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ECON 545 Week 2 Project Part 1

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Project Part 1 (PP1) consists of performing application-oriented
exercises wherein the specific economic principles learned in
this course are put to practical use. You must translate your ideas into
economic analysis using the specific economic theory
and economic terms contained in the TCOs covered in the course and
demonstrate that you are understanding and utilizing material from text chapters
covered up to this point in the course to receive full credit on the assignment.
You are being asked to submit a report containing responses to
three exercises. Exercise 1 entails a
choice of one topical microeconomic
issue out of two possible alternatives. Exercises 2
and 3 entail a choice of two
textbook questions out of a list of possible alternatives.
Exercise
1
Choose one of the following
two microeconomic issues:
Everyone’s Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why
does this happen? Research the recent history of gasoline pricing in your area,
and attempt to relate any fluctuations you observe to documented supply and
demand factors outlined in our book. Be sure to cite any references
used.
Ethical Issues in Business. It seems that every day lately we are confronted with another company
that has acted at least unethically and possibly illegally in the operation and
financial reporting of their company’s business dealings. Briefly discuss one of
these issues and then see if you can relate the issue to ANY of our TCOs. That
is, are there any effects on demand or on supply related to this topic? How
would you expect this to affect the equilibrium price and equilibrium quantity
for this company’s products and services? Is the elasticity of demand or supply
affected? What about the effect on production levels and costs? Are ethical...