Reference no: EM131114189

Please use these guide lines below follow them to the tee. Cite and Reference.

Please be specific with answers.

Here are some suggested guidelines for earning the green "S":

Writing a mini-essay for original posts:

1. Write as if you are an economist using economic terms and concepts from the e-text.

2. Use complete sentences and paragraphs, not just bullet statements.

3. To help illustrate what you are saying use real-life examples from your personal and/or professional experiences or be creative. In either case, most substantial responses will include specific examples that have meaning to you. Avoid using the same examples used by the e-text, enrichment materials, other students or me.

4. When appropriate compare and contrast but try to take a position. Your response does not need to cover all aspects of a topic to be accepted for credit. Keep in mind you have the right to your opinion (normative economics), however, you do not have the right to your own facts (positive economics).

5. After writing a response take a moment to review it. Does it stand alone? Could someone not in this class understand what you have written? Did you define terms and give examples? Did you cite references when appropriate?

6. The posts should be succinct yet with enough in the way of definitions and specific examples to be understood. Sometime you may be able to do this in less than 100 word sometimes it may take over 300 words. About 200 words is a good target.

Responding to a class message or another student posts:

1. Relate your personal or professional experiences.
2. Add additional research
3. Ask a question.
4. The posts should be succinct yet with enough in the way of definitions and specific examples to be understood. Sometime you may be able to do this in less than 100 words sometimes it may take over 300 words. About 200 words is a good target.

Discussion Starters

Complete number 4and discussion below in 24 hours or less.

You may want to copy and paste one or more of the following true-false-why statements as a discussion starter:

1. I have used the concept of opportunity costs this week.

2. I could explain what would happen to the price and quantity of a good or service if demand increased and supply decreased. (You do not need to quantify your response, simply use the terms increase, decrease, or it depends on the magnitude of the changes. Provide a scenario that might bring this about and use supply and demand curves for your explanation.)

3. The total revenue test is an easy way to explain elasticity.

4. In a market system of economics price functions as a good rationing device for scarce resources. [Use both the concepts of supply (from the prospective of a provider of a good or service) and demand (from the prospective of a consumer) in your response.]

5. Government price floors and ceilings are always successful.

6. I have never experienced diminishing marginal utility.

7. Economics is a zero sum game.

8. Janet L. Yellen is the current Chair of the Council of Economic Advisors.

I need a couple of specific examples. I need in 24 hours or less.

Government price floors and ceilings are always successful. The two are a form of government intervention in the free market with an aim of changing the market equilibrium. However, the statement is a false one since the two are always not successful. The price floors refer to minimum prices that are set by the government for various commodities and goods that it believes are being sold at an unfairly low price (Mankiw, 2014). The government intervenes to ensure that the producers are getting enough profits that they deserve. The price floors are effective, but they can become disadvantageous of they are set above the equilibrium price because they would not have any effect when they are below the market clearing price. When set above the market price, there will be a surplus since producers will be producing numerous goods without foreseeing the future where demand for the goods will be low. However, in numerous instances, the price floors are effective where the government lays out the price floor and uses price support and the setting of production quotas.

Mankiw, G.N. (2015). Principles of Microeconomics (7th ed.). Retrieved from The University of Phoenix.

This is what my instructor asked: "Would you share some specific examples to illustrate what you are saying?"