Due November 24 at 11:59 PM Assignment 1: Consumer Surplus “Consumer surplus” represents the difference between what a consumer is willing to pay for a good or service and the price that they actually pay. In other words, the concept of consumer surplus indicates how much consumers gain from consuming goods and services at a specified price. Now let’s consider the case of a “consumer deficit” or the loss represented by consumers who exist at the opposite end of the demand curve. These are those persons who cannot afford to consume any goods or services at the specified price. To address such a consumer loss, imagine that you are now tasked with imposing a “surplus tax” on consumers through the addition of an individual sales tax which will be added to the market price of certain goods and services. The proceeds from such a tax will be used to compensate an equal number of those consumers at the bottom of the demand curve, thereby, giving them the opportunity to consume such goods and services which they otherwise would not have been able to purchase at the specified price. What would be the various consequences of this tax on both consumption as well as production? M3 Assignment 1 Discussion Discussion Topic Due December 1 at 11:59 PM Assignment 1: Maximizing Profits and Minimizing Losses Consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm. You determine what the two products are. Now create a report that includes a discussion and analysis regarding how such a supplier makes such a determination in order to maximize the firm’s profits. Include in your response: o A discussion of exactly what costs are associated with profit maximization. o A discussion of the concept of “opportunity cost.” o A discussion of the alternative production opportunities. o A discussion of the various constraints which firms face in maximizing their economic profit. • • M4 Assignment 1 Discussion Discussion Topic Due December 8 at 11:59 PM Assignment 1: Market Structures Most European countries have nationalized their universities and colleges. Consider that some countries have also used the law to ban private colleges. Should higher education be classified as a natural monopoly in these European countries? Explain and justify your answer and use appropriate examples to support your conclusions. Next, consider the case of several large, established pharmaceutical manufacturers such as Merck. What type of market form do you believe that such manufacturers operate under? Jjustify your answers and use appropriate examples to support your conclusions. Quotations, paraphrases, and ideas you get from books or other sources of information should be cited using APA style. Help with citing sources can be found through the Academic Resources page under the Help menu. M5 Assignment 2 Discussion Discussion Topic
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