week 5 microeconomics analysis & project

Project Description:

here is my week 5 analysis and part one project.

week 5 analysis:
identifying and providing types of goods
you will explain why some goods should be provided by the government and others should be provided by businesses. given a list, correctly identify types of goods based on excludability and rivalness. support your answer.

task 1: consider the following list of goods. for each good, explain the following points.
is the good rival?
is the good excludable?
identify the type of good (private good, public good, common resource, or quasi public good)
are there any externalities associated with this good?
explain whether the private market should provide this good or the government should provide this good. explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.

answer for each event below.
a. a cup of coffee at a coffee shop
is the good rival?
is the good excludable?
identify the type of good (private good, public good, common resource, or quasi public good)
are there any externalities associated with this good?
explain whether the private market should provide this good or the government should provide this good. explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.
b. city fire protection
is the good rival?
is the good excludable?
identify the type of good (private good, public good, common resource, or quasi public good)
are there any externalities associated with this good?
explain whether the private market should provide this good or the government should provide this good. explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.
c. polar bears in the arctic
is the good rival?
is the good excludable?
identify the type of good (private good, public good, common resource, or quasi public good)
are there any externalities associated with this good?



explain whether the private market should provide this good or the government should provide this good. explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.
d. clean air
is the good rival?
is the good excludable?
identify the type of good (private good, public good, common resource, or quasi public good)
are there any externalities associated with this good?
explain whether the private market should provide this good or the government should provide this good. explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.

the principal agent problem

task 2: review the discussion in the lesson presentation regarding the financial crisis. discuss each of the following points. use sources from the itt tech virtual library to add to your answer.
define the principal agent problem.
do corporate managers always act in the best interest of shareholders? explain.
research and present one ceo (chief executive officer) pay package. does this ceo earn more money if the company performs well? what penalty does the ceo receive if the company does not perform well?
does the pay package of the ceo you presented add to or reduce the principal agent problem? explain.

submission requirements:
this analysis task should be between 200 and 300 words for each task.
attach a separate word document for each task; all answers should be included in this document.
double space.
times new roman, 12-point font.


week 5 project:

project introduction:
different economic studies estimate the price elasticity of demand for certain goods, some of which are reported on page 176 of the hubbard/o’brien textbook. the following table presents select elasticity of demand estimates from those reported on page 176.

barnes & noble books -4.00
coca-cola -1.22
cigarettes -0.25
beer -0.23
gasoline -0.06



part 1: in your project, address the following questions:
• using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. explain your reasoning.
• explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases.
• using those classifications, make some assumptions regarding tax incidence. for instance, will buyers or sellers pay a larger portion of the tax per unit? explain.
• based on the elasticity classifications, their effect on tax revenue, and tax incidence, which goods would the government prefer to tax?

part 2: in your project, address the following questions in this order:
• using the itt tech virtual library, research tax rates imposed on cigarettes for the state in which you reside and two surrounding states. discuss the changes in tax rates on cigarettes in those states over the last few years. predict the implication of this tax rate change on tax revenue according to theory.

• research the effect of changes in cigarette taxes on tax revenue for a state. does this change indicate cigarettes have an elastic or inelastic demand in that state? support your answer.
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Price Type: Negotiable

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