There is growing concern about poverty and income inequality. These two concepts, however, are not the same. Income inequality
All response need to be a min of 200 words in APA format.
Economics for Mangers Journal Review
1) There is growing concern about poverty and income inequality. These two concepts, however, are not the same. Income inequality deals with the percentage of income earned by the different income groups, while poverty is concerned with how difficult it is for the poor to meet basic needs. In Section 1.4, you read about deontological and consequential approaches to ethics. Using those approaches, evaluate how well free market systems versus government intervention in markets address poverty and income inequality. Include in your discussion an explanation of how people in a free market economy, acting in their own self-interest, can better those around them. Bring examples from your own experiences where your actions, though entirely self-motivated, resulted in a benefit to somebody else.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
2) This units readings included information on pricing. You are introduced to the shutdown price, using elasticity to determine the effects of price changes, and cost-based pricing. Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on costs.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
3) Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each factor and how those changes would affect your life. Finally, explain how the shifts in demand and supply are different from movements along the demand curve or movements along the supply curve and why the distinction is important.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
4) Incorporate the concepts of game theory to international trade and tariffs. Set up two payoff matrices. Set up the first payoff matrix such that the outcome will be harmful to both countries. Set up the second payoff matrix such that the outcome will be beneficial to the United States. From your perspective as a consumer, evaluate the two matrices using current actions by each country to see which most likely benefits domestic consumers.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
5) Explain a time you encountered non-uniform pricing, or price discrimination. Identify the type of price discrimination it was. Using the criteria necessary for price discrimination, evaluate how well that good fit price discrimination. Finally, evaluate the effect such price discrimination has on you and society.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
6) Identify a situation from your own experience that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in your discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
7) Identify an example of a management scenario from your own experiences or current events involving adverse selection or moral hazard. Describe some methods to correct the potential problems of the asymmetric information.
Your journal entry must be at least 200 words in length. No references or citations are necessary.
8) Part I: Describe an example you have experience with of the principal-agent problem (for example, you have a desire for your children to listen in school and do well, while for them, goofing off at school might be much more fun), and explain how incentives can be used to overcome the principal-agent problem (such as paying your children for good grades). Include in your explanation an analysis of the risks in using incentives.
Part II: How will you be able to apply what you learned in this course to your current or future work?
Your journal entry must be at least 200 words in length. No references or citations are necessary.
