2 pages/≈550 words
Economic discussion (Essay Sample)
1)Think of any public good, such as public parks or homeland security. In the context of the public good, post a response to the following. -How do you think the principles of price elasticity of demand might be applied to the pricing of public goods? Explain your reasoning and assumptions, as well as how it might affect efficiency. -What economic principles might the provider of public goods—the government, in most cases—use to price these goods? Use examples to explain your reasoning. (1 source) 2)-Analyze the much-debated issue of global warming using the economic principles that you have learned. -What role can the government play in reducing the emission of greenhouse gases? What role can individuals play? -If you were the economic advisor in the government, what economic measures would you suggest to tackle global warming? (1 source) source..
ECONOMIC DISCUSSION Name Institution Affiliation Course Date of Submission Economic Discussion It is Ockham Razor`s quote that is best used to explain the price elasticity of demand thus: "One should not increase, beyond what is necessary, the number of entities that are required to explain anything." The determinants of price elasticity of demand have often confused students just like elasticity estimates that are inappropriate and undated. When pricing public goods using the principle of price elasticity of demand, one will first need to consider how elastic or inelastic the demand of public goods is today. If demand for public goods such as homeland security is elastic, then high prices can be charged for those services and the providers of those public goods can leap high revenues and profits from them. The opposite is also true. For the providers of public goods which in most cases is usually the government can use several economic principles to price these public goods. To begin with, it would be imperative to consider the number of close substitutes. It goes without saying that the more close substitu...
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