different roles of government, basic principles of macroeconomics and microeconomics, influence of economics on policy choices, and public service values. … Read more
Armed with the knowledge you are gaining from this module week’s summit session, it’s now time for us to apply what we are learning! For this activity, complete four of the five scenario-based problems. Prepare a document to explain your answers and graph your solutions. Make sure to use references in APA format to … Read more
Blogs, LinkedIn articles, and other online publications are channels of communication through which people can share their experience, perspectives, and expertise directly with readersand readers can respond via electronic comments. While these electronic channels are usually not as credible as scholarly publications, they are a great way for readers to learn about new topics and … Read more
1. Choose a business which you are familiar (e.g., where you work or shop). 2. Apply the key terms learned throughout this course to this business (monopoly, oligopoly, pricing practices, elasticity, demand and supply, and production). What are the pros and cons of these concepts in relation to the business? What are the biblical … Read more
Explain the difference between point elasticity and arc elasticity. What would you expect to happen to spending on food at home and spending on food in a restaurant during a decline in economic activity? How would income elasticity of demand help you explain these changes? 250 words
Compare the Christian worldview with a secular worldview of how we treat our income, our taxes, and our spending. Compare and contrast monopoly, monopolistic competition, perfect competition, and oligopoly. How do these concepts play a part in competition and pricing decisions? How do these concepts relate to the biblical verses above. Share your findings in … Read more
What are the main characteristics of a perfectly competitive market that causes buyers and sellers to be price takers? Explain your answer. The perfectly competitive model is not very useful for managers because very few markets in the U.S. economy are perfectly competitive. Do you agree with this statement? Explain. Regardless of whether you … Read more
Explain the key differences between perfect competition and monopolistic competition . Assume these firms in the short run are earning above-normal profits. Explain what will happen to these profits in the long run for the following markets: Pure monopoly Oligopoly Monopolistic competition Perfect competition 250 words
While most may not take an economics class or study theory, teh concepts framing teh field of economics must be faced everyday in some form or fashion by everyone. Whether its something basic, like teh price of gas, something at work, like supply chain disruptions, or an area a bit more opaque like teh … Read more