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Short Paper #1 - The Microeconomics of the Minimum Wage Short paper #1 is due in Week #5 (Sunday at 9 pm, with a grace period until 11:59 pm). Papers submitted after 9 pm and up to and including 11:59 pm on the due date are late but NOT penalized. Any paper submitted after the grace period is late and penalized at the rate of one letter grade per day late (or any portion thereof). Blackboard is the official timekeeper. After 3 days, any paper not submitted is graded as zero. The paper must use at least three disciplinary sources but not necessarily peer-reviewed sources. Students may use their textbook as a source, but it will NOT count as one of the three required sources. Short paper #1 must include graphs, a works cited page, have proper APA format throughout the paper, and must be the equivalent of 4 pages of APA properly formatted writing. The paper will automatically be evaluated for originality by Blackboard SafeAssign. You might find it helpful to review Prof. Battista's handout "Writing in Economics using APA and Visual Aids: Some Helpful Hints." Students may find the textbook helpful in applying concepts from their knowledge of chapter 3 (supply and demand, consumer surplus, producer surplus, and deadweight loss, price floors), chapter 4 (labor markets), and chapter 5 (elasticity of demand, determinants of elasticity, price floors). Short paper #1 is worth 100 points and assesses Pathways SLO's 1-5, and Gateway LO's A-D. The Minimum Wage has existed as a legal entity in the United States for almost 80 years. There is a thorough and passionate debate about the impacts the minimum wage has on employers, employees, compensation, costs, unemployment, and efficiency, to name just a few. Noting what has been mentioned above, write a paper in which you explore the economic benefits and economic costs (the "pros and cons") of the minimum wage in the USA. As always, it is not an option to opt out and say there are no benefits or there are no costs - your job is to explore the issues. At the end of your paper, you may offer your own opinion of what you think of all this.
Crystal W.
For questions 1-5, use AD-SRAS-LRAS model of the economy and IS-LM models; Assume SRAS curve is upward-sloping. Be sure your answers include an appropriate graph. Also, make sure to include a short qualitative (written) analysis of the policies/shocks, showing the chain effects of the variables discussed; 1) What happens in the short run to the interest rate, income, consumption, and investment under the following circumstances? - Consumers change their spending patterns sharply and significantly (confidence is falling) 2) Describe Long-run effects (transition from SR to LR) of the situation given above in question 1. 3) What happens in the short run to the interest rate, income, consumption, and investment under the following circumstances? - Henry Ford’s development of assembly line manufacturing. 4) Describe Long-run effects (transition from SR to LR) of the situation given above in question 3. 5) Monetary policy and fiscal policy often change at the same time - In the early 1980s, the U.S. government cut taxes and ran a budget deficit while the Fed pursued a tight monetary policy. What effect should this policy mix have in the Short run and in the Long Run? 6) AD-SRAS-LRAS model of the economy. Assume SRAS curve is upward-sloping Donald Trump has called for a national infrastructure bank that would leverage public and private funds to invest in projects across the country. Assume that he is elected president, and follows through on the proposal to boost public infrastructure spending. Use AD-AS model to discuss the macro impacts on the price level, real GDP and unemployment. Also use the IS–LM model to predict the short run effects of the above episode on income, the interest rate, consumption, and investment 7) Federal reserve is concerned about rising prices from the policy in question #6 above. What is the best policy option to fight inflation? Use AD-AS diagram to support your discussion Also, describe how would they implement the policy in practice
Akash M.
Instructions for Students: This paper must be no less than 1,000 words and should demonstrate a thorough awareness of the topic, as well as the ability to engage in philosophical reasoning. Late papers will be penalized at -5 points for the first day late and an additional -1 point for each day following. You must provide complete citations for any outside resources that you use. Failure to cite your sources is academic misconduct and will result in a failure of the assignment (for more information, see the academic honesty section of the syllabus and the handout on academic misconduct and proper citations). If you have any doubts about whether your paper is properly cited, I am happy to look at it for you in advance of the due date. The Assignment: The coronavirus pandemic is the largest public health crisis of the past 100 years. It has necessitated countless scarce resource allocation decisions, which have been addressed in various ways across the globe. Part I: Use the complete lives system laid out by Persad, Wertheimer, and Emanuel to address specific scarce resource issues that have arisen due to the coronavirus pandemic. Apply their system as clearly and specifically as you can, to show how those decisions would be made under the complete lives system. Part II: Present the strongest arguments you can against using the complete lives system to resolve scarce resource allocation issues that have arisen due to the coronavirus pandemic. Explain how differing assessments regarding the importance of various moral principles leads to a disagreement over the strengths and weaknesses of the use of the complete lives system in coronavirus-related allocations. Part III: How do you think coronavirus-related scarce resources should be allocated? Do you think one of the systems we have studied is morally preferable? If so, explain that system and explain why you think it is best. Otherwise, lay out your own system, identifying the moral principles that it prioritizes, giving arguments as to why you think those principles are the most important.
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