Question 8

Consider your sets of indifference curves for (i) Coke and chips, and (ii) Coke and Pepsi.

8.1 Explain why these sets of indifference curves are likely to look different.

8.2 Illustrate with a diagram.

8.3 What does this difference imply about the magnitude of the substitution effects in response to changes in the price of Coke?

Review Porter’s Theory of Competitive Advantage and assess the extent to which the model can be used to explain (fully or partially) growth and development in the Caribbean region. How inline is the model with the views of economic development of the dual economy and plantation economy?

Question 4

The following table shows the demand schedule for video games.

4.2 Compute the price elasticities of demand between points A and B, B and C, c and D, and so on.

4.3 Over what range of prices is the demand for video games elastic? Explain.

4.4 Over what range of prices is the demand for video games inelastic? Explain.

Real GDP per capita tells us the average level of income (and expenditure) for a person in the economy. While countries with higher levels of GDP per capita tend to enjoy better healthcare, higher levels of life expectancy or higher average years of schooling (to mention a few), compared to countries with low levels of real GDP per capita, many still argue that this is an imperfect measure of the true level of well-being for members of an economy. Explain why you believe real GDP per capita may not be a very good measure of economic well-being, and briefly mention and elaborate on one or two alternative indexes or metrics that could be used instead (or in addition to). If you believe real GDP is, in fact, a near-perfect measure of economic well-being, support your position defending this measure of well-being explaining why it is a superior measure of compared to other metrics.

"A function of government is to regulate ""natural monopolies."" Explain what is a natural monopoly and why it requires government regulation."

Knowledge

• Describe the process of identifying, developing and implementing a business idea
• Outline the principles and processes of strategic management

Skills

• Assess the viability of a business venture from idea conception to implementation of the business plan
• Develop a strategic plan which will build a competitive advantage for a new business venture

Attitudes

• Justify the need for entrepreneurs based on their contributions to job creation in a society
• Value constructive criticism in decision-making for assessing entrepreneurial business ideas
• Relate your acceptance of entrepreneurial ideas that are beneficial to an organization
• Accept the need for the continuous renewal and change of a business for successful entrepreneurship

Discussion Description and Instructions:

As the owner of a year-old Dog Spa and Grooming business, you recently engaged in a time of reflection on your entrepreneurial journey. Having completed the reflective process, it is now clear to you that entrepreneurship requires the application of creativity and innovation to solve problems and capitalize on recognized opportunities. For this assignment you are required to do the following:

1. Discuss what entrepreneurship mean to you and describe two (2) entrepreneurial traits/characteristics you possess. Use examples from your life experience to support each trait/characteristic.
2. Identify one (1) innovation you currently enjoy and discuss how it adds value to your life.
3. Develop two (2) innovative strategies to enhance creativity at your Dog Spa and Grooming business.

4. Read and respond to the posts made by at least two (2) of your peers.

Please use definitions, concepts, descriptions and literature from your learning materials and research in your contribution.

Consider an equation to explain salaries of CEOs in terms of annual firm sales in million dollars, return on equity (roe, measured in percentage points as the unit), and return on the firm's sock (ros, measured in percentage points as the unit):

Asume that the following equation was obtained by OLS:

By how much is salary predicted to increase on average if ros increases by 30 percentage points while all other variables are held constant?

(Please indicate the solution this way: "66" and do not write down the symbol %. Indicate an increase with the number and a decrease with a "-" in front of the number)

Which phase of the business cycle is the U.S. economy in right now? What happened to the U. S. unemployment rate for the last two months? Explain in terms of economics What is your prediction of unemployment situation in the U.S. after the COVID 19 pandemic? Explain in terms of economics.

Elasticity Analysis

Examine this list of consumer goods.

•          Salt
•          Beef
•          Vacation in Costa Rica
•          Truffles (a pungent mushroom like thing that looks more like a potato. It grows in the forest, especially in France, and is considered a culinary delicacy. Hunters of it use specially trained pigs or dogs. It is very rare, and therefore very expensive.)
•          Dodge Ram Pickup
•          Kraft Mayonnaise

Rank these items from most elastic to least elastic in terms of price elasticity of demand and explain your ranking. Things to think about:

          How would a 10% price increase for the good affect the consumer's total budget?

•          Are there any close substitutes for the good?
•          Is the good considered a luxury or a necessity item?

For each good, if the seller wanted to increase total revenue, would you advise him/her to increase price or decrease price, based upon your elasticity assessment above.

Central Appalachia has a poverty rate three times higher than the rest of the United States. Unemployment, prescription drug addiction, and complex family dynamics are some of the challenges these people face on a daily basis. This ABC documentary from 2009 explores the challenges faced by this region of the country. In your posts, please comment on the things that stood out to you. Do you see these problems in your community? What do you believe are some potential solutions to these problems?

Must be at Least 150-200 Words

What is the economic system? what economic system does China follow and why? is socialism benefits for china? what are the pros and cons? essay format.