Economics Homework Help

Question 1(Does not need to be in APA format and doesnt need to be long)

Incorporate the concepts of game theory with international trade and tariffs. Set up two payoff matrices. Set up the first payoff matrix such that the outcome will be harmful to both countries. Set up the second payoff matrix such that the outcome will be beneficial to the United States. Evaluate the two matrices using current actions by each country to see which matrix is most likely correct. Discuss with your classmates whether or not the ensuing trade war will produce successful outcomes.

Question 2(Does not need to be in APA format and doesnt need to be long)

Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each factor. Finally, explain how the shifts in demand and supply are different from movements along the demand curve or movements along the supply curve and why the distinction is important.

Question 3 (Does not need to be in APA format and doesnt need to be long)

Explain the different types of price discrimination. Then identify a real-world example of price discrimination (preferably not one from the unit lesson), and explain which type of price discrimination it is. Next, using the good from your own chosen price discrimination as an example, illustrate how the good fits the criteria necessary for successful price discrimination. Finally, discuss how the price discrimination example leads to an increase in total benefit to society. Include in your discussion an evaluation of the effects on people paying the higher price and the effects on people paying the lower price.