answer 6 discussion question

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Econ 1-Principles of Microeconomics

Course Description:
This introductory microeconomics course provides an understanding of basic economic principles and forces, which govern the production, and distribution of goods and services. Topics include: forms of business organizations, the role of government in the economic system, value and price in a free enterprise system, labor/management relations and contemporary economic developments.

The objective of microeconomics is to provide the foundations for understanding of how an economy operates. All economic choices are ultimately made by individuals such as consumers, workers, investors, and managers. This course examines the decision making process of these economic agents and their interactions in individual markets. The functions of private property, entrepreneurship, and government regulation are also discussed. Production and pricing under various market structures, labor markets, and international trade as well as market failure are covered.

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Please Mark which discussion your’e answering to

discussion 1 Is economics a science?

Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them.

minimum of 300 words no maximum

discussion 2 supply and demand

  • Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. No need to include graph in your post.
  • minimum of 300 words no maximum
  • Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Summarize the article and its findings, then include the URL in your discussion post.
  • minimum of 300 words no maximum

discussion 3 role of the government

Respond to the following prompts in a post with a minimum of 300 words no maximum

Topic: Some economists argue that the government intervention makes the economic outcome even worse. Some argue that there are important economic roles of the government. What is your opinion? Does the government do good or bad?

Briefly discuss.

Discussion 4 Utility and Government policy

Respond to the following prompt in a post with a minimum of 300 words no maximum

In your own words, what is utility? Can utility be measured? Can you measure your own utility? Can someone else measure your utility? Why or why not? Can social welfare be measured by “adding up” peoples’ utilities? Why or why not? If not by using utility, how can policy makers estimate the welfare of government policies?

Discussion 5 Where’s the competition in Perfect Competition.

Respond to the following prompt in a post with a minimum of 300 words no maximum

The market structure of perfect competition has a lot of ideal qualities–hence the name perfect. For example, perfectly competitive firms are productively efficient, and perfectly competitive markets are allocatively efficient. It is, however, difficult to find many examples of perfectly competition in the real world. Perfect competition is really a benchmark against which we compare other market structures in the real world.

How much actual competition occurs in perfectly competitive markets? Some make the claim that there is actually no competition between firms in a perfectly competitive market.

Do you agree or disagree with this claim? What is your reasoning?

Discussion 6 Labor Market

Respond to the following prompt in a post with a minimum of 300 words no maximum

Economists argue that despite increases in the cost, the value of higher education has increased over time. How can college be made more affordable? Revenues earned by colleges and universities come from three main sources:

  1. Tuition and fees paid by students, which have increased faster than the cost of living.
  2. Support from governments at the federal, state and local levels. This support is paid for through tax revenues. Even private colleges and universities obtain funding from the government, but government support has declined at all levels in recent years.
  3. Alumni contributions.

What has caused the cost of college to increase so much? (Not every college has a fancy gym or an Olympic sized pool with a lazy river.) What features of your college education would you be willing to do without to make college more affordable?

What do you propose should be done to make higher education more affordable? What reasons can you provide to support your argument?

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Assignment Solutions