Graph the following scenarios, using the Supply and Demand model. 1. The market for apartment rental units in Austin: Suppose there is a set number of apartment units in the city that cannot be changed, and the government helps people pay for renting apartment units. 2. The market for cigarettes where the government imposes a consumer tax, but also helps cigarette producers pay for their costs of production.

Economists have estimated the following transportation elasticities. For each pair, explain possible reasons why the elasticities differ.

University of Richmond Professor Erik Craft analyzed the states’ pricing of vanity plates. He found that in California, where vanity plates cost $28.75, the elasticity of demand was 0.52. In Massachusetts, where vanity plates cost $50, the elasticity of demand was 3.52.

a. Assuming vanity plates have zero production cost and his estimates are correct, was each state collecting the maximum revenue it could from vanity plates? Explain your reasoning.

• Neither state is maximizing revenue. Maximum revenue is collected when elasticity is zero.

• Neither state is maximizing revenue. Maximum revenue is collected when elasticity is 1.

• Massachusetts is maximizing revenue but California is not because revenue is only maximized when elasicity is greater than 1.

• California is maximizing revenue but Massachusetts is not because revenue is only maximized when elasicity is less than 1.

b. What recommendation would you have for each state to maximize revenue?

I would recommend that Massachusetts  (Click to select)  lower its price, raise its price, not change its price  and California  (Click to select)  not change its price , raise its price, lower its price  .

c. If these estimates are correct, which state was most likely to be following a politically unpopular policy?

(Click to select)  California, Massachusetts  , because not only is it not collecting maximum revenue but it is also charging a  (Click to select)  higher price , lower price than is optimal. It could simultaneously  (Click to select) lower its price, raise its price and increase revenues, which would please both those who buy vanity plates and the Treasury.

Question 5

a) Let’s assume that the total investment (% of GDP) and saving rates are the same for two hypothetical countries in Asia. Aruba had a 4% growth rate of average annual income per capita and Smalland had a 1% growth rate. Based on the economic concept/s you have learned, explain what would have caused the growth rates to be different? Diagram/s are required.                                                                                                                            

b) Due to high levels of inflation, the Central Bank in Country A decides to sell government bonds. Using the Phillips curve framework, explain and analyse how this will impact unemployment in the short run and long run. Diagram/s are required.

Pick any contemporary policy issue, debate, or an aspect of the way government works today and then explain how that issue or procedure demonstrates Federalist and Anti-federalist principles.

This is all the questions asks.

Evaluate whether the Phillips curve can still validly resolve today’s issues of unemployment and inflation and forecast unemployment and inflation. Why or why not?

Analyze why the recent 20-year U.S. unemployment and inflation data approves or disapproves the short-run Phillips curve?

“The List”---the list of services and products that are provided to all people “free” at the point of sale by our government and our society, with the costs paid for by taxation---income taxes, sales taxes, property taxes, special taxes on alcohol, tobacco, gasoline, and other taxes….   1. IN YOUR OPINION, which service or product on The List is the MOST important? Why? 2. Which service or product is the LEAST important? Why? 3. WHAT ONE SERVICE OR PRODUCT WOULD YOU ADD TO THE LIST? WHY? Why did you choose this service or product over all other possible choices? 4. Has the pandemic played a role in your answer to #3.? Why or why not?

Q5) Construct a firm under pure monopolistic condition. Then 4 firms enter the market, when government deregulate monopoly. Graphically, show that equilibrium market price in the long run, when 5 firms construct a cartel. Explain changing process in the market.

(please work on this, if you have enough knowledge about topic !!!! )

What are:

a) The most interesting or fun facts about Russia?
b) Key challenges, risks, threats of doing business in Russia from an economic perspective?

-why is antiglobalization a complicated concept to achieve?

The use of petroleum products is thought to be one of the lead causes of pollution and climate change. One main use of petroleum products is as fuel for cars and other forms of transport. Discuss the pros and cons of taxing petrol to reduce pollution. 15marks.

Use graphs to explain.

Consider the simple version of the Solow model we discussed, and focus specifically on the long run (steady state).

a. What variables within this model can increase the growth rate of output per capita? Explain the intuition behind each.

b. What variables within this model can increase the level of output per capita? Explain the intuition behind each. c. Which real-world factors that may be important for people’s prosperity are not included in our simple version of the Solow model? Briefly discuss them.

Consider a perfectly competitive market for childcare. Recently a per unit subsidy was provided for parents who send their child(ren) to childcare. Assume there are no other subsidies in operation in the industry.

a. [10 marks] Examine the effects of this subsidy on consumers, produces and the wider market.

b. [10 marks] Anecdotal evidence suggests that the number of children attending childcare services has NOT increased. How could you explain this?

Use graphs to explain if needed.

Predict how possible changes in monetary policy may impact the supply and demand of j&j baby powder.

Describe the current monetary and fiscal policies in the U.S. and how these policies affect johnson & johnson products and services.