Author Archives: Priscilla Rodriguez

Think of an example of a Public Good (not a publicly provided good, but a Public Good using the definition from the chapter.)  What are the costs of providing the good?  What are the benefits? Is there another way to have the good provided? Did this chapter cause you to think of Public Goods differently?  In whatContinue reading “Microeconomics Chapter 11;Reflection”

This is generally a very interesting chapter for everyone.  What is an  example of a negative externality that interests you?  Could the problem be solved via negotiation (Coase Theorem)?  Why or why not? Do you favor regulation to solve this externality?  Why or why not?   Negative externalities occur when the consumption or production ofContinue reading “Microeconomics Chapter 10 Reflection”

Back when Obama placed the tariff on Chinese tires I bought two set of tires — one before for daughter #1 and one after for daughter #2 – same tires for the same car. The second set was $200 more. That of course meant we didn’t spend that $200 elsewhere — on dinner and tip,Continue reading “Microeconomics Chapter 9:Reflection”

Microeconomics Chapter 8 Reflection Give an example of a tax that you have paid in the past.  Pretend for a moment you are a member of the group considering imposing this tax (city council, state legislature, etc).  Give three reasons from the text to impose the tax.  Give three reasons not to impose it. What wouldContinue reading “Microeconomics chapter 8 : REFLECTION”

Describe efficiency from the perspective of an economist. Economic efficiency is the use of resources so as to maximize the production of goods and service.] An economic system is said to be more efficient than another (in relative terms) if it can provide more goods and services for society without using more resources. In absolute terms, a situationContinue reading “Microeconomics Chapter 7Reflection”

How does this relate to the theories from the chapter? This relates to the theories from the chapter because the Chavez government imposed a binding price ceiling on competitive markets, which caused a shortage of goods because at this price which was below equilibrium, the quantity demanded was greater than quantity supplied.  Now consider aContinue reading “Microeconomics Chapter 6Reflection”

When consumers become habitual purchasers of a product, the cross price elasticity of demand against rival products will decrease. This makes demand less sensitive to price. The result is that firms may be able to charge a higher price, increase their total revenue and achieve higher profits. Today i went to Lowes , and didContinue reading “Chapter 5 reflection”

Posted byPriscilla Rodriguez02/04/2021 Posted inUncategorizedEditMicroeconomics Chapter 4: Reflection In many large cities you can now use your cell phone to call Uber or Lyft instead of hailing a taxi. Would you expect this to affect the prices of taxi medallions (that is really the supply of taxis)? Why or why not? Talk about supply and demandContinue reading “Microeconomics Chapter 4: Reflection”

What in this chapter made you think about an economic concept differently than your previous beliefs?   In chapter 1 pg4 : 1-1a : People face trade-offs “ you may have heard the old saying , “ there isn’t no such thing as a free lunch” The concept of this is if you think you areContinue reading “Chapter 1 : Ten Principals of economics”

It is certainly true that some people have lost jobs due to increases in international trade.  It is also true that some people have lost jobs due to changes in technology.  Should we treat those two causes differently? Why or why not? It has been said that increased productivity can lead employers to eliminate millionsContinue reading “Microeconomics Chapter 3 : Reflection”