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by: rebecca goodrich

Microeconomics EC 110

rebecca goodrich

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Includes 4 different assignments: M1, M2, M3, and M4 Variety of graphs and tables with explanations Test questions, and essay points Covers every module for the final test
Principles of Microeconomics
Harold Elder
Microeconomic, Macroeconomics
75 ?




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This 23 page Bundle was uploaded by rebecca goodrich on Friday September 2, 2016. The Bundle belongs to EC 110 at University of Alabama - Tuscaloosa taught by Harold Elder in Summer 2015. Since its upload, it has received 12 views. For similar materials see Principles of Microeconomics in Economcs at University of Alabama - Tuscaloosa.


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Date Created: 09/02/16
Microeconomics Assignment 2 Rebecca Goodrich March 1, 2016 Part 1.1 We say a good is price elastic when an increase in prices causes a bigger % fall  in demand. If the price of Heinz soup falls 20% and demand increases 80%, the  PED = ­4.0. These days there are many alternatives to Heinz soup. If price rises,  people will switch to less expensive varieties. Price of Soup (per Can) Quantity demanded (Number of cans) 1$ 30 1.10$ 10 The calculated PED Solution: P=15, Q= 100, P1 = 20, Q1=90 Change in in the price of Milk: ΔP= P1-P=1.1-1=.1 Change in in the Quantity demand of Milk: ΔQ=Q1-Q=30- 10=20 The change in demand shows a negative sign, which can be ignored. This is because of the reason that the relationship between price and demand is inverse that can yield a negative value of price or demand PED for milk is ΔQ/ ΔP*P/Q= 20/.1*1/10=2000 EP is greater than one therefore it is elastic Part 1.2a When there is a small change in demand when prices change a lot, the product is said to be inelastic. The most famous example of relatively inelastic demand is that for gasoline. As the price of gasoline increases, the quantity demanded doesn't decrease all that much. If price of petrol falls 30%, but demand for petrol only increases 10% the PED (Price elasticity of demand) = – 0.33. Petrol has few alternatives because people with a car, need to buy petrol. For many driving is a necessity. There are weak substitutes, such as train, walking and the bus. But, generally, if the price of petrol goes up, demand proves very inelastic. Or The demand schedule for milk Part 1.2b- Table 2 Price of Milk (per L) Quantity demanded (L) 15$ 100 20$ 90 The calculated PED Solution: P=15, Q= 100, P1 = 20, Q1=90 Change in in the price of Milk: ΔP= P1-P=20-15=5 Change in in the Quantity demanded of Milk: ΔQ= Q1-Q=90- 100=-10 The change in demand shows a negative sign, which can be ignored. This is because of the reason that the relationship between price and demand is inverse that can yield a negative value of price or demand PED for milk is ΔQ/ ΔP*P/Q= 10/5*15/100=.03 The price elasticity for milk is 0.3, which is less then one, There for the demand is relatively inelastic. Part 1.3- Unitary elastic demand - the change in demand and change in the price of a product is the same. - - Price of socks (per L)Quantity demanded (L) 5$ 5 7$ 7 The calculated PED Solution: P=15, Q= 100, P1 = 20, Q1=90 Change in in the price of socks: ΔP= P1-P=7-5=2 Change in in the Quantity demanded of Milk: ΔQ= Q1-Q=7-5=2 The change in demand shows a negative sign, which can be ignored. This is because of the reason that the relationship between price and demand is inverse that can yield a negative value of price or demand PED for socks is ΔQ/ ΔP*P/Q= 2/2*5/5=1 Part 1.4- - Price of salt (per kg)Quantity demanded (g) .7$ 7 .9$ 5 The calculated PED Solution: P=15, Q= 100, P1 = 20, Q1=90 Change in in the price of salt: ΔP= P1-P=2-1=.2 Change in in the Quantity demanded of salt: ΔQ= Q1-Q=5-7=-2 The change in demand shows a negative sign, which can be ignored. This is because of the reason that the relationship between price and demand is inverse that can yield a negative value of price or demand PED for salt is ΔQ/ ΔP*P/Q= -2/.2*.7/7=-1 Microeconomics Assignment 1 Rebecca Goodrich February 11, 2016 Part 1.1 Table 1 illustrates law of demand. As price falls, quantity demanded rises.   The amount this consumer will attempt to buy is lower at higher prices than at  lower prices.  Law of demand predicts how consumers respond to price changes demand schedule does not show the price that will be charged and the quantity that will be bought.  It just shows the amount  consumers will attempt to buy at different prices.   Table 1:  Rebecca’s Rabbit Demand Price per pound Quantity Demanded per year $45.00 15 $35.00 25 $25.00 30 $20.00 37 $15.00 50 Part 1.2a The determinants of demand include income, taste, and prices of related goods,  future prices expectation, and market size.  A change in any one or more of  these will cause a change in the quantity demanded at each possible price.  Table 1­2 below shows a shift (or change) in demand due to a change in one of these "other determinants". Part 1.2b- Table 2 Price Per D1 (Before Rabbit Income Rise) D2 (After Income Rise) $45.00 15 20 $35.00 25 30 $25.00 30 45 $20.00 37 60 $15.00 50 75 Part 1.2c- Graph 1 Increase in Demand for Roosters 80 70 60 50 40 D1 (Before Income Rise) Quantity of Roosters per Year D2 (After Income Rise) 30 20 10 0 $0.00 $50.00 Price per Rooster Part 1.3- Graph 2 Law Of Supply in Rodent Killer $50.00 $40.00 $30.00 Price of Rodent Killer $20.00 $10.00 $- 80 100 120 140 160 180 200 220 Qantity of Rodent Killer Supplied per year (in thousands) Part 1.4- Predict the direction (increase or decrease) of change for supply, demand,  quantity demanded, or quantity supplied for each of the underlined products.  Your answer for each will be one of the following: i. Demand increases,         ii. Ii. Supply increases,  iii.  Demand decreases,     iv. Supply decreases  v.  quantity demanded increases,  vi.  Quantity supplied increases          a.  A new technology reduces the time it takes to manufacture scissors.   iv      b.  The price of cream of mushroom soup, a substitute for chicken soup,  rises  iii     c.  The income of consumers of potted meat, an inferior good, rises     v     d.  The number of firms producing magazines falls.  iv …  e.  The price of karate lessons rises.  Select one: iii Part 1.5a- Table 3:  Market Equilibrium for Rebecca’s Rope Price per Rope Quantity Demanded per year Quantity Supplied Per year $32. 57 150,000 315,500 $25.03 177,000 255,000 $21.00 200,500 200,500 $ 15.00 245,000 170,000 $7.50 320,000 119,300 Part 1.5b- Graph 3 Market Equilibrium for Rebecca’s Rope 350,000 300,000 Quantity Demanded 250,000 per year 200,000 Quantity Supplied Per 150,000 year 100,000 50,000 0 1 1 2 2 3 3 4 4 5 5 6 Part 1.6- a. Demand increases and supply is constant. Select one: i b. Supply decreases and demand is constant. Select iv Part 2.1- a. Swedish massages were given daily to a group of rabbits for $387,000 with a mechanical device from the national Institute of Heath. b. For $856,000 the National science foundation used taxpayers money to teach Mountain Lions how to properly use a treadmill. c. The National Science Foundation also funded the study of the gambling habits of monkeys for $171,000, with a computer simulation around cards. d. The Colorado Symphony Orchestra hosted a Stoner Symphony for $15,000, were people were advised to inhale and chow down while watching. Part 2.2- The total spent was $871,856 which I believe should be used to help our veterans with Wounded warrior. Rebecca Goodrich extra credit For  5 extra credit points, complete Questions 1 ­ 5j (1 ­14) on the assignment worksheet.  Copy  this portion of the worksheet.  Submit it in Dropbox  Assignment 3 Worksheet, 1­5j by 3/27. You will get credit for effort.  You can make changes in your answers, if necessary, before you submit  answers to all questions under ASSESSMENT. 1.  Which of the following will be classified as a perfectly competitive firm?  a) A firm  that is among 100,000 producers of sweet potatoes; b) a much larger than average firm  among 500 producers of corn;  c) Both are perfectly competitive firms 2.  The price that each perfectly competitive firm must charge is determined by the  interaction of industry's demand and      _________________ (industry supply, the firm's supply). 3.  The industry's demand curve in a perfectly competitive market is _________________ (downward sloped to the right, horizontal). 4.  The industry's supply curve in a perfectly competitive market is _________________  (upward sloped to the right,  vertical). 5.   Complete TABLE 3­A.  Graph the data on scratch paper.  Remember, costs are  on the  vertical axis and quantities are on the horizontal axis.   Coleman's Cucumber Farm TR vs TC vs Price 140 120 100 TR 80 TC Costs (Dollars60 P 40 20 0 1 2 3 4 5 6 7 -20 Quantity (bushels)    TABLE 3­A                                  Coleman's Cucumber Farm Quantities of Cucumbers  (bushels     Total per day)  (Q) Revenue (TR)  Total Cost (TC)      Profit                               0     $ 0   $14 $ ­14                             1      18     30  $­12                             2      36     36  $ 0                             3      54     44  $ 10                             4      72     56  $ 16                             5      90     72  $ 18                             6     108     92 $ 16                             7     126   116  $10      a.  The firm will realize a loss when it produces ____0______ or ______2_____.          b.  The total cost curve will start at    ___­$14_________ on the dollar axis.      c.  The average revenue (price) per bushel of cucumbers is $___18_________      d.  At which quantity would the total cost curve and total revenue curve  cross? ___2________         e.  At which quantities would the TC curve lie above the TR curve (that is, TC > TR) ? _____0,1_______      f.   The total revenue curve will lie above the total cost curve at how many of the eight quantities shown in the table? _________5_____       g.  How many bushels of cucumbers should the firm (farm) supply per day to earn the  highest possible profit?   ______5__________      h.  The firm's total revenue (TR) curve starts on the dollar axis, quantity axis or  origin? _______origin_______       i.   How much is total profit for the profit maximizing output? $______18________      j.   How much is per unit profit for quantity 4?     $_________4___  (14th question) 6.   Complete TABLE 3­B .  Construct a graph with MR, demand, and MC curves  on scratch paper.    Study the table and graph.  And, answer questions a ­ p.                                 QUANTITY  MARGINAL        TOTAL   MARGINAL                    OF VEGGIE FISH  REVENUE         COST        COST               (POUNDS PER DAY)        (MR)              (TC)              (MC)                            (Q)                             0 0.00         $1.00  $ 0.00                             1     $4.00           4.00  $ 3.00                             2       4.00           6.00  $ 2.00                             3       4.00           7.50  $ 1.50                             4       4.00           9.50  $ 2.00                             5       4.00         12.00  $ 2.50                             6       4.00         15.00  $ 3.00                             7       4.00         19.50  $ 4.50                             8       4.00         25.50  $ 6.00                             9       4.00         32.50  $ 7.00                            10       4.00         40.50  $ 7.50     Fish Economics (MR vs TC vs MC) 45 40 35 30 Marginal Revenue (MR) 25 Total Cost (TC) Costs (Dollars) Marginal Cost (MC) 20 15 10 5 0 1 2 3 4 5 6 7 8 9 10 11 Quanties (per pound of fish)    a.  Marginal cost for quantity 4 is _______$2____.       b.  Marginal cost for quantity 10 is _____$7.50_______.       c.   As output increases from the initial low level of 1 to 10, marginal cost tend to  ___fall then rise________ (fall, fall then rise, rise then fall)        d.  Which of the following best describes the shape of the marginal cost curve for  data in the above table:     downsloped line, upsloped line, a check mark,? (see below)       e.  The marginal revenue curve is __below___________the demand curve.         f.   At quantity 4, _______________ (MR exceeds MC, MC exceeds MR).       g.  At quantity 7, ________________ (MR exceeds MC, MC exceeds MR).      h.  The profit maximizing output is _______at Q(7)       i.   The MC curve _____________ (will, will not) cross the MR curve.         j.   The firm faces a ____________ (horizontal) demand (price) curve.       7.  To exist as a monopolist, there must be cost or technical) barriers.   (25th question) Phelps RX Economics (Price vs MR vs MC vs ATC) 24200 19200 Price per 3 mnth (p) 14200 Marginal Revenue (MR) Marginal Cost (MC) Costs (dollars) Average Total Cost (ATC) 9200 4200 -800 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Quantities (dossage for 3 months) 8.  Phelps RX holds a patent on a new drug that cures depression.  Complete  the table below.   Construct a graph with demand (price), MR, MC, and ATC  curves on scratch paper.  Study the table and graph. Answer questions a ­ r.        TABLE 3 ­ C         Phelps RX Depress gone    Average               Output     Price    Total   Marginal     Total   Marginal      Total per 3 mth  Revenue   Revenue    Cost     Cost (Dosage for 3 months)  dosage    (P)        (TR)         (MR)        (TC)         (TC)        Cost per day                  (Q)      (ATC)                           0   $7,750  0 ­­­­­  $15,000  ­­­­­­ ­­­­­­­                    1     7,500  7,500 7,500    19,750 4,750   $19,750                    2     7,250  14500 7,000    23,500 3,750     11,750                    3     7,000  21,000 6,500    26,500 3,000       8833.33                    4     6,750  27,000 6,000    29,000 2,500      7250                    5     6,500  32,500 5,500    31,000 2,000       6,200                    6     6,250  37,500 5,000    32,500 1,500       5416.67                    7     6,000  42,000 4,500    33,750 1,250       4,821.42                    8     5,750  46,000 4,000    35,250 1,500       4406.25                    9     5,500  49,500 3,500    37,250 2,000       4138.89                   10     5,250  52,500 3,000    40,000 2,750      4,000                   11     5,000  55,000 2,500    43,250 3,250        3,931.81                   12     4,750  57,000 2,000    48,000 4,750        4,000                   13     4,500  58,500 1,500    54,500 6,500        4,192.30                   14     4,250  59,500 1,000    64,000 9,500        4,571.42                   15     4,000  60,000 500    77,500 13,500        5166.67                   16     3,750  60,000 0    96,000 18,500        6,000                   17     3,500  59,500 ­500  121,000 25,000        7,117.64      a.   Total revenue for Q 3 is _____$21,000________.      b.   Total revenue for Q 5 is ____$___32,500______.      c.   Marginal revenue for Q 10 is _____$3,000__________.      d.   Marginal revenue for Q 11 is ________$2,500_____.      e.   Marginal cost for Q 9 is ______$__2,000____.      f.    Marginal cost for Q 11 is __________$3,250__.      g.   Marginal cost for Q 16 is ____$18,500________.      h.   The last output for which MR exceeds MC is _____10________.       i.   The profit maximizing output (PMO) is _____10________.       j.   Price for the PMO is ___$_5,250________       k.  ATC for the PMO is ____$4,000__________.       l.   TC for the PMO is ______$40,000________.       m.   Total profit for the PMO is _______$12,500____.       n.   Per unit profit for the PMO is _____1,250_____.       o.   ATC for Q 12 is ____$4,000______.       p.  The ATC is the lowest for output _____11__________       q.  As output rise from Q 1, per unit cost tend to ___fall then rise        r.  As price falls, quantity sold tends to __rise_________  9.  Which of the following is most likely to be a monopolisitc competitive firm:  A firm  that sell toothpaste or a firm that produces toothpaste?  Sell (44 th question) 10.  Observe TABLE 3­D .  Construct a graph with MR, demand, ATC, and MC  curves on scratch paper.          Study the table and graph.  And, answer questions a ­ k.             TABLE 3­D      ARDELL'S HEADBAND                  OUTPUT AVERAGE          (Headband          PRICE   MARGINAL     MARGINAL   TOTAL            per day) (per Headband)   REVENUE         COST    COST           (P)                  (MR)              (MC)                       (Q)             (ATC)                     0          $6.00       ­­­­­­         ­­­­­­     ­­­­­                 1            5.50    $5.50         $3.00   $8.00                 2            5.00      4.50           1.50     4.75                 3            4.50      3.50           0.50     3.33                 4            4.00      2.50           1.00     2.75                 5            3.50      1.50           1.50     2.50                 6            3.00      0.50           2.00     2.42                 7            2.50     ­0.50           2.50     2.43                 8            2.00     ­1.50           3.00     2.50                 9            1.50     ­2.50           3.50     2.61                10            1.00     ­3.50           4.00     2.75      Ardell's Headband's Economics (MR vs MC vs ATC) 10 8 6 Marginal Revenue (MR) 4 Marginal Cost (MC) Costs (Dollars) Average Total Cost (ATC) 2 0 1 2 3 4 5 6 7 8 9 10 -2 -4 Quantities    a.  At Q8, MR curve will be (below, above, parallel to) the horizontal axis.        b.  The demand (price) curve lies _____________(above, below) the MR curve.        c.  The intersection of the MR and MC curves is at  output _______5______.        d.  At Q 4, total revenue (TR) is ___$10.00_________.        e.  At Q 4, total cost (TC) is ___$4.00___________        f.   At Q 5, TR is ______$7.50________        g. The profit maximizing output is  ________5_____ or _______8_______.         h.  Profit for the PMO is $_______5.00______.              i.   PMO, the demand curve lies ____above_____ (above, below) the ATC curve.        j.   Marginal revenue may be negative (before, after) the optimal output level.        k.   Total revenue _____may_______(may, will never) fall as output sold rises.                                                                                                                                                           55th Question     11.  When price exceeds ATC, the firm is earning ___________ (positive, negative)  economic profit. 12.  When price equals ATC, the firm is earning _____________ (zero, negative)  economic profit. 13.  Suppose the bottled water industry approximates a perfectly competitive          industry.         Suppose later a single firm buys all the assets of the bottle water firms and          establishes a monopoly.        Contrast the two market structure      with respect t    price and output.       a. The bottled water monopolist industry will produce ____________ (more, less)  than the bottled water            perfectly competitive industry.               b.  The price charged in the bottled water monopolist industry will be ____________  (higher, lower than in the bottled water            perfectly competitive industry.       c.  The supply curve in the ___________  (monopolist industry, perfectly competitive industry) will be further to the right.              (60th question)  Occupati Archite Civil Constructi Drafter Graphi Industri Interior on ct Engine on c al design er Manager Design Designe er er r Median $74,52 $82,05 $85,630 $51,9 $45,9 $64,62 $48,40 pay 0 0 40 00 0 0 Microeconomics Dr. Adams Rebecca Goodrich 20 April, 2016 1a: Write answer in two statements.: Architects plan and design  houses, factories, office buildings, and other structures. They can also manage other  architects. 1b: Write answer in two statements: Architects spend much of  their time in offices, where they develop plans, meet with clients, and consult with  engineers and other architects. They also visit construction sites to prepare initial  drawings and review the progress of projects to ensure that clients’ objectives are met. 1ci: Write answer in one or two statements: An architect  needs to posses a professional degree in architecture that has included courses in  architectural history and theory, building design with an emphasis on computer­aided  design and drafting (CADD), structures, construction methods, professional practices,  math, physical sciences, and liberal arts. In addition, Licensing requirements typically  include completing a professional degree in architecture, gaining relevant experience  through a paid internship, and passing the Architect Registration Examination. 1cii: Write answer in one or two statements: A n investment  in interning at an architectural or engineering company would allow the person to gain  irreplaceable knowledge and experience and thus increase their marginal productivity. 1ciii: Write answer in one of two statements: For architects  that depends on the contract. If the contract includes that the wage increases if the job is  finished more quickly then yes. 1di: Write the earnings: The median annual wage for architects was  $74,520 in May 2014. 1dii: Write "upward" or "downward": upward 1ei: Write answer in one or two statements: Employment of  architects is projected to grow 7 percent from 2014 to 2024, about as fast as the average  for all occupations. 1eii. Write answer in one or two statements: Employment of  architects is strongly tied to the activity of the construction industry. Therefore, these  workers may be in higher demand during the construction or reconstruction of an area or  city. 1fi: Write the occupation: Civil engineers 1fii: Write "supply" or "demand". supply 1h: Place information in a table. (This will cover seven occupations: the first occupation selected, the related occupation selected in f, and the 5 occupations selected in g. Table 1 Table 2a – CEO Salaries CEO Name Dow Firm Compensation Inge G. Thulin MMM­ 3M $ 15,499,898 Kenneth Irvine Chenault AXP­ American Express $21,687,566 Tim Cook  Apple $10,281,327 Dennis A. Muilenburg Boeing $11,377,331 Douglas R. Oberhelman Caterpillar $15,132,643 John S. Watson Chevron $18,606,025 John T. Chambers  Cisco $19,621,124 Ahmet Muhtar Kent Coca­Cola $14,590,571 Robert A. Iger Disney $43,490,567 Rex W. TIllerson Exxon Mobil $28,423,420 Table 2b – Occupation and Income information Category Occupation income Engineering Biomedical Engineers $85,950 Business Budget Analyst $71,220 Computer and Information  Computer and Information  $108,360 Technology Research Scientists Education Instructional Coordinators $61,550 Legal  Lawyers $114,970 Management Financial Managers $115,320 Communication Editor $54,890 Production Power Plant Operators $75,660 Sales Sales Engineers $96,340 Transportation  Air Traffic Controllers $122,340 Two statements: The CEO’s make about 100 times compared to the amount of the median income. Similarly, the kind of occupation that paid the most was entertainment or jobs that involved dealing with people. Tennessee (01/01/2014­01/10/2015) Population: 658,893 Civilian labor force size: 313,890 Number of workers employed: 299,700 Number of workers unemployed:141,900 Unemployment rate:4.5 Per capita personal income: $24,922 Median income: $43,889 Poverty rate:13.7 % of families, more than 18% of individuals 4.Fact Sheet 4 .  US (01/01/2014­01/10/2015)        a.  Give U.S. median income.   $53,700             b.  Give median income for the South. $48,128        c.  Give median income for the Northeast. $56,775        d.  Give median income for the Midwest. $52,082        e.  Give median income for the West. $56,181 g. Give U.S. per capita income. $46,405.259 h. Name the state with the highest per capita income. Connecticut i. Name the state with the lowest per capita income. Mississippi j. Give the per capita income of your home state. $24,922 f. How is median income determined? Median income is  calculated by identifying the middle value in a set of incomes as long as the set of  incomes is in ascending order. With an even number, the median is calculated by  averaging the two numbers in the middle of the set. k. How is per capita income determined? Per capita income is the mean income of the people in an economic unit such as a country or city. It is  calculated by taking a measure of all sources of income in the GDP dividing it by the  total population.       l.   As requested above, construct a table or fact sheet that clearly  displays the answers to a, b, c, d,            e, g, h, and i.  Be sure the headings are properly labeled.            Label your table (fact sheet)  TABLE (Fact Sheet) 4 (and title of your From M-4 content, click on "Poverty #5" US (01/01/2013­01/10/2015) U.S. Poverty rate (2014): 15% Number of people living in poverty: 47,000,000 people Poverty guideline for a family of 1 : $11,880 Poverty guideline for a family of 4: $24,300 Northeast poverty rate: 12.7% Midwest poverty rate 12.9% South poverty rate: 16.1% West poverty rate:14.7% State with the highest poverty rate/rate: Mississippi State with the lowest poverty rate/rate: New Hampshire 6a. From M-4 content, click on "Eleven Facts of Global Poverty". Read the 11 statements. Compile in a list any 6 of the 11 statements. Below each fact, write in two statements : efforts you think rich nations should take to deal with that fact of poverty. You are to just give your opinion of what should be done. 1. Nearly 1/2 of the world’s population — more than 3 billion people — live on less than $2.50 a day. More than 1.3 billion live in extreme poverty — less than $1.25 a day. Each country  should allocate 10% of its resources and money to the top 10 most impoverished countries. The  money can be taken from reserves, or from unnecessary causes like personal or extraneous  expenses. 2. 1 billion children worldwide are living in poverty. According to UNICEF, 22,000 children  die each day due to poverty. The government should set up foundations solely to help children.  The food bank should have medical assistants and people who can travel to the children. 3. 805 million people worldwide do not have enough food to eat. Food banks are especially  important in providing food for people that can’t afford it themselves. Run a food drive  outside your local grocery store so people in your community have enough to eat. Countries  should barter and trade their resources to make up for deficiencies. The imported materials should  be given to the public. 4. More than 750 million people lack adequate access to clean drinking water. Diarrhea caused  by inadequate drinking water, sanitation, and hand hygiene kills an estimated 842,000  people every year globally, or approximately 2,300 people per day. Medical assistance should  be provided to the public. The wealthier nations should supply financial or medical aid to the less  fortunate.  5. In 2011, 165 million children under the age 5 were stunted (reduced rate of growth and  development) due to chronic malnutrition. The schools should provide meals to children. There  should be open markets that not just money can be used.  6. Preventable diseases like diarrhea and pneumonia take the lives of 2 million children a year  who are too poor to afford proper treatment. Wealthier nations should sponsor free treatment.  Immunizations need to be distributed.  7. As of 2013, 21.8 million children under 1 year of age worldwide had not received the three  recommended doses of vaccine against diphtheria, tetanus and pertussis. 8. 1/4 of all humans live without electricity — approximately 1.6 billion people. 9. 80% of the world population lives on less than $10 a day. 10. Oxfam estimates that it would take $60 billion annually to end extreme global poverty­­that's less  than 1/4 the income of the top 100 richest billionaires. 11. The World Food Programme says, “The poor are hungry and their hunger traps them in poverty.”  Hunger is the number one cause of death in the world, killing more than HIV/AIDS, malaria, and  tuberculosis combined 7. Visit the Department of Labor Web site at Explore the government's role in regulating wages and related workplace issues. a. Summarize each of the 4 subtopics in at least 2 statements. 1. Minimum wage is a way to prevent the unions from increases the wages to the  detriment of the company, and to prevent the company to decreasing the wage too much. The federal minimum wage for covered nonexempt employees is $7.25 per hour effective July 24, 200 2. A sales commission is a sum of money paid to an employee upon completion of a  task, usually selling a certain amount of goods or services. Employers sometimes  use sales commissions as incentives to increase worker productivity. 3. A common remedy for wage violations is an order that the employer make up the  difference between what the employee was paid and the amount he or she should  have been paid. The amount of this sum is often referred to as "back pay." 4. A tipped employee engages in an occupation in which he or she customarily and  regularly receives more than $30 per month in tips. An employer of a tipped  employee is only required to pay $2.13 per hour in direct wages if that amount  combined with the tips received at least equals the federal minimum wage.  b. In what area do you think the government should regulate more or less? Why? I believe that the government needs to intervene if there can be no unbiased agreement reached. I believe the government should stay out of the way as much as possible. Write 8 complete statements. (Two statements for each of the 4 topics) Write at least 2 complete statements. . cx’ a. Click on "Read the Supreme Court's Decision on the Affordable Care Act". From paragraph one, read the first statement for the purpose (goal) of the Affordable Care Act. Write the purpose (goal) in your own words in one or two statements. The Affordable Care act provides Americans with better health security by enforcing reforms that will increase coverage, make insurance companies be accountable, decrease health care costs, insure more choice, and better the quality of care for Americans. b. Read 8 of the 10 Titles (Sections). When you click on a title, you will find several paragraphs of information about that topic (title.) Do not write only the title. Write a one statement overview for 8 of the 10 titles. Label the 8 statements with bullets or stars.  Americans can have accessible health care that is good  Programs should be in place to help the public  Increasing the attributes of health care  Immunizations and treatment for the public  The workers in the health care field  The clearness of the program’s reliability  The accessibility of the treatment  The at home opportunities for people  Write goal (purpose) below the report's title. Write a total of 8 complete statements beside a bullet or star. (One for each of 8 subtopics) (8 Points) Formulate and give your opinion on the eligibility requirements for each of these 3 programs. Write two short statements or one long statement for each of the 3 programs. Total number of statements: 3 long or 6 short.  The Earned Income Tax Credit is a federal tax credit for low­ and  moderate­income working people, which includes the majority of the  population.  It encourages and rewards work as well as offsets federal  payroll and income taxes making it my most favored option.    SNAP offers nutrition and food availability to millions of eligible, low­ income individuals and families while providing economic benefits to  communities. This is a great idea however is not sustainable; better to help people help themselves then to just give stuff away.  SSA is dedicated to delivering benefits rapidly to contenders whose  medical conditions are so serious that their conditions importantly meet  disability criteria. This is a very honorable cause. b. Which program do you think is most effective in helping the poor cope with poverty? Explain. I believe that the EITC is the most effective way of helping the  impoverished. It is a way of helping the people help themselves, and  motivate people to work.  10.    Create a U.S. Housing Quick Facts Sheet by providing data for the  following.  Visit              US (01/01/2014­01/10/2015) U.S. Population (2014): 318,857,056 Housing Units (2014) : 133,957,180 Owner­occupied Housing Unit Rate (2010­2014): 64.4% Median value of Owner­Occupied Housing Units (2010­2014): $175,700  Median Selected Monthly Owner Costs­with a Mortgage (2010­2014): $1,522 Median Selected Monthly Owner Costs­without a Mortgage (2010­2014): $457 Median Gross Rent (2010­2014):   $920 To create a Fact Sheet, copy and paste the 7 variables and write numerical  data beside each one. 


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