11 Topics in Mathematics and Economics - 2200 Words

11 Topics in Mathematics and Economics (Essay Sample) Content: 11 Topics in Mathematics and EconomicsName:University:Instructor:Date:11 Topics in Mathematics and Economics 1 Trade liberalizationThe working session no. 15 examines the implication of the Pilot Free Trade Zone established by China on global trade and job opportunity. The article notes that the increasing regional trade agreements come with increased uncertainties in the countryà ¢Ã¢â€š ¬s trade and investment environment. The new free trade zone is intended at helping the country achieve large scale reforms in the domestic market, including but not limited to areas related to public enterprises, competition and government procurement. The article ends by noting that opening the Chinese economy to foreign investors would result in increased global trade and job opportunities both for the locals as well as people from other countries (WTO, 2014).In another article by the WTO director general, he highlights the role of trade in ensuring that Africa attain its full pot ential. In a speech addressed to the 2014 WTO public forum, the director is convinced that the full adoption of the Trade Facilitation Agreement would help in integrating the continent and reducing trade costs for African countries. Despite the notable milestone in opening up trade in African countries, the director notes that there is still a challenge, noting in particular the inequality gap and high commodity prices (WTO, 2014).Another news article from the 2014 world forum examines the effects of trade on the quality of life. Trade according to this article has the potential to eliminate food insecurity, reduce poverty and enhance economic growth. For this to be achieved, however, the needs of the most vulnerable in the society must be addressed. Further, countries need to link their millennium development goals to trade. The article also pinpoints the importance of multilateral efforts and argues that such efforts should not be eroded at the expense of plurilateral and bilatera l ventures (WTO, 2014). 2 The U.S. balance on goods and servicesOver the course of three months starting August 2014, the US balance of goods has reduced to stand at a deficit of 56,412. This is a deterioration from the deficit of 6,714 recorded in the month of August. Exports increased from 46,955 in August to 366,807 while imports increased from 53,669 to 423,219 the same period. Despite the fact that these figures are surpassed by some countries, they are high among other developed economies. For example, European union balance of goods during this period stood at -91, 164 while the exports stood at 186, 359. The imports for this period stood at 277, 523. Overall the consumables gained in imports while the level merchandise imported reduced. In regard to exports, agricultural products declined while mining and fuel products increased in terms of exports. 3 Foreign-born populationAmong the top five countries with the highest number of foreign born residents include the US, Russia, Germany, Saudi Arabia and UAE. The US tops the list with 46 million international migrants recorded in the year 2013. UAE has the least among the five countries with 8 million international migrants in 2013. Others have 11, 10 and 9 million international migrants respectively. In terms of percentage, Nepal tops the list with 68.3%, followed by Estonia with 59.8 percent. Others in the list of top five countries with the highest percentage include Poland (58.8%), China with 59.2% and Tajikistan with 56.9 percent. The percentage figures differ from the absolute ones in that they are calculated based on the total population in the country. For example, China population is estimated at 2,804.8 million people while the Estonian population stands at about 201.0 million people (UN, 2013). The difference in the number of the population raises the percentage number of international migrants above that of China. 4 The Consumer Product Safety CommissionThe primary function CPSC is to offer th e public protection against injury risks posed by the consumption of a product. Further, the organization promotes the examination of consumer products for any risks and also establish unified safety standards to regulate the production of these products. Further, is also charged with the role of recalling hazardous products which under certain conditions can be banned from the market. The organization also conducts selective research on products which are otherwise considered hazardous to the consumer. In this year, the organization has issued different recalls for products which are considered hazardous. Among the products recalled are products in plants and machinery and from the textile and clothing industry. One of the products recalled under the plant and machinery are the ATVs. The product was recalled in October 2014 due to fire hazards posed by the fuel cap. According to CPSC, the fuel tank may rupture due to poor ventilation, thus exposing the consumer to fire hazards. In the same product category, the organization has Husqvarnaà ¢Ã¢â€š ¬s Craftsman push mowers on the basis of the possibility of the engine control bail failure to stop the blades and the engine. Under textile and clothing, the organization has facilitated the recall of boys fission zipper hooded sweatshirts due to the risk of strangulation. The drawstrings around the neck may be a hazard for children. Still, the organization has recalled Trimfootà ¢Ã¢â€š ¬s soft soled sneakers due to the hazard of choking. The small metal eyelet can detach thereby posing a risk of injury to a child (CPSC, 2014). 5 Is farming perfectly competitiveThe US agricultural sector does exhibit some characteristics of perfect competition. In a perfectly competitive industry, the number of buyers and sellers is high and no single seller can be able to control the market price. It is assumed that both the buyers and the seller are well informed about the market and can make rational choices in regard to compar ing the products or determining what other competitors are charging for their products. The product however is standardized and is seen as identical across different producers. The number of the consumers is identical to that of the suppliers. The consumers considers the product of a different producers as identical to those of the substitute producer. Identical producst such as those presented by wheat framers, egg farmers are just identical to those of a competitive market (Stigler, 2007). Monlair farmers for example can be taken as illustrations of how the farmers and the buyers are bound to take the market. 6 The price of goldSince 1989 the gold coin has increased in terms of the price. A gold half dollar coin by by September year 2014 was trading at a cost of 1,575 dollars while the eagle coin was trading at the cost of 1550.57 dollars. This is an increase form the time that the eagle coin was trading at the price of 157.44 dollars in the year 2010 an increase by 0.21 percent for silver coins. Today, a gold coin in the market trades for not less than 0.17 percent increment as it used to sell ten months from now (AUSTIN, 2014). Should the observed price had been as a result of demand forces, a fall in the price would have been a result of a reduced elasticity in demand as opposed to elasticity. As a giffen good, the quantity of good sold in the market is said to be high relative to its price in the market. 7 The ESPN SportsZoneThe utility maximization rule demands that the total utility derived from the consumption of a product be the sum of the total utility of consuming such a product and its substitute. Also known as the equimarginal rule, the utility maximization rule holds that the consumption of more that two goods is maximized when the marginal utility for the two goods is equal. As such, subscribing to the ESPN cable requires that the total utility of its premium membership is equal to those of other cable TVs failure to which the consumer cannot subscribe to the service (Naz, S. et al. 2004). 8 The world's 10 largest firmsOut of the top ten Forbes listed firms are the ICBC, China Construction Bak, the Agricultural Bank of China and the JPMorgan Chase in US. All the three firms have enjoyed particular economies of scales, making them profitable as compared with other companies in their respective industries or sector. Of these economies of scale are both internal (resulting from within the company) and external (factors relating to the size of the industry). Both the three firms have gained tremendously from the size of the banking sector (externalities) including but not limited to an increased customer base as well as deposits (Forbes, 2014). 9 Corporate annual reportsIn its annual financial reports, Walmarm recognizes different types of revenues. However the company does not classify its revenue items as either non-fixed or fixed costs. Most importantly, the company identifies sales returns and sales taxes as important p arts of the firmà ¢Ã¢â€š ¬s revenue. Shopping cards are not treated as revenue until the customer redeems points or makes a purchase using the card. Service transactions, however can be classified as a component of sales of the company and as indicated on the income statement. Club membership fee is also considered a revenue for both the home company as well as the Samà ¢Ã¢â€š ¬s establishment and other international outlets. The company does also record some revenue from various supplier programs and more specifically from warehouse allowances, volume incentives and reinmbursments for programs such as margin protection, markdowns and advertising. Such revenue is however recorded as a reduction in purchases and indicated on the income statement as inventory sold. Costs on the other extreme are recognized under advertising costs, pre-opening costs, depreciation and amortization and income taxes. These are accounted fo...