The U.S. is probably the most open international market among the industrialized countries. What then does the U.S. have to gain by joining the WTO? Evaluate the specific functions of the WTO and relate these to the question at hand.

Research Project including Research Methods

Challenges and response of handling social science data ?

            Suppose a hypothetical oil market consists of two oil producers Jack & Jill. Suppose the marginal cost of pumping oil is equal to zero, while the demand for oil is described by the following schedule.

Quantity                               Price                         Total Revenue (and total profit)

0 gallons                                $120                                                               $   0

10                                            110                                                                  1100

20                                            100                                                                 2000

30                                            90                                                                    2700

40                                            80                                                                    3200

50                                            70                                                                    3500

60                                            60                                                                    3600

70                                            50                                                                    3500

80                                            40                                                                    3200

90                                            30                                                                    2700

100                                         20                                                                    2000

110                                         10                                                                    1100

120                                         0                                                                            0

a.         What would be the equilibrium outcome (price and quantity) if the markets were either competitive or monopolistic?

b.         If both Jack & Jill form a collusion, what quantity and price would they try to set?

c.         If both the duopolists don’t act together but instead make production decisions independently, what quantity would they produce and price they would set?

d.         Explain and give reasons for your answers.

Based on the readings, do you think that minimum wage laws affect overall poverty? Explain.

The global economy has seen significant changes since the banking crisis in 2008. Many economies have gone through large-scale austerity programs to reduce deficits. How has this affected the business organizational structure? How has employment and personal income been affected?

1. Describe the term “departmental thought world”.
2. Why do firms have the “departmental thought world”?

Match the term to its definition.

1. Decrease in Supply

2. Increase in Quantity Supplied

3. Increase in Demand

4. Decrease in Demand

5. Decrease in Quantity Supplied

6. Increase in Supply

7. Decrease in Quantity Demanded

8. Increase in Quantity Demanded

Select

A. Buyers want less because price increases.

B. Sellers offer more because price increases.

C. Sellers offer less because price decreases

D. Buyers want more because price falls.

E. Buyers want less at every price.

F. Sellers offer less at every price.

G. Sellers offer more at every price.

H. Buyers want more at every price.

Please provide a business that is doing a great job following the 4Es, and also a business that is doing a bad job and may still be thinking like a 4 Ps organization?

Briefly discuss the optimistic and pessimistic view of the distributional effects on globalization.

Briefly explain a series of measures proposed by Hamilton (1791) to achieve the industrial development in the US.

What is the role of international institutions and organisations in globalisation in the period after 1945?

U.S. oil benchmark crashes below $0 a barrel to mark historic plunge

1. Review   and discuss the collapse of the Futures Oil Market, which   fell into the negative realm in May 2020.                                                                                      

What were the main reasons for this fall into the negative realm? Critically discuss.

Consumer Surplus Background: There has been a lot of talk about trade restrictions, in the hopes that such policies will encourage production and hence job growth in this country. Economists, generally, are skeptical of policies that reduce or restrict international trade. A historical example can help illustrate some, although not all, of that economic skepticism. In 1980, the United States negotiated a Voluntary Export Restraint Agreement (VER) with Japan. The VER limited Japanese automobile exports to the United States. This drop in supply caused the price of domestically (U.S.) produced autos to rise. Basic stylized data are below

• Price of a typical U.S.-produced car (pre-VER) = $6,000

• Price of a typical U.S.-produced car (post-VER) = $7,000

• Number of U.S.-produced cars sold in United States (pre-VER) = 8 million

• Price elasticity of demand for U.S. autos (pre-VER) = -1.5

Prices are loosely typical of 1980, in case you’re wondering why these cars are so inexpensive.

Problem

(a) Draw a graph showing the consumer surplus before and after the VER. Label the initial pre-VER price and quantity (using the numbers above) and the post-VER price and quantity (you do not yet know post-VER quantity but you know pre-VER quantity) and show the pre-VER consumer surplus, the post-VER consumer surplus, and the change in consumer surplus.

(b) Use the above data to calculate the change in consumer surplus that resulted from the VER. Assume a linear market demand curve. Also assume that the demand curve does not shift during the period of interest, and that cars are a sufficiently homogenous commodity that you can analyze this with one demand curve. Calculate the change in consumer surplus as a number (the units will be dollars), and show your work.

Hint: Recall the definition of elasticity, ? = %∆? %∆? = ∆? ∆? ? ?

You can calculate, from the data above, the %ΔP, and you know ε, so you can solve for %ΔQ = ε*%ΔP where the symbol * denotes multiplication. Knowing %ΔQ and initial (preVER) Q you can calculate post-VER Q. That information is enough to calculate the change in consumer surplus, in dollars. Refer to the graph from part (a) to help you see this.

(c) Based on your answer above, would consumers be better off if imports of automobiles to the United States are restricted? Why or why not? What about workers— would U.S. workers be better off if imports are restricted and international trade is reduced?

Harvoni is a lifesaving medication for people with hepatitis C. A four -week supply averaged $32,114 for privately insured patients in the united states in 2015. In Switzerland, the price was $16,861. Why are the prices so different? Should the government intervene to reduce the price? How might the government intervene?