Adam Smith, a very influential eighteenth-century political economist, wrote, “By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it” (cited in Stiglitz & Rosengard, 2015, p. 62). Considering the quotation, in 1,250-1,500 words, address the following questions.Describe what Smith meant by the “invisible hand.” How exactly does it function?Describe how Smith’s work is a reaction to mercantilism, which dominated the seventeenth and eighteenth centuries. As a point of departure, define mercantilism.Discuss if all 19th-century thinkers agree with Smith. How did, for instance, Karl Marx view the doctrine of laissez-faire? What were the inevitable consequences of such an economic system?Discuss the influences of Smith and his critics, like Marx, reflected in the mixed economy of the United States today.

ECON 203 Project Description (Short Paper)undefinedDEMAND, SUPPLY, AND EQUILIBRIUM PRICE OF A PARTICULAR PRODUCTundefinedDue at the end of week 3undefinedSelect at least two news articles that discuss demand, supply, and equilibrium price of a particular product or service.undefinedAt least one news article should be dated within the previous two months. undefinedRefer to week 2 content materials and use specific economic vocabulary within your discussion, i.e. undefinedDemand, Quantity demanded, Determinants of demand, Shifts in demand curve, etc. Supply, Quantity supplied, Determinants of supply, Shifts in supply curve, etc. Changes in equilibrium quantity and equilibrium price.Price Ceilings and/or Price Floors and explain why price floors and price ceilings can be inefficient.undefined The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate. undefinedPlease note that the goal of this assignment is to read, understand, and discuss recent news using microeconomic terminology. The articles should be from an on-line newspaper or magazine. Materials posted on educational websites, like www.thebalance.com,www.khanacademy.org , and so on, are not considered news articles even if they were recently updated and contain material related to the term paper topic. undefinedThe Short paper should have the following structure:undefinedAbstract (0.5 of a page) – the short description of the concepts, problems, questions discussed in the Short paper.Introduction (0.5 of a page) (optional)Discussion (about 2-3 pages) - Your task for this part of the Short paper is to analyze the issue described in the articles using the economic concepts and theory learned in this class. Refer to the course content materials of week 2 and use specific economic vocabulary within your term paper. The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate. Conclusion (0.5 of a page) undefinedCreate at least one graph that shows the demand curve, the supply curve, shifts in demand and/or supply curve, changes in equilibrium quantity and equilibrium price, price ceilings and/or price floors. You don’t need to look for any statistical data regarding quantities or prices for the product.undefinedThe Short paper should be the title page and sub-titles that correspond to the structure described above.undefinedPlease note the Short paper should be written in your own words. You can use short quotes from the article(s) to support your statements. However the size of these quotes should be reduced to minimum. No more than 20% of the text of the term paper should be made up of quotes. (less is better!!!).undefinedPlease also avoid copying the materials from any textbooks, including our textbook.undefinedPlease be aware that Wikipedia, Investopedia, and other on-line dictionaries and encyclopedias are not verifiable sources of reliable information, and should not be used in the Term paper. Acceptable sources of the information are: research papers, newspaper articles, and books.undefinedFormat of the Paper:undefinedWritten projects must be: undefined typed, double-spaced, in 12-point Times New Roman or Arial font, with margins no wider than one inch have footnotes or endnotes, with correct citations have a bibliography of sources used include, for each entry, the author, title, city and state of publisher, publisher's name, year, and page numbers prepared using word processing software (Microsoft Word preferred), in a manner similar to the preparation of a written assignment for classroom submission undefinedThe Short Paper must be posted to the LEO Student Assignments as a Attachments are limited to a maximum two files in doc, docx., xls. xlsx., or rtf. formats. OTHER FORMATS ARE NOT ACCEPTABLE, will not be reviewed or graded.undefinedThe Short Paper should be about 3 or more double-spaced typewritten pages (plus graphs). undefinedPlease note that hand-written and scanned works, pdf. files, jpg. files, as well as files posted in google drive, will not be accepted or graded.undefinedPlease note that starting from the Fall 2020 semester the UMGC moved to the 7th Edition of the APA Style. The links to the 7th Edition of the APA Style methodology are posted in Content – Course Resources – Writing Resources.undefinedPlease note that Use of 7th Edition APA Citation Methodology is required for the assignmentundefinedThe links to APA citation methodology are posted in Content – Course Resources – Writing Resources.undefinedIn accordance with the UMUC Academic Policy, notes taken for papers and research projects should accurately record sources of material to be cited, appropriately quoted, or summarized, and papers and research projects should acknowledge these sources in the appropriate places in the text of the paper as well as in a reference list at the end of the paper, in accordance with accepted citation practices.undefinedAll works must be Word processed. Handwritten and scanned work will not be accepted and graded.

Attached is the questions file Question-1The table below shows the short run cost for producing bicycles. Complete all missing values 1.Draw the short run total cost curve (show the total cost, fixed cost, variable cost).2.Where the marginal cost and average total cost intercept? Explain the relationship between the marginal cost and the average total cost with the help of graph.Question 21. When do firms decide to shut down production in the short run? Explain it.2.How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them? Question 3 The following graph represents the situation of Sindbad’s caps, a firm selling caps in the perfectly competitive caps industry.1)How much output should Sindbad produce to maximize his profit, if the market price is equal to $11?2)How much profit (loss) will he earn? Indicate the profit (loss) area on the graph.3)Suppose Sindbad decides to shut down. What would his loss be?