Describe a real-world government policy that creates a market surplus. Be sure to carefully define the relevant market and the stakeholders that are involved in the market. Explain the efficiency implications of the policy you have picked. Make sure to relate your answer to the producer, consumer, and total surplus in the market. In the instance you have described, what is the government’s motivation for intervening in the market in this way? Will a deadweight loss exist in your example, please explain your analysis?
2. One of the major problems in applying the Coarse Theorem in practice is the existence of high transaction costs. Propose an approach that a third party could use that would reduce these costs sufficiently so that bargaining could proceed. How likely is the solution to be efficient, and why? Do you think government intervention in the market will allow for markets to allocate resources, efficiently or not?
3. Suppose you are using a risk-benefit analysis to evaluate a policy aimed at limiting the use of a pesticide applied to a specific crop of your choice. Describe the risks and benefits that would have to be estimated to conduct this analysis properly. Please make sure to research your specific crop, in your risk-benefit analysis. In your answer, make sure to fully describe each of the stakeholders that are involved in this market and the implications of the pesticide.
4. For this week, we are going to focus on the application of what you have learned and apply it to the news around us. Find a relevant article that has to deal with the first four weeks of the course. Present your article to your peers, then summarize the article in one paragraph, the next paragraph, present two economic terms that you have referenced from the article, then apply the terms to whether you agree or disagree with the recommendations of the author’s position.
5. Review the air quality topics and identify the following in your work: a.) What is the pollutant that is being identified? b.) What type of program would you recommend to address the area? c.) How can we measure the effectiveness of this program? d.) What happens if the market was left alone to bring about market solutions?
6. You have been recently hired as a consultant, working as part of an EPA team, you now have an assignment. As an alternative to standards, one policy proposal is the use of permit trading among point sources of water pollution. Give the major reason why this is advantageous (a) from an economic perspective and (b) from an environmental perspective. In your research, make sure to select a specific industry and provide why permit trading would be good for society.
7. Visit the Website of Environmental Defense Fund, and review the list of their recent corporate partnerships. Select one, and summarize the cooperative efforts between Environmental Defense and a private firm. Identify some of the potential environmental and economic benefits associated with that partnership.
8. In no more than 250 words, please (1) describe how you feel this course has helped you to improve your economic knowledge and analytical skills, and (2) assess the course objectives you still do not understand and suggest how to improve the course to meet those objectives, and 3) did the course content and instructor’s facilitation of this course meet your expectations.
Requirements: 250 words
Answer preview
The economic term is money which the main item in the market. Without money, supply and demand cannot happen. Money controls the market price of products. Availability of money means that people will buy in large quantity hence increasing the supply. Another economic term used was welfare economics, which implies allocating resources that relate directly to economic efficiency and income distribution. I agree with the author’s recommendations’ that if people could stop looking at how the economy has been affected by Covid-19 and wake up to continue with the business, things would get back to normal how hard it seems.
