Assignment 1
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 Assignment 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.
Assignment 2
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 Assignment 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?
Assignment 3
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?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.