Module 3 Discussion Discussion Prompt Give an example of the price of a good changing. Explain what determinant of supply or demand you think led to this change. (For example, the price of laptop computers has decreased in recent years due to technological change.) Post a brief paragraph responding to the discussion prompt above. Your post should use concepts presented in this module. Your post must be completed before you can see posts from your classmates. Discussion Response Reply to one classmate's post. Positive comments regarding the quality of the post are fine, but do not earn points (e.g., "that's a great point" or "I like your post"). To earn credit, a response should contain 1-3 sentences extending th- point made in the classmate's post;=: for example by asking a question, providing an example, connecting to other concepts, or providing additional information related to economic concepts.

Module 3 Discussion Discussion Prompt Give an example of the price of a good changing. Explain what determinant of supply or demand you think led to this change. (For example, the price of laptop computers has decreased in recent years due to technological change.) Post a brief paragraph responding to the discussion prompt above. Your post should use concepts presented in this module. Your post must be completed before you can see posts from your classmates. Discussion Response Reply to one classmate's post. Positive comments regarding the quality of the post are fine, but do not earn points (e.g., "that's a great point" or "I like your post"). To earn credit, a response should contain 1-3 sentences extending th- point made in the classmate's post;=: for example by asking a question, providing an example, connecting to other concepts, or providing additional information related to economic concepts.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Module 3 Discussion
Economics & Personal Finance
Module 3 Discussion
Discussion Prompt
Give an example of the price of a good changing. Explain what determinant of supply or demand you
think led to this change. (For example, the price of laptop computers has decreased in recent years due
to technological change.)
Post a brief paragraph responding to the discussion prompt above. Your post should use concepts presented in this
module. Your post must be completed before you can see posts from your classmates.
Discussion Response
Reply to one classmate's post. Positive comments regarding the quality of the post are fine, but do not earn points
(e.g., "that's a great point" or "I like your post"). To earn credit, a response should contain 1-3 sentences extending the
point made in the classmate's post;=: for example by asking a question, providing an example, connecting to other
concepts, or providing additional information related to economic concepts.
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PROBLEM (5) (tariff) The domestic (US) demand and supply for soy is p = 80 − QD and p = QS + 10 respectively. US market is very small relative to the world market, and the world (equilibrium) price is $20. Draw one graph for the market marking all intercepts and intersections to help you with (a) and (b) below. (a) If there is NO trade, what is the CS, PS, net domestic benefits, DWL?(b) If there is free trade, what is the CS, PS, net domestic benefits, DWL? How many units are imported? Now the state imposes a tariff of t dollars per unit.(c) What should be the tariff amount t to maximize tariff revenues? In this case, what is the DWL?(d) What should be the tariff amount t so that consumers and producers equally well off (CS equals PS)? (e) What should be the tariff amount t to maximize PS?(f) What is the most efficient tariff amount t? What is the least efficient tariff amount t? (i.e. that minimizes and maximizes DWL respectively.)
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Document 1: Analyzing Primary Source "The satisfaction of every man's need for food up to the point where his life is thereby assured has the full importance of the maintenance of his life. Consumption exceeding the amount, again up to a certain point, has the importance of preserving his health [that is, his continuing well-being]. Consumption extending beyond even this point has merely the importance-as observation shows-of a progressively weaker pleasure, until it finally reaches a certain limit at which satisfaction of the need for food is so complete that every further intake of food contributes neither to the maintenance of life nor to the preservaion of health-nor does it even give pleasure to the consumer, becoming first a matter of indifference to him, eventually a cause of pain, a danger to a... a... health, and finally a danger to life itself. Similar observations can be made with respect to the more of less complete satisfaction of all other human needs." -Carl Menger,…
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