Across the United States, government officials have threatened to prosecute sellers they deem to be taking advantage of, i.e., price gouging, consumers who are preparing to be quarantined as a result of the COVID-19 pandemic.

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Across the United States, government officials have threatened to prosecute sellers they deem to be taking advantage of, i.e., price gouging, consumers who are preparing to be quarantined as a result of the COVID-19 pandemic.
1. Is it true that sellers are taking advantage of consumers by charging higher prices?
(Hint: if sellers are responsible for the currently higher prices, why dont they charge higher prices during normal times?)
2. Will preventing price increases lower the cost of acquiring the goods, whose prices are prevented by law from rising?
3. What other forms of competition do you think will become relevant if prices are kept below their market-clearing levels?
4. Compare and contrast the effects of non-monetary and monetary competition on consumer and producer surplus.
(Hint: how do different forms of competition affect the gains from trade?)
5. Finally, assume that due to quarantining, the supply of goods is fixed, i.e., price has no effect on the quantity available. In this case, does letting the price increase serve a useful function?

Instructions: Write a 500 to 750 word, double-spaced essay that addresses these questions. Your analysis must be solely scientific in nature; Im not interested in your opinion about whether sellers charging higher prices is ethical or whether you support price-gouging laws. Indeed, if your essay includes this sort of commentary, you will not receive full credit. Your analysis must also make use of the economic principles we discussed in class. Everything you need to know to answer these questions can be found in the chapters we covered from either Mankiws Principles of Microeconomics or McGuigans Managerial Economics. Please do not feel compelled to use complex terminology or jargon. Graphs are also unnecessary, although I do encourage you to use a diagram to help you structure your analysis when you first get started. Examples of recent issues to from business publications (The Wall Street Journal, Bloomberg, etc.) may be useful to your analysis. Those sources should be property attributed either in the text or as a bibliography. Imagine yourself talking to a relative, who had never had a course in economics. The best papers are those that would be clearly intelligible to such a person.

Additional Details: To receive full credit, you should begin working on this essay immediately. The key to writing a good essay is rewriting, rewriting, and rewriting again, which can take a long time. In addition to the quality of your arguments, I will be evaluating your paper on style, grammar, spelling, etc. In other words, if you wait until the last minute to complete the assignment, its unlikely that youll receive full credit. Im happy to provide feedback on earlier drafts, so please do not hesitate to send me your work well before the due date in order to guarantee that you have time to incorporate my comments.

Becoming by MICHELLE OBAMA

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Biography Assignment-Written +

a.    Each student is required to select a book on the biography of a leader and prepare a written biography in accordance with attached guidelines. The biography should be approximately 7-10 double-spaced pages. The biography should adhere to APA guidelines.

I found this website with summaries of each chapter for Becoming:https://www.studypool.com/studyGuides/Becoming/Chapter_Summaries/Chapter_1

And here are some quotes from the book::

https://www.goodreads.com/work/quotes/60334006-becoming?page=4

I have attached the Rubric and the summaries link of the book becoming

Sustainability Challenge

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Reduce your personal (or household) water footprint.
First, take one day to track how much water you use on a regular basis. Track the number of minutes you

have the sinks on, how many times you flush the toilet, how many loads of laundry you run. In addition to

thinking about your direct water usage, think about indirect usage, such as how much water is used to

grow the food you consume or to generate your electricity. Here is a useful water footprint calculator
(https://www.watercalculator.org/wfc2/q/household/) that I recommend using as part of this exercise. Do

some research and think about how much water you regularly use over the course of a week.
Then, spend two weeks trying to reduce that water consumption. See how much you can cut it down. In

the final discussion post (Week 10), you can reflect on what strategies you used and what was the most

effective.
Were you surprised by how much water you used, and have you thought much about indirect water

usage?
Where you live, is water shortage a concern? Why or why not, and how should we think about the uneven
distribution of water access globally?

Sample Solution

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Chapter 12 & 13 Questions

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Problem Scenario 1: write out 7 steps for all hypothesis tests

The following is a problem description. Use the mean & variance provided to answer the questions which follow, showing all calculations BY HAND. For all hypothesis tests, you MUST show all 7 steps we have been using and use the CRITICAL VALUE METHOD to make your decision.  Treat each question as a separate problem — we use the same data set but are answering different research questions.

Fitness Training
There are different approaches to fitness training. To judge which one of two approaches is better, 200 twenty-five-year-old men are randomly selected to participate in an experiment. For four weeks, 100 men are trained by Approach 1 while the other 100 men are trained by Approach 2.  The improvement in fitness was measured for each man and the statistics shown below were computed. The measurements are known to be normally distributed.

NOTE: use ONLY the Critical Value method for hypothesis tests. If you include both rules in step 4 or include both in your decision step, I will have to conclude that you do not yet understand them.

Approach 1      Approach 2
x _1=27.3      x _2=33.6
s_1^2=47.614      s_2^2=28.09

Answer the following four questions:

a) Estimate with 95% confidence the mean fitness improvement with Approach 2. Interpret the interval.

b) Do these results allow us to conclude at the 10% significance level that Approach 2 is superior to Approach 1 in improving fitness?

c) Scientists are interested in determining which of the two approaches results in more consistent fitness improvement. Do these results allow us to conclude at the 5% significance level that Approach 2 results in a more consistent improvement in fitness than approach 1?

d) Estimate with 99% confidence the variance of the fitness improvement with Approach 1. Interpret the interval.

Problem Scenario 2:

The following is a problem description. For all hypothesis tests, you MUST show all 7 steps we have been using and use the P-VALUE METHOD to make your decision.  For confidence intervals, there are not specific steps, but there is a specific Excel tool for each interval. Treat each question as a separate problem — we use the same data set but are answering different research questions.

Many parts of cars are mechanically tested to be certain that they do not fail prematurely. In an experiment to determine which one of two types of metal alloy produces superior door hinges, 40 of each type were tested until they failed. To evaluate how long hinges made with the different alloys would last, the number of openings and closings was observed and recorded (to the closest 0.1 million). Car manufacturers consider any hinge that does not survive 1 million openings and closings to be a failure., A statistician has determined that the number of openings and closings is normally distributed.

NOTE: use ONLY the P-value method for hypothesis tests. If you include both rules in step 4 or include both in your decision step, I will have to conclude that you do not yet understand the p-value rule.

The data is shown below, and the file is provided in canvas.

Number of Openings and Closings
    Alloy 1                                  Alloy 2
1.5    1.5    0.9    1.3        1.4    0.9    1.3    0.8
1.8    1.6    1.3    1.5            1.3    1.3    0.9    1.4
1.6    1.2    1.2    1.8            0.7    1.2    1.1    0.9
1.3    0.9    1.5    1.6            1.2    0.8    1.2    1.1
1.2    1.3    1.4    1.4            0.8    0.7    1.1    1.4
1.1    1.5    1.1    1.5            1.1    1.4    0.8    0.8
1.3    0.8    0.8    1.1            1.3    1.1    1.5    0.9
1.1    1.6    1.6    1.3            1.4    1.2    1.3    1.6
0.9    1.4    1.7    0.9            0.6    0.9    1.8    1.4
1.1    1.3    1.9    1.3            1.5    0.8    1.6    1.3

Answer the following four questions: write out 7 steps for all hypothesis tests

a) Can we conclude at the 5% significance level that the mean number of door openings and closings with hinges made from Alloy 1 is greater than 1.25 million?

b.) Can we conclude at the 10% significance level that the variance of the number of openings and closings for the hinges made from Alloy 2 is less than 0.065.

c.) Estimate with 90% confidence the difference in the number of openings and closings between hinges made with Alloy1 and hinges made with Alloy 2. Interpret the interval.

d.) The quality control manager is not only concerned about the openings and closings of the hinges but is also concerned about the proportion of hinges that fail. Can we infer at the 10% significance level that the proportion of hinges made with Alloy 2 that fail exceeds 18%?