For this assignment, you will be using the Naked Economics text by Charles Wheelan
For this assignment, you will be using the Naked Economics text by Charles Wheelan
ECON 1 Applications Assignment Paper
For this assignment, you will be using the Naked Economics text by Charles Wheelan to
understand applications of the concepts we have been learning in class and come up with some real world examples of your own. The goal is to think critically in order to connect what might seem like abstract microeconomics to your everyday life. By the end of it, no one will feel like asking me, ‘When am I ever going to use this stuff?!’(Right?)
There are three parts to the assignment – (1) Concept, where you will summarize the
relevant material, (2) Text, where you will draw on examples from the Naked Economics
text, and (3) Application, where you will come up with some relevant examples of your
own.
You will turn in this assignment on Canvas through the Turnitin link in the Papers module.
Part 1 – Concept
First, choose one of the concepts from class that interests you from the list below. The
topic you choose is completely up to you. Provide a brief summary of the relevant models
surrounding your topic. This does not need to be more than a page long, plus relevant
graphs if applicable.Think quality, not quantity.
Part 2 – Text
Next, read the related portion of the Naked Economics text listed below and discuss some examples provided by the author to illustrate the relevance of your topic. If there are many, you only need to provide two. Again, think quality over quantity here. Another page to two pages is more than enough.
Side note: the book is a very interesting read, I highly recommend you read it in its entirety especially if you are interested in economics (it is a fascinating subject!).
Part 3 –Application
This is the most important part of the assignment. Here you will come up with two
examples of your topic that you have encountered in your life, and an additional example
from current events.
For example, if your topic is externalities, you might mention (as I would) that your
neighbor provides a positive externality to you with the addition of a beautiful sounding
fountain in their backyard. Make sure you explain the relevance of your example to the
topic. In other words, the fountain provides excess benefits that my neighbor does not
incorporate in his analysis of whether to install it or not. The excess benefits are the
positive externality in the form of beautiful running water sounds that mask the sound of
the freeway. If he thought about the externality provided, he would install one in my yard
as well!
Lastly, provide an example from the real world/current events. For this part I ask that you
find an article on your topic from a newspaper, magazine, etc. (online is fine of course, as
long as it is from a reputable source such as the LA Times or The Economist, and not The Onion). Explain how it is relevant to your topic, and cite as part of your assignment.
As part of your submission you must also include a link to or copy of the article or data
you have used here for me to review.This is also done in Canvas.
This portion should be a bit longer, approximately two to three pages, since it requires the most in depth and interesting analysis of your three examples. In total your assignment should be 5-6 pages, double-spaced. You may use either MLA or APA format.
As usual, if you have any questions at all come see me. If you are not sure whether your
article is from a reliable source or your examples are relevant to your topic it is easiest just to check with me.
No credit will be given for examples we have already used in class – this section of the
assignment is your chance to critically analyze and apply your topic to your own life and
current event applications.
Topics and Reading
All reading assignments here are from the Naked Economics text by Charles Wheelan.
Notice that you do not need to read the entire book to complete the assignment, so it is easy to share with a classmate if you want to share costs ($10 on Amazon). Questions
underneath each topic are for guidance as you read the section and write up Part 1 of your assignment, but do not need to be your sole focus as you write.
– Absolute/Comparative Advantage and Trade
o Intro and Ch. 12 – Why does the author claim that the idea that international
trade makes us collectively worse off is wrong?
– Demand, Supply, and Market Prices
o Intro and Ch. 1 – Why is allocating resources without a market/price system,
like with a centrally planned economy, “overwhelmingly difficult” in the long
run? How does the pursuit of maximum utility and/or profits lead to efficient
market outcomes? What is the role of market prices as signals?
– Efficiency and Deadweight Loss
o Intro, Ch. 2 pgs. 48-55 (2nd ed: 46-53), Ch. 4 pgs. 90-107 (2nd ed: 87-103) –
What is deadweight loss, and how does it interfere with the efficiency of our
market economy?
– Monopolistic Competition
o Intro, Ch. 1 pgs. 6-18 (2nd ed: 6-18), Ch. 5 pgs 122-126 (2nd ed: 117-121) –
What defines a competitive market? What do consumers and producers
maximize in this market?
– Monopoly and Antitrust Policy
o Intro and Ch. 4 – What defines a monopoly market? In what way is the
government a monopoly? What effects do monopolies have on the economy
and innovation?
– Price Discrimination
o Intro and Ch. 1 – What is the role of prices in markets? What are the benefits
of price discrimination and how does it work?
Note that we will learn the following topics later in the semester, close to when your paper
is due. They are included because many students find them to be the most interesting
topics. Feel free to choose them but know that you may need to read ahead a little to
complete your assignment.
– Externalities
o Intro, Ch. 3 – What is an externality? Why is it a problem and how can we
solve it?
– Environmental Economics and Policy
o Intro, Ch. 1 pgs. 6-13 (2nd ed: 6-12), Ch. 2 pgs. 35-41 (2nd ed: 34-39), Ch. 12
pgs. 297-301 (2nd ed: 289-293) – Why do markets struggle with environmental
issues, and how is this related to the environment as a luxury good? How can
we solve these issues?
– Public Goods
o Intro, Ch. 3 pgs. 72-82 (2nd ed: 69-79), Ch. 4 pgs. 83-87 (2nd ed: 80-84) – What
defines a public good? Can markets provide them?
– Asymmetric Information, Adverse Selection, and Lemons
o Intro and Ch. 5 – What are the consequences of asymmetric information in
markets? Can we fix this issue?
– Behavioral Economics
o Intro and Ch. 1 – What is behavioral economics? How do some of its issues
affect our economic models?
– Role of Government – Price Controls and Taxes
o Intro, Ch. 3 pgs 61-65 (2nd ed: 58-62), 70-82 (2nd ed: 67-79), Ch. 4 pgs. 97-107
(2nd ed: 94-103) – What is the significance of government’s role in solving
market failures, enforcing patents, providing market infrastructures, wealth redistribution, and economic productivity?
Double check – does your assignment include:
- Part 1?
- Part 2 with at least 2 Naked Economics examples?
- Part 3 with at least 2 personal and 1 current event examples?
- A works cited page?
Requirements:
Subject: Masters Economics
Book – https://kupdf.net/download/naked-economics-wheelan-charles_5af61037e2b6f5567e9aa761_pdf
hi I sent the pdf of the book
Please make sure there is no plagiarism, my teacher is extremely strict on that
This makes a big percentage of my grade, please give it everything.
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