03 May WHAT IS THE EFFECT ON THE EQUILIBRIUM PRICE AND QUANTITY THAT RESULTS FROM AN INCREASE IN DEMAND, SUPPLY, AND BOTH?
What is the Production Possibilities Model (PPM or sometimes, PPF) and how is this model related to the concept of opportunity cost, as discussed in Chapter 2 of course textbook? Discuss the theory of comparative advantage and its relationship to the production possibility curve.
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#2 Theory of Comparative Advantage (Professor)
Please discuss the theory of comparative advantage in trade. How is comparative advantage different from absolute advantage? Why might some of the precepts of the theory of comparative advantage fail to hold true in the modern era of international trade?
#3 Supply and Demand (Professor)
What is the difference between a movement along and a shift of the demand curve? What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both? Provide examples for each instance. What is the role of supply and demand in decision making? Provide a real-world example.
#4 Elasticities (Professor)
Please discuss price elasticity of demand and the price elasticity of supply as delineated in Chapter 6 of the course textbook. Compare these concepts to income elasticity of demand and cross-price elasticity of demand. What factor is the most important determinant of the price elasticity of a good or service?
#5 Price Ceilings and Price Floors (Professor)
Please discuss price ceilings and price floors as delineated in Chapter 6 of the course textbook. What are some examples of both types of pricing schemes? What are some economic arguments both for and against these kinds of market interference?
#6 Consumer and Producer Surplus (Professor)
Please define consumer surplus as it is discussed in Chapter 7 of the course textbook. How is consumer surplus related to the concept of willingness to pay?
Please define producer surplus as it is discussed in Chapter 7 of the course textbook. Discuss how both consumer surplus and producer surplus are related to market efficiency and welfare economics
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#7 Tariffs and International Trade (Professor)
What is a tariff as defined in Chapter 9 of the course textbook? What are the potential effects of implementing tariffs and how does this policy create winners and losers in international trade?
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