CALUMS Managerial Economics Five Forces Framework Research Paper Question 1 research six (6) peer-reviewed articles that can be used to answer question 2.

CALUMS Managerial Economics Five Forces Framework Research Paper Question 1

research six (6) peer-reviewed articles that can be used to answer question 2. Your discussion should summarize the articles in such a way that it can justify any arguments you may present in question 2 and should be different from the abstract. In addition to your researched peer-reviewed article, you must include an example of the article researched as it is applied by industry (company, business entity, and so forth).

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Please note: This article summary should not be the only article researched for question 2. You may (and should) have several other articles researched to fully answer question 2. You may use your article summary, partially or in its entirety in your CLA1 assignment.

Important: Please ensure that your reference for the article is in correct APA format, as your reference in your discussion post. Depending on which electronic database you use, you should see a “Cite” selection for your article. In addition, there should be a variety of articles summarized and as such, students should have different articles summarized. Your summary MUST include ALL of the following (include every item in the bullet list below, or you will not receive full credit):

Do these in order:

In correct APA format, write the Reference of the article.
Clearly state what the article is about and its purpose.
Describe how you will use it in question 2.
Repeat for a total of six (6) peer-reviewed sources.

Question 2

Read your textbook (Chapters 1-7) and use seven peer reviewed publications and write an APA formatted paper of minimum five pages about the following:

Explain the Five Forces Framework and Industry Profitability of Michel Porter.
Describe the four market structures of Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly.
Analyze the relation between the five forces and different market structures.
Apply your understanding in the evolution of the market in the computer industry (Page 223). Issues in
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ROBERT C. GUELL
Indiana State University
ISSUES IN ECONOMICS TODAY, EIGHTH EDITION
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Guell, Robert C., author.
Issues in economics today/Robert C. Guell, Indiana State University.
Eighth edition. | New York, NY : McGraw-Hill Education, [2018]
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About the Author
Dr. Robert C. Guell (pronounced “Gill”) is a professor of economics at Indiana State University
in Terre Haute, Indiana. He earned a B.A. in statistics and economics in 1986 and an M.S. in
economics one year later from the University of Missouri–Columbia. In 1991, he earned a Ph.D.
from Syracuse University, where he discovered the thrill of teaching. He has taught courses for
freshmen, upper-division undergraduates, and graduate students from the principles level, through
public finance, all the way to mathematical economics and econometrics.
Dr. Guell has published numerous peer-reviewed articles in scholarly journals. He has
worked extensively in the area of pharmaceutical economics, suggesting that the private
market’s patent system, while necessary for drug innovation, is unnecessary and inefficient
for production.
In 1998, Dr. Guell was the youngest faculty member ever to have been given Indiana
State University’s Caleb Mills Distinguished Teaching Award. His talent as a champion of
quality teaching was recognized again in 2000 when he was named project manager for the
Lilly Project to Transform the First-Year Experience, a Lilly Endowment–funded project to
raise first-year persistence rates at Indiana State University. He was ISU’s Coordinator of
First-Year Programs until January 2008, when he happily stepped aside to rejoin his department full time.
Dr. Guell’s passion for teaching economics led him to request an assignment with the largest impact. The one-semester general education basic economics course became the vehicle
to express that passion. Unsatisfied with the books available for the course, he made it his
calling to produce what you have before you today—an all-in-one readable issues-based text.
vi
Brief Contents
17
International Trade: Does It Jeopardize
American Jobs? 201
18
International Finance and Exchange
Rates 213
Economics: The Study of Opportunity
Cost 1
19
European Debt Crisis
20
Economic Growth and Development
2
Supply and Demand
21
3
The Concept of Elasticity and Consumer
and Producer Surplus 40
NAFTA, CAFTA, GATT, TPP, WTO:
Are Trade Agreements Good for Us? 238
22
The Line between Legal and Illegal
Goods 248
Preface
xviii
Issues for Different Course Themes xxviii
Required Theory Table xxx
1
19
222
231
4
Firm Production, Cost, and Revenue
5
Perfect Competition, Monopoly, and
Economic versus Normal Profit 68
23
Natural Resources, the Environment,
and Climate Change 258
6
Every Macroeconomic Word You
Ever Heard: Gross Domestic Product,
Inflation, Unemployment, Recession,
and Depression 79
24
Health Care 271
25
Government-Provided Health Insurance:
Medicaid, Medicare, and the Children’s
Health Insurance Program 283
7
Interest Rates and Present Value 98
26
The Economics of Prescription Drugs 296
8
Aggregate Demand and Aggregate
Supply 107
27
So You Want to Be a Lawyer: Economics
and the Law 304
9
Fiscal Policy
28
The Economics of Crime
29
Antitrust
30
The Economics of Race and Sex
Discrimination 327
31
Income and Wealth Inequality:
What’s Fair? 339
56
119
10
Monetary Policy
11
Federal Spending
12
Federal Deficits, Surpluses, and the
National Debt 155
131
145
310
319
13
The Housing Bubble
14
The Recession of 2007–2009: Causes
and Policy Responses 177
32
Farm Policy
33
Minimum Wage 358
15
Is Economic Stagnation the
New Normal? 186
34
Ticket Brokers and Ticket Scalping
35
Rent Control 373
16
Is the (Fiscal) Sky Falling?: An
Examination of Unfunded Social Security,
Medicare, and State and Local Pension
Liabilities 193
36
The Economics of K–12 Education
37
College and University Education: Why Is
It So Expensive? 390
168
349
366
379
vii
viii
Brief Contents
38
Poverty and Welfare
39
Head Start 411
40
Social Security
41
Personal Income Taxes
42
Energy Prices 440
43
If We Build It, Will They Come?
And Other Sports Questions 455
44
400
45
Unions
46
Walmart: Always Low Prices
(and Low Wages)—Always 488
47
The Economic Impact of Casino
and Sports Gambling 494
48
The Economics of Terrorism
418
429
The Stock Market and Crashes
467
Index
478
505
499
Table of Contents
Preface
xviii
Issues for Different Course Themes xxviii
Required Theory Table xxx
Chapter 2
Supply and Demand
Markets 20
Quantity Demanded and Quantity Supplied
Ceteris Paribus 22
Demand and Supply 22
1
The Supply and Demand Model
Economics Defined 1
Choices Have Consequences 2
Modeling Opportunity Cost Using the Production
Possibilities Frontier 2
The Intuition behind Our First Graph 2
The Starting Point for a Production Possibilities Frontier 3
Points between the Extremes of a Production
Possibilities Frontier 3
Attributes of the Production Possibilities Frontier
Increasing and Constant Opportunity Cost
5
Economic Growth 6
The Big Picture 7
Circular Flow Model: A Model That Shows the
Interactions of All Economic Actors 8
Thinking Economically 8
8
Demonstrating Increasing Opportunity Cost 11
Demonstrating Constant Opportunity Cost 11
11
Appendix 1A
Graphing: Yes, You Can. 15
Cartesian Coordinates 15
Please! Not Y = MX + B . . . Sorry.
22
All about Demand
25
The Law of Demand 25
Why Does the Law of Demand Make Sense?
All about Supply
25
26
The Law of Supply 26
Why Does the Law of Supply Make Sense?
26
27
Taste 28
Income 28
Price of Other Goods 28
Population of Potential Buyers 29
Expected Price 29
Excise Taxes 29
Subsidies 29
The Effect of Changes in the Determinants of Demand
on the Supply and Demand Model 29
Determinants of Supply 31
Kick It Up a Notch: Demonstrating Constant and
Increasing Opportunity Cost on a Production
Possibilities Frontier 10
Summary
5
20
Demand 22
Supply 23
Equilibrium 24
Shortages and Surpluses 25
Determinants of Demand
How Is Growth Modeled? 6
Sources of Economic Growth 7
Marginal Analysis 8
Positive and Normative Analysis
Economic Incentives 9
Fallacy of Composition 9
Correlation ? Causation 10
19
Supply and Demand Defined 20
Chapter 1
Economics: The Study of Opportunity
Cost 1
Economics and Opportunity Cost
What on God’s Green Earth Does This Have
to Do with Economics? 18
16
Price of Inputs 31
Technology 32
Price of Other Potential Outputs 32
Number of Sellers 32
Expected Price 32
Excise Taxes 33
Subsidies 33
The Effect of Changes in the Determinants of
Supply on the Supply and Demand Model 33
The Effect of Changes in Price Expectations on the
Supply and Demand Model 35
ix
x Table of Contents
Kick It Up a Notch: Why the New Equilibrium? 35
Summary 37
Chapter 3
The Concept of Elasticity and Consumer
and Producer Surplus 40
Elasticity of Demand 41
Intuition 41
Definition of Elasticity and Its Formula 41
Elasticity Labels 42
Alternative Ways to Understand Elasticity 42
The Graphical Explanation 42
The Verbal Explanation 43
Seeing Elasticity through Total Expenditures 44
49
Measuring Nominal Output 80
Measuring Prices and Inflation 81
Problems Measuring Inflation 83
Real Gross Domestic Product and Why It Is Not
Synonymous with Social Welfare 86
Kick It Up a Notch: Deadweight Loss 51
Summary 52
57
Just Words 57
Graphical Explanation 58
Numerical Example 58
Costs
59
Just Words 59
Numerical Example 60
Revenue
62
Just Words 62
Numerical Example 63
Maximizing Profit
64
Graphical Explanation 64
Numerical Example 64
Summary
65
Chapter 5
Perfect Competition, Monopoly, and
Economic versus Normal Profit 68
From Perfect Competition to Monopoly 69
76
Measuring the Economy 80
Consumer Surplus 49
Producer Surplus 49
Market Failure 50
Categorizing Goods 50
Production
Normal versus Economic Profit 73
When and Why Economic Profits Go to Zero 73
Why Supply Is Marginal Cost under Perfect Competition 74
Just Words 74
Numerical Example 74
Graphical Explanation 75
Chapter 6
Every Macroeconomic Word You
Ever Heard: Gross Domestic Product,
Inflation, Unemployment, Recession,
and Depression 79
Determinants of Elasticity of Demand 44
Elasticity and the Demand Curve 44
Elasticity of Supply 46
Determinants of the Elasticity of Supply 47
Chapter 4
Firm Production, Cost, and Revenue
Supply under Perfect Competition 73
Summary
More on Elasticity 44
Consumer and Producer Surplus
Perfect Competition 69
Monopoly 70
Monopolistic Competition 70
Oligopoly 71
Which Model Fits Reality 71
Real Gross Domestic Product 86
Problems with Real GDP 86
56
Measuring and Describing Unemployment 87
Measuring Unemployment 87
Problems Measuring Unemployment 89
Types of Unemployment 90
Productivity
90
Measuring and Describing Productivity 90
Seasonal Adjustment 91
Business Cycles 92
Kick It Up a Notch: National Income and Product
Accounting 94
Summary 95
Chapter 7
Interest Rates and Present Value 98
Interest Rates 99
The Market for Money 99
Nominal Interest Rates versus Real Interest Rates
Present Value
99
100
Simple Calculations 100
Mortgages, Car Payments, and Other Multipayment
Examples 101
Table of Contents
Future Value 102
Kick It Up a Notch: Risk and Reward
Summary 104
Chapter 10
Monetary Policy
104
xi
131
Goals, Tools, and a Model of Monetary Policy 132
Goals of Monetary Policy 132
Traditional and Ordinary Tools of Monetary Policy
Modeling Monetary Policy 133
The Monetary Transmission Mechanism 134
The Additional Tools of Monetary Policy Created
in 2008 135
Chapter 8
Aggregate Demand and Aggregate
Supply 107
Aggregate Demand 108
Definition 108
Why Aggregate Demand Is Downward
Sloping 108
Aggregate Supply
Central Bank Independence 137
Modern Monetary Policy 138
The Last 30 Years 138
109
Summary
Definition 109
Competing Views of the Shape of Aggregate
Supply 109
A Primer on the Constitution and Spending Money 146
Variables That Shift Aggregate Demand 110
Variables That Shift Aggregate Supply 113
Causes of Inflation 114
How the Government Can Influence
(but Probably Not Control) the Economy
What the Constitution Says 146
Shenanigans 146
Dealing with Disagreements 147
115
Demand-Side Macroeconomics 115
Supply-Side Macroeconomics 115
Using Our Understanding of Opportunity Cost 148
Mandatory versus Discretionary Spending 148
Where the Money Goes 149
Using Our Understanding of Marginal Analysis 151
116
Chapter 9
Fiscal Policy
143
Chapter 11
Federal Spending 145
Shifts in Aggregate Demand and Aggregate
Supply 110
Summary
132
The Size of the Federal Government 151
The Distribution of Federal Spending 151
Budgeting for the Future
119
Summary
Nondiscretionary and Discretionary
Fiscal Policy 119
How They Work 119
Using Aggregate Supply and Aggregate Demand
to Model Fiscal Policy 120
Using Fiscal Policy to
Counteract “Shocks”
The Obama Stimulus Plan 126
Kick It Up a Notch: Aggregate Supply
Shocks 128
Summary 128
Chapter 12
Federal Deficits, Surpluses, and the
National Debt 155
Definitions 156
History 156
How Economists See the Deficit and the Debt
123
Nondiscretionary Fiscal Policy 123
Discretionary Fiscal Policy 123
The Political Problems with Fiscal Policy
Criticism from the Right and Left 125
The Rise, Fall, and Rebirth of
Discretionary Fiscal Policy 125
152
Surpluses, Deficits, and the Debt: Definitions
and History 156
121
Aggregate Demand Shocks 121
Aggregate Supply Shocks 122
Evaluating Fiscal Policy
151
Baseline versus Current-Services Budgeting 151
124
Operating and Capital Budgets 159
Cyclical and Structural Deficits 159
The Debt as a Percentage of GDP 160
International Comparisons 160
Generational Accounting 161
Who Owns the Debt? 161
Externally Held Debt 162
A Balanced-Budget Amendment 162
Projections 165
Summary 166
159
xii
Table of Contents
Chapter 13
The Housing Bubble
168
How Much Is a House Really Worth? 168
Mortgages 170
How to Make a Bubble 172
Pop Goes the Bubble! 173
The Effect on the Overall Economy 174
Summary 175
Chapter 14
The Recession of 2007–2009: Causes
and Policy Responses 177
Before It Began 177
Late 2007: The Recession Begins as Do the
Initial Policy Reactions 180
The Bottom Falls Out in Fall 2008 181
The Obama Stimulus Package 182
Extraordinary Monetary Stimulus 183
Summary 184
Chapter 15
Is Economic Stagnation the
New Normal? 186
Periods of Robust Economic Growth 187
Sources of Growth 187
Causes and Consequences of Slowing
Growth 187
Causes 187
Consequences
188
What Can Be Done to Jump-Start Growth,
or Is This the New Normal? 189
Summary 191
Chapter 16
Is the (Fiscal) Sky Falling?: An
Examination of Unfunded Social Security,
Medicare, and State and Local Pension
Liabilities 193
What Is the Source of the Problem? 193
How Big Is the Social Security and Medicare
Problem? 194
How Big Is the State and Local Pension
Problem? 196
Is It Possible That the Fiscal Sky Isn’t
About to Fall? 198
Summary 199
Chapter 17
International Trade: Does It Jeopardize
American Jobs? 201
What We Trade and with Whom 201
The Benefits of International Trade 204
Comparative and Absolute Advantage 204
Demonstrating the Gains from Trade 205
Production Possibilities Frontier
Analysis 205
Supply and Demand Analysis 206
Whom Does Trade Harm? 206
Trade Barriers 207
Reasons for Limiting Trade 207
Methods of Limiting Trade 208
Trade as a Diplomatic Weapon 209
Kick It Up a Notch: Costs of Protectionism 210
Summary 210
Chapter 18
International Finance and Exchange
Rates 213
International Financial Transactions 213
Foreign Exchange Markets 215
Alternative Foreign Exchange Systems 217
Determinants of Exchange Rates 219
Summary 220
Chapter 19
European Debt Crisis
222
In the Beginning There Were 17 Currencies
in 17 Countries 222
The Effect of the Euro 223
Why Couldn’t They Pull Themselves Out?
The United States Did 226
Is It Too Late to Leave the Euro? 228
Where Should Europe Go from Here? 229
Summary 229
Chapter 20
Economic Growth and Development 231
Growth in Already Developed Countries 231
Comparing Developed Countries and Developing
Countries 233
Fostering (and Inhibiting) Development 234
The Challenges Facing Developing Countries
What Works 236
Summary
236
235
Table of Contents
Chapter 21
NAFTA, CAFTA, GATT, TPP, WTO:
Are Trade Agreements Good for Us? 238
The Benefits of Free Trade 239
Why Do We Need Trade Agreements? 239
Strategic Trade 240
Special Interests 240
What Trade Agreements Prevent
240
Trade Agreements and Institutions 241
Alphabet Soup 241
Are They Working? 242
Natural Resources and the Importance
of Property Rights 262
Environmental Problems and Their Economic
Solutions 263
Environmental Problems 263
Economic Solutions: Using Taxes to Solve
Environmental Problems 265
Economic Solutions: Using Property Rights
to Solve Environmental Problems 265
No Solution: When There Is No Government
to Tax or Regulate 267
Summary
Economic and Political Impacts of Trade 243
The Bottom Line 245
Summary 245
268
Chapter 24
Health Care 271
Chapter 22
The Line between Legal and Illegal
Goods 248
Where the Money Goes and Where
It Comes From 271
Insurance in the United States 272
An Economic Model of Tob…
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