Instructions: I Need These 4-5 Questions Answered By Midnigh

Instructions I Need These 4 5 Questions Answered By Midnight Tonigh

INSTRUCTIONS: I need these 4 (5) questions answered by midnight tonight (3/5) no later than 12:15. Each question must be greater than 75 words in length. The book being used is ECON MICRO 3 by William A. McEachern, I will need a reference for this as well. I am willing to pay $10.00.

1. What are the weaknesses and strengths of the various forms of business? Why do corporations tend to be so much larger than sole proprietorships or partnerships? Why is it so difficult to determine the objectives of the government?
2. In the mid-1970s no one had a personal computer at home. Today many people do. Using demand and supply curves show the market for personal computers in the mid-1970s and today. Explain the difference between then and now.
3. How are opportunity cost and scarcity related?
4. Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.

Paper For Above instruction

The nature of business structures significantly influences economic productivity, risk distribution, and operational flexibility. Different organizational forms—sole proprietorships, partnerships, and corporations—each possess unique strengths and weaknesses. Sole proprietorships are simple to establish and offer complete control but suffer from unlimited liability and limited growth potential. Partnerships also share responsibility and resources but can be hampered by disagreements and shared liabilities. Conversely, corporations benefit from limited liability, access to capital markets, and perpetual existence, enabling them to grow larger and more resilient. This structural advantage explains why corporations tend to be much larger than sole proprietorships or partnerships, as they can attract more investment and scale operations efficiently.

The objectives of government are notoriously complex to define precisely due to differing political ideologies, economic philosophies, and social goals. Governments aim to promote economic stability, equitable resource distribution, and sustainable growth, but these aims often conflict. Policy priorities shift with political leadership and public preferences, making objectives fluid and sometimes contradictory. Additionally, the influence of lobbying groups, international pressures, and fiscal constraints complicate goal-setting processes. As a result, governments' objectives are often a series of negotiated compromises among various stakeholders, hindering clear-cut definitions.

The evolution of personal computer markets from the mid-1970s to today exemplifies dramatic shifts in demand, supply, and technological progress. In the mid-1970s, computers were expensive, large, and primarily used by corporations and research institutions. Demand was limited, and supply was constrained, resulting in high prices and scarce availability. The demand curve was relatively inelastic at high prices. Today, personal computers are widely affordable, with demand expanding as consumer preferences shifted towards mobility and internet access. The supply curve now reflects increased production efficiency and technological innovation, leading to lower prices and higher quantity demanded, illustrating an outward shift of both demand and supply curves.

Opportunity cost and scarcity are fundamental concepts interconnected within economics. Scarcity refers to the limited nature of resources relative to unlimited human wants, necessitating choices about resource allocation. Opportunity cost is the value of the next best alternative foregone when a decision is made, illustrating the trade-offs involved due to scarcity. When resources are scarce, individuals and societies must prioritize their uses, and every choice entails an opportunity cost. This relationship highlights why scarcity compels economic agents to make decisions that maximize utility or benefit within their limited means.

Scarcity and choice are intrinsically linked because limited resources force individuals and societies to make decisions about how best to allocate their finite means. Every choice involves sacrificing alternatives, demonstrating opportunity costs. According to economic theory, a rise in the price of a good typically causes a decrease in its quantity demanded because higher prices make consumers less willing or able to purchase as much of it. However, if John Doe buys more meat despite its increased price, this behavior could be explained by other factors such as the good being a Giffen good or a Veblen good, which violate the typical law of demand. For a Giffen good, the income effect outweighs the substitution effect, leading consumers to buy more as the price rises, thus challenging basic demand theory in specific contexts.

References

• McEachern, William A. (2017). Economics: A Contemporary Introduction. Cengage Learning.
• Mankiw, N. Gregory. (2018). Principles of Economics. Cengage Learning.
• Krugman, Paul R., & Well, Robin. (2018). Economics. Worth Publishers.
• Perloff, Jeffrey M. (2019). Microeconomics. Pearson.
• Samuelson, Paul A., & Nordhaus, William D. (2010). Economics. McGraw-Hill Education.
• Mishkin, Frederic S. (2019). The Economics of Money, Banking, and Financial Markets. Pearson.
• Stiglitz, Joseph E., & Walsh, Carl E. (2002). Economics. W. W. Norton & Company.
• Schiller, Robert J. (2018). The Economics of Financial Markets. Pearson.
• Varian, Hal R. (2014). Intermediate Microeconomics: A Modern Approach. W. W. Norton & Company.
• Frank, Robert H., & Bernanke, Ben S. (2018). Principles of Economics. McGraw-Hill Education.