Principles of Microeconomics
Principles of Microeconomics
Assignment Instructions: I need help with a journal and an assignment.
JOURNAL
Prior to working on this journal, review Chapters 4, 5, and 6 from your textbook, Principles of Microeconomics, Hurricanes, hog manure and the dire need for carbon pricing. Submit your response in writing in a Word document.
Chapter 4-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch04sec4.1
Chapter 5-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch05sec5.1
Chapter 6-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch06sec6.1
Hurricanes, hog manure and the dire need for carbon pricing link-
https://phys.org/news/2018-10-hurricanes-hog-manure-dire-carbon.html
In your submission,
-Discuss any one concept from each of the three chapters- Chapters 4, 5, and 6 in your own words.
-Carbon pollution is an example of negative externality. Two solutions to carbon pollution reduction have been offered: 1) Cap and trade – states cap the amount of CO2 that is “acceptable”, and they issue permits to pollute which the businesses must buy from the state if they need to pollute. Those permits are tradable in the open market. 2) Carbon tax: you will be taxed per unit of CO2 that you release into the atmosphere. Based on this,
*Discuss three pros and cons of cap-and-trade and carbon tax policy.
ASSIGNMENT
Prior to beginning work on this assignment, review chapters 4 and 5 of your textbook, Principles of Microeconomics and Price elasticity of demand using the midpoint method | Elasticity | Microeconomics | Khan Academy
Chapter 4-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch04sec4.1
Chapter 5-
https://content.uagc.edu/books/Pate.5378.18.1/sections/ch05sec5.1
Price elasticity of demand using the midpoint method | Elasticity | Microeconomics | Khan Academy link-
https://www.youtube.com/watch?v=slP8XZ6Nq40
It is essential that the quantity of goods and services should be produced according to the demand for these products. The knowledge of elasticity of demand helps in determining this output level.
For the Elasticity of Demand Assignment, you will fill out a worksheet I included in a file.
In the Elasticity of Demand Worksheet, calculate the following:
-Price Elasticity of Demand
-Percentage Change
-Revenue
Based on the readings for the week and your calculations from the worksheet, answer the following questions:
In your paper,
-Explain what elasticity of demand means in your own words. Support your explanation with a suitable example.
-Describe the relationship between elasticity of demand and revenue when the prices are changed. [Hint: make sure to refer to the worksheet]
-Rank the demand of these three goods by their expected price elasticities of demand from most elastic to least elastic 1)- a blue colored iPhone 2)- a smartphone 3)- iPhone.
-Explain why you ranked the goods above in the way you did.
The Elasticity of Demand paper
Must be two to four double-spaced pages in length (not including title and references pages and formatted according to APA Style.
Must include an introduction and conclusion paragraph.
Must use at least two credible sources in addition to the course text.
Paper Format: APA
Answer preview to Principles of Microeconomics
APA
1200 WORDS
