Supply and Demand and Academic Honesty Policy Essay

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GE273: Project PROJECT DESCRIPTION This project has three parts, namely Part 1, Part 2, and Part 3. Project Part 1 Introduction: Different economic studies estimate the price elasticity of demand for certain goods, some of which are reported on page 176 of the Hubbard/O’Brien textbook. The following table presents select elasticity of demand estimates from those reported on page 176. Product Barnes & Noble books Coca-Cola Cigarettes Beer Gasoline -4.00 -1.22 -0.25 -0.23 -0.06 Estimated Elasticity In your project, address the following questions: Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on…show more content…
E. What is the overall result of the tariff in terms of welfare? Page 2 GE273: Project Part II. Allowing free trade between countries can be beneficial, but it also imposes costs. Use the ITT Tech Virtual Library to research costs and benefits of allowing free trade. Discuss aspects of international trade that some may consider unfair. For example: i. Distribution of costs and benefits of free trade. In other words, does everyone share in the gains and the costs equally? ii. iii. Competing with different labor restrictions (or lack of), such as slave or child labor. Differences in environmental standards. Answers vary. Submission Requirements: Attach a Word document of 500 minimum words. Format: Double line space, Times New Roman, 12-point font Formulas and calculations must be shown along with the final correct answer. Formal references in APA format must be provided. This submission must be paraphrased in your own words. Adhere to the academic honesty policy. No more than 10% of your document can be quoted. Avoid answering any of the questions with a quote. Quotes should support your discussion instead of answering questions for you. Project Part 3 Introduction: Research and analyze the effects of the following government policies on the market equilibrium. Increases in the Minimum Wage Restrictions on International Trade Pollution Controls Natural Monopolies and Antitrust Regulation Page 3 GE273: Project When analyzing these policies, include some

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