[Get Answer ]-Economics Assignment 200 Words Each Part

Question Description

Part2 Dis.

Do some research on the country ofEthiopia and discuss:

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Who in the Ethiopian society has the mostdifficult time dealing with scarcity?

What do they need most?

Howcan their society provide for their wants and needs?

Whyare they so impoverished?

Whatcan their governments do to help, or hinder their country’s development?

 Could not Ethiopia become a world class producer and exporter of goods?How would Ethiopia compare with Japan? Japan is a country relatively POOR innatural resources, yet it is an economic world powerhouse. What are thedifferences between the two countries?

Part3 Dis.

There is much discussion in the pressabout several states moving to legalizing marijuana, either for only medicalpurposes, or more extremely, for recreational purposes. Looking only at theeconomic impact (not moral implications) of such changes in the laws, discusshow the existing system of supply and demand for illegal marijuana will bechanged with the new legalization.

What will happen to existing supplyavenues?

Will legalization significantly changedemand? How?

Would one expect prices to changesignificantly? How?

What would be the costs and benefits togovernments, both in changes in enforcement requirements and in potential taxrevenue?

Part4 Dis.

Pretend that you have just been surprised witha genuine e-mail that says you have just been selected by your favorite pizzadelivery company that every day for the next month you will receive yourfavorite pizza for lunch and another of that same favorite pizza for dinner,delivered to your home and ready to eat.

 Using the concept of diminishing marginal utility, discuss how excitedyou will be on the first day of your winning.

 What about your excitement on the 10th day?

 What about your excitement on the 30th day?

 Now, pretend that your favorite national brand gasoline company informsyou that you have won as much as you want free gasoline, as much as you want,from any of their gas stations, anywhere in the country every day for a year.

 Using the concept of diminishing marginal utility, discuss how excitedyou will be on the first day of your winning.

 What about your excitement on the 10th day?

 What about your excitement on the 30th day?

 Again, considering the concept of utility, what makes these twoscenarios different?

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