List prevailing outcomes (conditions) for respective parties (consumers and producers) when allocative efficiency (efficiency in consumption and efficiency in production) prevails.

This is an economics problems. Please answer it by using the Microeconomics concepts.

Question 4

Consider the market for potatoes. You can assume perfect competition.

It is known that the market equilibrium price is $3 per kg and the market equilibrium quantity is 100,000 kg. It is known that when the price is $3 price elasticity of demand is 0.4 and price elasticity of supply is 1.1.   Assume that initially the market for potatoes is in equilibrium.

1. Draw a diagram with (downward-sloping) demand and (upward-sloping) supply schedules. Indicate the market equilibrium, consumer surplus, producer surplus and the dead-weight loss. (Remember the relation between elasticity and the absolute slope of the demand and supply schedules. You do not have to be precise, just make sure it is clear which schedule is steeper).

You answer.

2. If the price increases by 5% what would be the percentage change of quantity demanded? What would be the new quantity demanded? If the price increases from $3 to $3.03 what would be the new quantity producers would be willing to supply?

You answer.

3. The government decides to introduce a 10% tax on the price of potatoes. How would such a decision affect the equilibrium price (paid by consumers) and the equilibrium quantity? Explain using a clearly labelled graph. (Note that you are not required to calculate anything in this question.)

You answer.

4. What would happen to consumer surplus, producer surplus, government revenue and the dead-weight loss when the 10% tax on the price of potatoes is implemented. Explain.   Show the new consumer surplus, producer surplus, government revenue and the dead-weight loss on the graph in part c). Who bears higher tax burden, consumers or producers? Explain.

You answer.

question 3.1
a)   Briefly explain how a decrease in housing prices would affect consumption and investment. You may assume that consumers would like to maintain their target wealth. (word limit: max 100 words)

You answer.

b)   Given your answer to a), what is likely to happen to GDP? Explain using a diagram.

You answer.

c)   Given your answer to b), how can the government use fiscal policy to prevent GDP from changing? Use a diagram in your explanation.

You answer.

d)   If the marginal propensity to import is large, what can be said about effectiveness of fiscal policy? (2 mark)

You answer.

question 3.2
Country X has run budget deficit for the past twenty years and its government debt stands at 120% of GDP. Due to pandemic of COVID-19 the government considers implementing big investment in infrastructure and effective decrease in taxes. Expert 1 says that the debt to GDP ratio is too high and the country cannot afford increasing it any further. Expert 1 suggests printing money instead to finance budget deficit arguing that it would be cheaper and more efficient way of financing budget deficit. You are hired as Expert 2. Would you agree with Expert 1? Explain. What would be your advice to the government? (word limit: max 200 words).

You answer.

According to Richard Wolff, why did wages stop rising in the 1970s? How did workers react to stagnate wages? How did stagnate wages affect business?

How does Sandel counter the economist's Utilitarian argument in favor of ticket scalping and paid line-standers?

PLEASE TYPE!!! atleast 3 paragraphs please

There are many other tips that can be found online to help anyone save money. Perform at least one internet search to find informative or educational web pages about tips to save money. Read through at least one of them. Be sure the web page you found includes the information you need to discuss in your paragraph (see below). Address all of the following in your paragraph: What web page(s) did you find? Identify each web page by their title (as shown in the Google search results) and web address (URL). Have you tried any of the tips identified in the web page(s)? If yes, which of the ways to save money have you tried and which tip have you found to be the most effective in saving money? Why do you think they would be/are effective? If no, which tip do you think would be the most effective for you and that you might want to try. Why would you think this tip might be the most effective for you?

Francis Fukuyama argues that "history has ended." Samuel Huntington warns of an imminent "clash of civilizations." Who is correct? What do the histories of Germany and Iran suggest about which argument may be correct?

Summarize the Libertarian and Utilitarian arguments in favor of the market.

WRITTEN WORK do 5 of 7 Articulate an argument for and against five of the following statements.

Topic 1: GDP is the best measure of how well an economy is doing

Topic 2: Inflation harms the poorest and most venerable in our economy

Topic 3: Everybody gains from free trade.

Topic 4: Increases in GDP reflect increases in the well-being of a country.

Topic 5: Steps should be taken to reduce its size of the underground economy in Canada

Topic 6: An economy experiences cyclical fluctuations and this is good for a market based economy.

Topic 7: Large corporations are the major drivers of the world’s economy

At the moment the government of Canada measures the strength and well-being of the nation through the GDP, which focuses on economic growth. It is assumed in this case that a country in which goods and services earn high market values is considered to be a 'good' country to live in and that people there are well off. But is this necessarily so? According to Waring, it is important to have an alternative indicator of well-being, ideally one which is arrived at collaboratively and collectively, and which takes a holistic approach to well-being. The Canadian Index of Well-Being has worked collaboratively to develop such a definition. In their words, well-being is defined as: “The presence of the highest possible quality of life in its full breadth of expression, focused on but not necessarily exclusive to: good living standards, robust health, a sustainable environment, vital communities, an educated populace, balanced time use, high levels of democratic participation, and access to and participation in leisure and culture” (CIW).

What do you think about this definition?

Is it complete enough?

What specific things would you include in such a definition?

a) What is the meaning of the term “middle class,” as defined by political economy? Explain its meaning in your own words to an audience that is not familiar with political economy.

b) What is the difference between the “old” middle class and the “new” middle class. Use contemporary examples (i.e. not those in the readings) to explain your answer.

c) Choose ONE segment of the middle class (i.e. old or new). Then discuss how EACH stage of US capitalism has affected that segment of the middle class. How have changes in the institutional setting of accumulation strengthened (or weakened) that segment of the middle class?

Research - Product launch failing to comply to regulations or standards - minimum 2 pages, no maximum. Brief product descriptions, company descriptions, detailed explanation of situation and which regulations were in question. why did the product fail to meet regulations? What can you learn from this? What was the outcome and did the company face fines or worse?

1000 words

WHY COLLEGES NEED SECURITY FOR ON-CAMPUS HOUSING AFTER COVID-19 PANDEMIC? (300-500 words)