Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
Introduction to Economics Research Paper
Assignment:
Is a cocaine seller likely to use a high or a low discount rate in deciding on the subjective cost of possible imprisonment? Why is the threat of imprisonment more effective in deterring some people than others?
Have you ever wondered why otherwise identical books usually sell for so much more in hardcover than in softcover editions? Surely it doesn’t cost that much more to attach a hard cover when it’s all being done on an assembly-line basis!
This question tries to construct a plausible explanation, and to give you practice in working with the concepts of marginal cost and marginal revenue. Some potential purchasers of a new book will be eager to obtain it as soon as it’s published and will be willing to pay a high price to do so.
Those who want to give the book as a present may be willing to pay a high price to demonstrate their generosity, and may appreciate having a hard cover on the book as a sign of its quality. Still other potential purchasers libraries are the clearest example want hardcover books because they stand up better to heavy use; these purchasers are willing to pay a substantially higher price for a book to avoid the considerable expense of having to bind it themselves between hard covers.
Libraries also will want to purchase a popular book right after it has been published in order to satisfy their eager patrons. There are also many potential purchasers, however, who want to read the book, would be willing to buy a copy if the price isn’t too high, and who don’t very much care whether it is in hard-cover or soft.
The demand curve on the left-hand graph in Figure 8–7 portrays the kind of demand for the book that might emerge in such circumstances. The top segment of the demand curve is created by those willing to pay a premium to obtain the book quickly, or to get it between hard covers.
Once the price falls below $20, “general readers” also become willing to purchase a copy. (The demand curve would not have such a sharp kink, but straight lines are easier to work with than curves.) Assume throughout that the marginal cost to the publisher of printing and shipping one more book is $4.
To calculate the prices to set for each edition, you must first separate the two demand curves. Cut the lower section of the demand curve from the upper section and drag it to the left so that it begins at the price axis; it will then show the quantity of softcover books that will be demanded at various prices when the paperback edition is published.
This has been done for you on the right-hand graph in Figure 8–7. Draw the marginal-revenue curve for each demand curve, find out where marginal revenue crosses marginal cost in each market, and set the appropriate prices.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Introduction to Economics Research Paper |
Introduction to Economics Research Paper