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January 6, 2020December 6, 2020

Berlin Airlift

One of the major international crises of the Cold War was the Berlin Airlift that took place after the Second World War. In the year 1948, all the roads and the railways travel to and from the West Berlin were blocked. This blockade was an attempt by the Soviet Union in order to limit abilities of Great Britain, France and the United States in travelling to their sectors of Berlin. This disturbed the supplies that the city received and affected the economy drastically. This crisis started on 24^th June 1948 and ended on 12^th May 1949. The United States and United Kingdom responded to the crisis by airlifting the basic necessities and supplies from the allied airbases.
After the end of the Second World War in the year 1945, Germany was defeated and was divided into British, Soviet, American and French occupational zones. Berlin was located within the Soviet occupational zone but it was again divided into four sectors where the allies took city’s western part and the eastern part of the city was taken by the Soviets. Even when the hostilities ended after the war, it was not decided properly about what to do with Germany, in the Potsdam Conference that was held on the month of July 1945. There were inconsistencies prevailing in the policymaking and the leadership. The policies related to occupations also faced a lot of unforeseen challenges. Several occupational policies started to be made that started to increase the tension between Soviet Union and the Western powers. All these resulted into the cold war and the blockade of the facilities to and from Berlin. Bombing at regular intervals by the allied country converted the city into rubbles and there was dominance of black market within the economy. Around 2 million people in Berlin started to starve as they were all deprived of food and other basic supplies.
Under the administration of U.S. President Harry S. Truman it was thought upon that this aggressive move would result into another world war and hence started one of the most important operations under the direct control of German Governor General Lucius D. Clay. Planes started to take off from Western Germany and England and it were loaded with the basic necessities like food, water, clothing, medicines and fuel. At the initial stage, about 5000 tons of supplies were delivered to Berlin every day and it increased to 8000 tons of supplies per day with the passage of time. The Allies counted for about 2.3 million tons cargo throughout the airlift operations that were being carried about by more than 200,000 planes. Aircrews were being used from the Royal Air Force, French Air Force, United States Air Force, Royal Australian Air Force, Royal Canadian Air Force, Royal New Zealand Air Force and South African Air Force. This airlift operation gained a huge public sympathy as the operation continuously went on for 321 days and on 12^th May 1949 the Soviets had to reopen their blocked borders.

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January 6, 2020December 6, 2020

Competitive equilibrium

Suppose there is a Competitive Market

for road space the demand for road space falls as the price rises( due to income and substitution effects) the supply for road space is fixed which means that the supply curve is vertical. Use the appropriate diagrams to answer the following questions. 1 what is the market price of road space in a competitive equilibrium. 2 suppose that road space is a public good which is freely available to individuals, how much is the excess demand for road space. 3 suppose we measure congestion by the amount of excess demand for road space can a rise in fuel taxes and car taxes reduce congestion. 4 can building more roads reduce congestion, would your conclusion change if with more roads individuals were encouraged to drive more. 2 Do you think a road pricing system by charging the use of road space is a good policy to reduce traffic congestion in Australia why or why not? Use appropriate diagrams to support your answer ( Hint do literature review to find out the pros and cons of the road pricing system in terms of economic efficiency and social equity.

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January 6, 2020December 6, 2020

Joan’s production possibility

Question 1 (10 marks)

Joan, who has been a university student for a year, has just started a new job. She realises that if she works more hours there will be an impact on her grades. The following is Joan’s production possibility table for work and her average grades:

	Choices
Production possibilities	Grade (%)	Work (hours per week)
A B C D E	0 20 40 60 80	60 55 45 30 0

From the figures in the table above:

Plot the production possibility curve for Joan. (1 mark)
Explain the concept of increasing opportunity cost using the production possibility table and curve plotted in Q1ai above. (2 mark)

iii. If the opportunity cost of Joan increasing her grade was constant regardless of how many hours she worked, what would be the shape of her production possibility curve? Draw this graph. Which of the two shapes would be more likely, and why? (2 marks)

What would be happening if Joan’s combination of her grades and hours of work per week were below (inside) the curve as plotted above in Q1ai? (1 mark)
How could Joan push her combination of her grades and hours of work per week past (outside) the current curve? (2 mark)

Joan has returned to work after a year of unemployment and has found a high-paying job with an international hotel firm. Does this mean that Jane will no longer experience the problem of ‘scarcity’? Explain the reasons for your answer.

(2 marks)
Question 2 (10 marks) 1048984

Continual research into solar power generation has seen a breakthrough in the manufacturing of solar-powered motor vehicles which will substantially reduce their costs of production. Use demand and supply curves to illustrate what will happen to:
i) the equilibrium price and quantity of solar powered motor vehicles.
ii) the equilibrium price and quantity of conventional motor vehicles.

(parts i and ii are worth 2.5 marks each)

In an attempt to support the solar-powered motor vehicle industry the government sets a minimum price for solar-powered vehicles that is below the market price. Do you think this is a good idea? Explain your decision using graphs.

(5 marks)

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January 6, 2020December 6, 2020

Economic Terms Scarcity And Rivalry

In economic theory, scarcity is a phenomenon where there are limited resources but unlimited wants. The scarcity has a very important role to play in the economy, as it creates one of the most difficult problem. The theory that depends on the scarcity problems are demand and supply, resource allocation and efficient utilization of resources and inputs. Scarcity helps to determine the price of a product. More scarce a product is higher is its price, whereas less scarcity in amount makes a product cheaper. Scarcity also helps make decision on distribution of a product because scarce product or resource becomes limited and then proper distribution is required in order to achieve equality in the society. For example, suppose there are two goods poultry egg and ostrich egg that attracts zero cost for producing, however, getting ostrich egg is much more difficult than getting poultry egg because ostrich is a much rare bird in comparison with poultry. Thus, ostrich egg requires more time and other resources to bring them in the market and therefore concept of scarcity is significant to the economy.
Rivalry is the economic phenomenon in which two or more companies catering the same market engage in competition. In rivalry, companies engage in price war in order to gain more customers for their product. It increases the revenue of one company at the cost of the other. However, rivalries make the competition more intense and due to this, consumers will be able to buy the good at a lower price. Therefore, rivalry increases the surplus of the consumer. Rivalry makes a company to reallocate its input to manufacture its product more efficiently and reduces production cost. Hence, rivalry is necessary for an economy to improve and thrive in a desirable weight.

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January 6, 2020December 7, 2020

Definition of Ceteris Paribus

Definition:

Ceteris Paribus is a Latin word, which means, “Holding other things constant” and commonly known as “all else being equal”. It is an assumption in the field of economics, which defines that it acts as an indication of one economic variable on the other and assumes that all other variables, remains same. In economics and finance, it considers using when making arguments on causes and effects. Economists usually discussceteris Paribas when raising minimum wage increases level of unemployment. Increasing supply of money causes inflation. Economists can also say ceteris paribus when marginal cost is reduced which gives firms huge profits. Establishing rent control laws in a city tends to lowering supply of available houses in the area.
The economists in order to build and test economic models use Ceteris Paribus. Economists tend to hold all variable in the model as constant and assess with them one at a time. It has some limitations, such as arguments layered on top of one another.
It is an extension of scientific modeling. The method builds on isolating, identifying and testing impact of an independent value on a dependent variable. It highlights tendencies but not the absolutes as because it can be isolated in theory but not in practice.
When the economists want to prove minimum wage causes unemployment or heavy outflow of money causes inflation then ceteris paribus is useful in this context. If the positive economists take charge in testing the theories then he will create suitable framework even if he wishes to take any unreal specification then also it is considered. In this case, economists consider buyer and seller as price taker instead Aof price makers. Price takers are those who is a company or an individual who accepts all the price in the market. Every economic participant in the market consider as price makers in case of perfect competition. As all the companies sell same kind of product in the market and there are no barriers to entry or exit in the market. As all buyers have full information in the market, the marketers keep the prices equal.

Importance of Ceteris Paribus in economics

Ceteris Paribus is to scientific enquiry, where scientists try to screen out factors, which interlink a relation of interest. Operation description ignores the known and unknown factors, which influence the relationship between price and quantity. Factors, which are intentionally, ignored are- price of the substitute goods, change in the level of aversion and change in the level of overall demand of the goods.

Example of Ceteris Paribus

When price of milk is explained, it include many factors to calculate the price of the milk; such as the number of milk suppliers, inflation level in the market, consumer preferences and transportation and many others.
Other example, law of supply and demand; according to economists law of demand is ceteris paribus, higher number of goods shall be purchase at much lower price. Complicated nature of economics makes it difficult to understand but Ceteris Paribus makes it clear easily.

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January 6, 2020December 7, 2020

Economic growth

Give The Brief Introduction Of Economic Growth

The economic growth is the increase in the inflation that is getting adjusted market value of the goods and services which are produced by the economy at over time. The economic growth is generally calculated by the gross domestic product or the GDP. The growth of the economy is calculated in the real terms with the help of the value of inflation terms that era getting adjusted in the factors. The measurement of economic growth is also calculated by the use of national economic accounting that is used in the calculation of gross domestic profit. The rate of economic growth is also calculated by the economic growth which is caused by more efficient uses of inputs that is containing more and more labour, physical capital growth and GDP. The GDP is also caused by the increase in the amount of the inputs which is available for the use of the extensive growth to the country. The development of new and variety of goods and services rate known for creating the economic growth of a country.

The calculation of the economic growth of a country is measured by the development of a gross domestic product which is estimated on the particular country that is prepared by the statistical agencies of the prescribed country. The rate of the GDP is calculated by the per capita that is calculated from data on GDP and the people for the initial and final periods of an analyst.

When Did The Economic Growth Has Been Started And Whom?

In the context of national income, the per capita growth output was first calculated by the person 100 years ago in the USA. The following factors which were kept in mind before the calculation are that the output of per unit, labour unit input, and the hours of work by the labour. It will also require the percentage of the age of the labour who are working for them in the economy. The rate of the change of the GDP is the distinction between the short-run economic changes an the long-run economic change which is followed after the stage of GDP. Generally, the economist is known to concentrate the long-run trend of the production due to the structural causes such as the technological factors and factor accumulation.

What Was The Need Of This Economic Growth?

The economic growth has been traditionally known for increasing productivity as well as the labour market. The increase in the labour market and the productivity from the labour market have historically been more and more most of the important source for the real per capita income for the country. Robert Snow was the professor of famous college US University of technology where he had described the need for economic growth. The increase in the productivuity of the vehicles will klead to the income per capita over the real goods. The economic growth has been traditionally attributed to the lower cost of goods. Over more than 20% the capital division of labour is also fundamental to the rising productivity.

What Are The Uses Of These Economic Growths?

The use of economic growth is that they might lead to the physical processing of accumulation of human capital an there will be an increase in the productivity of the creation of goods and services. Further, it helps may n the division of the labour from different types of the market which are available in the plant.

What Is The Criticism Of Economic Growth?

The increase in the economic growth might be leading to an increase in productivity so naps b increasing the labour market of the country. This has been especially incremented by the evidence of the 18yj century people who use to judge the labour market so as by calculating the overall growth of the country in a specialized position.

What Is The Related Topic And Concept Of Economic Growth?

The pe capita income I something which is related to the topic of economic growth. It is the average income of the person which is earned by that particular person in the given area.

The measurement of economic growth is also calculated by the use of national economic accounting that is used in the calculation of gross domestic profit. The rate of economic growth is also calculated by the economic growth which is caused by more efficient uses of inputs that is containing more and more labour, physical capital growth and GDP. The GDP is also caused by the increase in the amount of the inputs which is available for the use of the extensive growth to the country. The development of new and variety of goods and services rate known for creating the economic growth of a country.

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January 6, 2020December 6, 2020

Free Market Economic Policy

There are three questions to be attempted based on the case study and a proposal to be submitted. In answering these questions, students must draw on appropriate academic literature and theoretical perspectives in order to fully support their response. Answer The Following Questions : Question 1 Discuss the differences and similarities between Economic Growth

and economic development, highlighting the aspects indicating Asian Tigers development with appropriate illustrations from the case context. Question 2 Discuss the Free Market Economic Policy, highlighting the extent to which the Asian Tigers have benefited from Economic freedom of their countries in a bid to attain a high export drive. Question 3 “For a nation to attain internationally competitive status, it is required to have suitable trade policies in place. Industrial growth is a key to attaining macro-economic objectives and improving the standard of living of a country.” With appropriate examples, discuss the arguments in favour of Protectionism. Report Structure should contain: Cover page, which indicates the title, names of students, name of instructor and date of submission; Table of contents. Introduction, which briefly describes the objective of the report and structure of the report; Discussion, description of the main points with proper citations and references; Conclusions that reveal main findings regarding each point; References using CU-Harvard Style Note to Writer: Please write with simple English vocabulary however shall meet the academic writing standards. Please use CU-Harvard referencing guide (see attachments). All Module Learning Outcomes has to be covered. Module Learning Outcomes are: On completion of this module the student should be able to: 1. Describe the structure of business environment and know all its elements. 2. Relate macroeconomic concepts to the business organisations. 3. Identify and critically analyse various market conditions using theoretical concepts. 4. Explain the concepts of resource allocation, utility and consumer behaviour.

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January 6, 2020December 6, 2020

Detailed Description Of The Term “Nash Equilibrium”

Nash equilibrium is the concept of game theory in economics and it occurs when the companies in a duopoly market react to changes in other production and such reaction continues when unit price reach the point of equilibrium. In a non-cooperative game, such theory helps in determination of optimal solution where there is little incentive for the player to change the strategy that is chosen earlier. This is go because, they do not gain anything if they deviate from the strategy that is chosen initially as they assume that the strategy of other players remain unchanged. The interaction and behaviour between the participants of game is conceptualizes for determining the best possible outcome. If the decision of one player is taken into account by the decision of other player and moreover, decision is taken at the same time, then the decision of other player is also predicted.
The concept is considered to be crucial because it helps in representing the outcome of the scenario because the outcome of everyone is their desire and so they all the winners. The circumstances presented by the Nash equilibrium provides duopolists with strong incentive to agree for sharing the resulting profits and make on the agreement for charging the monopoly price. It can be explained with the help of an example, A and B are two students registering for course and they have the option of either choosing mathematics biology and they do not have the option of discussing with each other. If both A and B register for same course they would have the opportunity of learning together and none of them would benefit if they opt for different course. The outcome of the situation has multiple Nash equilibria.

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January 6, 2020December 6, 2020

Scarcity In Economics and Its Elements

In the subject of economics, the word scarcity has many dimensional attacks from the hypothetical point of view, but defining it at the same time becomes a little difficult. So, in simple words, the meaning of scarcity can be understood as the gap in between the limited. It can also be signified as the limited availability of a certain thing, which is in use of mankind. As the human needs or wants are limitless, they do not have a certain boundary. So, one can say that, this word scarcity arises from the basic difference in between the desires of the human beings and the available resource in use. So, one must cut down their desires in order not to face the face the scarcity of certain resources. The foundation of the economic problem is based on scarcity. One must try and make most effective usage of all the goods and service available be it natural or manmade, because at times even the natural resources might exhaust if not used wisely and appreciatively. Like for example, the water resources are available to mankind for free, however people have been using it so harshly and they are being extremely unwise to its availability for free that the water table has gone down by an extreme level in certain areas, and if not used wisely and decisively, then in the near future human beings might have to face the water scarcity issues in their day today life. Also which, will make the survival of human being a very difficult challenge. Money and time are quintessentially scarce resources. Most people have too little of one, the other, or both. An unemployed person may have an abundance of time, whereas that person might find it very difficult to pay his rent. However a hotshot executive, may be financially capable of retiring on a whim, but he/she might be forced to eat ten minute lunches and sleep for only few hours a night. A third category has little time or money. But, it is quite rare to find a person who might have abundant time and money at his ease to buy him all the worldly goodies.
There are several elements in relation to scarcity like:
Human wants and demands are unlimited, the desire to get or buy something is known as want or desires. With the growing population one can experience the growth in their wants. Human desires have wings because as soon as one of this is fulfilled they look for something else, this goes on and ob. Also demonstration effect plays a very significant role in this, as if your neighbour has a fleet of cars, you too might aspire to get one.
Scarce Resources are also one of the most impactful reasons behind the limited availability of the resources. Like natural gifts or the naturals which are given to us by nature should be used very effectively and wisely because there over usage might result in their depletion in the near future.
Wants have their own order of importance like all the desires of the mankind are not of the same order, so at first one must try and just their most essential needs or wants.
Alternative uses, which means one must make an effective decision with the money or the resources which are available to him. One has to decide upon which commodity he/she can sustain with and without. So, a sincere and a precise decision is very important as far as the scale of preferences are concerned.

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January 6, 2020December 7, 2020

BOS 3125 Question

Explain the difference in fall protection requirements for connectors working in steel erection between 15 feet and 30 feet in height and connectors working more than two stories or 30 feet in height.