Premium Essay

Econ 545

In: Business and Management

Submitted By shivikasharma
Words 1681
Pages 7
ECON 545

BUSINESS ECONOMICS

PAPER PROJECT ONE

INTRODUCTION

The career choice made by an individual today is basically for the entire journey of life. This paper will be basically based on situation A, where Jenny needs advice in making decision for her career as to be a doctor. The focus of this paper will be demand and supply of physicians in US market and it will elaborate on determinants of demand and supply of physicians with recent data analysis, price elasticity of demand and supply, construction of demand and supply graph using the recent data. Thus, based on the analysis the recommendations will be identified in regards to market of physicians in US economy.

DEMAND FOR PHYSICIANS
According to NBC news dated November 4th 2013, 6.27pm ET, stated that “demand for doctors will increase by 2025”. The reason for this change in demand for doctors is due to the determinants of demand. The determinants of demand are the factors that lead to changes in the demand for the doctors in the economy. A) Determinants of Demand for Physicians
The factors that affect the demand for Physicians in the US market are as follows:

i) Price of Physicians
The fee charged by physicians determines the demand for them, as the fees increases the demand of physicians will decline. As it is noted in US economy there are high volume of medical insurance policies which help individuals to cover their medical expenses which leads to increment in the demand for physicians

ii) Medical and insurance facilities
According to NY Times dated, November 2014, the cost of coverage under affordable care act increased, therefore it will affect the demand for physician, and this will decline as people will end up paying more compared to what they use to do.

iii) Resources and technology available
The rate of resources and technology advancement keeps on changing.…...

Similar Documents

Premium Essay

Econ 545

...Week 6- You Decide Assignment In order to come out of recession, the policy makers should follow the right mix of policies. These policies include both the fiscal policy and monetary policy and also the supply side policies. An economy should take care of all the issues such as recession, rising budget deficit, rising inflation. According to economic consultant 1, interest rates should be lowered so that investment increases and hence reduction in unemployment takes place. He is quite right in his policy recommendation but decrease in interest rates implies increase in money supply. Increase in money supply in the economy leads to increase in inflation level. So, economy can come out of recession at the cost of increasing inflation. I somehow disagree with advisor 2. Although it is very necessary to reduce fiscal deficit by increasing taxes and reducing government expenditure, contractionary fiscal policy alone can lead to increase in unemployment. Hence the ongoing recession is intensified. The 3rd consultant is also not correct in his approach. According to him, Fed should sell bonds in market and raise the bank reserve requirement. This according to him will increase the money supply, but the reality is that all this will reduce money supply in the economy and hence it will increase unemployment. Now coming to consultant 4 recommendations, both expansionary fiscal and monetary policy will certainly reduce unemployment. I like her suggestions and do......

Words: 298 - Pages: 2

Premium Essay

Econ 545 - Project 2

...ECON 545: Course Project- Part #1 Instructor: Vernon Hobbs Date: Student: Exercise #1: Everyone’s Gasoline Problem. We are familiar with fluctuating prices of gasoline at the pump. Why does this happen? Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors outline in our book. Be sure to cite any references used. Answer: Below is the supply and demand curve that we review when observing gasoline prices going up in the field. Basically under normal conditions we see the equilibrium price being where supply intersects demand at EQ and EP. However, as we experience issues where manufacturers end up not supplying as much fuel as before we see supply shift to the left and this is seen in the supply graph S2. We also see equilibrium price move up because of this from EP to EP1. An example of such an incident occurred during the Katrina Hurricane back in August 2005. The hurricane damaged the 30 oil platforms and the closure of nine refineries. This reduction of oil production reduced the amount of supply of gasoline for the nation. Thus rising the price of gas nationwide. Exercise 2: Chapter 3 Question 14. Assume initially that the demand and supply for premium coffees (one-pound bags) are in equilibrium. Now assume Starbucks introduces the world to premium blends, and so demand rises substantially. Describe what will happen in this market as it moves to a new......

Words: 669 - Pages: 3

Premium Essay

Project 1 Econ 545

...BUSINESS ECONOMICS 545-PROJECT 1-MICROECONOMIC ANALYSIS KELLER GRADUATE SCHOOL OF MANAGEMENT Comments from Professor: Need more content next time. no Elasticity calculation, No profit maximization, minimal on determinants Abstract Cindy wants to invest in a new business that involves the installation of solar panels. In order to make an informed decision on this business venture, she will need to review potential profit/loss in the solar panel industry by considering future prospects for this type of business. Cindy also needs to decide whether she will invest her own funds or borrow the money to start the business. The imminent growth of the solar photovoltaic (PV) industry is almost certain. When observing the rising costs of coal and natural gas prices, the decrease of PV system costs, and the government support of solar technology, the PV market looks to have a significant increase in volume over the next few years. According to SolarBuzz, a website dedicated to Solar Power and Energy, The solar PV industry has reached a critical tipping point, with end-market demand hitting record levels almost every quarter. This growth is being driven by leading module suppliers and project developers that returned to profitability during 2013, and which have now established highly-effective global sales and marketing networks.” (NPD Group, Inc., 2013) The article also states that “demand in Q1’14 will also achieve record-breaking status, as the strongest first-quarter...

Words: 909 - Pages: 4

Premium Essay

Econ 545 Final

...Business Economics ECON 545 Professor Ermias Weldemicael Week 6 Macroeconomic Analysis Situation B William Samarin August 15, 2014 Situation B Introduction In situation B, Cindy wants to start her own business where she installs solar panels. She has based her choice on what she perceives as the economic benefit of the cost savings of solar, both for businesses and homeowners plus the positive environmental impact of using solar. She has also heard that both the state and Federal government is offering incentives and rebates for the installation of solar panels to aid in the purchase of a solar system. The macroeconomic impact of her business decision needs to look at the effect of the solar industry on the gross domestic product of the United States, unemployment in the field, the fiscal policy impact, business cycles in the industry, and monetary policy and interest rates as well the international trade impacts of solar installations. Without an understanding of these areas, starting a new solar installation business could be a risk. Gross Domestic Product and Solar Gross domestic product is the market value of the final commodities and services that are produced by any country during a specific time period. In most cases this is measured over a single year (Hubbard, 2012). The gross domestic product (GDP) impact of the solar energy industry is seen in the creation of jobs in the specialized production of solar panels, the installation of solar......

Words: 1681 - Pages: 7

Premium Essay

Econ 545: Business Economics Project Two: Microeconomic Analysis

...ECON 545: Business Economics Project Two: Microeconomic Analysis Situation B For Situation B, Cindy is looking at investing into the renewable energy industry. She is looking at one section of the industry to invest in, which is that of contracting the installation of solar panels. Cindy, has read, that families and businesses are saving money by going to solar for their power needed. Also, that there are government back regulation to make solar more assessable to people. For Cindy, she is looking pass the business opportunity for installing solar planes, but that this product can reduce pollution and help save the environment. GDP and Solar Energy In the United States and most nations in the world, energy is vital in keeping society stable and expanding. Energy provides the ability to aid in transportation, activities in daily living and employment. In the United States, $1.2 trillion dollars were spent on energy in 2013 or 8.3% of the GDP. That translates into an annual cost of 3,895 dollars per person was spend on energy consumption. With the great environmental impact seen by the production of energy, there was been more of a call, for renewable energy forms, as that of solar panels. The United States dose consumes 19% of the world’s energy supply and a 19% total of the world’s GPD. With the large needed for energy, companies are looking for new way to produce this produce that cost less and reduces the environmental impact. Renewable energy consumption is......

Words: 3274 - Pages: 14

Premium Essay

Project 1 Econ 545

...Project 1 | ECON 545 – Microeconomic Analysis | Submitted by: Adriana Sabou Email: ady_mierea@yahoo.comCourse: ECON 545Professor: Alex Gialanella | 9/20/2014 9/20/2014 Contents: Page Introduction ……………………………………………………………………………………………. | 2 | Overview ……………………………………………………………………………………………….. | 2 | Relevant Information ……………………………………………………………………………….. | 3 | Determinants of Demand, Supply …………………………………………………………………….. | 4 | Relevant Data ………………………………………………………………………………………….. | 7 | Recommendations……………………………………………………………………………………. | 9 | Economic Justification ……………………………………………………………………………….. | 9 | References …………………………………………………………………………………………….. | 11 | Introduction Overview Cousin Edgar needs to understand/decide if he should invest in buying two gas stations. He must consider the high costs of pursuing this idea on business and to try to recover his costs quickly. If the cost of gasoline is taken as a measuring rod then he needs to understand if he can earn enough to recover the costs of investing. Starting a gas station business can be one of the best decisions Cousin Edgar can make as an entrepreneur. He can either set up new gas stations or buy gas stations for sale. If he decides to buy one then he must have some knowledge about how to buy a gas station and if he is planning to set up new gas stations on his own then he is going to need to do some serious research as to how he can go from start to launch. He needs to consider doing lots......

Words: 2712 - Pages: 11

Premium Essay

Econ 545 Course Project

...Course Project – Part 1 By: Erik Gomez Econ545 11/7/13 Professor: LILIANA N. FARGO PH.D. Ejgomez4@gmail.com Everyone’s Gas Problem Gas prices fluctuate in the U.S. every year and the current national average is around $3.67 yet in Chicago the average gas price is $4.10 (press). What causes gasoline’s prices to fluctuate? And why are Chicago’s gas prices one of the highest in the nation? One of the culprits is supply and demand. OPEC (Oil Producing and Exporting Counties) governs 81 % of the world’s oil reserves and can easily influence the price of crude oil by either increasing or decreasing the production(OPEC). Since gasoline is relatively inelastic, consumer will still need to purchase it even at a higher price. Taxes also influence the ultimate price of gasoline as it tends to distort the price. Chicago’s taxes fluctuate between 70 to 90 cents per gallon in comparison to the rest of the state, which averages around 40 cents a gallon. The cause of higher taxes involves the city spending habits. For example, Millennium Park cost the taxpayers $270 million. World events, to my surprise, have a significant impact in the fluctuation of oil prices. War, national disasters, hurricanes and floods all play a factor in the ultimate price of gas. When BP had their rig explode in 2010 it created a ripple effect around the world causing and increase in demand from other sources driving up the price of crude oil effectively increasing gas prices. These events create a......

Words: 756 - Pages: 4

Premium Essay

Econ 545 - Business Economics Project 1

...BUSINESS PLAN: SOLAR PANELS INSTALLATION SITUATION B Report of Project 1 – Microeconomic Analysis Keller School of Management – DeVry University ECON 545 – BUSINESS ECONOMICS Prof. John Hinrichs January 28, 2015 1. Introduction This is a business report to evaluate the profitability and success of starting a contracting company for installing solar panels in 2015. The report was asked by Miss Cindy B. and it’s purpose is solely to provide Miss Cindy B. the most detailed and informed advice possible. In order to contextualize the type of business Miss Cindy B. wants to begin, the article “US boosts ‘game-changer’ solar technology in bid for global market share” – page 374 of the textbook – was studied and will be cited several times during this paper. Industry Overview The solar energy industry is growing in America, as can be seen by the increase in global demand for solar cells. The US Department of Energy is investing hard on the industry, offering over $12 billion dollars in loans to solar projects. A particular company called 1366 Technologies received a $150 million loan guarantee due to it’s new technology that promises to reduce drastically the costs of production of wafers for solar cells. Studies show that ‘1366’s machines simplify the traditional manufacturing process into one step, slashing costs by more than half. That’s important, since silicon wafers account for about 40 percent of the cost of today’s solar panels, and manufacturers...

Words: 3788 - Pages: 16

Premium Essay

Econ 545

...La’Kita Miñcy lmincy@my.keller.edu “Macroeconomics Analysis-Project 3” ECON 545 February 8, 2015 Professor: Dr.Melton “Macroeconomics Analysis-Project 2” Introduction Uncle Dan just as with your idea of wanting to create an organic farming market for your farm; this also is a situation is one that I am very familiar with as I am also a landlord here on my farm property #3. As you know grandma decide to lease out the farm properties on farm land #3.There are several issues that have to address before any cash crop can be planted on farm land organic or otherwise. First; as I mentioned in my e-mail to you about three weeks ago the same rules applies for this type of project since it is still farm property. Here in the State of Georgia as I am sure it is a regulation in the other 49 states to be considered a commercial or corporate farmer you must submit a request to your state’s Department of Agriculture. Next; you must be up-to-date with all of the local, state, and, federal land taxes to apply to all properties owned. Finally; you must count the cost; because as a land owner of any kind of property especially a landlord you are responsible for maintenance and upkeep of the property even though it is rented out to a tenant. Also; you or the tenant will have to` have some kind of Renter‘s Insurance in case of a natural disaster or a personal injury, just-in-case. GDP(Growth Rate) The Gross Domestic Product Growth Rate in my area is astounding; because we live a......

Words: 2067 - Pages: 9

Premium Essay

Econ 545

...Introduction “To Be on not to Be, that is the question,” a famous quote from Shakespeare poem Hamlet. My niece is interested in attending medical school and has solicited my professional opinion on whether it would be economical feasible for her to attend medical school and if so, the best location to practice medicine. There are many variables in determining the maximum benefit and/or advantages of medical school. Such variables could include but not limited to, gender, ethnicity, tuition, locations, schools, specialties, etc. This paper will touch on the advantages as well as some barriers which may countersuit some of the advantages to form a concise recommendation to my niece on whether becoming a physician is economically and socially a good profession in which she should pursue. Demand Determinants The demand determinants for this case will feature definition of the market and the availability of close substitutes. These two determinants were chosen because the market for medical school can pose many qu4estions, however, narrowing down the most compatible choice is essential in obtaining the value of becoming a physician. The article “Is Being a Doctor Worth it Financial? Not as much as you may Think,” will help us break down the demand determinant of availability of close substitutes. This article goes to analyze the author’s question on whether if it is worth becoming a physician. To determine the author’s answer, she compared the......

Words: 1929 - Pages: 8

Premium Essay

Econ 545

...ECON545: Project 1—Microeconomic Analysis Intro From a Microeconomic Analysis perspective this paper is designed to outline the current demand and supply associated with physicians in today’s economy and prospective future demand. Based on a microanalysis approach we will look at the current supply and demand for physicians, cost of production determinant, price elasticity of demand and the gains or losses from picking this profession. Demand Determinants Currently there are 691, 400 Physicians employed through the United States; however by 2022 the demand for the profession will increase by over 18% (numbers will vary based on origin of information) (Howard, 2013) (Occupational, n.d.) Current factors for the future demand of physicians include demographics and population needs. Aging and population growth are projected to account for 81% of the change in demand between 2010 and 2020. In the future the population will age and the number of people suffering from chronic diseases will increase. This will cause a demand for primary services (Projecting, 2013). A major part of the future demand of physicians is attributed to the Affordable Care Act, which will expand the number of citizens covered by insurance. The increase will also be attributed to the increase in preventative services and primary care these individuals will be able to receive. Technological and medical advances will also affect demand due to improving survival from illnesses and chronic......

Words: 859 - Pages: 4

Premium Essay

Econ 545 - Project 1

...Deandra Romanoff ECON 545 May 25th, 2014 It is indeed very lucrative for potential owners to purchase gas stations in our current economic condition where gas prices are at sky high, especially in places where public transportation is scarce. On average, the whole United States have faced an increased in gas prices nearly 5 cents from March 21st, 2014 to April 4th, 2014 (Reuters, 2014). According to Reuters, Lundberg survey has shown that this increase in gas prices was caused by an increase in demand. In fact, the United States has been experiencing gas prices increasing since early February this year after gas prices saw a price fall in late 2013 (Reuters, 2014). Despite of the fact that gas prices and demand for gas is high, it makes sense for cousin Edgar to spend his money on purchasing gas stations because the facts suggest that he could gain a lot of profits by operating gas stations. However, there are other various factors that cousin Edgar must take into consideration before spending his money, such as the gas demand and supply, the price elasticity of both, the cost of gas production, as well as the future challenges that awaits him in the future. One thing that Edgar must know about what can affects demand is the availability of substitute product, which in this case the substitute product for gas would be the use of public transportation. In places where there is a good public transportation system like in San Francisco, the demand for gas could be more......

Words: 3096 - Pages: 13

Premium Essay

Devry Econ 545 Final Exam-2015

...Devry Econ 545 Final Exam-2015 IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-Econ-545-Final-Exam-2015-04040444320.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Question 1.1.(TCOs A and D) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (30 points) (Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected on the Widget Market, you know that market demand has recently decreased and market supply has recently increased. Name two shift factors and determinants that could have caused the market demand to decrease and two shift factors and determinants that could have caused the market supply to increase. Also as manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? (15 points) Remember that supply and demand are about the market supply and market demand, which is much bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. You want to identify the possible change in market equilibrium price, and possible change in market equilibrium quantity based on the shifts in demand and supply and adjust your own price......

Words: 1395 - Pages: 6

Premium Essay

Devry Econ 545 Final Exam-2015

...Devry Econ 545 Final Exam-2015 IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-Econ-545-Final-Exam-2015-04040444320.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Question 1.1.(TCOs A and D) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (30 points) (Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected on the Widget Market, you know that market demand has recently decreased and market supply has recently increased. Name two shift factors and determinants that could have caused the market demand to decrease and two shift factors and determinants that could have caused the market supply to increase. Also as manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? (15 points) Remember that supply and demand are about the market supply and market demand, which is much bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. You want to identify the possible change in market equilibrium price, and possible change in market equilibrium quantity based on the shifts in demand and supply and adjust your own price......

Words: 1395 - Pages: 6

Free Essay

Econ 545 Entire Class

...ECON 545 ENTIRE CLASS To purchase this visit following link: http://www.activitymode.com/product/econ-545-entire-class/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECON 545 ENTIRE CLASS DEVRY ECON 545 Week 1 DQs 1 Supply and Demanв DEVRY ECON 545 Week 1 DQs 2 Elasticity and the Minimum Wage DEVRY ECON 545 Week 2 DQs 1 Marginal Analysis DEVRY ECON 545 Week 2 DQs 2 Controlling Costs DEVRY ECON 545 Week 2 Project Part 1 DEVRY ECON 545 Week 3 DQs 1 Mergers Acquisitions DEVRY ECON 545 Week 3 DQs 2 Anti-Trust Policy and Microsoft DEVRY ECON 545 Week 3 Quiz Imperfect Competition DEVRY ECON 545 Week 4 DQs 1 Macroeconomic News DEVRY ECON 545 Week 4 DQs 2 Healthcare DEVRY ECON 545 Week 5 DQs 1 Trade Deficits ECON 545 ENTIRE CLASS To purchase this visit following link: http://www.activitymode.com/product/econ-545-entire-class/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECON 545 ENTIRE CLASS DEVRY ECON 545 Week 1 DQs 1 Supply and Demanв DEVRY ECON 545 Week 1 DQs 2 Elasticity and the Minimum Wage DEVRY ECON 545 Week 2 DQs 1 Marginal Analysis DEVRY ECON 545 Week 2 DQs 2 Controlling Costs DEVRY ECON 545 Week 2 Project Part 1 DEVRY ECON 545 Week 3 DQs 1 Mergers Acquisitions DEVRY ECON 545 Week 3 DQs 2 Anti-Trust Policy and Microsoft DEVRY ECON 545 Week 3 Quiz Imperfect Competition DEVRY ECON 545 Week 4 DQs 1 Macroeconomic News DEVRY ECON 545 Week 4 DQs 2 Healthcare DEVRY ECON 545 Week 5 DQs 1 Trade Deficits ECON 545 ENTIRE CLASS To purchase this visit......

Words: 1056 - Pages: 5