Description This activity will allow you to check your understanding of the theory of supply and demand against airline data. In 2008, the world entered the worst recession since the Great Depression of the 1930s. Of course, many people lost their jobs and houses while others became uncertain about their financial future. Use the theory of supply and demand to predict the effect the recession would have on airline demand (the willingness and ability of people to purchase airline tickets), supply (the willingness and ability of airlines to provide flights), and price (the average price of an airline ticket). Data source The federal government collects and makes an immense amount of data on the US economy available to the public, including large airline datasets. Having made your predictions or hypotheses, use the US airline industry data from the US Bureau of Transportation Statistics (BTS) to see if the industry reacted as you expected. To obtain the data to test your predictions (hypotheses), find a BTS customizable data table following these steps: 1) Do an Internet search for "Transtats," 2) From the upper menu, select Browse Statistical Products and Data from the top menu, 3) select Airline Information, 4) scroll down to Customize table below Data and Statistics/Air Traffic. (Note: The BTS occasionally changes the presentation of the data which affects the steps needed to find data. It may be necessary to modify this search slightly.) Customize your data by selecting: 1) From 2007 until the end of the recession or to an end point of your interest, 2) Domestic, 3) Scheduled, and 4) Passengers, then select the statistics of interest (scroll to the bottom for selection criteria). Prices Prices are, of course, another piece of this puzzle. BTS provides a table of national fares. To find these data, follow the steps above. At step 4, scroll down to Domestic Air Fare Data for US Carriers, 1993-present. Use the quarterly data, U.S. Average (Inflation-Adjusted $). Discuss Post your findings. Explain your initial predictions. Would either the supply and/or demand curves shift? What is the predicted effect on quantity supply and demanded and on average price? Although not required, a graphical depiction would be helpful. Then discuss whether the data support your predictions. Graphs of the data are easily prepared in Excel®. Again, these are not required but would be helpful. A few airline terms will be helpful. Airline supply is usually measured in Available Seat Miles (ASM). Measures of demand are Revenue Passenger Miles (RPM) and Enplanements. Passenger Load Factor is yet another indication of demand. Should you ever wish to do more research, perhaps for the GCP, the BTS has all the airline statistics you will probably ever need.
Description This week we depart from the Course Project to examine trade policy between countries. Given the following scenario you are asked to play the role of an advisor to the highest levels of government in the country of Whizzenbart. Write a 3 to 5 page paper outlining the steps you recommend the government take toward trade with the neighboring countries. Here is the current situation in each country: Whizzenbart is a country with mountains to the west and rolling hill country sloping down to the ocean in the east. It has some fishing and agriculture, but the largest sector of the economy is a declining heavy industrial manufacturing base of steel and automobiles, which government would like to replace with light industrial manufacturing such as medical devices. Its neighbor to the west is the country of Gizmo which has a workforce of highly educated people employed in the tech industry, along with some fertile dry land farming in the foothills and access to fishing grounds in the northern part of the country. To the Southeast is the country of Evenland, which is flat delta country that has deep topsoil capable of growing most crops, a thriving historical fishing industry, and a new but growing manufacturing sector based on technology. There are two different markets these countries trade in: agricultural products and manufactured products. The production possibilities for each country and market as follows: Wheat Sardines Whizzenbart 10 million bushels 20 million tons Gizmo 20 million bushels 30 million tons Evenland 10 million bushels 10 million tons Smart Phones Heart Rate Monitors Whizzenbart 20 million phones 30 million monitors Gizmo 10 million phones 20 million monitors Evenland 20 million phones 50 million monitors Looking at the data above, answer the following questions in a 3 - 5 page paper: As advisor to Whizznebart, discuss whether you should engage in trade with other countries. If so, should the basis of trade be comparative or absolute advantage? Define each of these terms and explain why you should use one approach over the other. What should Whizzenbart export and, if you recommend imports, what should they import from Gizmo and Evenland? If Gizmo begins to dump Smart Phones below cost into Whizzenbart, what would you suggest the government do and why? Is there a situation where a Free Trade Agreement makes sense between Whizzenbart and another country? What role would currency exchange rates play in your analysis of possible trade partnerships?
Description Here are examples from the PDF i uploaded and there are total of 66 questions (3 short answers 63mcq). Please take a look and send me bids if you are confident. 1. Which of the following is true about economic profit? a. It the same as accounting profit. b. It is defined as revenue minus accounting costs. c. It is defined as revenue minus opportunity costs. d. When a firm has accounting profits, it must have economic profits as well. 2. Which of the following is true about perfect competition? a. In perfect competition, a firm’s accounting profit is the same as its economic profit. b. In perfect competition, each firm can set its own prices in the market. c. In a perfectly competitive market, a firm’s long-run economic profit is zero. d. In a perfectly competitive market, each firm faces a downward sloping demand curve. 3. Which of the following statement is consistent with our supply and demand analysis of trade? a. Free trade benefits the importing country but hurts the exporting country. b. Free trade benefits the exporting country but hurts the importing country. c. Free trade brings net gains to both the importing and the exporting countries. d. Free trade benefits both producers and consumers within each trading nation. 4. A price taker is: a. a firm that charges different prices for different customers. b. a perfectly competitive firm. c. a firm that can influence the market price. 5. Producer surplus measures: a. the excess of revenues over costs of production. b. the difference between what consumers are willing to pay and what they actually pay for a good or service. c. the output produced in a perfectly competitive market in excess of what is demanded. 6. Economists refer to the “break-even point” for a competitive firm. This break-even point in the short run occurs at the output level where: a. marginal cost (MC) equals average cost (AC). b. average variable cost (AVC) equals average fixed cost (AFC). c. MC equals AVC. d. AC equals AVC. e. MC equals AFC. 21. Ms. Smith says, “In the long run, since economic profits are zero, firms will have no incentive to produce output in a perfectly competitive market. Why would anyone produce and sell a product if they are going to earn no profits?” Do you agree?
Description For the references we do not need to use peer reviews. We can utilize the places we are actually obtaining the information from. We have two days to complete the assisgnment.
Description (a) List and briefly explain, in your own words, the determinants of the price elasticity of demand. (b) Choose one of the goods from exhibit 6 on page 163 in your text (gasoline or automotive). Explain whether or not each of the determinants of elasticity would make demand for that good more elastic. (c) Consider the same good you chose in question #1 and the short-run elasticity given for it in exhibit 6. Using the relationship between elasticity and revenue, explain whether or not the firm will want to raise its price. (d) Would the short-run elasticity of supply for a football stadium be elastic, inelastic, perfectly elastic, or perfectly inelastic? Explain. (e) Would it be the same for the long-run elasticity of supply? Why or why not? (f) What happens to consumer and producer surplus after a rent control is established? Do they increase or decrease? Explain. (g) What happens to total welfare? Be sure to include the concept of deadweight loss in your explanation. (a) Give an example of a normal good. (Do not use the examples from the text.) Will the income elasticity of this good be greater than or less than 1? Explain. (b) Give an example of an inferior good. (Do not use the examples from the text.) Will the income elasticity of this good be greater than or less than 1? Explain.
Description 1.Describe the demand curve for a perfectly competitive firm and explain why the demand curve looks the way it does. 2.(a) What are the two critical questions a firm must answer? (b) What is the main economic objective of every firm? 3.(a) Fill in the table below and answer the following questions. Show your step-by-step calculations either by typing them in the text box below or by submitting a photo of your handwritten calculations to the Drop Box. (b) How much output will the firm choose to produce? Explain why the firm chooses this level of output. Quantity Price Total Revenue Total Cost Profit Marginal Revenue Marginal Cost 0 $10 2 1 $10 4 2 $10 7 3 $10 11 4 $10 17 5 $10 30 4.Choose a firm that has monopoly power. Explain how each of the three barriers to entry would apply to that firm. Do not choose a firm that is covered in the text or course materials. 5.Describe the demand curve for a monopolist. Why does the monopolist’s demand curve look different than the demand curve of a perfectly competitive firm? 6.What is meant by Average Cost Pricing in terms of monopoly regulation? Discuss the difficulties in Average Cost Pricing.
Description Submit an public health initiative you selected to be the focus of your Scholar-Practitioner Project for approval. ----------> YOU CHOOSE ONE!!! Include a brief overview of the initiative and your rationale for selecting the initiative. Please note the 1 page limit. Two paragraphs are sufficient for topic approval! Be sure to also include an APA formatted title page and a reference page. I just need to know what public health initiative/program you will be working with and where it is located and the rationale. The rationale should be based on science and not personal experience. This means one or two peer reviewed journal articles stating the public health need for the program and the impact of the public health issue on the population. Please do not tell me your "motivation" or personal experience with a public health issue. For example, “several people in my family have type II diabetes so I want to work with a program addressing the issue” is your motivation not a rationale. Remember, it is always a good sign if your program has a name, that indicates an up and running public health program (e.g., Healthy Mothers/Healthy Babies, The Rose, Heart-to-Heart Community Outreach Campaign, CHARM, SMART Girls program, Maryland Million Hearts program, Blair Drug & Alcohol Partnerships (BDAP), Michigan Cancer Consortium Initiative, H.A.L.T. TB). Please note that the SPP for this course MUST BE an already up and functioning public health program. You will not be creating a new program. I tell students to start with the local health department, community health centers, and county health clinics. They usually have smoking cessation programs, obesity prevention programs, diabetes prevention programs, or healthy moms/healthy baby programs, to name a few. Also please do not select a national level program, it must be small enough to create a budget. So again, think local!
Description When analyzed through the lens of economics, public health operates like other sectors of the economy while still retaining significant differences. Economists use economic principles as a tool to understand and ensure the success of public health initiatives. Scarcity, opportunity cost, willingness to pay, trade, marginal costs, and marginal benefits are some of the economic principles that can be applied to public health initiatives. For this Discussion, review this week’s Learning Resources. Consider economic principles and their application to public health initiatives. Select a public health initiative you are interested in. Identify three economic principles that may have influenced the public health initiative you selected and explain how. With these thoughts in mind: BY DAY 4 Write a (2 page, APA format, 3-4 References) description of the public health initiative (Smoking Cessation). Then, describe three economic principles and how they may have been applied to that public health initiative. Finally, explain how they may have contributed to the success of the initiative.
