Give a realistic and unique example of how equilibrium prices (p*) and equilibrium quantity (q*) are re-established after the puncturing of equilibrium (i.e., the demand and/or supply curve shift). Explain what would cause one or both of the curves to shift, if this would create a surplus or shortage, and the ensuing pressure to change this would have on prices and quantity purchased/sold as a result. Make sure to accurately discuss changes in quantity supplied or demanded vs. changes in supply or demand.  

Answer two thematic questions of the module: Are Markets Effective Tools and What Are Their Impacts? Use the economic concepts discussed in both Chapters 3 and 5 of the openstax microeconomic.

Discuss ways in which the consumer price index might affect your life.

Many tax reform proposals suggest moving to a flat tax system, one that eliminates progressive tax brackets. One proposal would be that everyone pays (say) 25% of their income. Keeping the rest of the tax code intact, how would this change the market for luxury vs. lower priced homes?

1. The equilibrium wage in the labor market is $5 and the government feels it is too low. They want to put in a binding price control - would they enact a price ceiling or a price floor? Give a numerical example of such a binding price control.

2. The equilibrium price of white bread is $3 and the government feels is it is too high.They want to put in a binding price control - would they enact a price ceiling or a price floor? Give a numerical example of such a binding price control.

list five strategies that companies might use to position themselves internationally or globally?

Use the AD/AS model to explain how a tax cut without a government spending decrease affects the economy in the short run and adjustment back to the steady state.

You have been hired by “Goodle” (a fictitious company) for your creativity and innovative capabilities. Goodle is a high-tech company that provides services for education providers to support student learning. Their current system allows students to access their course learning resources and has an inbuilt browser capability. Goodle has a great deal of faith that you will bring some fresh ideas into the company. As the New Product Development team leader, you have been given complete freedom to spend time developing your own ideas for the company.

Activity 2 – Perceptual mapping & Concept evaluation

1. Explain the three (3) attributes of the product/service

2. Develop a determinant gap map

The product i have choosed is Educational gaming apps for enrolled students..

Home’s demand curve for wheat is: D = 100 - 20P. Its supply curve is: S = 20 + 20P.

a) Derive and graph Home’s import demand schedule. What would be the price of wheat and quantity sold in Home in the absence of trade?

Now add Foreign, which has a demand curve: D* = 80 -20P and a supply curve S* = 40 + 20P.

b) Derive and graph Foreign’s export supply curve and find the price of wheat and quantity sold in Foreign in the absence of trade.

c) Now allow Foreign and Home to trade with each other. Find and graph the equilibrium under free trade. What is the world price of wheat? What is the volume of trade?

Provide a brief description of the production function of the following firms. What is the firm’s output? What input does it use? Can you think of any special features of the way production takes place in the firm?

(a) A wheat farm in Prairies

(b) Hudson’s Bay
(c) A local arc-welding firm

(d) Sam’s Hot Dog stand

(e) Calgary Opera

(f) Dr. Physician private practice

What United States policy was designed to improve the catch up effect?

If you had the chance today, would you leave it all behind and join a colonial expedition to Mars? Why/why not? Regardless of whether you'd make the trip, how would you propose setting up the Martian colonial government? Assume, like later generations of colonists, that you could take much of your willing family along with you. Assume, also, that it is a one-way trip.

A monopolist faces two totally separated markets with inverse demand p=100 – qA and
p=160−2qB respectively. The monopolist has no fixed costs and a marginal cost given by mc= 2 /3q

Find the profit maximizing total output and how much of it that is sold on market A and market
B respectively if the monopoly uses third degree price discrimination.
a) What prices will our monopolist charge in the two separate markets?      
b) Calculate the price elasticity of demand in each market and explain the intuition behind the
relationship between the prices and elasticities in these two separate markets.