ECO week 5

Required Resource

Text

Amacher, R., & Pate, J. (2013). Microeconomics principles and policies [Electronic version]. Retrieved from https://content.ashford.edu/

• Chapter 12: Marginal Productivity Theory and Labor Markets
• Chapter 13: Poverty, Inequality, and Income Redistribution Policies
• Chapter 14: Government Failure and Public Choice
• Chapter 15: Global Trade

Recommended Resources

Articles

Cororaton, C. B., & Peterson, E. B. (2012). Potential of regional and seasonal requirements in US regulation of fresh lemon imports. The World Economy, (8), 1022. Retrieved from https://library.ashford.edu/ezproxy.aspx?url=http%3A//search.ebscohost.com/login.aspx?direct=true%2526AuthType=ip,cpid%2526custid=s8856897%2526db=eoh%2526AN=1329032%2526site=ehost-live

• The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article will assist you in your learning activities this week.

Mandel, B. R. (2012). Why is the U.S. share of world merchandise exports shrinking? Current Issues in Economics & Finance, 18(1), 1-11. Retrieved from https://library.ashford.edu/ezproxy.aspx?url=http%3A//search.ebscohost.com/login.aspx?direct=true%2526AuthType=ip,cpid%2526custid=s8856897%2526db=bsh%2526AN=71852073%2526site=ehost-live

• The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article will assist you in your learning activities this week.

Multimedia

Khan, S. (n. d.). Currency exchange introduction (Links to an external site.)Links to an external site. [Video file]. Retrieved from https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/currency-tutorial/v/currency-exchange-introduction

• This video will assist you in your learning activities this week. This video has transcript.Accessibility Statement does not exist.Privacy Policy (Links to an external site.)Links to an external site.Transfers

  DISCUSSION 1

  Why would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective? Respond to at least two of your classmates.

  DISCUSSION 2

  Who gains and who loses from a tariff? How do the effects of tariffs differ from the effects of quotas? If you were a small country, what would you rather utilize?

  Guided Response: Review the discussion board posts of your classmates. Note their analysis of those who gain and lose from a tariff. Respond to at least two of your classmates. Compare your classmates’ analyses on using tariffs vs. quotas by comparing to your own. Which is better?

  ASSIGNMENT

  Market Structures

  In an eight- to 10-page paper, describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, monopoly), provide a real-life example of each market, and respond to the following for each market structure:

  • Indicate how high entry barriers into a market will influence:
    • Long-run profitability of the firms
    • Cost efficiency of the firms in the industry
    • Likelihood that some inefficient firms will survive
    • Incentive of entrepreneurs to develop substitutes for the product supplied by the firms
  • Are competitive pressures present in markets with high barriers to entry? Explain.
  • Describe which market structure you would prefer for selling products. Explain why and support your answer with the characteristics of that market.
  • Describe which market structure you would prefer for buying products. Explain why and support your answer with the characteristics of that market.
  • How does each market structure respond to price changes of the products that they sell? Explain whether each market structure will be selling elastic or inelastic products, and how this will affect the market price charged.
  • How does the role of the government affect each market structure’s ability to price their products?
  • How does international trade affect each market structure?

  The Market Structures Final Paper

  • Must be eight to 10 double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center (Links to an external site.)Links to an external site..
  • Must include a separate title page with the following:
    • Title of paper
    •  Student’s name
    • Course name and number
    • Instructor’s name
    • Date submitted
  • Must use at least five scholarly sources from the Ashford University Library in addition to the course text.
    • The Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.)Links to an external site. table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.
  • Must document all sources in APA style as outlined in the Ashford Writing Center.
  • Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center.