How is consumer sovereignty affected in countries that don’t use a market system?, economics homework help
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1. How is consumer sovereignty affected in countries that don’t use a market system? Can you find any information about goods and services that are unavailable in these areas? How do consumers assert their sovereignty in these countries?
2.What market structure best characterizes the market in which University of Phoenix competes? How does this structure influence the university’s pricing strategy? How does University of Phoenix differentiate its product from that of its competitors? Has University of Phoenix erected nonprice barriers to entry in this market? Can University of Phoenix do more to create nonprice barriers to entry in this market?
3.According to the Federal Housing Finance Agency house price index, U.S. housing prices declined throughout 2008 and 2009. What are two demand determinants and two supply determinants that might explain the broad decline in house prices that occurred in those years? Is the market currently in equilibrium?
4.Movie theaters generally charge the same ticket price for all movies with evening show times, regardless of popularity. This pricing strategy causes surpluses (empty theater seats) for unpopular films and shortages (turning away prospective viewers) for popular films. How can movie theaters improve the pricing strategy to eliminate these inefficiencies? What is a disadvantage to your suggested approach?
5.How do rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase?What is the relationship between total utility, marginal utility, and the law of diminishing marginal utility?
6.What are the major categories of Federal government spending and revenue and of state/local government spending and revenue?How can you use the circular flow diagram to illustrate how the allocation of resources is affected by the government’s revenue and expenditure decisions?
7.Why do economists focus on GDP, inflation, and unemployment when assessing the health of an entire economy?Why does greater flexibility of prices as time passes cause economists to utilize different macroeconomic models for different time horizons?
8.What is an opportunity cost and how does the idea relate to the definition of economics? What are the differences between macroeconomics and microeconomics?What are unemployment and inflation and how do these concepts relate to economic growth?
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