Economics

ED 711- Economic Development for Defense Communities Group Exercise You will work as a group on this exercise. The final assignment consists of a PowerPoint presentation during the last online session on July 20 and a written report of findings due at the end of the course on July 27. The final paper should not exceed 15-20 pages in length (double space) using the same margins and fonts as used in the individual exercise. The final PowerPoint should include audio for each slide. The presentation should be condensed to 10-12 minutes in length. Longer presentations will receive lower grades. One of the skills the exercise is designed to teach is how to condense your findings into the most relevant material. Each group should appoint a leader. The leader will be the single communication link between the instructor and the group. Any questions or clarifications should come through the group leader. The group leader should identify themselves to the instructor via Canvas email. All members of your group have collected data on the same community in the first exercise. The instructor advises that you share your papers with the other group members to provide a common factual basis for the remainder of the assignment. Make sure you have a common basis of factual information for the rest of the assignment before proceeding to the other steps in the exercise. The final paper and presentation involves further analysis on the community and an investigation of the opportunities and threats that the community faces from changes in procurement policy and programs at DOD. The following list provides the tasks that teams should complete before writing the report and presentation: 1). Estimate the correct level of direct employment and payroll in the community from DOD spending. This step could involve estimating the proportion of employment within identified NAICS codes that is not DOD related. As an example, employment in the aerospace NAICS could include military or civilian aerospace spending. If so, estimate the share from DOD spending using a valid economic development method. EMSI data and their Impact Assessment Tool will make this step much easier. 2). Estimate the indirect and induced employment, payroll and spending from the DOD spending calculated in Step #1. The combination of direct, indirect and induced impacts are the total impacts of DOD on the economy of the community. You should determine what percent of the total economy stems from defense spending. You should also look at the DOD spending per person as another metric of how sensitive the economy is to shifts in DOD procurement policy. This type of information is not relevant unless compared to some yardstick. The best yardsticks to use are DOD spending per person in the same state and nationally. This information is shown in the Defense Spending by State report. 3). Use the EMSI data to determine other economic drivers in the community. Determine how important these drivers are in the economic health of the community relative to DOD spending. 4). Determine how future changes in DOD procurement spending will affect the economic health of the community. This step must involve more than a recitation that employment and spending goes up if the DOD budget rises. Threats stem from policy changes where future DOD spending will decline for an activity that is done within the community. Opportunities are the opposite. Shifts in the National Defense Strategy and in the Industrial Capabilities Report, and data on trends in procurement spending, are sources for the strategic assessment. Communities may see the same change as either an opportunity or a threat. For example, the 1995 BRAC round was a threat to San Antonio because DOD was going to outsource aircraft maintenance to airframe companies and consolidate Air Force logistics centers. Oklahoma City, another AFLC site, saw the change as an opportunity to capture more of the AFLC workload as depots closed. Leaders in Oklahoma City saw the change as an opportunity while leaders in San Antonio saw it as a threat. The difference in assessments could stem from the relative strengths and weaknesses for this kind of economic activity in San Antonio and Oklahoma City. This kind of competitive assessment should be incorporated into your group paper. The group should investigate the specific DOD procurement and operational activities that will affect the community under investigation. If the industrial base in the community, for instance, is tied closely to aircraft procurement or maintenance, the group should identify changes in aircraft acquisition and maintenance policy as one of the points of vulnerability for the community. The Annual Industrial Capabilities report and the National Defense Strategy are good sources to examine to identify future opportunities and threats for the community under investigation. Materials from trade associations and other course materials will enrich the presentation and paper.

Section “a”Answer the below questions. Each question carries 10 marks.1) Discuss the supply schedule and the various factors affecting the supply in the market.2) Explain the Price elasticity with appropriate formulae. Also, explain how it will differ forelastic & inelastic goods.3) Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity. Compute elasticity in the below scenarios:a. Three days ago, the price of envelopes was $7 a box, and Julie was willing to buy 80 boxes. Today, the price has gone up to $7.75 a box, and Julie is now willing to buy 18 boxes. Is Julie’s demand for envelopes elastic or inelastic? What is Julie’s elasticity of demand? b. If Neil’s elasticity of demand for hot dogs is constantly 0.9, and he buys 4 hot dogs when the price is $1.50 per hot dog, how many will he buy when the price is $1.00per hot dog? 4) Explain the different types of Costs in a tabular format & with a well-labelled diagram5) Describe the various factors affecting demand and also draw the demand curve if it is perfectly inelastic and the demand for cardiac bypass surgery, given that the government pays the full cost for any patient. Section “B” Answer the below questions. Each question carries 20 marks. 6) Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a. The market for newspapers in your town Case 1: The salaries of journalists go up. Case 2: There is a big news event in your town, which is reported in the newspapers. b. The market for St. Louis Rams (a professional football team) cotton T-shirts Case 1: The Rams win the Super Bowl competition. Case 2: The price of cotton increases. c. The market for the Krugman and Wells economics textbook Case 1: Your professor makes it required reading for all of his or her students. Case 2: Printing costs for textbooks are lowered by the use of synthetic paper. 7) Asian-based telecom operator recently announced that it was launching Virgin Mobile as a new telecom brand within the country. It would operate in conjunction with Etisalat and Du. Assuming the trend continues, and the government opens the market for private and  ©Al Tareeqah Management Studies – 2020 4 foreign players. You are required to – a. Apply your understanding and concepts from microeconomics, to investigate and summarize the major characteristics of the emerging market form in the telecom industry. b. Describe and analyze the pricing policies that you would expect to find in this industry.

Consumer behaviour has changed considerably in recent years. At the same time, production capacities for consumer goods have been built up in recent years to meet the constant demand for consumer goods. Technological innovation and stricter global regulations have made products practically safer. However, frequently it happens that products do not meet national and international requirements and thus pose a danger to consumers. The question is how the involved stakeholders deal with the topic product safety. Are our everyday consumer goods safe? Has the awareness of product safety changed over time? Have consumer goods actually become safer as a result of technological innovation?

Write an essay describing the differences between socialism, communism, and free market economies? What are the disadvantages and advantages of each?

Apply and analyze macroeconomic theories and models using a national or global event. This event may be current, historical, political, or social. Find and research at least five academic articles to conduct an analysis. Use articles to write and defend a claim or argument regarding the event. This is NOT a paper about what happened, but about why it happened, how it happened, or what will happen as a result.

Write a report on effects monetary and fiscal policy had on the United States during Great Recession of 2008/2009. The report should factually document the state of the U.S. economy at the peak of the crisis in specific terms such as: Gross Domestic Product (GDP), Inflation, Unemployment, and Interest Rates. It should also factually document the state of the U.S. economy as it is currently utilizing the same metrics. You will be further required to factually document the policies that were implemented, analyze the effect of those policies, and provide an opinion on if the policies will have a lasting effect in continuing to help the U.S. economy rebound.

Expound on the government regulation of monopolies or oligopolies due to the COVID-19 pandemic. Find one article that expounds on the applications and impacts of government regulation of these two market structures and how it personally impacts you. Proper APA citation (in-text and works cited) required.

Wegmans Food Markets, Inc., is one of the premier grocery chains in the United States. Headquartered in Rochester, New York, Wegmans operates over 70 stores, mainly in Rochester, Buffalo, and Syracuse. There are also a handful of stores elsewhere in New York State and in New Jersey, Pennsylvania, and Virginia. The company employs over 45,000 people, and has annual sales of over $3 billion. Wegmans has a strong reputation for offering its customers high product quality and excellent service. Through a combination of market research, trial and error, and listening to its customers, Wegmans has evolved into a very successful organization. Its sales per square foot are 50 percent higher than the industry average. Questions 1. How do customers judge the quality of a supermarket? 2. Indicate how and why each of these factors is important to the successful operation of a supermarket: a. Customer satisfaction. b. Forecasting. c. Capacity planning. d. Location. e. Inventory management. f. Layout of the store. g. Scheduling. 3. What are some of the ways Wegmans uses technology to gain an edge over its competition?

What is government spending? How does government spending affects you and your family during COVID-19? Who creates the revenues for government to spend? How are these revenues created? only needs to be 2 paragraphs

a)Gross Domestic Product (GDP) and Growth i.Analyze the annual GDP during the time frame to calculate specific growth rates and trends in the U.S. economy. ii.Choose two or three of the most relevant historical and/or current events during this time period that impacted the U.S. economy. Apply specific models developed throughout the course to demonstrate how these events influenced national output during this time. b)Unemployment and Inflation i.Analyze unemployment and inflation data during the time frame in their relation to output and growth, using macroeconomic principles and models to explain their effect. ii.Apply specific models developed throughout the course to demonstrate how the previously selected historical and/or current events influenced both unemployment and inflation during this time. c)Analyze interest rate fluctuations throughout this time period and their effects on other aspects of the economy. How would these fluctuations affect inflation? Would investments and foreign trade rates increase or decrease? How would the GDP of the American economy be affected?