"Discuss whether free market is necessarily efficient. Give some examples to illustrate the
limitations of government interventions in restoring the market efficiency. Some economists advocate market-based solutions, discuss its merits over command-and-control policies."
Please give 3~4 practical examples with your own word and apply micro-economic theories and concepts to these examples.

identify 3 “non – BRIC” countries you think offer the greatest opportunity for “Future”

growth and explain your selection (1-2 page responce)

Pricing and demand will be taken as exogenously determined. Your goal is to efficiently use the inputs. This starts with what might be termed the short short-run, where all inputs are fixed, but they can be reallocated to different purposes. It then moves to the short-run, where some inputs (e.g., labor) is variable, but other inputs (e.g., capital) are fixed. It concludes with the long-run, where all inputs are variable.

Part A: The ‘short short-run’

The 4-A clinic consists of four workers (Sam, Ann, Trey, and Lina) who share some or all of the following tasks: performing a medical procedure, follow-ups, and tests. The data below gives their time per task, in minutes. Assume that each can work up to six hours per day (e.g., 360 minutes) at these tasks, but no more. ‘N/A’ means that the individual isn’t qualified to perform the medical procedure.

Each patient seen will ultimately need one medical procedure, two routine follow- ups, and three routine tests.

1. Calculate the number of ‘patient-equivalents’ that can be handled during a workday. If you have 4 medical procedures, 8 follow-ups, and 12 tests, that counts as four patient-equivalents, so your answer would be 4. In solving for this, you must use whole numbers; no partial patients are allowed. Some staff may be partially idle. You are reporting the aggregate for the four workers. Your score on this question will be based on how close you are to the correct answer without going over.

Reallocating the labor:

2. If each worker is assigned to tasks so that total group output is maximized, how many ‘patient equivalents’ can be seen per day? Use whole numbers when assigning tasks. Your score on this question will be based on how close you are to the maximum possible number of patients. Setting this up in Excel to keep track of total patients and minutes used is highly recommended. You will want to use the concept of comparative advantage.

What is the difference between Capitalism, Socialism, Communism, and Trade Unionism?

What is internationalism? Which recent president is known for this style of foreign policy?

Explain how and why Japan escaped western imperialism in the middle of the nineteenth century.

• Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each.

The specific course learning outcomes associated with this assignment are:

• Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
• Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
• Use technology and information resources to research issues in business ethics.
• Write clearly and concisely about business ethics using proper writing mechanics.

Explain how the supply curve changes as the elasticity of supply increases.

Construction of the new airport terminal has gone over budget and the Airport Authority needs every dollar it can get to pay its debt. They have asked your advice on a pricing strategy for parking at the airport. They know there are three types of parking users: 1) Short term users, who come to the airport to drop off or pick up passengers and stay for two hours or less; 2) Business travelers, who are away for one to four days; and 3) Leisure travelers that need parking for a week or more. a) Illustrate and use an appropriate economic model to explain how the airport could maximize its parking revenue. b) Use your analysis to discuss whether building a new parking garage would be a good investment for the airport?

Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $55,000 has today. (The real value of his retirement income will decline annually after he retires.) His retirement income will begin the day he retires, 10 years from today, at which time he will receive 24 additional annual payments. Annual inflation is expected to be 6%. He currently has $105,000 saved, and he expects to earn 10% annually on his savings. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

1. Draw the money market with the value of money on the vertical axis and the amount of money on the horizontal axis. For each event below, state the anticipated effect on the price level. (for each part, include a sketch of the shift either in money demand or money supply to support your answer)

a. the Federal Reserve conducts an open-market purchase of bonds from the public

b. consumer confidence is up, and so we see consumers buying more goods and services

c. the interest rate rises inducing households to hold more bonds

b. Draw the Aggregate Demand and Aggregate Supply model in long run equilibrium, with the price level on the vertical axis and real output on the horizontal axis. For each event below, state the effect on the price level and real output in the short run for the US economy. (for each part, include a sketch of the shift either in demand or supply to support your answer)

a. A recession in Canada lowers consumer spending in Canada, who typically holds a trade deficit with the US

b. A new federal tax code lowers the income tax for households

c. Oil prices rise

d. A net inflow of capital which leads to a higher level of capital stock in the domestic economy

What is Sales Tax, its salient features and how it works, do a comparative analysis between Sales Tax and Value Added Tax and render your personal opinion as to which system is better between the two for a developing country

Coors and Anheuser-Busch (Budweiser) are competing against each other to try to capture a larger share of the US beer market by conducting national advertising campaigns. The NFL offers the best target market audience (males, aged 18-34) because young men are the largest customer group for these companies beer products.

Each company had two advertising choices:

1. Advertise $100M annually for each company with the NFL. This would lead to profits for each company of $2B annually; or

2. Advertise $200M annually for each company with the NFL. This would lead to profits for each company of $1B annually.

However, if one company advertised $200M, while the other remained at $100M, the beer company that increased its advertising would have profits of $2.5B while the other company would have profits of $500M.

What profit outcomes will occur for Coors and Anheuser-Busch given the above framework? What is the impact on the NFL? Assume the management teams of Coors and Anheuser-Busch Make have complete knowledge (i.e. perfect information) on all of the possible outcomes, not only for their own company, but for their competitor. Make sure to draw a payoff matrix to support your answer.

Imagine that you are in the following real life situation. You are working in the human resources department of a company. You are conducting a study of gender equity in the workplace. You find that the company employs more men than women and that men are on average paid more than women at the company. However, you also find that women are paid more than men with the same job title. Do you think that the firm is discriminating based on gender? What steps would you take to address any possible biases?