After reading chapters 5 and 6 and Special Topic 5, write a 2-page paper describing the importance of competition in markets.How does a lack of competition affect prices and output?Describe what the role of government is in markets vis-a-vis firms in the market.Text can be found at the following link:http://psyentificnonsense.files.wordpress.com/2013/04/gwartney-macroeconomics-private-and-public-choice-13th-ed.pdf

Assignment 1: Principles of Economics Due Week 4 and worth 150 points Write a two to three (2-3) page paper in which you: 1. Identify a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-4. 2. In the first two (2) paragraphs, identify at least four (4) key points that the article highlights. 3. In the next three to five (3-5) paragraphs, apply two (2) of the following economic concepts (supply and demand, market structures, elasticity, and costs of production) to the key points that you highlighted in Question 2. 4. In your concluding paragraph, state whether you agree or disagree with the author’s comments. Provide a rationale for the response. 5. Use at least three (3) quality resources in this assignment with one (1) being your article. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: • Apply the underlying principles of economics and the economic way of thinking to assess market issues and make business decisions. • Analyze the dynamics of supply and demand to anticipate market equilibrium. • Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies • Describe the impact of various forms of competition on business operations with emphasis on perfect competition. • Use technology and information resources to research issues in principles of economics. • Write clearly and concisely about principles of economics using proper writing mechanics. Grading for this assignment will be based on answer quality, logic/organization of the paper, and

George Foreman was a professional boxer who made a comeback by endorsing grills. Foreman does not own the company that makes the grills, but he became the face of the brand. At first, people were not certain whether he was an expert on grills or fat-free cooking, but Foreman soon became thought of as the expert on this product and this type of cooking. Think of the concept of utility and how Foreman’s role as a celebrity endorser affects the marginal utility of these grill products. Answer the following:How do people’s budget, income, and substitution effects fit in?How do you think this influences the demand curve for indoor grill products?Are these choices made rationally?