Paper Assignment Instructions Research on Consumer Demand [10 points]
Tasks:
Read the following paper:

Hausman, J.A. (1996). Valuation of New Goods under Perfect and Imperfect Competition. In T.F. Bresnahan & R.J. Gordon (Eds.), The Economics of New Goods, (1st ed., pp. 207-248). Chicago, IL: University of Chicago Press.

Write Essay
And write an essay that addresses the following,

Apply and describe the standard Utility Maximization Problem (UMP) to the market for breakfast cereals.  Identify the goal, endogenous (i.e. choice) variables, exogenous variables and the economically important solutions to the model. 
Summarize Hausman’s utility maximization process that gives the demand functions discussed in the paper (in section 5.3 of the paper).  How is this approach similar to the standard UMP?  How is it different from the standard UMP?
Summarize Hausman’s reasons as to why demand estimation is important.  What application is Hausman investigating and how will estimating demand help provide the answer? 
Summarize Hausman’s findings (in section 5.4 of the paper)
Additional Information:
The essay should have the following format,

1 page minimum (at least 250 words), 4 page maximum in length.  This excludes any bibliography and/or appendices.
Your writing should be from an economic perspective, not a political perspective. 
Please write your paper as an essay (i.e. do not number your paragraphs 1, 2, 3 and so on), have a title, put your name and date on the paper and indent paragraphs.
Follow APA style guidelines for all references and citations.
Microsoft Word Document (.docx or .doc), 12 point Times New Roman font, 1.5 line spacing and 1 inch margins.
Use the following file name: <your initials Demand Report.doc> or <your initials Demand Report.docx>

https://www.nber.org/chapters/c6068

PA1: Consumer Demand Rubric
PA1: Consumer Demand Rubric
Criteria    Ratings    Pts
This criterion is linked to a Learning OutcomeAnswers & Summary
Relevant answers to the reading and the task questions are easily identified and appropriately addressed. The paper concisely and accurately summarizes the reading without being vague.
4.0 pts
Full Marks
0.0 pts
No Marks
4.0 pts
This criterion is linked to a Learning OutcomeTheory
Economic theory is correctly discussed. Relevant answers to the theory-relevant task questions are easily identified and appropriately addressed.
4.0 pts
Full Marks
0.0 pts
No Marks
4.0 pts
This criterion is linked to a Learning OutcomeQuality & Timeliness
Paper is well-written (few typos, grammar mistakes) and submitted on time.
2.0 pts
Full Marks
0.0 pts
No Marks
2.0 pts
Total Points: 10.0

The current revenue of Barneys Broilers- a fast-food chain- is $750,000. To qualify for a loan to expand the operation, Barneys Broilerss revenue would need to be $50,000 higher. In developing a strategy to generate the additional revenue, the data on price (in cents) and quantity is collected. The data is contained in the file called Q18.xls available online at MyCourses. Use these data and log-linear demand specification to obtain the estimate of the demand for broiled chicken. Write an equation that summarizes the demand, and then determine the percentage price increase or decrease that is needed to boost revenue by $50,000.

please find the attached and answer the questions, essay shall be written as follow:
* Introduction
* explaining the consumption function and the effect of households income on consumption.
* highlight the steps taken by the federal government to stabilize the economy
* highlighted the concept of QE
* discussed the impact QE has on international economies with reference to the case of U.S. and China
* impact of QA on the countries reserves of foreign currencies
* the value of these reserves in the context of FOREX market model
* covered all the concepts of each question, and provided a detailed explanation of foreign exchange rate, fiscal and monetary policies and economic stability in a countrys economy
* Overall organization, appearance of answers, and the use of graphs in support of answers
* Conclusion

Guidelines for Book Review:

A full book review may concern only one book. Its length is about 1500-2000 words. It should give readers an engaging, informative, and critical discussion of the work. The review should follow the Guidelines below.

The review should consider (please use as your outline):

    The intended audience for the book and who would find it useful
    The background of the author(s)
    The main ideas and major objectives of the book and how effectively these are accomplished
    The context or impetus for the book – – political controversy, implications of the book for research, policy, practice, or theory
    A comparison with other works on this subject
    Constructive comments about the strength and weaknesses of the book

The front page of your review should include:

    Your first and last name
    Your student id
    Author(s) or editor(s) first and last name(s) (please indicate if it is an edited book)
    Title of book
    Year of publication
    Place of publication
    Publisher
    Number of pages
    Price (please indicate paperback or hard cover) if available
    ISBN

Please find the attached and answer the questions, essay shall be as follow:
* Introduction
* Explain and defined all key terms using credible sources.
* Used the correct formulas for the calculations and arrived at the correct answer. * discussed the answers and explained them with the help of graphs
* Give a graft, label the axes properly and identify all the curves
* Covered all the concepts of each question, and provided a detailed explanation of consumption function, unemployment as an  economic problem and economic stability in a countrys economy
* Give a brief description of the changes and outcomes as indicated by the graft.
* Overall organization and appearance of answers.
* Conclusion 

please answer each question in 3 pages long and cite the sources in Apa format

1)  Using the Aggregate Production/Aggregate Expenditure model, show how Keynesian policy might be used to correct for a recessionary gap of 22,000 units assuming a marginal propensity to consume of .65.  What are the real-world hazards of undertaking this sort of policy? What would the neoclassical critique be of such a policy?  Use graphs and show your mathematical work.
2)  Compare and contrast the “pre-analytic visions” of Marx, Smith, Ricardo and Keynes.  How does each vision influence their final model and ultimately their policy recommendations?
3)    Discuss the evolution of Classical Economics into what we see today as Neo-Classical Economics (Friedman and Lucas).  Compare and contrast Smith, Ricardo,Friedman, and Lucas.  What is the role of rationality and exchange and expectations in each theory?
4)    Using an Aggregate Supply/Aggregate Demand model, illustrate the differences between Keynesian, Monetarist, and Neoclassical models with particular emphasis on the efficacy of macroeconomic policy.
5)    Is there a trade-off between unemployment and inflation in the Keynesian mindset?  What about for Lucas or Friedman?  Use graphs in each case.

Aggregate expenditure is the total amount of spending in the economy that determines the level of the GDP. Components of aggregate expenditure are autonomous expenditure, planned private investments, government expenditure, and net exports. When autonomous expenditure increases or decreases, it has a multiplied effect on the GDP.
Referring to the 10-year historical period that you chose for your final project, discuss an example of a change in autonomous spending. Research a government policy implemented during that time and discuss the multiplier effect it had on the economy.
I choose Decade 2000 to 2010
1. Identify a government policy that would have changed government spending during your time period. 
    This can be a fiscal policy – a change in tax rules or government spending rules that would have had a multiplier effect.
o    This can include changes to transfer payments, also known as social welfare programs.
    Identify the specific policy that changed spending, did spending increase or decrease?  By how much?
    One resource that I recommend is The Balance https://www.thebalance.com/  use the search feature to identify policies in your time period. The information is relatively easy to digest from this source.
2. Explain the multiplier process.  How did this initial change in government spending or taxation rule affect the economy through the multiplier process? For this, you will need to refer back to what the multiplier process is. 

Information: The aggregate demand and aggregate supply (AD/AS) model is based on the demand and supply model studied in Module One. The AD/AS model shifts the focus from the demand and supply of individual firms or industries to the aggregate demand and aggregate supply for all goods and services produced in a country.
Aggregate demand is total expenditure of a country in terms of consumption, government spending, investment, and net exports. Aggregate supply is all that is produced and, in the model, is distinguished by short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS).
The AD/AS model is fundamental to the study of macroeconomics, as it is used to study the conditions of our economy and also to forecast the effects of government policies.
The 20072009 recession is a primary example of how government policies were implemented to correct the economy by causing aggregate demand to shift back to full employment equilibrium. By passing the stimulus spending (American Recovery and Reinvestment Act), the government attempted to spur economic growth by boosting consumption and investments. A stimulus package would have the specific purpose of boosting aggregate demand in line with Keynesian economists who believe in government intervention to get the economy back in equilibrium (Coy, 2014).
The contrasting classical economists on the other hand have a laissez-faire approach. They believe that the economy should self-adjust with no external intervention, and it will eventually return to full employment equilibrium. The controversy between the two economic theories, both boasting distinguished economists and followers, continues to this day (Koehn, 2011)

Summarize the article, what the author is trying to convey.
Introduce, The main idea, what is the issue? The author point of view, his opinion. And Ended by providing your opinion. With some data/ hard information.
Remember to provide reference, minimum 3. Essay in APA Format/ Font 12 Times New Roman

Summarize the article, what the author is trying to convey.
Introduce, The main idea, what is the issue? The author point of view, his opinion. And Ended by providing your opinion. With some data/ hard information.
Remember to provide reference, minimum 3.
Essay in APA Format/ Font 12 Times New Roman