Order ready-to-submit essays. No Plagiarism Guarantee!
Note: Our papers are 100% human-written, not AI-generated.
We Write Essays for Students
Tell us about your assignment and we will find the best writer for your paper
Get Help Now!
”
Chapter 5:This chapter focuses on externalities in the context of producing goods and services, but like many concepts in our course, these ideas are very applicable to our daily lives. In this discussion, please:Identify and describe a situation where you have experienced either a positive or negative externality.State clearly what the external cost or benefit is.Estimate the dollar value of the externality. You may not be sure how to do this, so consider asking yourself the following: If it’s a positive externality, what is the highest price you would be willing to pay for the external benefit you received? If it’s a negative externality, what is the lowest price you would be willing to accept as compensation for the external cost you are bearing?How many people in total are affected by this externality? Recommend either a tax or subsidy amount that the externality creator should pay or receive (to “internalize the externality”) based on the number of people affected. You may assume that everyone affected has the same valuation for the externality as you do.Chapter 9:In this chapter on international trade we explained the benefits of trade using the concepts of producer and consumer surplus. We know that trade barriers such as quotas and tariffs cause prices to rise, which reduces consumer surplus, but we also discussed that trade barriers save or create jobs for American workers. In a writing of no more than two pages, please:identify an imported product that you purchased recently, and estimate the amount of consumer surplus you received from your purchase.state how much, if any, of your consumer surplus you would be willing to give up if it meant another job could be saved for an American worker.determine, if you knew that the job saved for the American worker came at the expense of a job for someone in a third-world country, if that would change the amount of consumer surplus (in dollars) you would be willing to give up.determine, if you knew the surplus you gave up went directly to increase the wage of a worker in a third-world country, if that would change the amount of surplus you would give up.state whether or not you would change the purchase, and the associated consumer surplus you received, in any way to redistribute the gains you personally received from international trade. If you would have been willing to give up some of the surplus you received if it went directly to the worker in the third world country, would you consider making a donation to a charitable organization benefiting workers that country (this is a way for you to give some of your surplus to the workers)? Why or why not?Chapter 10 Reflection:We are a little bit more than half of the way through the course. How is it going for you? Are your grades where you want them to be? If not, what adjustments can you make to improve the situation? Please respond to these questions in a writing of less than one page (a paragraph may be sufficient).Chapter 11:Although most of the concepts developed in chapter eleven pertain to businesses, many of the different notions of cost can be applied to your life. In a writing of no more than one page, please identify a fixed, variable, marginal, and implicit cost that you have paid in the last few years.Chapter 12:Many difficult or important jobs in our society pay surprisingly low wages. For example, babysitters, social workers, nursing home workers, seasonal lifeguards, and paramedics, all typically make around $15 per hour or less, but provide services that can save lives. This phenomenon can be explained via the supply and demand model we developed back in chapter 3, or from related material we learned here in chapter 12 if we view the worker as a business owner selling their labor services.We know that if barriers to entry into an industry are low, then businesses cannot expect to earn long-run profits. This implies that jobs that require little or no training (read: low barriers to entry) should not expect to get paid much.For this chapter’s learning portfolio assignment, please:Identify a job that you think earns surprisingly little given the task(s) performedDiscuss the training necessary to get the jobDiscuss what you think the job “should” earn, and try to justify itWhat do you think would happen if the government mandated the wage you suggested above? Please apply the lessons from the material on price floors from chapter 4 in your responseChapter 13:Many businesses operate in the “monopolistically competitive” environment. As we learned in chapter 13, economic profits are possible in this setting, but only to the extent that a firm can continue to differentiate itself from competing firms or produce goods at a lower cost than competitors. For example, Starbucks recently announced that it plans to offer beer and wine for sale after 4 in the afternoon in some markets. Certainly this differentiates it from other coffee shops.For this chapter’s learning portfolio assignment, please:Identify a business operating in the monopolistic competition setting.List the assumptions of monopolistic competition and explain how the business fits in with these assumptionsSuggest a way that this business could differentiate itself from its competitionChapter 15a:Please name a good or service you or your family has purchased in recent months from a monopolist. How did the monopoly come to exist? Do you think you would have benefitted from increased competition in the market for this good or service? Why or why not?
Welcome to originalessaywriters.com, our friendly and experienced essay writers are available 24/7 to complete all your assignments. We offer high-quality academic essays written from scratch to guarantee top grades to all students. All our papers are 100% plagiarism-free and come with a plagiarism report, upon request
Tell Us “Write My Essay for Me” and Relax! You will get an original essay well before your submission deadline.
