What we can say about that good? Is it normal or inferior? If it is normal is it Necessity or Luxury ?

Micro Economics

https://data.ers.usda.gov/reports.aspx?ID=17825

Click on the above link, Then choose Australia and find
– Price elasticity of demand  and
-Income elasticity
for your category for Australia! then answer the following questions:

1) What is the name of your category ?

2) Based on the price elastic of demand what we can say about your category? Does it have an Elastic demand, inelastic demand or unit elastic demand?

3) If you are producing this good/service , How can you increase your revenue?
Hint) Look at the price elasticity if it is Elastic demand you better decrease the price and if that good has inelastic demand you better increase the price.

4) Base on income elasticity, what we can say about that good?
Is it normal or inferior? If it is normal is it Necessity or Luxury ?

All sources should be from the link.

Explain the concept of bartering.  Explain whether bartering does or does not meet all of the functions of money.

Author Anna Schwartz writes this about money: “The U.S. money supply comprises currency—dollar bills and coins issued by the Federal Reserve System and the Treasury—and various kinds of deposits held by the public at commercial banks and other depository institutions such as savings and loans and credit unions.”
In this threaded discussion, complete the following:
1) Discuss the concept of money. Begin by defining the functions of money and explain how currency meets these functions.
2) Explain the concept of bartering.  Explain whether bartering does or does not meet all of the functions of money.
3) Historically, a number of things other than coin and currency have been used as money. Using outside research, provide an example of something else that has been used as money, and explain when and where it was used. Do not use the examples given in the text.
4) Think about how Scripture influences our attitudes and actions towards money. Which Bible verses related to money challenge you the most? Which biblical concepts have helped form how you think about and act with your money? Explain.

Define marginal cost and marginal revenue, and understand how to use them for decision-making. Define fixed cost and recognize its irrelevance to decision-making.

Write a paper applying appropriate Bible verses to the learning objectives of Unit 2.

The assignment asks that you apply appropriate Bible verses to the learning objectives of Unit 2 without specifying what those learning objectives are. The assignment assumes that you will relate the verses to the applicable topics in chapters 4, 5, & 6. In case this will be helpful to you, the following are suitable learning objectives for this section:

Chapter 4:
Define marginal cost and marginal revenue, and understand how to use them for decision-making.
Define fixed cost and recognize its irrelevance to decision-making.

Chapter 5:
Understand discounting & compounding.
Know how to calculate and use net present value to determine the profitability or otherwise of investments.
Define and calculate break-even quantity and price, and a firm's shut-down decision.

Chapter 6:
Describe the law of demand, consumer surplus, and aggregate demand.
Use marginal analysis  to make pricing and output decisions.
Understand price elasticity of demand and its value in calculating a firm's desired margin, and the factors that make the demand for a good more elastic. Use current margin and desired margin to make optimal pricing decisions.
Apply stay-even analysis to the determination of whether a price increase is profitable or not.
Requirements: 300-400 words, APA format

Create an Excel spreadsheet or use the project template to show your computations for the first 10 ratios listed above.

The Excel files uploaded as the assignment submission should not include any unnecessary numbers or information.
Please upload your final submission to the Week 8 Assignments page by the Saturday ending Week 8.
For the Draft:
Create an Excel spreadsheet or use the project template to show your computations for the first 10 ratios listed above. The more you can complete regarding the other requirements, the closer you will be to completion when Week 8 arrives.

Supporting calculations must be shown either as a formula or as text typed into a different cell. If you plan on creating your own spreadsheet, please follow the format provided in the Nike and Under Armour template file.

Evaluate the decision to shift advertising money from ESPN.com to Google Ad Words.

A firm recently spent $100 on Google Ad Words and generated 100 extra visits to the firm’s website, 5 of which resulted in a purchase.

To pay for the change, they dropped the banner advertising on ESPN.com saving $1000, which also reduced the number of visits to their website by 500 and 20 fewer sales. Sales from visitors from ESPN.com were on average 25% higher than sales from visitors from Google Ad Words.
Evaluate the decision to shift advertising money from ESPN.com to Google Ad Words.

Should you take advantage of this situation?Explain your answer.

You are living in Indonesia in early 1998. The country is experiencing a financial and exchange-rate crisis. When you arrived late last year, the exchange rate was 3,000 rupiah per dollar . Today, the exchange rate is 12,000 rupiah per dollar. The price of food is much more expensive; however, you notice that the prices of electronics haven’t changed much. You are looking to buy a small television priced at 240,000 rupiah . At the current rate, you can purchase the television for the equivalent of $20. You continue to be paid in U.S. dollars. Should you take advantage of this situation?

1. From an economics perspective, if a buyer and seller are willing and able to transact at a certain price, there are welfare gains to the transaction.

2. “’It’s no good, it’s no good!’ says the buyer—then goes off and boasts about the purchase.”

 

Do you want to be free from fear of the one in authority?

The Federal Reserve and price bubbles

Prompt: “Animal spirits”—optimism about and predictions for the current and future state of markets—can fuel increased spending on things like homes and financial instruments, even when those “spirits” are not based on concrete information. If the Federal Reserve or other government entities feel that increased spending on real estate isn’t merited by actual economic conditions and is leading to an asset price bubble, in your opinion, should they intervene?

Notes:

1. The role of the government in “popping” asset price bubbles is always controversial. Some believe the free market should be the sole determinant of prices, even if a bubble is forming. Others believe it’s the government’s duty to intervene.

2. “For rulers hold no terror for those who do right, but for those who do wrong. Do you want to be free from fear of the one in authority? Then do what is right and you will be commended.”

 

Design 2 – The central bank has to submit a proposal for funding to the government each year or the central bank finances itself from the earnings on its assets and turns the balance over to the government.

Homework Activity – Central Bank Design

Imagine you are advising the leadership of a new, independent country for the design of their central bank. In 1–2 pages, do the following:

Describe one benefit and one drawback for each type of central bank design listed below:
Design 1 – Central bank policy decisions that are irreversible or central bank policy decisions that can be overturned by the democratically elected government.
Design 2 – The central bank has to submit a proposal for funding to the government each year or the central bank finances itself from the earnings on its assets and turns the balance over to the government.
Design 3 – The central bank policymakers are appointed for periods of four years to coincide with the electoral cycle for the government or the central bank policymakers are appointed for 14-year terms.
In 1–2 paragraphs, identify the design you would recommend for this country and why.
Be sure to describe any necessary characteristics and assumptions about this country to support your recommendation.