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January 6, 2020December 7, 2020

Neolithic Revolution

1a. (20%). What was the Neolithic Revolution? Explain what basic factors caused this “revolution” and what basic changes in property rights accompanied it. In what fundamental way did society change? 1b. (10%). Why was this change a necessary condition for the emergence of complex societies and civilizations? What was the role of learning in the Neolithic Revolution? How did relations between individuals change? 1c. (10%). Following the Neolithic Revolution labour was scarce in many places, but good land was plentiful, and this often resulted in bondage (see problem #3). Would this combination of endowments—plentiful land and scarce labour—be favourable to the development of industry, or more generally, to the development and growth of non-agricultural production? What combination of endowments of labour and land would be most favourable to the development and growth of nonagricultural production? Explain briefly. 2. (15%). What is meant by the “scattering of strips” in medieval agriculture? Explain how this was a response to conditions existing in Europe during the Middle Ages and what its advantages were under these conditions. (Please give two different advantages.) What factors would cause this practice to disappear? 3a. (30%). In 1970, the economic historian, Evsey Domar, said that it would be impossible to have at one and the same time “free” land, “free” labour, and a landowning aristocracy. If “free” land means land that is in excess supply—and therefore has a zero price—and “free” labour means labour that is free of bondage, explain why this combination would be impossible. 3b. (5%). Show that there is a labour theory of value when land is “free” as above. That is, show that the total value of output equals the value contributed by labour. (Hint: A unit of labour can be said to contribute the value of its marginal product to output value.) 3c. (10%). If land is “free,” what three organizations of an agrarian economy are possible? Show that these three are the only possibilities. If bondage arises in conditions where land is “free,” what basic change in economic conditions could bring about its peaceful demise? Would the result necessarily be to make labour better off? Explain briefly.

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January 6, 2020December 7, 2020

Business Comparative Advantage and Absolute Advantage

Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary. Question 1 (5 marks) As a producer, why is it important to consider the price elasticity of demand of your product when setting the price you are going to charge? Question 2 (5 Marks) Explain the difference between comparative advantage an absolute advantage. Rationale This assignment provides an opportunity for you to demonstrate that you have engaged with the subject and that you are familiar with the use of the model of supply and demand and concepts of specialisation and exchange. The questions address the following learning outcomes: Learning Outcome 1: be able to apply demand and supply analysis to make a range of market related decisions. Learning Outcome 2: be able to identify and critically evaluate opportunities for specialisation and exchange. Presentation Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in APA 6th style. The answer to the question should be divided into three parts: Part 1: Introduction The introduction sets up your response by succinctly stating your understanding of the issues, what you think is the best way to analyse the situation – including choice of theory and sources of evidence, what type of findings you expect and what potential applications you expect there to be. Part 2: Analysis The analysis will represent the bulk of your work. Here you will provide your answer in detail by drawing upon the literature, the theory and the evidence to come up with an answer to the question posed. You may find that you want to break this section up into a number of sub-parts – one for a detailed discussion of the issues including your non-technical response, one for a detailed analysis of the tools of analysis you will use (theory), one for your extensive consideration of the evidence, one where you draw together your information and findings along with their implications. Part 3: Conclusion In the conclusion you briefly and succinctly review what you have done in answer to the question and indicate what further issues there might be to be considered. Requirements Sources used in your answer should be fully referenced in APA 6th style.

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January 6, 2020December 6, 2020

ECO600 Economics and Finance for Business

How to do it?
Write the report entirely on your own (because this is an individual report).
Collect secondary data (data from published sources, like news articles, books, journals, reports etc.) about the businesses or industry you investigated. Use this data to write a literature review of market competition and market structure, and to support your arguments in the other parts of the report written about the two Companies
analyse how both businesses set the prices for their products and use non-price strategies to attract customers + recommend your chosen business could modify its prices or introduce its non-price strategies to secure more customers or sales (Week 6’s topic, pricing and non-price strategies)

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January 6, 2020December 6, 2020

ECON 3123 Organisational Economics

In this question, we will consider a model of incentives and disagreement where the principal can either choose to give the agent an order, or persuade the worker. Unlike the model covered in class, orders are binding.
There is a (P)rincipal and an (A)gent. A works on a project: he chooses effort e at cost 1 binary action (either X or Y ). There is a binary state of the world (either x or y) that is not known until after the agent makes his choices. The project is successful if and only if the action matches the state (x and X, or y and Y ), in which case the principal receives revenue π = Be, where B > 0.
Otherwise, if the project fails, then the principal receives π = 0, and he also incurs an additional cost of c = 1.
P can offer A an incentive scheme of the form w = βπ.
P and A disagree on how likely each state of the world is. P believes that x occurs with probability 1; A believes that x occurs with probability 1/3.
At the start of the game, P chooses one of two options.
• P can give A an order (either X or Y ). If A receives an order, he cannot disobey; however, he can choose any effort level he likes.
• Or, P can persuade A (either X or Y ). IF P chooses to persuade, then he is successful 50% of the time: A changes his mind, and believes (like P) that “x will occur with probability 1”. The other 50% of the time, persuasion fails: A continues to believe that “x will occur with probability 1/3”.
The game proceeds as follows:
1. The principal chooses whether to give the agent an order (either X or Y ), or to persuade the agent.
If the principal chooses to persuade the agent, then he learns whether persuasion was successful.
2. The principal offers the agent an incentive contract w = βπ.
3. The agent chooses an action (either X or Y ), and an effort level e ≥ 0. If the principal gave an order, the agent must obey.
4. The state of the world is revealed, and the project succeeds or fails (based on whether the agent chose the correct action). The principal pays the agent his wage w.1
We’ll work this out step-by-step:
a) Suppose the principal chooses to give A an order. What order does P choose? What effort level does the agent exert in step 3, given the principal’s choice of incentive strength β in step 2? What incentive strength β does the principal optimally choose in step 2?
b) Suppose the principal chooses to persuade A, and that persuasion succeeds. What effort level does the agent exert in step 3, given the principal’s choice of incentive strength β in step 2? What incentive strength β does the principal optimally choose in step 2?
c) Suppose the principal chooses to persuade A, and that persuasion fails. What effort level does the agent exert in step 3, given the principal’s choice of incentive strength β in step 2? What incentive strength 6 does the principal optimally choose in step 2?
d) For what values of B does the principal choose to persuade the agent, rather than order the agent?
e) Explain, in words, why the principal prefers to persuade the agent (rather than order the agent) when B is large.

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January 6, 2020December 7, 2020

UMED8V-15-3- Economics of International Financial Markets Solved

Task:

Did the Fed’s LSAPs succeed in bringing down U.S. long-term interest rates?

Purposes

This assessment is in alignment with the following learning outcomes:
A good understanding of the impact of quantitative easing on financial markets

Guidance

The question is whether the LSAPs were successful in bringing down long-term U.S. interest rates. You could start by defining the LSAPs and explaining the reasons why they were implemented during the crisis. Then you should answer the question clearly and provide plenty of evidence from various financial markets, such as Treasury bond market, corporate bond market and mortgage market to support your claim. When presenting evidence, you could briefly explain the methodologies used in different empirical studies to show your in-depth knowledge of the literature. Finally, you should explain why the LSAPs succeeded or failed in bringing down U.S. long-term interest rates, focusing on the channels through which the LSAPs were supposed to work.

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January 6, 2020December 7, 2020

ECON 109 Introduction To Economics

An economic reform is a change in government policy that affects the economy. If you choose this option, you will write about a time that the government changed a law or set of laws, and how this change affected the country. Here is a suggested essay format:

a) What was the reform? In other words, what exactly did the government do?
b) What were the goals of the reform? What was the situation before the reform that the government wanted to change? Did the change work?
c) Did the reform work? Did the reform solve the problems the government wanted to solve? Did the reform create new problems? Is there any way the reform could have been done better?

For this option, you will think of a change that you would like to see in your country.

Here is a suggested format if you choose this option:

a) What exactly are you proposing?
b) What is the problem right now?
c) Why will your reform fix this problem? Will your reform create other problems?

d)What might someone who does not want your reform say against you, and how would you answer this person?

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January 6, 2020December 7, 2020

MD4099- International Strategic Management

Task:

Essay Question:

Critically analyse the economic impact of ‘Brexit’ (Britain’s exit from the EU). Brexit means that the UK will be breaking away from its main trading partner; The European Union, and will therefore no longer benefit from the free trade deals within this trading bloc. Although this is causing much uncertainty and disruption, there could potentially be the opportunity for the UK to negotiate new or revised economic partnership agreements (EPA) or trade deals with those outside of the EU. Using the UK and one non-EU member state from the list below, discuss the economic implications of Brexit for these two countries, including: trade relations, FDI inflows and outflows, as well as each country’s forecasts, to assess the economic activity for these two countries as a result of Brexit.
Select one of these non-EU member states listed below to discuss alongside the UK in your essay. All of the countries below have signed trade deals with the UK, which will come into effect after Brexit:
●Switzerland (signed 11 February 2019) Trade between the UK and Switzerland was worth £32.1bn in 2017.

Aspects to consider:

●Any other relevant considerations, such as the anti-globalization critique or cultural implications, which are of particular relevance for the two counties?

Assessment criteria:

●Accurate use of the Harvard Referencing system.

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January 6, 2020December 6, 2020

EC314 Economic Data Analysis

Please ensure you have read and complied with the School e-submission policy (available from the module folder) prior to submitting your work.
Assessment I

The Assessment I Data le (available from the module folder) reports OECD Real GDP growth rates between 2000 and 2019. Download these data and focus your analysis on following the countries: United Kingdom, Germany, Italy, Lithuania, Greece and the United States

This should result in a nal sample of 6 countries. (hint: you will need to format the data to as to make it easier to work with)
(a) Use a suitable graph to display the time series between 2002 and 2014 data for each of the 6 countries in the dataset
(b) Discuss the main features of the data and comment on observable di erences
(i) Between countries
(ii) Over time
(c) Report descriptive statistics for the data for 2006 and 2009 separately and comment on any signicant diferences between them.
(d) Using U.K. over the full time series, generate a histogram using bins (class intervals) of 1 percentage
point. Repeat the exercise for the time series pertaining to the German data
(i) Report the frequency tables and histograms, and comment on the shape of the distributions
(ii) Compare the two economies using the resultant histograms
(e) Distinguish between a bar graph and histogram and explain the relative merits of each for visualising data

The table below reports annual sales data for four major retailers operating in the U.K. across a ve-year period ending 2019. The measurement unit is $m.

Year Tesco Sainsbury M&S ASDA
2015 49,853 27,938 10,391 21,700
2016 47,859 28,220 10,555 21,666
2017 49,867 31,220 10,622 22,200
2018 50,993 31,735 10,698 22,311
2019 56,883 32,314 10,377 22,920
(a) Use the annual average measure of the All Items Consumer Price Index including owner occupiers’ housing costs (CPIH) to de ate sales for each major retailer across the entire period using 2015 as the referencenperiod. (The series you are expected to use is entitled CPIH data in the data le
(i) Report the CPIH and de ated sales of that data in a table and briey explain the purpose of de ating these data
(ii) Use a bar chart to view the de ated sales across this ve year period and comment on your findings.
(b) Convert the level data into indices for each of the deated data series above. Include an aggregate index for the combined data.
(i) Chart these indices and discuss the performance of each index individually and comparatively over the entire period.
(ii) Distinguish brief between Laspeyres and Paasche indices and explain the respective merits of each

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January 6, 2020December 7, 2020

BUS702 Economics for Managers

Notes
(1) This is not a traditional exam but is a “take home exam” or assignment. Please read all instructions carefully.
(2) You should read the questions and the articles before setting aside time (probably on a different day) to write your answers.
(3) This exam is “open book” but “researched” answers are not required and, in fact, no research should be undertaken; that is, you should write from your own understanding without references. SafeAssign checks submitted files for plagiarism so be careful to write in your own words.
(4) Draw appropriate links to the economic theory you have learned in the course and do not offer unsubstantiated opinion.
(5) Use diagrams where appropriate. Hand-drawn ones are acceptable, being faster to draw, and may be scanned in (as pdfs, please – no other file formats!). Blackboard can only read Word and PDF files. So, please do not upload files in any other format.
1. The great productivity slowdown puzzle Access the following articles
1) “Why hasn’t technology sped up productivity?” by Chad Syverson. This article was published in Chicago Booth Review on Feb, 5, 2018.
2) “How low interest rates can hurt competition, and the economy” by Dee Gill. This article was published in Chicago Booth Review on April 23, 2019
Answer the following questions:
won’t get sustained increases in GDP per capita”.By using the AD-AS (aggregate demand-aggregate supply) framework, explain Chad Syverson’s statement regarding the importance of productivity growth.
b) Chad Syverson writes, “Suppose the slowdown after 2004 hadn’t happened, and we kept going with the same average productivity growth that we saw from 1995 to 2004. That would mean GDP in 2017 would have been, conservatively speaking, $3 trillion higher than it was”. Explain how Chad Syverson arrived at the conservative estimate of $3 trillion. That is, explain the calculation he had done to arrive at this number. US real GDP data can be found.
c) Explain at least three arguments Chad Syverson gave against the mismeasurement hypothesis.
ultimately discourages both groups from spending (on innovation)”. The above statement summarizes the key argument in the article by Dee Gill. Explain the argument in the article by using the AD-AS framework.
e) If you are convinced that the argument in Dee Gill’s article is correct, as an economic advisor to the government, would you recommend a greater role for fiscal policy in combating economic slowdown? Very briefly explain.
2) Smoking rates in US have fallen to all-time low, but how did they ever get so high? By Richard Gunderman
Bonsack, whose machine could roll 200 cigarettes per minute, dramatically increasing capacity and lowering production costs.” By drawing a demand-supply diagram, explain the impact of the invention of automatic rolling machine in the market for cigarettes.
(b) According to the author, during World War 1, cigarettes were used as currency. Did cigarettes fulfil the three functions of money? Briefly explain.
(c) Cigarette companies ran campaigns in which they tried to convince people that cigarettes are “Your throat protection against cough”. In a demand-supply context, what was the effect of this campaign in the market for cigarettes?
(d) The article points out that once someone has started smoking, attempts to stop lead to withdrawal symptoms such as headaches and nausea. How does this fact matter for price elasticity of demand in the market for cigarettes?
(e) The article makes a comparison between “social media” and “cigarettes”. Point out at least three features that are common to both markets. Very briefly explain.

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January 6, 2020December 6, 2020

MOD003349 Economics for Business

Task 1
Using supply and demand analysis identify the main factors in determining the price of private housing in the UK. Support your analysis with the use of supply and demand graphs.
Task 2
Identify and explain the main government/economic policies that can be used to stimulate the demand for private housing in the UK.