ECO2072 Argosy University Week 2 Price Ceiling on Gasoline and Wages Essay Week 2 Discussion
You are given the following scenarios for consideration. Select any two for your response.
Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.
Scenario 2: Assume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.
Scenario 3: What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.
Scenario 4: If the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.
Deliverables:
Using the scenarios above, prepare a 2-3 page Microsoft Word document that addresses 2 of the above scenarios and meets APA standards.
Include a summary section in your report that contains5-7 bullet points identifying your major findings or conclusions of your paper.
Submit the summary section as your initial post in the Discussion Area by the due date assigned. Include the full report as an attachment to your posting.
Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
All submissions must be original and all resources must be properly acknowledged.
Week 3 Discussion
For each of the following situations, the market system has failed and/or just will not allocate resources efficiently:
Situation 1: Firm A produces cement sifters. The process includes the melting of metals and chemicals which give the sifters strength. In the production process, waste is produced and released into the river that runs alongside of the plant.
Situation 2: Some states allow students to attend certain universities within the state tuition free if they are a resident of that state. As a result of this policy, the state’s population is more educated and more productive in the workplace than many other states.
Situation 3: You live in a small subdivision with several residents. The subdivision has one short dirt road that provides access to all the homes. Bob, one of the residents of the subdivision, just inherited a large sum of money and decides to have the road in the subdivision paved. After the paving, Bob asked the other residents to pay their fair share of the costs for the paving, but they all refused.
Situation 4: The President of the United States has determined that the cost associated with national defense has become too expensive. In an effort to reduce costs and balance the budget, the President has asked the public to voluntarily pay for their fair share of the costs associated with national defense. One of his advisors insists that this would not work, another advisor thinks it’s good policy. Which advisor is correct?
Deliverables:
Using the scenarios above, prepare a 2-3 page Microsoft Word document that addresses 2 of the above scenarios and meets APA standards.
Include a summary section in your report that contains5-7 bullet points identifying your major findings or conclusions of your paper.
Submit the summary section as your initial post in the Discussion Areaby the due date assigned. Include the full report as an attachment to your posting.
Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
All submissions must be original and all resources must be properly acknowledged.
Week 4 Discussion
The market structures influence how price and output decisions are made by the firms in their respective structure. In all market structures, one of the primary goals is to maximize profits or minimize losses.
One of the major differences between these market structures is how price and output decisions are made, which in turn depends on the characteristics of each market structure. There are four market structures:
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Tasks:
Construct a table that describes the various characteristics of each market structure.
Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.
Using Microsoft Excel, construct a graph for each of the market structures and explain how price and output decisions are made in each structure and how they differ.
How is marginal analysis used in the price and output decisions of firms in the various market structures?
Deliverables:
Prepare a 2-3 page Microsoft Word document that addresses the questions above and meets APA standards.
Include a summary section in your report that contains5-7 bullet points identifying your major findings or conclusions of your paper.
Submit the summary section as your initial post in the Discussion Area by the due date assigned. Include the full report as an attachment to your posting.
Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
All submissions must be original and all resources must be properly acknowledged.
Week 5 Discussion
Listed below are several summary statements from the 2010 Census report:
The official poverty rate in 2010 was 15.1 percent—up from 14.3 percent in 2009. This was the third consecutive annual increase in the poverty rate. Since 2007, the poverty rate has increased by 2.6 percentage points, from 12.5 percent to 15.1 percent.
In 2010, 46.2 million people were in poverty, up from 43.6 million in 2009—the fourth consecutive annual increase in the number of people in poverty.
Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to 9.9 percent), for Blacks (from 25.8 percent to 27.4 percent), and for Hispanics (from 25.3 percent to 26.6 percent). For Asians, the 2010 poverty rate (12.1 percent) was not statistically different from the 2009 poverty rate.1
The poverty rate in 2010 (15.1 percent) was the highest poverty rate since 1993 but was 7.3 percentage points lower than the poverty rate in 1959, the first year for which poverty estimates are available.
The number of people in poverty in 2010 (46.2 million) is the largest number in the 52 years for which poverty estimates have been published.
Between 2009 and 2010, the poverty rate increased for children under age 18 (from 20.7 percent to 22.0 percent) and people aged 18 to 64 (from 12.9 percent to 13.7 percent), but was not statistically different for people aged 65 and older (9.0 percent).2
Refer to United States Census Bureau for this assignment
Tasks:
Select any three of the sixsummary statements and explain in detail the significance and possible causes of each item.
Be sure to use the economic concepts and polices discussed in your textbook where applicable.
Identify possible economic policies that may explain these items and/or those which could be used to deal with the problems or situations described.
Deliverables:
Prepare a 5-7 page Microsoft Word document that addresses the above tasks and meets APA standards.
Include a summary section in your report that contains5-7 bullet points identifying your major findings or conclusions of your paper.
Submit the summary section as your initial post in the Discussion Area by the due date assigned. Include the full report as an attachment to your posting.
Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
All submissions must be original and all resources must be properly acknowledged.