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Question # 00000832
Subject: Economics
Due on: 09/17/2013
Posted On: 09/08/2013 11:05 AM

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1. Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain several concepts that are essential to an understanding of how the economy works. Your son has asked you to explain the following concepts and ideas:
1.Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
2."Invisible hand": What is it and how does it affect the decision-making process in our economic system?
3.Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.
4.The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
5.Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.

a. Submit an 3-6 page paper in Microsoft Word format, addressing the items above.
b. Create a Microsoft PowerPoint presentation of 5-10 slides that summarizes your findings in your report.

2. You have been hired by a new firm selling electronic dog feeders. Your client has asked you to gather some data on the supply and demand for the feeder, which is given below, and address several questions regarding the supply and demand for these feeders.
Price/Feeder Quantity Demanded Quantity Supplied
$300 500 1800
270 600 1700
240 700 1600
210 800 1500
180 1000 1400
150 1100 1300
120 1200 1200
90 1300 1100
60 1400 1000
30 1500 900
10 1600 800

Your client has asked that you develop a report addressing the following questions so that you can present these findings to their Board of Directors:

a. Construct a graph showing supply and demand in the electronic dog feeder market, using Microsoft Excel.

b. How are the laws of supply and demand illustrated in this graph? Explain your answers.

c. What is the equilibrium price and quantity in this market?

d. Assume that the government imposes a price floor of $180 in the feeder market. What would happen in this market?

e. Assume that the price floor is removed and a price ceiling is imposed at $90. What would happen in this market?

f. Now, assume that the price of feeders drops by 50%. How would this change impact the demand for feeders? Explain your answer and reconstruct the graph developed in question one to show this change.

g. Assume that incomes of the consumers in this market increases. What would happen in this market? Explain your answer and reconstruct the graph developed in question one to show this change.

h. Assume that the number of sellers decreases in this market. What would happen in this market? Explain your answer and reconstruct the graph developed in question one to show this change.

i. Explain the difference between a normal good and an inferior good. Would your answers to question 7 change depending on whether this good is a normal or inferior good? Why?


Develop your analysis in Microsoft Excel format. Enter non-numerical responses in the same worksheet using textboxes.

I need in-text citations and references that I will be able to go back and read as well and APA format.
Thank you so much for your help with this.

.5em;="" "open="">Additional Requirements

Min Words: 1000
Max Words: 2000
Min Pages: 3
Max Pages: 6
Level of Detail: Show all work
Other Requirements: On the first question, I need a word document in APA format with in-text citations and references that I can go back to look at too with about 3 to 6 pages. I also need a PowerPoint Presentation of 5 to 10 slides that summarizes the report done in word.

On the second question, I need it done in Microsoft Excel with work shown.

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Tutorial # 00000699
Posted On: 09/08/2013 11:08 AM
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Tutorial Preview ……
absolute_advantage.docx (76.77 KB)
Preview: price xxxx it xxx supply other xxxxxx compared with xxx output xx xxxxx countries xxx example, China xx profiting from xxx comparative xxxxxxxxx xx killed xxxxx resources Nations xxxxx with each xxxxx instead xx xxxxxx to xx self sufficient xxxxxxx specialization allows xxxx to xxxx xxxxxxxxx of xxxxxx to exploit xxxxxx of their xxxxx force xxx xxxxxxx their xxxxxxxx of living xxxxxxxxx which specialize xxxxxxx more xxxx xxxx need xx certain goods xxx the revenues xxxxxx from xxx xxxxxxx are xxxx to imports xxxxx that are xxx produced xx xxxxxxxxxx amount xxxxxxxxxxxx 2) In xxxxxxxxxx the invisible xxxx of xxx xxxxxx a xxxxxxxx was first xxxx in Adam xxxxx 1776 xxxx xxx Inquiry xxxx the Nature xxx Causes of xxx Wealth xx xxxxxxxx it xx still used xx date to xxxxxxxx the xxxxxxxxxxxxxxx xxxxxxxx of xxx marketplace It xxxxx a point xx view xxxx xxxxxxxxxxx are xxxxxxx best left xx their own xxxxxxxx without xxx xxxxx hand xx government guiding xxxxx actions Participants xx the xxxxxxx xxx motivated xxx influenced by xxxxxxxxxxxxx and therefore xxxxxxxxx hand xx xxx market xxxxx which balances xxxxxx and supply xxxx promote xxxxxxx xxxxxxxx well xxxxxx goods will xx to those xxx.....
absolute_advantage.xlsx (10.72 KB)
Preview: DemandedQuantity.....
absolute_advantage_0.pptx (99.87 KB)
Preview: inputs xxx fixed xxx the economy xx operating at xx level xx xxxxxxxxxx efficiency xxxxxxxxxxxxxx and MacroeconomicsMicroeconomics xx defined as xxx study xx xxxxxxxxxx firm, xxxxxxxxxx household, particular xxxxxxxxx or market xxxxx macroeconomics.....
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