How does the US economic system differ from a command economic system, and a traditional economic system?

Discuss the importance of interest rates to managerial decision making in the following markets. Please support your discussion with the facts and the data.

a. Goods and services market

b. Money market

c. Property/Asset market

d. Labour market

Respond to the paragraphs below in your opinion.

Ethics is the process by which how human conduct on an everyday basis and laws is a process by which laws are obeyed in a minimum standard behavior. The difference between ethics and law is what a person should do or must do. Ethics is not written as the law, therefore, ethics are not followed like laws are. Both ethics and laws can intersect when deciding ethical principles and moral values. It guides and sets rules for society to do the right thing. Laws are applied to help establish positive conduct in people's lives. In order to live a good life, we apply morals and guidelines.

A relationship between law and ethics is that laws are made based on minimum standards of human behavior in which ethical behavior is applied. One example is following the law within a business by paying taxes because it is ethically the right thing to do and following the rules and regulations that the law establishes is also right.

Illustrate each of the following scenarios. In each case, assume that the corresponding output market is competitive.

a. Equilibrium in a perfectly competitive labor market (be sure to draw both a market and a firm graph).

b. Equilibrium in a monopsony labor market.

c. Equilibrium in a monopoly labor market (for example, a labor market with a union maximizing economic rent).

How would each of the following events affect the quantity of corn supplied in the US and how would the typical corn producer’s profit be affected in the short-term and long-term? a. The price of soybeans increases dramatically overnight i. Supply of corn ii. Short-term profit iii. Long-term profit b. The price of butter and salt fall dramatically overnight i. Supply for corn ii. Short-term profit iii. Long-term profit c. A new machine is introduced that is cheaper and more efficient at harvesting corn i. Supply of corn ii. Short-term profit iii. Long-term profit d. There is a deep depression i. Supply of corn ii. Short-term profit iii. Long-term profit

Explain the need for health insurance in the United States from an economic perspective and address the benefits and limitations of privatized and public provision of health insurance. In doing so explain how each approach deals with the concepts of risk mitigation, adverse selection, and moral hazard

The cost of health care is increasing at a rate higher than inflation. One popular suggestion by policy makers to lower the rate of this cost increase is to (i) rely more heavily on nurse practitioners instead of primary care doctors for certain medical treatments and (ii) to lower the average time patients stay in the hospital and to take care of them at home as soon as possible (in medical lingo this is substituting "outpatient care" for "inpatient care"). What does this imply about the "production function" of health care as a function of labor of doctors and nurses?

QUESTION 53

1. Exhibit 34-5
   

   Country 1		Country 2
   Good A	Good B	Good A	Good B
   100	0	75	0
   80	10	60	30
   60	20	45	60
   40	30	30	90
   20	40	15	120
   0	50	0	150

   
   
   Refer to Exhibit 34-5. The opportunity cost of one unit of good B is __________ for country 1 and __________ for country 2.

   		20A; 15A
   		1/20A; 1/15A
   		10A; 15A
   		1/2A; 1A
   		2A; 1/2A

Suppose that the government imposes a proportional income tax on the representative consumer’s wage income. That is, the consumer’s wage income is

w(1-t)(h-l)

where t is the tax rate. What effect does the income tax have on consumption and labour supply? Explain your results in terms of income and substitution effects.

Edward Jones (with a currently successful presence in the USA and Canada) is contemplating entering Asia (Singapore) and South America (Uruguay) net fall, for the first time.

Given that Singapore (index of 8) and Uruguay (index 100) rank respectively very low vs very high compared to moderately ranked US (index 46) and Canada (index 48) in terms of uncertainty avoidance, what marketing implications of this classification could you point out to Edward Jones as the company prepares to make its move? Discuss 1 from the 4Ps.

QUESTION 1 [30 marks]

a. Tebogo enjoys her coffee with a few cookies. Assume the price of cookies decreased, how would this affect Tebogo’s demand for coffee? Use a relevant diagram to support your answer.

b. With the use of a diagram, distinguish between change in demand and change in quantity demanded. c. Trade unions always try and get a much higher wage rate than what the market is willing to pay. Using and appropriate explain what will likely happen in the labour market if the wage rate demanded by a trade union is above the market equilibrium wage.

d. Calculate the following different elasticities:

i. A price increase from P2 to P10 causes quantity demanded to change from 80 units to 30 units. Calculate and interpret price elasticity of demand.

ii. Income increase by 10% results in quantity demanded increases by 5%. Calculate and interpret income elasticity of demand.

iii. Quantity of good B increases by 50% because of an increase in price of good A by 40%. Calculate and interpret cross elasticity of demand.

iv. How would a firm manipulate the prices of goods in di-iii in order to maximize revenue and profits?

. Define Liberty and explain the trade-off between liberty and equality of outcome