Question;Allied;American University;ECN150 module 1;assignment;PART I;Directions;Please draft a three page long document in APA format in which you address the;questions below. You must cite at least;three scholarly sources within the context of your work and cite your;references according to APA style.;Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center;for a guide on how to utilize LIRN successfully.;1. Describe;and identify microeconomic theory and contrast it to macroeconomic theory.;2. List;and explain the four principles of individual decision-making. In your explanation identify elements that go;into the decision making process.;3. Provide;an example of a decision in which you faced trade-offs, considered opportunity;costs and evaluated the options by comparing the marginal benefits and the;marginal costs associated with that decision.;4. List;the incentives which drew you to that decision or the incentives that could;have led you to make a different choice.;PART;II;Reflection Essay;As you think ahead for the next seven units, identify and describe three;concepts you would like to leave this class knowing more about and how those;concepts will play a role in your overall decision making process. Write a one to two page essay and identify;topics of study along with the reasoning behind your choices.;ECN150 module 2 assignment;Part I;Directions;Write a five page APA formatted essay with at least four scholarly citations;and references to address the question below.;Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center;for a guide on how to utilize LIRN successfully.;1. After;reading the two articles in Modules 1 and 2 related to Economic Theory (first;?How Did Economists Get It So Wrong? and second, ?History of Economics;Playground?), reconstruct what happened from 2006 through 2012 as it relates to;microeconomic theory. Was there too much;focus on the macro climate and not enough on the micro climate? Do you concur more with Krugman or Giraud? What is the basis for your opinion? Be sure to isolate other peer reviewed;articles using the library that back your viewpoint and use it as a basis for;analysis, in addition to what you see happening in the market yourself. Compare and contrast the two articles and the;two authors? perceptions of the market.;Part II: Reflection Essay;Reflect on;this week?s work as it relates to decisions you make in your own life. Write a one page reflection essay about a;decision you have made in the past six months as it relates to this week?s;topics and how this modules material may have impacted your decision-making.;Module 3;PART;I;Directions;Write a paper that is two to three pages in length in APA format in which you;address the questions below. Use at;least two scholarly sources with references cited in APA format. Please utilize LIRN to help you get started;with your search. You may visit the;Academic Resource Center for a guide on how to utilize LIRN successfully.;1. Can the;government always reduce the budget deficit by simply increasing taxes? Why or why not? Please explain your answer using the Laffer;curve. In addition, use research and;show historical examples to illustrate your answer. Can the government tax its way out of the;current deficit? With more than $16;trillion in debt, what are some arguments for or against taxation to increase;revenue and reduce deficits?;PART II;Review the Federal Reserve Board website. Identify at least five key pieces of data you;would use in microeconomic decision making on the Web site. Submit a one page paper for each link and a;synopsis of what data that link provides to economists and for what it may be;used. Your paper should be 2 to 3 pages;in length.;PART III: Reflection Essay;Write a one page paper on what you found most useful in this;module. What was the biggest take-away;lesson you learned and how will you apply it to your own individual decision;making?;Module 4;PART;I;Directions;Please answer each of the following questions in a paragraph for each. Explain your thoughts with theory and;examples where applicable.;1. For;each of the following, determine whether it is a private good, public good;common resource or a club good.;a. Congested;toll roads;b. Knowledge;c. Fish in;the ocean;d. National;defense;e. Congested;nontoll roads;f. Cable TV;g. The;environment;h. Fire;protection;i. Ice-cream;cones;j. Uncongested;toll roads;k. Clothing;l. Uncongested;nontoll roads;2. The;creation of knowledge is a public good.;Because knowledge is a public good, profit-seeking firms tend to;free-ride on the knowledge created by others and, as a result, devote too few;resources to the creation of knowledge.;How does the U.S. government correct for this apparent market failure?;3. Why do;wild salmon populations face the threat of extinction while goldfish;populations are in no such danger?;4. Identify;the three most important expenditure programs of the federal government. Explain how they differ from the three most;important expenditure programs of state and local governments? Explain why it makes sense for the federal;government to purchase "national defense" rather than state governments.;5. Why are;Pigovian taxes preferred to regulatory policies as methods to remedy negative;externalities?;PART;II;Midterm Project;Click;HERE to watch this;seven minute video from Paul Krugman, the author noted in Module 2.;The;video is on income inequality and the middle class. Within the context of the work you have done;up until this module, determine whether or not you concur with his;argument. Write a four page APA format;position paper, with proper citations and references, explaining your opinion. Please utilize LIRN to help you get started;with your search. You may visit the;Academic Resource Center for a guide on how to utilize LIRN successfully. Next, elaborate in two additional pages on;how you see the policies of the last presidency impacting the outcomes;indicated. Be sure to cite sources.;PART III: Reflection Essay;Write a one page paper on what you found most useful in this;module. What was the biggest take-away;lesson you learned and how do you see firms applying the topic to decision;making in a microeconomic methodology?;Module;5 assignment;PART;I;Directions;Please answer each of the following questions in a paragraph for each. Explain your thoughts with theory and;examples where applicable.;1. What;are opportunity costs? How do explicit;and implicit costs relate to opportunity costs?;2. If the;average total cost curve is falling, what is necessarily true of the marginal;cost curve? If the average total cost;curve is rising, what is necessarily true of the marginal cost curve?;3. List;and describe the characteristics of a perfectly competitive market.;4. Why;would a firm in a perfectly competitive market always choose to set its price;equal to the current market price? If a;firm sets its price below the current market price, what effect would this have;on the market?;5. Explain;how a firm in a competitive market identifies the profit-maximizing level of;production. When should the firm raise;production, and when should the firm lower production?;6. If;identical firms that remain in a competitive market over the long run make zero;economic profit, why do these firms choose to remain in the market?;PART II;Please click HERE and;read through the article on the Fed?s website on credit liquidity and balance;sheets.;Write a two page paper identifying;1. the position of the federal open market committee.;2. the primary points articulated in the paper.;3. whether you believe Krugman would agree or disagree with the;positions noted in the paper.;Please review this module?s required videos for more information;on Krugman?s position.;PART III: Reflection Essay;As;you read about numerous topics this week including balance sheets and the Fed?s;policy, reflect on the past two years of your life in terms of;microeconomics. Is there information on;the Web site you would have found useful in personal decision making? If not, what would you have found;useful? Write a one page reflection;essay on this topic and cite at least one source.;Module;6 assignment;PART;I;Directions;Write;a 3 to 4 page APA-formatted paper in which you address the questions;below. Use at least three cited;references that are peer-reviewed sources.;Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center;for a guide on how to utilize LIRN successfully.;1. Choose;four real-world companies, respectively one for each market structure type -;Perfect Competition, Monopoly, Oligopoly, and Monopolistic Competition.;2. Explain;why the companies fit in the respective categories.;3. Compare;and contrast the four companies with regards to their market structure;characteristics, including, but not limited to: barriers to entry, number of;firms in the market, short-term and long-term profits, price elasticity of demand;etc.;PART;II;In;addition to the textbook readings, you watched hours of videos from experts in;microeconomic theory at world class institutions. You have also read competing position papers;from three major economists in the world today and Nobel Prize-winning;theorists. Write a three page;APA-formatted paper on the general competing theories between economists in;today?s market as they relate to microeconomic theory. Who are the theorists, what do they posit;and how do they support their work? Be;sure to use at least four sourced, peer-reviewed, and cited references in your;work.;PART;III: Reflection;Essay;After;watching the video from MIT this unit, write a one page summary about your;primary take-away from Gruber?s video.;Module;7 assignment;PART;I;Directions;Please;answer each of the following questions, writing a paragraph for each. Explain your thoughts with theory and;examples where applicable.;1. A;recent flood in the Midwest has destroyed much of the farmland that lies in;fertile regions near the rivers.;Describe the effect of the flood on the marginal productivity of land;labor, and capital. How would the flood;affect the price of inputs? Provide some;examples.;2. A;recent study of the determinants of wages for clerical staff at a state;university found that years of schooling, years of experience, age and job;characteristics only explained about one-half of the difference in wages. Describe other factors that may be important;in explaining wages differences for clerical staff.;3. After;graduating from college, you receive job offers from five different accounting;firms. All job offers have a different;compensation package. Is it irrational;for you to accept an offer that doesn't provide the highest level of monetary;compensation? Use the concept of;compensating differentials to explain your answer.;4. List;the productivity factors that may explain the differences in pay between men;and women in similar occupations. Do any;of these factors arise as a result of cultural or social traditions? If so, describe how changes in social;relationships will affect the pay gap over time.;5. Explain;the role that consumers play in perpetuating discrimination in labor markets.;6. Outline;the possible work disincentives created by anti-poverty programs. Is there a way to solve this problem without;causing other forms of inefficiency to arise?;Explain your answer.;7. What;are the primary price inputs in the microeconomic market?;PART;II;After;watching Krugman?s video this week, do you concur with the assessment that;growing income inequality threatens the middle class? Identify a competing argument, paper, and;theorist. Who is the most qualified;voice that dissents from Krugman?s thesis?;Write a two page position paper and cite at least two peer-reviewed;sources. Please utilize LIRN to help you;get started with your search. You may;visit the Academic Resource Center for a guide on how to utilize LIRN;successfully.;PART III: Reflection Essay;Write a one page paper on what you found most useful in this;module. What was the biggest take-away;lesson you learned and how do you see firms applying the topic to decision;making in a microeconomic methodology?;Module;8 assignment;Directions;Please answer each of the following questions in a paragraph for each. Explain your thoughts with theory and;examples where applicable.;1. Explain;the difference between absolute advantage and comparative advantage. Which is more important in determining trade;patterns, absolute advantage or comparative advantage? Why?;2. What;are the arguments in favor of trade restrictions, and what are the;counterarguments? According to most;economists, do any of these arguments really justify trade restrictions? Explain.;3. Using;the graph, assume that the government imposes a $1 tariff on hammers. Answer the following questions given this;information.;a. What is;the domestic price and quantity demanded of hammers after the tariff is;imposed?;b. What is;the quantity of hammers imported before the tariff?;c. What is;the quantity of hammers imported after the tariff?;d. What would;be the amount of consumer surplus before the tariff?;e. What would;be the amount of consumer surplus after the tariff?;f. What;would be the amount of producer surplus before the tariff?;g. What would;be the amount of producer surplus after the tariff?;h. What would;be the amount of government revenue because of the tariff?;i. What;would be the total amount of deadweight loss due to the tariff?
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