KAPLAN BU224 ALL UNIT DISCUSSIONS [ UNIT 1 TO 9 ] Question # 00044100 Posted By: spqr Updated on: 01/27/2015 12:18 AM Due on: 02/21/2015 Subject Economics Topic General Economics Tutorials: 1 See full Answer Question Unit 1: Beginning Principles - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Please take this opportunity to introduce yourself and to learn something about each other. Then address the Discussion topic after you have completed your Reading.The Wealth of NationsTopicsTotal (#unread)The Wealth of Nations124 responses (116 unread)Think of the last two major things you bought.Why did you buy them? What were your opportunity costs in making the purchase? What would have been the opportunity cost, if you had NOT made the purchase? (Not all opportunity costs are measured in money.)Did those selling them to you provide the goods because they cared about your needs? What was their REAL motivation?When you go to work, why do you “sell” your labor to that organization? Do you really care what the owner of the organization really wants?How do questions b. and c. relate to Adam Smith’s statement from The Wealth of Nations: “It is not from the benevolence of the butcher, the brewer, or the baker that you expect our dinner, but from their regard to their own interest? We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.”Unit 2: Scarce Resources and Trade - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Scarcity Solutions77 responses (69 unread)Do some research on the country of Ethiopia and discuss:Who in the Ethiopian society has the most difficult time dealing with scarcity?What do they need most?How can their society provide for their wants and needs?Why are they so impoverished?What can their governments do to help, or hinder their country's development?Could not Ethiopia become a world class producer and exporter of goods? How would Ethiopia compare with Japan? Japan is a country relatively POOR in natural resources, yet it is an economic world powerhouse. What are the differences between the two countries?Unit 3: Supply and Demand - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Marijuana Legalization86 responses (80 unread)There is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes, or more extremely, for recreational purposes. Looking only at the economic impact (not moral implications) of such changes in the laws, discuss how the existing system of supply and demand for illegal marijuana will be changed with the new legalization.What will happen to existing supply avenues?Will legalization significantly change demand? How?Would one expect prices to change significantly? How?What would be the costs and benefits to governments, both in changes in enforcement requirements and in potential tax revenue?UNIT 4Unit 4: Consumer Choice and Utility Maximization - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Diminishing Marginal Utility81 responses (76 unread)Pretend that you have just been surprised with a genuine e-mail that says you have just been selected by your favorite pizza delivery company that every day for the next month you will receive your favorite pizza for lunch and another of that same favorite pizza for dinner, delivered to your home and ready to eat.Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning.What about your excitement on the 10th day?What about your excitement on the 30th day?Now, pretend that your favorite national brand gasoline company informs you that you have won as much as you want free gasoline, as much as you want, from any of their gas stations, anywhere in the country every day for a year.Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning.What about your excitement on the 10th day?What about your excitement on the 30th day?Again, considering the concept of utility, what makes these two scenarios different?Unit 5: Surplus - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Tailored Clothes82 responses (72 unread)Assume that you were ready to buy a custom tailored Dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100.When you arrive at the tailor shop, the posted price for the item is $150. Discuss how this scenario relates to producer and consumer surplus and how such surpluses, if any, affect buying and manufacturing decisionsDiscuss any recent purchases you have made and for which you feel that a similar rational seemed to be at work.Unit 6: Governmental Price Controls - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Discussion73 responses (61 unread)Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from both chapters seen this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer.In the first case, assume the medication is for a life threatening illness for which your child has been diagnosed.In a second case, assume the medication is for an improved quality of life issue, such as achieving a healthy weight.What are the impacts that the pharmaceutical company that makes the medications in question will experience? How will that affect the pharmaceutical company’s production decisions? What about its decisions to conduct further research into new drugs?Unit 7: Fixed Costs and Variable Costs - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Increase in Fixed Costs64 responses (55 unread)Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following:the firm's AFC (average fixed cost);the firm’s AVC (average variable cost);the firm’s ATC (average total cost); and,the firm’s MC (marginal cost)?What changes, if any, is there likely to be in these same cost CURVES?Unit 8: Cost Analysis and The Perfectly Competitive Market - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Your Own Business65 responses (56 unread)Assume that you are going to start a small business of your own.Describe the business and, utilizing the concepts of this unit and the earlier units, discuss:what costs you would incur;what competition you might experience;how you would determine the price you would sell your product; and,how much product you would produce?Unit 9: Monopolies - DiscussionThroughout this course, many discussion opportunities come up where you need to respond to other people's opinions and comments. Then respond to your Discussion topic after you have completed your Reading.TopicsTotal (#unread)Real World Monopolies61 responses (50 unread)Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly.What characteristics of the industry make it a monopoly?What is the impact of the monopoly power on its customers?Why might government want to regulate natural monopolies?How might such regulation be structured? Rating: 4.9/5
Solution: KAPLAN BU224 ALL UNIT DISCUSSIONS [ UNIT 1 TO 9 ]