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Our macroeconomics solvers can accurately solve all college & university economics assignments, homework & projects. Writing economics assignment answers involves writing about inflation, price rise, bankruptcy, market share and interest rates. In the simplest and most concise definition, economics is the study of how a society uses its limited resources. students study economics because it reveals the different behavioral patterns of people, organizations and governments. Our experts offer the best economics assignment help to assist college & university students worldwide with their economics assignments, homework & projects. Economics assignments involve strenuous analysis and confusing statistical equations but our problem solvers can handle even the most complex assignments at all academic levels and deliver excellent results.
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ONLINE ECONOMICS ASSIGNMENT HELP-TRADE PROTECTIONISM
Protectionism: what is it and what are some its advantages and disadvantages?
Trade protectionism is implemented by nations when they believe unfair competition is ruining their industries. Some view it as defensive policy more often than not driven by political forces. This may be successful in the short run. However, in the long run, it usually does not achieve its original aims as it can make the country, and its industries quite uncompetitive globally. Protectionism is implemented by the government and its aim is to create barriers to entry or exit when it comes to international trade in order to protect domestic firms. Some methods of protectionism include import tariffs, subsidies, and quotas.
Global economic calamities have resulted in a significant change in policies against free markets and instead that support government intervention. This article analyzes if the increasing levels of protectionism implemented by multiple countries, especially by various European countries, is an effective policy.
ECONOMICS ASSIGNMENT HELP-SCARCITY AND EFFICIENCY
Scarcity: what is it and why is relevant to economics?
Scarcity is the fundamental economic problem that arises from consumers having infinite wants and needs when there is only a finite supply of resources. This imbalance results in the occurrence of a shortage, or as economists refer to, scarcity. It means that we need to choose what goods to produce and how much of it we produce. The allocation of resources is extremely important as maximizing consumer utility is mandatory.
The price mechanism, which is an invisible hand involving the interaction between the supply and demand for a good, determines the allocation of scarce resources. The production possibility frontier describes the maximum possible combinations of outputs that can be produced given that all the resources in the economy are being fully and efficiently employed.
For example, let’s imagine a scenario where we experience an increase in the demand for motor vehicles such as cars and motorbikes. Regardless of the increase in consumer wants for both these goods, resources remain limited. Consequently, the manufacturers will need to make a decision on whether to increase their supply of cars or motorbikes. The producer’s aim is to maximise their profits and thus, they will decide which good to produce more based on the respective profits gained from each product. Should the profit made from selling an increased number of cars be higher than that of motorbikes, the firm will allocate more resources to supply more cars compared to motorbikes and vice versa.
SUPPLY & DEMAND ANALYSIS-ECONOMICS ASSIGNMENT HELP
Supply & Demand in Economics: What is the law of supply and demand and how does it help determine an equilibrium?
Supply and demand are two essential concepts when considering the price mechanism and the allocation of resources. The quantity demanded is in fact defined as the quantity of a good or service customers are willing and able to buy at a given price and a given time. The quantity supplied is the amount of goods and services firms are willing and able to prove at a given price at a given time. Additionally, the law of demand suggests that as price increases, the quantity demanded of that good decreases.
Similarly, the law of supply tells us the higher the price of a good, the greater the quantity supplied. Supply and demand influences prices in many ways. For example, the free market equilibrium occurs at the intersection of the supply and demand curve. When supply exceeds demand, we say that this is a surplus. Conversely, when demand exceeds supply, it is known as a shortage. The way in which to achieve an equilibrium price and quantity in these situations is by shifting either demand or supply. A shift in demand or supply is caused by various factors, except price.
For example, if the price of a substitute good rises, the demand of the original good is likely to increase as it’s the cheaper alternative. When looking at supply, one factor that could shift it is an improvement in the production technology. This will cause higher levels of output and thus an increase in supply. These shifts will help regain an equilibrium.
COST AND BENEFITS ANALYSIS-ECONOMICS ASSIGNMENT HELP
Costs & Benefits: A closer look into cost-benefit analysis of a making a decision
Cost-benefit analysis refers to the idea of weighing the advantages and disadvantages of a decision. Economists describe the costs and benefits that don’t seem glaringly obvious as ‘hidden’. Let’s consider a situation where you decide with your roommate that one of you will cook and the other will clean the kitchen. One detail that may have slipped your minds is the two of you enjoy different meals and one those could require a greater number of pots and pans and thus will cost more to clean. The hidden cost here is the additional effort given in order to clean more utensils.
Economists understand that it can be difficult to place a monetary value on all benefits or costs. The financial advantages and disadvantages are more often than not only a small proportion of the factors taken into account when making a decision.
Economists tend to identify both factors that can’t be measured with money as well as factors that are easily analysed in terms of monetary value. It is sometimes an economist’s job to look for unique ways to quantify or make an approximation of the monetary value of factors than can in fact influence the decision-making process. This is to better understand the costs and benefits of that particular decision. In general, the individual who devises the idea is likely to exaggerate the pros and downplay the cons. An economist’s aim is to recognize the covert costs and ensure that no one faces any unjust consequences of a decision.t
ECONOMICS HOMEWORK QUESTIONS & ANSWERS
(1) Identify a manufactured product such as a car, a computer, a smartphone, or anything else and describe the different stages of the value chain for this product.
(2) Next, identify a company that sells the product of choice.
(a) What is the extent of the company’s vertical integration?
(b) What are the advantages and disadvantages of vertical integration for this company?
Find an article discussing Change in Supply or Change in Demand for a specific good. Post the link to the article and cite article’s name.
(a) Explain how the Change in Supply, or the Change in Demand, has impacted Market Equilibrium.
(b) Identify if there is a Shift of Supply/ Demand curve? Explain.
Explain and differentiate between Perfect Competition in the Short Run and in the Long Run. Provide examples.
Explain the term Market Equilibrium.
What determines the extent of vertical integration? Give an example of a company that is vertically integrated.
What determines the extent of horizontal integration? Give an example of a company that is horizontally integrated.
Explain the principle-agent problem and provide appropriate examples.
You are the owner of a clothing retail store in New York that sells brand name clothes, including high-end clothing brands. Your retail salespersons are paid a mean hourly wage of $15. Over the last several months, your sales have significantly declined and customer satisfaction surveys indicate that your customers are increasingly dissatisfied with the quality of service.
You just completed an online course in managerial economics in which you learned about the concepts of efficiency wage and principal-agent problem.
To what extent should you apply these two concepts to increase the motivation of your retail salespersons?
Should you pay efficiency wages?
Should you redesign the structure of compensation in terms of fixed pay (hourly wage) and variable pay (bonus, commissions)?
Identify a product on the market that can be considered competitive. Then, analyze the extent to which this market meets the five assumptions of the Perfect Competition Model as described in your course book.
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More College Assignment Topics
INCENTIVE PRINCIPLE-ECONOMICS ASSIGNMENT HELP
What are incentives and how important are they in everyday life?
Incentives are essential when choosing economic behaviour. Incentives influence people’s daily lives. One example is when parents generally offer rewards to encourage their children to behave well and punishments to discourage bad behaviour. Incentives can include cultural norms, or financial rewards and punishments. An example of a cultural reward is that individuals could receive social commendations when they assist the deprived. Similarly, they can be punished if they commit crimes such as theft.
Financial incentives involve ways in which people can gain money as a benefit or face fines when they behave badly. Although incentives and disincentives don’t guarantee changes in individuals’ behaviour, they are likely to induce some behavioural changes as a result of the rewards and punishments on offer.
The most common economic incentive in our everyday lives is prices. For example, increases in the price of a good acts as an incentive for consumers to decrease their demand and maybe switch to cheaper alternatives. Price changes are also an incentive for suppliers. If producers see that the prices of their goods are increasing, they are likely to reduce their supply levels in order to ensure they maintain profits and don’t go into a loss-making environment. Although we all do it subconsciously, we make multiple decisions on a daily basis that are a response to the changes in incentives.
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ECONOMICS ASSIGNMENT QUESTIONS & ANSWERS
1. Describe the value chain of the company's main products/ or services and analyze the extent to which the company is vertically integrated.
2. Analyze the factors that influence the supply of products and services.
3. Analyze the demand factors for any company (or specify name of company)
4. Analyze the factors that influence the cost of production.
5. Define Market Structure.
6. What do you understand by Demand Factor Analysis?
7. Define Value Chain Analysis.
8. Differentiate between Vertical Integration & Horizontal Integrations. Provide example for each.
9. What is Principle Agent Problem?
10. Define Perfect Competition Model.
11. Examine Economies of Scale.
12. Examine Economies of Scope.
13. Define Market Structure.
14. What do you understand by Level of Concentration?
15. Define Barriers to Entry.
17. Define Business Strategy.
18. Differentiate between Positive Externalities and Negative Externalities. Provide an example for each.
19. Explain and differentiate Perfect Competition in the Short Run and in the Long Run. Provide an example. Explain the term Market Equilibrium.
20. What determines the extent of vertical integration? Give an example of a company that is vertically integrated. What determines the extent of horizontal integration? Give an example of a company that is horizontally integrated.
21. Differentiate the concepts Free Market Economies and Collectivist Economies. State the Pro's and Con's of market regulations.
22. What is the concept Pareto Efficiency? Provide a Real Life example of Pareto Efficiency.
23. Differentiate between Rival Good and Public Good. Offer an example for each of these terms.
24. Explain the Bertrand model. Give an example.
25. Explain the Cournot model. Give an example.
26. What are the shortcomings of Concentration Ratios?
27. State one similarity and one difference between a Monopolist and a Monopsonist.
28. Give an example of an industry with an oligopolistic structure. What are the main products/services offered by this industry? What are the main firms in the industry? To what extent the products/services from this industry are homogeneous? What is the level of concentration in the industry? How would you characterize the barriers to entry in the industry?
29. Describe and distinguish between Monopoly, Oligopoly, and Cartel. Give examples for each of the above definitions.
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