Category Archives: Uncategorized

Chapter 2 Reflection How does the use of a very simplified model of the economy such as those found in a production possibilities frontier help you to understand the economy? Production Possibility frontier shows us that there are limits to production, so an economy , to achieve efficiency, must decide what combination of goods andContinue reading “Microeconomics Ch 2 : Reflection”

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”

After reading these essays what do you think about protecting manufacturing industries from international trade? Who is benefitting from the tariffs on steel and aluminum?  Who is losing? Do you think more people will benefit than will lose? Why or why not? Trade protectionism is a policy that protects domestic industries from unfair competition fromContinue reading “Microeconomics Chapter 9 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 would the economic theoryContinue 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 7 Reflection”

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 6 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 demand curves in your answer. As the 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 youContinue reading “Chapter 1 : Ten Principals of economics”

Be yourself; Everyone else is already taken. — Oscar Wilde. This is the first post on my new blog. I’m just getting this new blog going, so stay tuned for more. Subscribe below to get notified when I post new updates.