1a. Consider demand for gasoline in Irvine. Would you would expect demand to be more elastic in the short run or the long run?

Group of answer choices

a. In short run, demand is more elastic

b. In long run, demand is more elastic

1b. Please explain your reasoning: (Select all that are true)

Group of answer choices

a. Because in the short run, prices change more frequently

b. Because in the long run, people can switch to greener transportation

c. Because in the short run, more gasoline can be produced

d. Because in the long run, prices will increase

2a.

Which of the following goods would you expects to have more elastic demand?

Group of answer choices

a. Chewing gum

b. Cigarettes

2b. Why? (Select all that are true)

Group of answer choices

a. Because chewing gum is comparable to more goods, that people can use instead

b. Because cigarettes have negative health effects in the long term

c. Because chewing gum has fewer regulations on its production

d. Because cigarettes generally have a higher price

Explain each concept and give examples?

(f) progressive

(g) average tax rate

(h) marginal tax rate

(i) public choice theory

(k) government expenditures

(l) rational ignorance

1. What, if anything, should be done about the deficit? Would you increase revenue? If so, what taxes would you adjust? Should expenditures be slashed, what should be decreased? By how much?

2.Which has a larger effect on aggregate demand: an increase in government expenditure or an equal sized decrease in taxes?

These questions are all related - hence I combined them. Thanks

Suppose that in order to limit the transmission of illness and disease, governments impose travel restrictions to with the consequence of preventing trade. Which variable of the Solow Growth Model changes to best capture the impact of this event?

For as long as this restriction stays in place, what is the implication for the steady state level of capital?

Because of the change, the immediate consequence will be for the steady state level of investment to

According to the Solow growth model, the steady state level of consumption will be

I. lower than the steady state before the event change.

II. lower than the level of consumption immediately after the event change.

Explain the two main functions of the Federal Reserve Bank, and name and describe the three main monetary policy tools that it has at its disposal.

Consider an economy at the steady state according to the Solow Growth Model with a per capita production function  where n=0.04, d=0.08, and s=0.3. Suppose a change in the age profile of the population leads to a reduction of the savings rate to s=0.28. As a result,

Choose an Interest Group _________________

• What circumstances caused this interest group to form? When did they form? What is its history?
• What incentives (solidary, material, or purposive) does this group offer members?
• What type (economic, environmental, etc.) of interest group is it? Why?
• What makes this interest group powerful (i.e. size and resources, leadership, cohesiveness, etc.)?
• What congressperson(s) has/have this interest group supported? Why?
• What bill(s) has this interest group been successful in influencing and/or opposing?

Choose two expansionary monetary policy actions that the FED has taking recently to counter the economic impacts of the corona virus. How are the policies supposed to help?

Coronavirus and global oil markets

Oil prices have fallen from about $50 per barrel to $20 per barrel over the past two months, with most of that decrease occurring in the first half of March. The drop in prices is widely attributed to the decrease on global oil demand caused by the Coronavirus/COVID-19 in combination with strategic and political supply-side maneuvering by Saudi Arabia and Russia (who are the largest exporters and the second and third largest producers, accounting jointly for almost a quarter of global production). For the purposes of this assignment, let’s focus on the role of Coronavirus and global demand, ignoring the supply-side decisions by Saudi Arabia and Russia.

2.1 According to economic theory, why would a decrease in future oil demand reduce oil prices now?

2.2 Given the changes in oil demand and prices, is consumer surplus from gasoline consumption higher or lower today, compared to a hypothetical world in which there were no Coronavirus?

2.3 Suppose that instead of a decrease in global demand, there was an increase in expected future global supply. How would this affect US oil production and oil prices now and in the future? Would the US economy benefit or lose, overall?

For this task you will write a persuasive letter, create a PowerPoint presentation, or create a video presentation to respond to a scenario.

Scenario

You just got hired as an economic advisor to the President of the United States. You have a difficult task ahead of you. Currently the country is stuck in a crippling recession. The unemployment rate has risen to 8%, and your predecessor made the unwise decision of printing more money to solve the problem. Now, along with the high level of unemployment, the inflation rate is rising rapidly. The President has given you full access to all of the resources the government has to offer. You are tasked with stabilizing the economy within one year. If you succeed, the President will make you his next Secretary of Commerce. If you fail, you will be sent to the basement of the White House to alphabetize old documents for the rest of your career.

Performance Task Options

1. Persuasive letter: Write a persuasive letter to the president explaining your plan for fixing the economy.
2. Presentation: Create a PowerPoint or Google Slides presentation you would share with the president, outlining your plan to fix the economy.
3. Video presentation: Create a video presentation you would share with the president, outlining your plan to fix the economy.

Requirements

In your response, you must include the following:

• The involvement of at least one regulatory agency with specifics on how it will help.
• The involvement of the Federal Reserve in creating a successful monetary policy.
• A strategy to redistribute wealth to the people who are struggling.
• A proposed budget for the upcoming year that focuses on the economic needs of the American people.
• A strategy to stabilize the economy and reverse the rise in unemployment and inflation.
• A proposed tax plan that will spark the economy and relieve the financial burden of people with a lower income.

This may sound crazy as we have heard a lot of negative news about the coronavirus. To make the best out of it, I would like to encourage you to think about the positive side of the coronavirus (COVID-19) for businesses. Such a challenge can be a double-edged sword for different businesses. Please share your perspectives pertaining to but not limit to the following topics:

• Coronavirus (COVID-19) might change people's lives in different ways which will change how businesses provide products to their customers. What are those changes?
• Companies adopt different strategies to respond to such challenges. Have you observed how companies cope with the challenges for stakeholders (employees, customers, investors, communities and etc.)?
• How to protect a business in the midst of the coronavirus outbreak?
• Marketing business during the coronavirus crisis
• Help business recover from coronavirus
• Will coronavirus change your career pursuit

To receive full points, please format your post following the instruction below:

1. Describe your topic in 2-3 sentences.

2. Explain why you choose this topic in 2-3 sentences. Is it from your observation or an article that you read recently?

3. What is your major takeaway from this topic

The Phillips curve, supply shocks, and wage flexibility Suppose that the Phillips curve is given by ?? = ?? ? − ?(?? − ?? ) (1)

where the natural rate of unemployment, ?? = ?+? ? .

[Recall that this Phillips curve was derived under price-setting and wage-setting:

?? = (1 + ?) ?? (2)

?? = ?? ? (1 − ??? + ?) (3)

where m is the mark up over marginal cost, which is just the wage rate Wt when output is assumed to simply equal employment: ?? = ?? We can think of ? as a measure of wage flexibility---the higher is ?, the greater is the response of the wage to a change in the unemployment rate, ?? . z represents other factors affecting wage bargains.]

a. Explain how you obtain (1) from (2) and (3).

How can you tell what kind of market structure something is by only looking at a graph that shows demand, marginal revenue (in the short and logn run) and marginal cost and average cost? What do you look for to determine the type of market structure that it is?