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Explain why opportunity cost is the best forgone alternative and provide examples
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STUDENT NAME ID NUMBER DATE
AssignmentCover Sheet
COURSE NAME ECON 501
COURSE NUMBER Managerial Economics
INSTRUCTOR NAME Dr.MuhammadJumaaASSIGNMENT NAME Assignment ,Term 4
Explain why opportunity cost is the best forgone alternative and provide examples of some opportunity costs that you have faced today.
The term opportunity cost is the value of next best alternative available. This is the most preferred and desirable alternative number two to the chosen good or service. For instance, suppose one takes time traveling, one cannot spend the same time visiting friends, or doing another thing. Suppose the best alternative to traveling is visiting friends, then the opportunity cost in visiting friends is the time and money spent and other things the person would have enjoyed or obtained in visiting friends.
Explain what it means to choose at the margin and illustrate with three choices at the margin that you have made today.
The word margin means the additional resource. Among the examples include choosing whether eating one unit of chocolate.
Examples of choose of the margin
Eating extra unit of chocolate
Traveling or practicing one more hour
Watching TV for extra hour.
Apple Computer Inc. decides to make iTunes freely available in unlimited quantities.
How does Apple’s decision change the opportunity cost of a download?
The opportunity cost is lowered for iTunes. Opportunity cost is the cost forgone in choosing a good in alternative to another. When Apple avails free iTunes, customers will tend to go for them and download them free than buy the same tunes elsewhere. This means that more people will go for iTunes than alternatives.
Does Apple’s decision change the incentive that people face?
Availing free download will increase the incentives people have for iTunes. The free will encourages people to download them.
c.Is Apple’s decision an example of a microeconomic or a macroeconomic issue?
Apple’s decision is microeconomic issues. This is because it affects only individuals who have taste for iTunes. It does into affect the entire music industry.
Why does the PPFbow outward and what does that imply about the relationship between opportunity cost and the quantity produced?
Production possibility frontier (PPT) is the boundary that exists between combinations of services or goods that are purchasable and those that are not purchasable. To explain PPT further, we analyze two different goods taking quantities of other goods constant. This means all other factors are kept constant (ceteris paribus) with exception of the goods or services under consideration.
The following figure shows PPT of cola and pizza.
Any point on the curve for instance D and any point inside the curve for example Z can be achieved. Any point outside the curve cannot be achieved.
Use the following information to answer questions 5 to 7.
Brazil produces ethanol from sugar, and the land used to grow sugar can be used to grow food crops. Suppose that Brazil’s production possibilities for ethanol and food crops are as in the table.
Ethanol(barrels per day) Food crops(tons per day)
70 and 0
64 and 1
54 and 2
40 and 3
22 and 4
0 and 5
Draw a graph of Brazil’s PPFand explain how your graph illustrates scarcity.
From the graph the sections inside the line is achievable while points outside the graph are not achievable.
If Brazil produces 40 barrels of ethanol a day, how much food must it produce to achieve production efficiency?
Suppose it achieves 40barrels per day, three tons must be produced per day.
c.Why does Brazil face a tradeoff on its PPF?
Tradeoff is a condition which entails loosing a good to again another good. Normally, when one product decreases, the other increases.
6.a. If Brazil increases its production of ethanol from 40 barrels per day to 54 barrels per day, what is the opportunity cost of the additional ethanol?
Suppose Brazil increases from 40 barrels to 54 barrels, the opportunity cost would be 54-40 coming to 14 barrels lost or forgone.
If Brazil increases its production of food crops from 2 tons per day to 3 tons per day, what is the opportunity cost of the additional food?
Suppose Brazil increases its production of food crops from 2 tones to 3 tons daily, the opportunity cost would be 1 ton per day.
What is the relationship between your answers to parts (a) and (b)?
The opportunity forgone is the difference between the obtained ad the lost.
7. Does Brazil face an increasing opportunity cost of ethanol? What feature of Brazil’s PPF illustrates increasing opportunity cost?
Brazil faces a decreasing opportunity cost of ethanol. Ethanol reduces as demand for barrels increase and vice versa.
How Effective are Drunk Driving Advertisements
How Effective are Drunk Driving Advertisements
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How Effective are Drunk Driving Advertisements
AgrawalMember, N. (n.d.). Do Anti-Drinking Ads Work? Retrieved from https://insight.kellogg.northwestern.edu/article/do_anti-drinking_ads_work.
This article looks at the effectiveness of the “Don’t drink and drive” ads. The aim of these ads is to often raise awareness with the hope of stopping people from drinking while under the influence. The article incorporates research by Nidhi Agrawal that was done which suggested that the advertisement did so little in curbing the behavior. In conducting the research, two aspects of emotions were taken into account which involved self-perception: shame as well as guilt. The focus was to look at the incidental shame and guilt that the speaker may be feeling and induced guilt which is resulted from the public announcement. The shame is as a result of how community often looks at someone with a drinking problem. Often the drinking ads play on shame as well as guilt as no one would like to get arrested for drinking under the influence. Taking emotions into account therefore, caution need to be taken while airing the ads a viewer who is already inclined to feel ashamed by the ad may not be totally receptive towards it.
This Article will be important in writing of my research paper as it will provide a link on how don’t drink and drives ads often seem to cause shame and guilt thus people become less receptive. The paper will highlight how technique used in relaying the message is of importance in order to ensure that people get to relate to it.
Cismaru, M., Lavack, A. M., & Markewich, E. (2009). Social marketing campaigns aimed at preventing drunk driving: A review and recommendations. International Marketing Review, 26(3), 292-311.
The author highlights how effective campaigns aimed at anti-drunk driving can be through the use of protection motivation theory. This theory proposes that an individual need to protect themselves based on four key factors: perceived probability of occurrence, perceived self-efficacy, perceived severity of the threatening event and lastly the efficacy of recommended preventive behavior. In conducting the research, various English ds from different countries were reviewed. The review was important in highlighting key messages in the advertisement, their target audience, components of the campaign as well as the funding of the campaign. The author points out that running the advertisement based on the PMT was more likely to be successful as compared to invoking fear and anxiety in people. Social marketing is an effective tool in increasing public knowledge about an issue and if a campaign is well run then it is more likely to bear results. It is important for the people to understand the dangers that come with drunk driving and the best measures that one can take in ensuring that they stay safe. Target population should not be made to feel as if they are being stigmatized but rather the campaign need to show love and genuine concern for the population
I picked this article because it is a conglomeration of per reviewed works by other scholars on the importance of social marketing in carrying out campaigns that prevent drinking and driving. This paper will be important in introducing better ways of running campaigns using protection motivation theory. This paper provides a different perspective to the issue on how drunk driving campaigns can be run thus ensuring that my paper will not only focus on one way of thinking.
Elder, R. W., Shults, R. A., Sleet, D. A., Nichols, J. L., Thompson, R. S., Rajab, W., & Task Force on Community Preventive Services. (2004). Effectiveness of mass media campaigns for reducing drinking and driving and alcohol-involved crashes: a systematic review. American journal of preventive medicine, 27(1), 57-65.
This research paper highlights the importance of the mass media campaigns on alcohol impaired driving. The paper highlights ways in which content delivery of the message can be done in order to ensure that the message gets to the target audience. The author points out that in carrying out the campaign, the ad should have important message which includes the consequences of being arrested, fear to harm caused on themselves or others through accidents. With this information delivered in a friendly way, then it would be m0oreeffective. If an advertisement appears as if it is causing stigmatization of the drinkers, then they are less likely to have an impact. The author points out that the don’t drink and drive ads are “fear based” campaigns and induce some form of anxiety. This anxiety which is seen as a desirable motivator may be good, however, authors have often pointed out need for caution while generating anxiety as putting too much emphasis on severity of problem may lead some people to ignoring message of the campaign. The author highlights that when doing a fear based campaign then the message needs to be accompanied by portraying ways in which a person may protect themselves.
This research paper will help e in writing how campaigners will be able to deliver a successful don’t drink and drive campaign. The research will also be a key reference point on why often most “don’t drink and drive” campaigns do not usually have a huge impact on passing the message home. By having an understanding as to why most often the message is not as effective, then I will be able to highlight in my paper ways in which the message can be made effective.
Murry, J. P., Stam, A., & Lastovicka, J. L. (2013). Evaluating an anti-drinking and driving advertising campaign with a sample survey and time series intervention analysis. Journal of the American Statistical Association, 88(421), 50-56.
This research paper looks at how effective anti-drinking and driving campaigns have been. The paper highlights that although most of these ads have important messages, often their method of delivery results in people being less receptive towards the advertisement. Most of these ads are often driven in bid to invoke fear in people. While running the ad most campaigners believe that by invoking fear in people then they are most likely to pass the message. The author also highlights how most anti-drunk driving campaigns use the appeal of fear, shame and guilt in passing their message which often ends up being less effective. However, the author points out that campaign need to have meaningful message and aside from the consequences of drunk driving, the advertisement needs to also capture a way one can be able to protect themselves. The paper has three main chapters the first on how to important it is to run anti-drinks drive campaign and how to ensure the message is received well. The second chapter looks at the behavior that is often displayed by drunk drivers and last chapter looks at the impact ant-drink campaigns have had in the past.
This paper will serve as a key material in looking at the anti-drink drive campaign from the driver’s perspective. This paper will be important in understanding why often people drink and drive despite having an understanding on how dangerous it is to drink and drive. The paper also will be a key reference point in establishing why female drivers are often more receptive to the message of drunk driving as compared to their male counterparts.
Tay, R. (2005). Mass media campaigns reduce the incidence of drinking and driving. Evidence-Based Healthcare and Public Health, 9(1), 26-29.
This was a research that was conducted to try and establish if mass media campaigns were an effective tool in passing “don’t drink and drive” message. According to the research there was evidence on decline of crashes from drunk driving an indication that the message had been well perceived. According to the research, there was minimal difference on the type of the messages from those that put emphasis on the health, social or legal consequences that drunk driving had. The research also established that mass media reduced crashes resulting in large savings which include the medical cost that would have been incurred if the accident had happened, prevention of damage of property as well as increased productivity by putting across the message on the need to practice responsible drinking. The paper puts across some example to prove such as Victoria campaign that did cost $4003,174 per month but the savings was $8,234,532 per month.
This paper will help me in writing my research and will be a key referencing point in proving the importance of running mass media campaigns on drunk driving. T6he paper incorporates studies that bring forth the new theoretical brides, thus helping in understanding ways one may run a campaign on anti-drinking and driving effectively. Unlike other articles I have chosen, this research paper makes appoint on savings that can be made by running the advertisement. This will help me look at my research question at all angles broadening my approach to include other perspectives.
Yadav, R. P., & Kobayashi, M. (2015). A systematic review: effectiveness of mass media campaigns for reducing alcohol-impaired driving and alcohol-related crashes. BMC public health, 15(1), 857.
This was a research that was done in the various anti-drinking and driving campaign and the data compiled to establish how effective the campaigns have been. The research looked at campaigns that had been published between January 1st and December 31st 2013. According to the research, there was an impact of the advertisement as more people seemed to be receptive towards the advertisement. The advertisement was able to reach the intended audience with many acquiring the intended information including harm that could arise from one drinking and driving as well as the possibility of suffering arrest from the law enforcers. Most advertisements that were well perceived were advertisements that offered solution for example how one can get a taxi after a night out. The research indicated that the campaigns that tapped into the fear to a certain extent were completely effective.
This paper will serve as a key referencing point in proving that although at times the advertisement may not be so effective, campaigns are a great way of educating the public on the need to avoid drinking and driving. This paper proves that the way a media campaign is conducted will prove if people get the message or ignore it. The paper will help me highlight how mass media campaigns have been a great tool in passing the anti-drinking and driving message.
List of References
AgrawalMember, N. (n.d.). Do Anti-Drinking Ads Work? Retrieved from https://insight.kellogg.northwestern.edu/article/do_anti-drinking_ads_workCismaru, M., Lavack, A. M., & Markewich, E. (2009). Social marketing campaigns aimed at preventing drunk driving: A review and recommendations. International Marketing Review, 26(3), 292-311.
Elder, R. W., Shults, R. A., Sleet, D. A., Nichols, J. L., Thompson, R. S., Rajab, W., & Task Force on Community Preventive Services. (2004). Effectiveness of mass media campaigns for reducing drinking and driving and alcohol-involved crashes: a systematic review. American journal of preventive medicine, 27(1), 57-65.
Murry, J. P., Stam, A., & Lastovicka, J. L. (2013). Evaluating an anti-drinking and driving advertising campaign with a sample survey and time series intervention analysis. Journal of the American Statistical Association, 88(421), 50-56.
Tay, R. (2005). Mass media campaigns reduce the incidence of drinking and driving. Evidence-Based Healthcare and Public Health, 9(1), 26-29.
Yadav, R. P., & Kobayashi, M. (2015). A systematic review: effectiveness of mass media campaigns for reducing alcohol-impaired driving and alcohol-related crashes. BMC public health, 15(1), 857.
How does the political environment influence the aligned initiative for environmental issues in relation to urban populations
How does the political environment influence the aligned initiative for environmental issues in relation to urban populations?
It should come as no surprise that the political atmosphere may have a significant impact not just on individual enterprises but also on the community as a whole. Governments play an important role in achieving development goals and targets by, among other things, establishing and enforcing quality regulatory frameworks and standards; controlling pollutant discharge into the environment; managing, recycling, and reusing wastewater; and controlling pollutant release into the atmosphere (Signal et al., 2013). These issues, which are under the mandate of local and federal institutions, in turn determine how well environmental issues are tackled at both the national and local setting.
There is a link between a country’s political atmosphere and its economic situation. The efficiency of actions taken to ameliorate environmental concerns caused by urban pollution is influenced by the status of the economy. For example, Anderson and Mossialos (2019) found that depending on who controls the government of a country, the policies of that country may alter somewhat from one administration to the next. As a result, issues such as taxes and the amount of money spent by the government have an impact on the economy. There is a chance that a rise in overall government spending may enhance the economy, in addition to providing more funds for environmental initiatives. In this case, the political environment influences the extent to which policies can successfully serve the people who are supposed to benefit from them.
It is likely that the present administration’s policies and actions will have an impact on the political environment at any level of government, from the national to the local. Another way that the political climate affects attempts to address environmental problems such as pollution is the technique by which governments update their laws and regulations in reaction to changes in the political climate. This, in turn, may influence how other governments or non-governmental organizations frame their policy objectives. It is probable that changes to the legislation governing the disposal of plastics and other garbage will have an impact on how pollution issues are addressed across the nation, not only in cities.
Another aspect that influences the political climate’s impact on the condition of health and environmental challenges in cities is the degree of political stability. A country’s economy suffers when its government is unable to carry out its responsibilities properly (Saunders et al., 2020). Policy disagreements are typical experienced in New Zealand whenever there is a change pr a transition period in administration. This time frame may have an impact on the level of success attained in implementing environmental programs.
In summary, the role of governments in passing legislation opens the door to alternative avenues through which the political climate might impact attempts to address environmental challenges, such as pollution. Governments pass legislation, which has an influence on how health and environmental organizations engage with the general public. Laws, in addition to changing people’s perceptions of ecological consciousness in general and the environment in particular, impose their will on the social and cultural surroundings in which they function. For example, if New Zealand prohibited the use of plastic packaging, more individuals would get active in environmental concerns, making it much simpler to put legislation in place.
References
Anderson, M., & Mossialos, E. (2019). Beyond gross domestic product for New Zealand’s wellbeing budget. The Lancet Public Health, 4(7), e320-e321.
Saunders, W. S., Kelly, S., Paisley, S., & Clarke, L. B. (2020). Progress toward implementing the Sendai framework, the Paris agreement, and the sustainable development goals: Policy from Aotearoa New Zealand. International Journal of Disaster Risk Science, 11(2), 190-205.
Signal, L. N., Walton, M. D., Ni Mhurchu, C., Maddison, R., Bowers, S. G., Carter, K. N., … & Pearce, J. (2013). Tackling ‘wicked’health promotion problems: a New Zealand case study. Health promotion international, 28(1), 84-94.