2. Ethical Issues in Business. It seems that every day lately we are confronted with a new company that has acted at least unethically and possibly illegally in the operation and financial reporting of their company’s business dealings? Briefly discuss one of these issues and then see if you can relate the issue to ANY of our TCOs. That is, are there any effects on demand or on supply related to this topic? How would you expect this to affect the equilibrium price and equilibrium quantity for this company’s products and services? Is the elasticity of demand or supply affected? What about the effect on production levels and costs? Are ethical issues more likely to occur in one market type rather than another market type? You don?t have to cover all of these topics. I’ve just suggested some possible connections to our TCOs. Any connection to our TCOs is fine here.
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 equilibrium. If a hard freeze eliminates Brazil’s premium coffee crop. What will happen to the price of premium coffee.
Consider chip plants: Potato and Computer. Assume there is a large rise in the demand for computer chips and potato chips.
a- How responsive to demand is each in the market period?
b- Describe what manufacturer of each product might do in the short run to increase production?
c- How does the long run differ for these products?
P.S: The response to each of the 3 reported exercises should be on a separate page.
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