Running head: Module 1 Homework Module 1 Homework Michael J Feller Allied American University Author Note This paper was prepared for ECN 150: Introduction to Microeconomics, Module 1 Homework taught by Dr. Dani Babb. 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 …show more content…
It may be cheaper to purchase an older truck than a newer car, but in fuel and maintenance, the older truck will cost more. The pros and cons of this decision are all personal. The lower upfront costs may be more beneficial to one person than to another. A personal decision that I am struggling with right now is with my credit rating. I have two credit cards that have a high balance. These are both in my ex-wife’s possession. They are both delinquent on payments. I have to decide whether to just take out a high interest loan to pay these off and renew my credit rating, or to let her financial decisions affect my credit rating. The third principle of individual decision making is rational people think at the margin (Mankiw, 2007). This states that the benefit must exceed the cost. A personal experience with this would be that I have a truck that gets very low fuel mileage. I needed a car with better fuel economy, but have bad credit. I weighed the pros and cons of buying a car with a high interest loan, and felt that the benefit was worth the cost. While some would say there is nothing good to come from this, those who make these choices must feel there is. Mankiw (2007) points to the difference in value between water and diamonds. A marginal increase in a person's water supply will rarely come at a significant cost to the person. However, a marginal increase in diamonds is extremely valuable. The forth principle of individual decision making is
ECON 2301 Principles of Macroeconomics Time: Th 7:05 pm – 9:45 pm Synonym: 40512 Section: 023 Room: NRG2 2120
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.
I have read and understand the Rules Relating to Awards (Rule 3 Section 18 – Academic Misconduct Including Plagiarism) as contained in the SCU Policy Library. I understand the penalties that apply for plagiarism and agree to be bound by these rules. The work I am submitting electronically is entirely my own work.
Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.
People make economic decisions on a daily basis, from choosing to go to the grocery store and cook dinner or going out to eat. While in the general scheme of things this is a relatively small decision to make it still can have impact on the economy. Yet a decision for a family to have a child is more of a major decision and has far more of an impact on the economy then a dinner decision. There are four basic principles to economic decision making and in the following I will list and explain these. I will also provide and an example of a decision that I have made in my personal experiences and what impact that has had or could have had
While APA format is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be presented using APA documentation guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
1. All firms, no matter what type of firm structure they are producing in, make their production decisions based on where:
While APA format is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be presented using APA documentation guidelines, which can be found in the APA Style Guide,
You need to utilize at least two scholarly sources (excluding your text) for this paper and your paper must be formatted according to APA style guidelines as outlined in the Ashford Writing Center.
What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?
SABMiller and Diageo are two largest beer producer in Africa. ”SABMiller, if combined with its partnership with France's Castel Group, sells roughly 60% Africa’s beer by volume. Diageo’s also expands its operation successfully that Senator Keg, its supercheap beer, is also now number two most popular beers in Kenya. As these giant brewers monopolized Africa’s beer market, it can be said that the market has an oligopoly market structure, and both pursue identic operations, so the market can be labeled as competitive. The interdependence that is happening between both brewers makes the competition happens. As SABMiller produces Impala that is half price from its previous beer Manica, Diageo produces Senator Keg to balance it. Diageo
Your paper should be between 1750 and 2500 words, in APA format and structured as follows:
Directions: Please answer each of the following questions. Ensure that your responses are at least 1-2 paragraphs in length for each question. You may include examples from the text; however, please include APA citations as necessary. Please visit the Academic Resource Center for a concise guide on APA format.
In this way, the Fed manages price inflation in the economy. So bonds affect the U.S. economy by determining interest rates. This affects the amount of liquidity. This determines how easy or difficult it is to buy things on credit, take out loans for cars, houses or education, and expand businesses. In other words, bonds affect everything in the economy. Treasury bonds impact the economy by providing extra spending money for the government and consumers. This is because Treasury bonds are essentially a loan to the government that is usually purchased by domestic consumers. However, for a variety of reasons, foreign governments have been purchasing a larger percentage of Treasury bonds, in effect providing the U.S. government with a loan. This allows the government to spend more, which stimulates the economy. Treasury bonds also help the consumer. When there is a great demand for bonds, it lowers the interest rate.
This research topic is significant to the current property market in Singapore and its sudden increased demand for houses despite the economic downturn, exploring deeper as to whether the government policies were the real influential causes to this boom in property demand. It has relevance to the economic concepts of demand and supply, elasticity, inflation and monopolistic competition. This topic is worthy of investigation because it is a hot media topic in Singapore, and is widely debated in the country because it’s the most expensive household asset.[2]