CHECK THESE SAMPLES OF Principles of economics
...?Running Head: PRINCIPLES OF ECONOMICS Topic: Principles of Economics Lecturer: Presentation: Alcohol Abuse Economics is about scarcity and choice. It is assumed that all human beings are rational thinkers hence would always choose to consume products that would give them maximum satisfaction or utility. Mankiw (2011, p. 6) argues that rational people ‘systematically and purposefully do the best to achieve objectives given available opportunity.’ Given a choice among alternatives and with scarce resources, one would evaluate the benefits and costs of consuming an extra unit of a product and would only take a decision only if marginal benefit is greater than marginal cost. In this case, to solve the alcohol abuse problem, one has... Head:...
4 Pages(1000 words)Research Paper
...by Christine Varney, Assistant Attorney General in charge of the Department of Justice’s Antitrust Division, the revised guidelines shall better reflect the agencies’ actual practices. These guidelines will provide more clarity and transparency. In addition, it will provide businesses with an even greater understanding of how DOJ’s review transactions. The guidelines issued today will take into account the legal and economic developments since the 1992 guidelines were issued. They are not intended to represent an alteration in the direction of merger review policy. Their aim is to offer more clarity on the merger review process, to better assist the business community and, in particular, parties to mergers and...
4 Pages(1000 words)Assignment
...? Principles of Economics Assignment October 31 You own a local sub shop in a college town. You primarily servetwo groups of people: local residents (both students and other local residents) and visitors to your town. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy. The first order of business will be to identify the fast moving food items (fast movers) in our menu and the slow moving food items (slow movers). For the fast movers, visitors will pay 25 percent more than locals whereas for the slow movers visitors will pay 15 percent more than the locals. Locals pay less because the shop aims to develop deeper relationship with them and make them...
6 Pages(1500 words)Research Paper
...? Principles of Economics Alcohol consumption largely affects people’s living standards and its abuse has large external effects on others. Not only does its consumption affect negatively the consumer’s lifestyles, it also has implications on productivity of the labor market. Economists’ way of approaching this problem would be trying to establish costs brought about by alcoholism. The second approach would be trying to understand all costs involved into alcohol consumption. This is because alcoholism costs cannot be measured directly since a dollar cannot be easily placed on any loss of production. Such costs are estimated by use of statistical formulae in estimating the costs. It is not possible too to...
3 Pages(750 words)Essay
...? Principles of Economics Principle of Economics Current Economic Situation in the U.S. as Compared to Five Years Ago: InterestRates, Inflation and Unemployment The US economy is currently the largest globally with a GDP of approximately 15.08 trillion dollars (World Factbook, 2013). The economy is continually growing at a rate of 1.8 percent annually (World Factbook, 2013). The country is currently on its way to recovery from a recession although the present situation is better than it was in 2007 and 2008. The unemployment rate to date is estimated to be 9 percent which is high as compared to the recent past (World Factbook, 2013). The recession that...
4 Pages(1000 words)Essay
...Nuclear power, gasoline in the United States, welfare, farm subsidies, and (in some countries) certain aspects of student loans.
Bibliography
Diminishing Returns. Tutor2u Website. Acquired in the web last August 29, 2005 at http://www.tutor2u.net/economics/content/topics/buseconomics/diminishing_returns.htm
Dorffman, J. 2005. Lecture notes in applied microeconomic principles. Acquired in the web last August 29, 2005 at http://www.agecon.uga.edu/jd/chap5sum.html.
Hashimi, H & Dwyer, W 2005, Study guide to accompany economics, Sloman & Norris, Prentice Hall, Australia.
Product Pricing. Kansas Technology Enterprise Corporation. Acquired in the web last August 29, 2005 at...
14 Pages(3500 words)Essay
...Inflation According to Frisch (9), inflation is the continuous increase in prices or the continuous decrease in the purchasing power of money. In general the increase in prices of the product and services should persist for given period of time. However, in economics inflation has broader meaning (Frisch 9). It is used to show the correlation between the general supply of money in the economy and level of productivity in goods and services over a given period. Therefore increase in price does not mean there is inflation and a condition where prices are not increasing may also fall under the category of inflation. Inflation has different components, phases and forms. For example, deflation and inflation are often defined...
8 Pages(2000 words)Essay
...Principles of economics Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.
An economist is always concerned with the optimal distribution of scarce resources in society; therefore, concerning the issue of alcohol abuse, an economist will try to sculpt the action or behavior. The main purpose is to find patterns and apply this to predict potential results of alcohol abuse. Practically, it is very hard to model actions since there are so many distinct variables involved. The problem of alcohol abuse is not easily overcome because alcohol is...
4 Pages(1000 words)Assignment
...Principles of Economics QUESTION Suppose Royal Berkshire (a fictional similar to Royal Holloway) charges students for parking permits to park their car on campus. It decides to lower the price of a parking permit on campus from £100 per semester to £5 per semester.
a. What do you think would happen to the number of students desiring to park their cars on campus?(2 Marks)
The lower parking fee is likely to attract more students. The number of students parking within the university premises is therefore very likely to increase drastically.
b. What do you think would happen to the amount of time it would take to find a parking place? (2 Marks)
The increased number of students looking for parking is going to...
4 Pages(1000 words)Assignment
...1. Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.
Answer: The problem of alcohol consumption has been treated in different perspectives. However the solutions arrived at are not fool proof. The economist’s point of view in this issue would be two fold; one is related to price and the other about availability of licenses to the retailers. It has been proposed that a ‘floor price’ must be set for the alcoholic drinks. Some of the alcoholic drinks are treated as ‘loss leaders’, the drinks whose prices are set below the cost of producing them. This is done to attract more customers... ....
3 Pages(750 words)Essay
