answer all.4444the question is complete

1. Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact each of the following would have on-demand or supply. Also, show how equilibrium price and quantity have

changed. State any assumptions you make. Use one graph per question.

a. Winter starts and the weather turns sharply colder.

b. The price of tea falls.

c. The price of whipped cream falls.

d. A better method of harvesting cocoa beans is introduced.

e. The Surgeon General of the U.S. announces that hot chocolate cures acne.

f. Protesting farmers dump millions of gallons of milk, causing the price of milk to rise.

g. Consumer income falls because of the recession.

2. The impact of disruptive technologies like Uber is huge. What are the pros and cons of implementing Uber in Vancouver? How similar is this to embracing international

trade? Do the pros outweigh the cons? Explain.

2. Suppose there are 3 people: Mike, Tim, and Josh. They start at point A, which gives a

payoff of {2,3,1}. Should they move to point B (payoff of {6,4,2}) or point C, which gives

{3,3,4}.

(a) Answer as a Rawlsian.

(b) Answer as a Utilitarian.

3. Tim Harford discusses "The World of Truth" in his article. What is "The World of Truth?"

Explain how this "World" differs from the world discussed in the North articles.

4. Around 2005 there was a proposal by Ted Stevens (a Senator from Alaska) to build what is often called the "Bridge to Nowhere." The bridge would have connected a town of 50 people to the second largest airport in Alaska at an estimated cost of $442 million. This

type of government action is often called "pork-barrel" spending and is associated with

government failure. Explain what type of government failure this represents.

5. Compare and contrast the idea of an externality and a public good. How do different

parts of the political spectrum view this difference?

6. Explain the concept of diminishing marginal utility and describe the role that it plays in the utilitarian argument for redistribution of income. What drawbacks are there to this

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