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Learning Goal: I’m working on a economics multi-part question and need a sample

by | Dec 19, 2021 | Economics | 0 comments

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Learning Goal: I’m working on a economics multi-part question and need a sample draft to help me learn.Answer each question with at least 200 words (should only take ten minutes each, doesnt need to be very thoughtful):1.Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Briefly explain. No need to use/include graph in your post. Next, find a relatively recent news article to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Summarize the article and its findings, then include the URL in your discussion post.2. In your own words, what is utility? Can utility be measured? Why or why not? Can social welfare be measured by “adding up” peoples’ utilities? Why or why not? If not by using utility, how can policy makers estimate the welfare of government policies?3. “Diminishing Returns” is a concept, or more precisely, an empirical finding that shows up in a variety of places in microeconomics. We first encountered it in the module on utility, and then again in this module on production and costs. What do economists mean by “diminishing returns” to an input? What causes diminishing returns? Have you ever observed this principle at work in a job you’ve had? Describe how you’ve experienced this concept in the real world.4.The market structure of perfect competition has a lot of ideal qualities–hence the name perfect. For example, perfectly competitive firms are productively efficient, and perfectly competitive markets are allocatively efficient. It is, however, difficult to find many examples of perfectly competition in the real world. Perfect competition is really a benchmark against which we compare other market structures in the real world. How much actual competition occurs in perfectly competitive markets? Some make the claim that there is actually no competition between firms in a perfectly competitive market. Do you agree or disagree with this claim? What is your reasoning? 5.Name a product that you regularly purchase from a firm that operates in an oligopolistic industry.Explain why the product and firm fit the model of oligopoly.Think about the TV commercials and/or print advertisements that you’ve seen from this industry: What interdependence have you noticed between the firm you selected and its rivals in terms of product differentiation, price leadership, game theory, or price competition?6. Monopoly is nearly always seen as something undesirable. Courts have wrestled with monopoly for ages, sometimes defining it as: “the power to control prices and exclude competition”, “restraining trade”, or “unfair and anti-competitive behavior.” Should monopolistic practices be condemned and outlawed?
Requirements: each answer 200 words

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