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devry econ 312 all weeks discussions




Question;Week 1 discussion;Opportunity Cost (graded);Give an example of how the Principle of Opportunity Cost;applies to your life. Think of a recent decision you made. It could be a;decision as simple as whether to eat out or cook your own dinner, or it could;be a decision to quit your job and go back to school. What alternatives did you;consider? How did you arrive at your final decision? Did you implicitly weigh;marginal cost and marginal benefit? How does the concept of opportunity cost;apply to production possibilities curve (PPC) analysis? How can we use PPC;analysis to examine what we do?;Economic Systems (graded);Think of a business firm you recently visited (such as;Walmart, Home Depot, Red Lobster, Barnes & Noble, McDonald?s, etc.). What;motivated the producers of all the individual products in the store to make;them and offer them for sale? How did the producers decide on the best;combinations of resources to use? Who made those resources available, and why?;How does the market determine who will get the goods and services? Who decides;whether these particular products should continue to be produced and offered for;sale? How do these decisions differ between capitalist and socialist systems? Week 2;discussion;Demand, Supply, and Market Equilibrium;Think about a product that you have purchased recently (e.g.;soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game;etc.). Explain how the law of demand affected your purchase. Give specific;examples of how the determinants of demand and supply affect this product;(T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply;curve when any of these determinants change? Give examples of scenarios that;would cause a change in demand versus a movement along the same demand curve;and supply curve for this product. Discuss the new equilibrium price and;quantity that result from these changes. Can you demonstrate some of these;changes graphically?;Price Elasticity of Demand;Think of another good that you have purchased recently (or;you could continue with the good you selected in TDA I). Be specific (e.g. is;it breakfast cereal in general or Cheerios cereal specifically). If the price;of this item increases, how would this affect the quantity of the good that you;consume? Is the Demand for this good Price elastic or Price;inelastic? Justify your classification by talking about the determinants of;elasticity as they apply to this product. Say price is on the rise for this;product and you are the manager of a store, would you be thrilled to be selling;this product? Under what circumstances would you want to own a business that;sells this product? In other words, how does an increase in price for this good;affect your Total Revenue? Using specific examples, relate the concepts of;Cross Elasticity and Income Elasticity to this product. Week 3 discussion;A Firm?s Shut Down Decision (graded);Say you are the manager of a perfectly competitive firm;selling a product. Your business is making a loss because total revenue is less;than total costs. What would you do--shut down or continue to operate? Use;hypothetical numbers to explain. Information you need to provide include--state;the product you are selling, the price of the product, the quantity of the;product you produce, fixed costs, total cost, figure out total revenue, total;and average variable costs. Then go ahead and make your decision. Explain;carefully why it makes better sense to shut down rather than continue to;operate or to continue to operate rather than shut down, as the case may be.;How do fixed costs play a role in your analysis? What is the difference between;shutting down and going out of business?;Market Structure Classification (graded);Think;about a firm that you have done business with recently. What industry does this;firm belong to? For example, McDonald's is a firm in the fast food industry.;What market structure would this industry fall under? What are the names of;other firms in this industry? Is it monopolistic competition, oligopoly;monopoly, or perfect competition? Justify your classification of the firm. Use;the characteristics/features of the different market structure to determine;which market structure to classify your chosen firm.Week 4;discussions;GDP (graded);Go to the Bureau of Economic Analysis website,;and access the BEA interactively by selecting "National Accounts" and;then "National Income and Product Account Tables." Select;Frequently Requested NIPA Tables," and find Table 1.1.1 on GDP. What;is the current GDP growth rate for the U.S.? Examine the trend over the past;few years. What trends interest you? What stage of the Business Cycle would the;U.S. economy be in currently given the trends? Why might GDP not be considered;an accurate measure of economic well-being of a country? Identify at least;three limitations of GDP as a measure of economic well-being.;Unemployment and Inflation (graded);Go to the Bureau of Labor Statistics website;, and click on "Employment;Situation Summary" to get the most up-to-date summary of unemployment in;the U.S. or the "Employment Situation Summary Table A. Household data;seasonally adjusted." What interests or surprises you about the summary;table? How does that rate compare with the rate in the previous month or;quarter? Discuss the differences in unemployment rates by gender, age;education, etc.;Week 5 discussion;Aggregate Demand and Aggregate Supply (graded);Go to;the BEA website On the left tab under Publications, go to the;Interactive Data Tables. Select National Income and Product Accounts. From;Table 1.1.6 and 1.1.7 examine all four components of GDP (C, I, G, and;Xn). Which of these four components of AD declined the most during;the 2007 and 2009 recession? Do you think an increase in government's spending;(G) can boost the Aggregate Demand (AD) in a recession? Analyze why the economy;may operate below full-employment GDP in the short run. How can the multiplier;have a negative effect? What is the relationship between the multiplier and the;marginal propensities? Explain.;Fiscal Policy (graded);Give an;example of an event or incident that has taken place in the U.S. economy which;has a major economic impact--be specific, e.g., 9/11 attack, natural disaster;rise or fall in oil prices due to OPEC policies, consumer optimism or pessimism;about an expected economic expansion or downturn, increase in government;spending on healthcare, tightening of the legal and institutional environment;and so forth. What effect would this event have on AD or AS, other things being;constant? What would be the resulting effect on equilibrium price level?;Explain. What will be the effect of the different tools of fiscal policy;to stabilize the economy? Give an example of a built-in stabilizer and explain;how it would work to reduce this rise or fall in the level of AD.week 6 discussion;Money and Banking (graded);What factors led to the mortgage default crisis? How did;mortgage defaults affect banks involved in mortgage lending and mortgage;investing? Securitization? TARP? What do these mean? How did mortgage-backed;securities spread losses during the mortgage default crisis? How does TARP;illustrate the problem of moral hazard? What did the Federal Reserve do during;the financial crisis of 2008 and 2009? How did the recent financial crisis;affect the financial services industry? What are some of the major provisions;of the Wall Street Reform and Consumer Protection Act?;Monetary Policy and the Federal Reserve (graded);What is the Federal Reserve (Fed) all about? Which Federal;Reserve District Bank is closest to you? Who is the current Chairman of the;Fed? Should the Fed remain independent from political authority or should the;President and Congress have a say in their operations? Why? Why not? What is;FOMC? What is the current Federal Funds Rate? How does the Fed implement;monetary policy to manage the economy? At the last meeting of the FOMC, what;was done to the federal funds rate--increased, decreased, or no change from;previous meeting? Given the current state of the U.S. economy, should the Fed;be using expansionary monetary policy or contractionary monetary policy? Why?;Why Not?;Week 7 discussion;Free Trade (graded);Are;you for or against free trade? Are you for or against;NAFTA? What is the economic basis for trade? Explain the underlying facts that;support free trade and give an example of a good that you purchased recently;that is based on resource differences. What are some examples of goods that the;U.S. has comparative advantage in producing? Take a look at the tag of the;shirt/dress/pants you are wearing today. Where was it made? Anyone wearing;?Made in America? items of clothing today? We sometimes hear people say ?Buy;American." Why don't we? What is the basis of international trade? What;are the benefits and the costs? Under what conditions would you advocate;for trade restrictions?;Foreign Exchange (graded);What is;happening to the value of the U.S. dollar these days? What causes the value of;the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S.;dollar? When we purchase German products, does our demand for euro go up or;down? What are freely floating exchange rates all about, and how do they work?;How can the falling U.S. dollar impact your travel expenses? 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Paper#57761 | Written in 18-Jul-2015

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