Microeconomics 2302 Technology and Efficiency

Microeconomics 2302 Technology, R & D, and Efficiency

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Microeconomics 2302 Technology, R & D, and Efficiency

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questions for exam 3

You must send me your answers to all of the questions and I will

grade 6 of your answers.

1. Technology, R & D, and Efficiency.
2. Invention:
3. Thoroughly and completely explain Invention.
4. Distinguish between invention as a process and invention as a result

and give 2 examples of each.

iii. The case of a slow growth / no growth economy.

1. We live on a planet with finite resources which makes

continued economic growth difficult to maintain. Please

explain how invention as a process and invention as a result

might be impacted by a slow growth /no growth economy.

1. What can we do to cause Invention to happen in a slow growth / no

growth economy? Be specific.

1. Innovation.
2. What is it?
3. For each of the types of innovation covered in the slides and audio:
4. Provide 2 examples of each (that were not included in the

slides or audio) and explain why these are good examples of

those types of innovation.

2. For each of your examples explain how these two types of

innovation were used to drive up profits.

1. Discuss the 2 key factors required to drive up profits

(drive down costs and drive up revenues). Include

explanation of how new products gain customer

acceptance, including the importance of the relationship

between price and utility.

iii. The case of a slow growth / no growth economy.

1. Explain how our ability to do process and product innovation

might be impacted by a slow growth / no growth economy,

and what we can do about the problem.

1. Diffusion.
2. Define it,
3. Explain how it works,

iii. Give 3 examples involving firms that have lead diffusion of some

innovation and why these represent good examples of diffusion,

1. The case of a slow growth / no growth economy.
2. Discuss how diffusion might be affected by a slow growth / no

growth economy.

1. You work for Mr. Elon Musk and he has asked you to explain how his

company can determine its optimal level of R&D spending.

1. Please explain the general concept of optimal level of R & D

spending

1. List and explain the marginal cost and marginal benefit components.
2. You have a good list of items in the slide set – just need to

provide explanations of the items.

iii. Explain how the optimal level of R & D spending is computed.

1. Feel free to use graphs to support your explanation.
2. Don’t forget to let him know that returns are expected, not

guaranteed.

2. Technology, R & D, and Efficiency.

You are a business manager for Coca Cola and some new competitive soft

drinks are being introduced with great customer acceptance.

1. Fast second strategy.
2. Explain the fast second strategy.
3. Explain why and how Coke could use the fast second strategy to

increase its economic profit using 2 examples.

1. Explain to your boss how Coke can use the protection provided by patents,

copyrights, and trademarks to increase their economic profits of the

company.

1. Discuss what each of the 3 protections apply to, and
2. Discuss how each will help a firm achieve economic profits.
3. Explain to your boss how Coke can use their Brand to increase their

economic profits.

1. Discuss the following and how each can be used to increase a firms’

economic profit:

1. Brand-name recognition
2. Brand equity
3. Brand promise
4. Brand personality
5. Explain to your boss how technological advance increases productive

efficiency and allocative efficiency.

1. Discuss the impact of technological advancements on productive and

allocative efficiency.

3. The demand for resources
4. You are an Economics teacher. Please explain to your class the

significance of resource pricing on resource allocation among firms and

industries,

1. Please explain to your class the significance of resource pricing on the

determination of income,

1. Resource pricing impact on firms
2. Explain how resource prices affect the ability of firms to acquire

resources and the subsequent impact on output,

1. Explain the impact of resources prices on the ability of firms to

minimize costs.

1. Explain to the class the marginal productivity theory of resource demand
2. State the assumptions.
3. Explain MRP and MRC, and the firms’ rule for employing

resources.

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Be sure to explain the terms and what they mean to a business.

1. Explain the determinants of resource demand.
2. Discuss the 3 determinants of resource demand.
3. Changes in product demand
4. Changes in productivity
5. Quantities of other resources
6. Technological advance
7. Quality of the variable resources
8. Changes in the prices of other resources including:
9. The case of substitute resources – the substitution effect

and the output effect

1. The case of compliments
2. The demand for resources.
3. Please thoroughly explain the following determinants of the elasticity of

resource demand.

1. Ease of resource substitutability
2. Elasticity of product demand

iii. Ratio of resource cost to total cost

1. Please explain how a firm would determine the optimal combination of

resources required to produce a given level of output.

5. Government Regulation of business:
6. Regulation
7. List and explain 4 reasons in favor of federal government regulation

of business. Include the economic consequences of each for the

economy and you individually.

1. List and explain 4 reasons against federal government regulation of

business. Include the economic consequences of each for the

economy and you individually.

1. Explain why the effectiveness of antitrust laws changes through time.

Include the role of politics and elections.

1. Explain Industrial Regulation (purpose, problems, and economic impacts)
2. Explain Social Regulation (purpose, problems, and economic impacts)
3. Income inequality
4. Please explain 5 factors that have contributed to increased income

inequality since 1969.

1. What are 5 results of the growing income inequality in America.
2. For each of the items listed above in part b, explain what might be done to

eliminate the problems that cause growing income inequality.

1. Explain how discrimination reduces domestic output and income,
2. Look at the items under Discrimination in the notes and explain how

each contributes to the reduction of domestic output and income.

1. Social Insurance Programs and Public Assistance Programs.
2. Social Insurance
3. What is it?
4. List and explain 3 examples of social insurance programs and

what they do for the beneficiaries of each program.

1. Public Assistance
2. What is it?
3. List and explain 3 examples of public assistance programs and

what they do for the beneficiaries of each program.

iii. Explain the difference between the two types of programs.

1. Discuss the pros and cons of reducing spending on these two types of

programs relative to stimulating economic growth.

1. Some Google research should help with this.
2. On the subject of Poverty
3. Define poverty – check definition in notes, check google as well
4. What is the most recent Federal Poverty Guideline for a family of 4?
5. Assume a household of 2 adults working at full time jobs paying minimum

wage, with 2 elementary school age children. Please create a monthly

budget for this family and explain each budget line item. Remember to

take 15% off their gross earning for taxes. Explain some of the challenges

this family will face.

1. When the national unemployment rate was around 4% or less, please

explain why there were so many people living in poverty in America?

Where were they located geographically? Which race was more likely to be

living in poverty? Which gender was more likely to be living in poverty?

1. A bit of Google research should provide additional

information.

1. Explain 5 things that need to be done to significantly reduce the number of

people in poverty going forward.

8. The American economy has been shut down because of the COVID-19 virus.

The unemployment rate was approximately 15%. Assuming that the leadership

of the Federal Government had scientific evidence that the worst is behind us,

please explain in detail how you would restart the national economy. Focus on

what industries you would open, in what order, and why. I suggest you go to the

BEA.GOV website and review the input output tables to gain some perspective

on how industries interact.

9. You currently hold an important job at a Fortune 100 company. Please select

a bill currently in congress and provide an economic impact analysis of how

that piece of legislation might impact your company.

1. Provide a summary of the Bill, including the objective of the Bill.
2. In your analysis of the Bill
3. Explain how your company will be helped.
4. Explain how your company will be hurt.

iii. Explain where the money will come from to fund the Bill.

1. Explain how the money will be spent.
2. Explain the Economic impact of the Bill on the U.S. Economy.
3. Explain how the Bill will impact the 1% and the 99%.

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Congress.gov is a good place to start. Please be thorough in your analysis. Try

to think about how the impacts of this legislation will work its way through our

economy and how it will impact people, businesses, the environment, etc. What

groups of people will be impacted and how? What industries will be impacted

and how? Etc. Be as thorough as possible. We need to be able to complete this

type of analysis for the crazy stuff congress does, before the bills get passed so

that we can either support them or get them stopped.

Microeconomics 2302 Technology, R & D, and Efficiency

RUBRIC Excellent Quality 95-100%   Introduction 45-41 points The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed. Literature Support 91-84  points The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed. Methodology 58-53 points With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached. Average Score 50-85% 40-38 points More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied. 83-76  points There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration. 52-49  points The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached. Poor Quality 0-45% 37-1 points The context and/or importance are lacking. There is no search history information supplied. 75-1 points There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references. 48-1 points There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached. Microeconomics 2302 Technology, R & D, and Efficiency Place the Order Here: https://standardwriter.com/orders/ordernow / https://standardwriter.com/

Microeconomics 2302 Technology, R & D, and Efficiency

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