In a 2-page essay, answer the following questions, answer each question in a separate paragraph each. Please be sure to validate your opinions and ideas with citations and references in APA format – if applicable.
1. Some business firms publish annual reports concerning their socially responsible activities. Critics of these reports call them advertising ploys. Conduct research on a company of your choice. Obtain and read one or more of their reports.
• Discuss the activities this company considers socially responsible.
• Analyze and discuss the influence the reporting activities may have on the firm’s management and explain whether you believe these practices are ethical.
2. Intellectual property laws were initially created to protect creators and foster innovation. Today, some may argue that these laws are used by large corporations to wield unfair competitive advantage against other companies, to the detriment of consumers. Is the current structure of IP law still relevant in today’s world?
3. In microeconomics, we are concerned about markets being in equilibrium. What does it mean to have a market in equilibrium? How do changes in supply or price affect this equilibrium?
4. Another key concept in economics is utility, as in all of the benefits that can be gained from consuming something. It is assumed that benefits typically decrease the more they are consumed. For example, someone may want a hot dog for lunch, but probably not two, and definitely not three; this is called diminishing marginal utility. Explain how diminishing marginal utility results in the need for consumers to make choices. How does diminishing utility switch consumption from one good to another?