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For this assignment, following APA style, answer as comprehensively as possible the questions after

For this assignment, following APA style, answer as comprehensively as possible the questions after each case summary.

A. Free Goods – “Air and Water were “free” goods.”

Once upon a time people said that air and water were “free” goods. You need to do some research and discuss why water and air are no longer free goods (e.g., bottled water can cost more per gallon than gasoline). In your analysis of this phrase, explain how scarcity impacts the price of a good. Define scarcity (e.g., all things are limited while consumers have unlimited desires for more goods/services). Trace the history of air and water as well as gold (another free good) scarce elements. Try to respond the following questions of these three elements:

Why do we demand gold (e.g., jewelry, money, electronics), air (good quality air), and water (from various aqueducts, etc.)?
What happened when people discovered gold in California?
What happened to the value of gold when the supply of gold increased?
What happens if people buy gold in large quantities (more jewelry, for example)?
What happened to the value of water when the supply of bottle water, or water delivery companies increased?
What happens if people buy water in large quantities?
As part of your analysis, please introduce different products, applying scarcity as a determinate of cost, price, and the choices buyers have to make. Please examine how a need is impacted by scarcity (e.g., the limited supply of fuel oil and families that are dependent upon fuel oil for heat). Finally, explain a want and determine what would happen if that product became scarce.

B. No Free lunch – “There is No Such Thing as a Free Lunch”

Begin this case by listing products that you may think you might be able to get for free. (for example, coupons for free food or drinks at fast food restaurants or buy-one—get one- free gimmicks). After making the list, please write an analysis, based on personal experience, research, and other resources as to how a restaurant or other place of business would be able to pay for that product. Discuss how no product is really free, how producers may raise the price of other items to pay for the so-called free items. Justify the term many economic educators use: TINSTAAFL. TINSTAAFL is an acronym for There Is No Such Thing as a Free Lunch. Explain the notion that nothing in life is free because there is scarcity and each society must deal with this scarcity.

Both A & B Must Be Complete For Full Credit

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