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three important decision pitfalls in economic decisions

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Question

In Chapter 1 of the course text, you read about three important decision pitfalls in economic decisions. One of 

these is the pitfall of ignoring implicit costs.

Assume that you are considering a 7-night vacation to Fort Walton Beach, Florida, in March. You estimate the total cost of the trip to Fort Walton Beach at $1,250, including discounted airfare. However, a resort at Myrtle Beach, South Carolina, is offering 3 free nights with a 7-night stay. The advertised value of this special 3-night free offer is $397. In addition, you must use a $200 flight coupon that you received from an airline last December to compensate you for a 6-hour flight delay. After applying the $200 flight coupon and the $397 for the 3 free nights, the total out-of-pocket cost for the trip to Myrtle Beach is $1,100.

Submit by Day 7 a 300- to 700-word paper which addresses the following:

Based on the total explicit and implicit costs, should you take the trip to Fort Walton Beach or to Myrtle Beach? Explain your answer and support it with total cost estimates (explicit plus implicit) for each trip option.

Assignments must bein APA style and format. Information on APA style is available at theWalden Writing Center.

In addition to fully answering the assignment’s questions, each assignment will be evaluated for clarity of writing, critical analysis of the issues, proper use of references to support the positions taken, and adherence to APA standards. Also see this assignment’s rubric, provided in the Course Information area.
 
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Suppose a comparable phone costs 500 USD in the U.S. and 300 EUR in Germany

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Question

1. Suppose a comparable phone costs 500 USD in the U.S. and 300 EUR in Germany. If the nominal exchange rate is

0.8 EUR per 1 USD, then the real exchange rate in terms of how many German phones can be traded for one U.S. phone is: A. 1.33. B. 1.25. C. 0.60. D. 0.80. 2. The value of net exports is also the value of: A. net saving. B. national saving. C. net investment. D. the excess of national saving over domestic investment. 3. In the 1990s, a presidential candidate in the U.S. proposed tariffs on Japanese, Chinese, and other South American imports. Assume that the U.S. is a small open economy, and use the model of the real exchange rate shown in the diagram above to explain what happens to the following: a.) The real exchange rate b.) The trade balance c.) Imports d.) Exports 4. A trade deficit can be financed in all of the following ways except by: A. borrowing from domestic lenders. B. selling foreign assets owned by domestic residents to foreigners. C. selling domestic assets to foreigners. D. borrowing from foreigners. 5. If the real exchange rate is high, foreign goods: A. are relatively cheap and domestic goods are relatively expensive. B. are relatively expensive and domestic goods are relatively cheap. C. and domestic goods are both relatively expensive. D. and domestic goods are both relatively cheap. 6. If domestic spending exceeds output, we ______ the difference. A. export B. import C. import D. export 7. Assume that in a small open economy where full employment always prevails, national saving is 300. a. If domestic investment is given by I = 400 – 20r, where r is the real interest rate in percent, what would the equilibrium interest rate be if the economy were closed? b. If the economy is open and the world interest rate is 10 percent, what will investment be? c. What will the current account surplus or deficit be? What will net capital outflow be? HTML Editor 8. What is the price of a pair of shoes in Paris if the price in the U.S. is 400 USD and the exchange rate is 1 USD = 0.75 EUR? A. 53 EUR B. 30 EUR C. 533 EUR D. 300 EUR 9. An “open” economy is one in which: A. government spending exceeds revenues. B. the national interest rate equals the world interest rate. C. the level of output is fixed. D. there is trade in goods and services with the rest of the world. 10. If net capital outflow is positive, then: A. exports must be negative. B. the trade balance must be positive. C. exports must be positive. D. the trade balance must be negative. 11. If domestic saving exceeds domestic investment, then net exports are ______ and net capital outflows are ______. A. positive; negative B. negative; negative C. positive; positive D. negative; positive

 
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economic analysis and a set of policy recommendations

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Question

There is no rush on this one.  It is not due yet.  Thank you for all your work.
Econ 203 Case

Study Workforce Activity

As a sample workforce activity, assume your employer has asked you to develop an economic analysis and a set of policy recommendations. To complete this activity, select a news article dated within the previous two months.

  • Clearly summarize the issue presented in the article
  • Use critical thinking to analyze the issue using economic concepts and theory learned in our class
  • Present two policy recommendations based on this issue
  • Use additional references to back up your arguments
  • Include at least one graph developed in the course. Charts and tables are also encouraged.
  • Use clear and effective writing in your presentation.

Possible concepts include:

  • taxes and consumer or producer surplus (Week 4)
  • demand, supply, and equilibrium price of a particular product (Week 2)
  • elasticity on a particular product  (Week 3)
  • perfect competition and imperfect competition, such as monopolies (Weeks 6-8)
  • labor market, wages, and income inequality (Week 8)
  • poverty and public policy (Week 8)
  • pricing and competition in the high tech sector (Google, Apple, Microsoft, Cell phone providers)

Your paper should:

be a total of 800 to 1200 words,

include a bibliography with at least three references, presented in APA style,

have been spell-checked and grammar-checked using Word’s review utility.

 
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good decisions

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Question

How does human behavior erect barriers to good decisions?

 
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