Answer each of the following questions about demand and consumersurplus.
a. What is consumer surplus, and how is it measured?
b. What is the relationship between the demand curve and the willingness to pay?
c. Other things equal, what happens to consumer surplus if the price of a good falls? Why? Illustrate using a demand curve.
Answers
a. Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and the actual price paid. It represents the value consumers receive from purchasing a good or service beyond what they had to pay for it. Consumer surplus can be measured as the area below the demand curve and above the price paid for a good or service.
b. The demand curve shows the relationship between the price of a good or service and the quantity that consumers are willing to buy at that price. The willingness to pay is the maximum price a consumer is willing to pay for a good or service. As the price of a good or service decreases, the quantity demanded increases, and the willingness to pay also increases. Therefore, the demand curve and the willingness to pay are positively related.
c. Other things equal, if the price of a good falls, consumer surplus increases. This is because consumers are able to purchase the good at a lower price than their maximum willingness to pay. As a result, the difference between the price paid and the maximum willingness to pay increases, which leads to a larger consumer surplus. This can be illustrated using a demand curve by showing the new price point and the new quantity demanded, which increases as the price falls. The area between the demand curve and the new price point represents the increase in consumer surplus.
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Related Questions
A longitudinal study is characterized by each of the following statements EXCEPT:
a.
It involves a panel, which is a fixed sample of elements.
b.
Elements may be stores, individuals, or other entities.
c.
The panel remains relatively constant through time.
d.
Characteristics of the elements, or sample members, are measured only once.
e.
Members may be added to replace dropouts or to keep the panel representative.
Answers
A longitudinal study is characterized by all of the statements provided.
A longitudinal study is a research design that involves studying the same sample or panel of elements over an extended period. The statements mentioned in options a, b, c, and e are all characteristics of a longitudinal study. Option d, however, is incorrect. In a longitudinal study, characteristics or variables of the elements (sample members) are measured repeatedly over time to observe changes, trends, or relationships. This repeated measurement is a key aspect of longitudinal studies and allows researchers to track individual or group-level changes, identify patterns, and examine the effects of time on the variables of interest.
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you're trying to use reinforcement learning to build a path planning system for an indoor autonomous robot. You want it to enter a specific room the end-user specifies, so you define a reward function to give a huge positive reward when it enters that room. After training, you notice some strange behaviour… what do you notice?
a. nothing, everything works as intended.
b. the robot avoids the room
c. once the robot enters the room, it never leaves.
d. once it gets to the room, the robot enters and exits the room endlessly
which of the following is false about reinforcement learning?
a. find a model which yields the greatest average expected reward
b. reinforcement learning is a award based learning
c. reinforcement learning is a type of supervised learning
d. reinforcement learning is an online learning
Answers
After training the path planning system using reinforcement learning, you notice that the robot exhibits strange behavior as it avoids the room specified by the end-user.
What unexpected behavior do you observe after training?
unexpected behavior observed in the path planning system trained using reinforcement learning for the indoor autonomous robot. Despite defining a reward function that provides a significant positive reward for entering the specified room, the robot demonstrates a tendency to avoid entering it. This indicates that the training process has resulted in a suboptimal solution where the robot learns to prioritize other actions or paths that yield higher rewards, possibly due to the interaction between the reward function and the learning algorithm.
This behavior highlights the challenges of reinforcement learning, where the design of the reward function and the fine-tuning of learning parameters can significantly influence the system's behavior. It underscores the importance of carefully defining the reward structure to align with the desired objective and ensure that it incentivizes the desired behavior effectively.
In the case of the false statement about reinforcement learning, option C is incorrect. Reinforcement learning is not a type of supervised learning, but rather a distinct learning paradigm where an agent learns to make sequential decisions through interactions with an environment based on feedback in the form of rewards or punishments. Reinforcement learning focuses on learning optimal policies or value functions to maximize long-term rewards, while supervised learning involves learning from labeled training data to classify or predict specific outputs.
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At the end of the video, there is the implication that "selling out" has a different meaning for today’s teens than for past generations. Do you think this is true? Explain.
Answers
Answer: No, it's still the same
Explanation:
Selling out is the process of having your product completely bought by your customers either at an event or through a period of a day sales. The meaning of the word "sold out" still holds for the past generation and also this generation or teens today
One of the most fascinating components of the change management process is the change agent. The change agent, who can be a leader, manager, employee, consultant, or customer, is a person who is often at the center of the change management process and performs several critical functions in the overall process.
In a three-to-five page paper, address the following with regard to change agents:
Define the concept of a change agent, including the traits and characteristics that best represent a change agent in today’s organization.
Discuss the role of a change agent in the change management process (e.g., formal or informal role, position of authority or power, etc.).
Assess how a change agent can influence the generation, direction, success, or failure of a change initiative.
Finally, assess any challenges a change agent may have in the change process (e.g., not agreeing with the change, management not truthfully sharing the repercussions of the change, etc.) and how these challenges should be addressed.
Answers
The change agent is one of the most intriguing elements of the change management procedure.
The person who is frequently at the center of the change management process and performs several crucial roles in the overall process is the change agent, who can be a leader, employee, consultant, or customer.
Address the following in a 6-page paper about change agents:
Define the term "change agent" and list the qualities that an ideal change agent in the modern workplace would possess.Discuss the function of a change agent in the process of change management (e.g., formal or informal role, position of authority or power, etc.).Analyze the impact a change agent can have on the conception, course, and ultimate success or failure of a change initiative.Finally, evaluate any difficulties a change agent may encounter during the process (such as disagreement with the change, management's failure to fully disclose the change's consequences, etc.) and suggest ways to overcome them.Learn more about ‘ management ‘ visit here;
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State a reason to justify that marketing is a beneficial concept.
Answers
Answer: marketing is beneficial to customers because they can receive lower price they can receive new and improved products and it is also beneficial to the business because it allows businesses to maintain long-lasting and ever-present relationships with their audience
Carradine Company prepares an adjusting journal entry to accrue salaries at year-end. What effect will this entry have on the financial statements
Answers
Answer: Increase in Liabilities; Decrease in Equity
Explanation:
If Salaries are accrued at year end, the salary expense will be credited to the Salaries Payable account which is a liability account to reflect that the company owes its staff some money.
The amount owed will be debited to the salaries expense account and so will reflect in the Income statement where it will reduce the net income for the period. This means that it will reduce Retained Earnings for the period and as Retained earnings is an Equity account, Equity in total will decrease.
1) what is the total debit balance amount on the adjusted trial
balance. 2) What is the total stockholders' equity balance on the
balance sheet 3) What is the total liabilities and stockholders
Equity
Answers
The total debit balance amount on the adjusted trial balance is the sum of all debit balances of accounts listed on the adjusted trial balance.
This includes all accounts that have a positive balance or debit balance. The specific amount can only be determined by referring to the adjusted trial balance.
The total stockholders' equity balance on the balance sheet represents the net worth of the company, which is the residual interest in the assets of the company after deducting liabilities. It includes various components such as common stock, retained earnings, and additional paid-in capital. The specific amount can be found on the balance sheet of the company's financial statements.
The total liabilities and stockholders' equity on the balance sheet represent the total funding sources for a company's assets. It includes all the company's liabilities, which are obligations or debts owed to external parties, and the stockholders' equity, which represents the residual interest of the owners in the company's assets after deducting liabilities. The specific amount can be found on the balance sheet of the company's financial statements.
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What kind of friendship are you most likely to have with a teammate or a coworker?
Answers
Task Oriented is kind of friendship are you most likely to have with a teammate or a coworker
Communication in friendships. Friendships are extraordinary connections that are key to being human.
A friendships is an intentional relationship that offers social help and is included five sorts.
Short-term vs. long-term companions catches the transient versus persevering through nature of companionships.
Task-oriented vs. maintenance-oriented friends. Task-arranged companions are the ones who are associated with shared exercises, while upkeep situated companions are the individuals who share common preferring and social help autonomous of shared exercises.
Low disclosure vs. high disclosure portrays the degree to which the companion knows individual or general data.
High-obligation vs. low-obligation friends. High-commitment are those for whom we would do pretty much anything contrasted with low-commitment companions for whom we wouldn't.
Infrequent contact vs. frequent contact catches the degree to which we are probably going to keep in close touch with versus those we are not.
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use the subtotals feature to insert subtotal rows by employee to calculate the total expense by employee.
Answers
The subtotals feature in Excel can be used to insert subtotal rows by employee to calculate the total expense by the employee.
To use the Subtotals feature in Excel to insert subtotal rows, follow these steps:
Select the entire range of your data, including the header row.Go to the "Data" tab in the ribbon and click on "Subtotal" in the "Outline" group.In the "Subtotal" dialog box, choose "Employee" in the "At each change in" dropdown list.In the "Add subtotal to" dropdown list, choose "Expense" or the column that contains the expenses you want to sum.In the "Use function" dropdown list, choose "Sum" or the function you want to use to calculate the subtotal.Make sure that all the checkboxes in the "Summary below data" section are checked.Click on "OK" to apply the subtotals.This will insert subtotal rows after each change in employee and calculate the total expense by employee. You can collapse or expand the groups by clicking on the numbers in the left margin to show or hide the subtotals.
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The Federal Reserve uses monetary policy and Congress uses fiscal policy to try to prevent ""wild swings"" in the economy and to alleviate some economic problems. What are the three goals both entities are trying to support? How do these three goals affect you?
Answers
The three goals are maintaining stable prices, Promoting Economic Growth, and Promoting Financial Stability.
1. Maintaining Stable Prices: The Federal Reserve and Congress both use monetary and fiscal policy to try to keep the inflation rate low and prices stable. This means that the prices of goods and services don't fluctuate too much, which helps protect people from getting too much debt due to rising costs. This affects you by protecting your purchasing power so that your money can purchase the same amount of goods over time.
2. Promoting Economic Growth: The Federal Reserve and Congress both use monetary and fiscal policy to try to stimulate economic growth. This means that they use approaches to try to increase employment, wages, and overall economic activity. This affects you by providing more job opportunities, higher wages, and a more robust economy overall.
3. Promoting Financial Stability: The Federal Reserve and Congress both use monetary and fiscal policy to promote financial stability. This means that they use policies to try to reduce the risk of a financial crisis, such as a banking crisis, and to ensure that financial markets are functioning properly. This affects you by providing a more secure financial system and protecting your investments.
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today, ________ are flourishing due to the increased use of market segmentation and market targeting.
Answers
Because of the increased the use market segmentation as well as market targeting, businesses are thriving today.
What is market segmentation?Market segmentation is the process of dividing a broad customer or potential customer base into smaller groups with common needs, shared characteristics, and/or similar buying behaviors. This process allows businesses to target their marketing efforts more effectively and to better serve their customers. Market segmentation involves dividing a customer base into groups based on certain criteria such as age, gender, income, occupation, location, and buying habits. By understanding the different needs and interests of these groups, businesses can create tailored marketing messages and products to better meet their customers’ needs. This process can also help businesses identify new customer segments, target their efforts more efficiently, and optimize their pricing strategies. Market segmentation provides valuable insights that can help businesses better understand their customers and better serve their needs.
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Explain the role and purpose of performing economic analysis on engineering projects
Answers
The purpose of performing economic analysis on engineering projects is to determine the costs, benefits, and risks associated with the project in order to make a decision on whether or not to move forward.
Economic analysis will involve forecasting the potential future cash flows, evaluating the risk of the project, and quantifying the potential costs of the project.
Economic analysis on engineering projects involves the following steps:
1. Identify the economic objective of the project.
2. Gather data related to the project.
3. Estimate the project’s costs and cash flows.
4. Evaluate the project’s risks.
5. Calculate the expected present value of the project.
6. Determine the project’s expected internal rate of return.
7. Analyze the project’s sensitivity to changes in certain variables.
8. Make a decision about whether to move forward with the project.
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Identity theft may
1. lower credit interest
2. reduce credit balances
3. affect the credit score
4. cancel debt-to-credit ratio
Answers
Identity theft may affect the credit score.
heart been broke so many times..
Answers
:(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((
Does the state of the US economy have an effect on local businesses started by entrepreneurs? Please explain your answer.
Answers
The state of the United States' economy has an effect on local businesses that are started by entrepreneurs as it determines the amount of sales that the local business would make.
How does the U.S. economy affect local businesses?The state of the U.S. economy determines the income level of the average person in America. If the economy is doing well, then people generally have more income than if the economy is performing poorly.
When the economy is doing well and people have more income, they will be able to buy more goods and services from businesses including the local businesses established by entrepreneurs. If the reverse is the case, then local businesses would generally suffer when the economy is bad and people have less income.
There are also local businesses that see their income increase when the economy is doing poorly for instance, financial planners and health care.
In conclusion, local businesses started by entrepreneurs get affected by the state of the U.S. economy.
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Why is a brand important to a business?
Answers
true or false: the idea that the needs of workers should be subordinate to the needs of the organization is fundamental to the organization ethic.
Answers
The statement 'the idea that the needs of workers should be subordinate to the needs of the organization is fundamental to the organization ethic' is false.
The organization ethic, also known as corporate ethics or business ethics.
It refers to the moral principles and values that guide the behavior and decision-making of individuals and organizations in the business world.
It includes considerations of both the organization's interests .
And the interests of its stakeholders, including employees, customers, shareholders, and the wider community.
While the needs of the organization are certainly important and must be taken into account.
The idea that the needs of workers should be subordinate to those of the organization is not fundamental to the organization ethic.
Many ethical frameworks in business emphasize importance of treating employees fairly and providing a safe and supportive work environment.
These frameworks recognize that the well-being of workers is critical to the long-term success of the organization.
Therefore, the needs of workers should be subordinate to the needs of the organization is not fundamental to the organization ethic and is false.
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You earn a salary of $52,000 per year and get paid biweekly. Calculate
how much GROSS PAY you will earn for one paycheck.
Answers
Answer:
$2,166.60
Explanation:
Divide the salary by 12 months that are in a year, then divide my 2 because bi-weekly is every 2 weeks.
Aaron realizes he has a budget deficit of roughly $175 at the end of two months in a row.
Answers
Answer:
Cancel his cable TV subscription and go out to dinner three fewer times each month with friends
To resolve the budget deficit Aaron should cancel his cable TV subscription and go out to dinner three fewer times each month with friends.
What does "budget deficit" mean to you?When expenses surpass income, usually over the course of one fiscal year, there is a budget deficit. Though organizations, businesses, and individuals can also have budget deficits, the word is typically used to refer to governments. The national debt grows due to the deficit each year. As a result, the national debt is a much bigger number.
The government experiences losses during times of poor economic development or economic recession. Workers who leave their jobs pay less in taxes, which reduces the government's revenue. A budget deficit can also result from excessive or careless government expenditure when combined with low tax rates.
Budget surpluses are produced when the government's revenue exceeds its expenditures (the opposite of a budget deficit). As a result, the government will have extra money to spend on a variety of purposes, such as debt repayment, tax reduction, funding of public initiatives, and so forth. The surplus funds may also be set aside for when a subsequent budget deficit arises.
Because the effects of budget deficits aren't always bad—in some circumstances, they might actually enhance aggregate demand—they are complicated. Furthermore, the public sector may benefit in a variety of ways, such as through unemployment program or public services, if rising government spending results in budget deficits. But inflation is one of the main risks connected to the budget imbalance.
In general, the only ways to lower the budget deficit are by raising taxes or cutting spending. This can be done by boosting taxes or speeding up the nation's economic growth. It's a fine line to walk, though, as high taxes can stifle economic expansion. Spending reductions present additional challenges since they may hinder economic expansion, reduce tax collections, and even exacerbate the budget imbalance.
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In what three ways does the government affect production of goods and services in the US economy?
Answers
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a copy company wants to expand production. it currently has 20 workers who share eight copiers. two months ago, the firm added two copiers, and output increased by 40,000 pages per day. one month ago, the firm added five workers, and productivity also increased by 25,000 pages per day. a copier costs about three times as much as a worker. assume these
Question: A Copy Company Wants To Expand Production. It Currently Has 20 Workers Who Share Eight Copiers. Two Months Ago, The Firm Added Two Copiers, And Output Increased By 40,000 Pages Per Day. One Month Ago, The Firm Added Five Workers, And Productivity Also Increased By 25,000 Pages Per Day. A Copier Costs About Three Times As Much As A Worker. Assume These
Hire another worker or purchase a new printer?
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A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 40,000 pages per day. One month ago, the firm added five workers, and productivity also increased by 25,000 pages per day. A copier costs about three times as much as a worker. Assume these increases in productivity per worker and productivity per copier are good proxies for future increases in productivity when hiring additional workers or purchasing additional copiers. Based on this information, the copy company should hire another worker in order to expand output.
Answers
Based on the information provided, the copy company should hire another worker to expand output.
This conclusion is based on the fact that adding two copiers increased output by 40,000 pages per day, while adding five workers increased productivity by 25,000 pages per day.
Since the cost of a copier is about three times the cost of a worker, it would be more cost-effective to hire another worker rather than purchasing a new copier. By doing so, the company can further increase its output and productivity.
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Select the statement below that describes a post-closing trial balance. Multiple choice question.
A. It is a listing of all permanent accounts and their balances after closing.
B. It is a listing of all temporary accounts and their balances after closing.
C. It is a financial statement that describes all revenue and expense accounts after closing,
D. It is a listing of all permanent accounts and their balances immediately after the adjusting process.
Answers
The post closing trial balance is A. a listing of all permanent accounts and their balances after closing.
What is the post closing trial balance?It shows the balances of permanent accounts (balance sheet items) at the closing of the reporting period. Helps compare debits to credits.The post closing balance sheet allows a company to balance its accounts by comparing the balances on the debit side with the credit side. Adjustments can then be made.
In conclusion, option A is correct.
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Current liabilities include ______. Multiple select question. accounts payable wages payable interest receivable 5 year bonds due in 2 years 10 years bonds due in 5 months
Answers
Current liabilities include current liabilities and 10 years bonds due in 5 months.
What are current liabilities?Current liabilities are obligations that a company owes other entities. This obligations would be paid withing a year.
Current liabilities include:
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In its first year, A Company had the following data.
Sales = 25,000 units Selling price = Birr 100
Total variable cost = Birr 1,500,000 TFC = Birr 350,000
Required:
a) Develop revenues, cost, and profit functions for the company in terms of quantity.
b) The intercept of the revenue equation is zero, what do you think is the reason?
c) Find the break-even point in terms of quantity.
d) Convert the cost equation in terms of quantity in to a cost equation in terms of revenue
Answers
Sales, Revenue e in its first year, A Company had the following data. Sales = 25,000 units Selling price = Birr 100. Total variable cost = Birr 1,500,000 TFC = Birr 350,000.
The solutions to the problem are given below:a) The revenues, cost, and profit functions for the company in terms of quantity are given below:Sales = 100Q Revenue = 100Q Cost = 1500000 + 5Q Profit = 100Q - (1500000 + 5Q + 350000) = 95Q - 185000b) The intercept of the revenue equation is zero because the selling price is equal to the variable cost per unit.c) The break-even point in terms of quantity is calculated as follows:Breakeven point = Fixed Cost/Unit Contribution Margin = 350000/95 = 3684.21 units ≈ 3684 unitsd) .
The cost equation in terms of quantity is given as follows:Cost = Fixed Cost + Variable Cost = 1500000 + 5QThe revenue equation in terms of quantity is given as follows:Revenue = Selling Price × Quantity = 100QTherefore, the cost equation in terms of revenue is given as follows:Cost = Fixed Cost + Variable Cost = 350000 + (Revenue × 0.05).
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Which statement best describes one way businesses participate in the
circular flow of goods?
A. Businesses trade goods between product and resource markets.
B. Businesses provide revenue to households that sell products.
C. Businesses create goods for product markets to sell.
D. Businesses provide the labor that works in resource markets.
Answers
Businesses create goods for product markets to sell is the statement best describes one way businesses participate in the circular flow of goods. Hence, option C is correct.
What is circular flow of goods?The circular flow of goods shows the distribution of the goods and services between the production and households.
It is the never ending process of the circular flow between expenditure, income, production of goods and services.
Thus, option C is correct.
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Answer:
C. Businesses create goods for product markets to sell.
Explanation:
breyona keeps a close eye on her company’s internal and external environments to identify better ways of doing business and to discover possible opportunities for new products. in which activity is breyona engaged?
Answers
Strategic control activity is being engaged by Breyona. Thus, option C is correct.
What are the new products?A new product is an item that is new to the organization presenting it, despite the fact that it might have been made in the same structure by others.
Business and to find potential open doors for new items. Breyona has a critical control action locked in. It is a specific type of board control and varies depending on the type of executive in charge.
Strategic control processes permit directors to assess an organization's showcasing program from a basic long-term viewpoint. Therefore, option C is correct.
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The question is incomplete, Complete question probably will be:
Breyona keeps a close eye on her company's internal and external environments to identity better ways of doing business and to discover possible opportunities for new products, in which activity is Breyon engaged? a. SWOT analysis b. VRIO wote c. strategic control d. management by observation
Segment of fashion industry that includes selling merchandise directly to consumers
Answers
Answer:
Elaborate Please.
Explanation:
. Carbondale Casting produces cast bronze valves on a 15 person assembly line. On a recent day,160 valves were produced during the 4-hour shift. a) Labor productivity of the line = valves/labor hour (round your response to two decimalplaces).
Answers
The labor productivity of the line is 2.67 valves/labor hour
To calculate the labor productivity of the line, we need to divide the number of valves produced by the total number of labor hours:
Labor productivity = Number of valves produced / Total labor hours
The total labor hours can be calculated by multiplying the number of workers by the length of the shift in hours:
Total labor hours = Number of workers x Length of shift in hours
Total labor hours = 15 x 4 = 60
Therefore, the labor productivity of the line is:
Labor productivity = 160 / 60
Labor productivity = 2.67 valves/labor hour (rounded to two decimal places)
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What’s the answer???
Answers
Answer:
The answer is false
Explanation:
Describe how surveillance of our telephones has changed over the years. explain what is different about how silicon valley companies have built their networks and what it means for the general public and law enforcement? explain why it is risky for tech companies to build a "backdoor". soghoian poses the question, "should billions of people be using devices that are wire-tap friendly?" explain why you think our devices should or should not be wiretap friendly.
Answers
Answer:
All communication way back used to be wiretapped, but now companies have been able to encrypt their data for protection of their information against wiretapping.
Companies like silicon valley has taken the bold step in securing their data from been hacked.
The back door is risky because if a person or people exposes their information to others, their information will be at risk because of hackers who might exploit their privacy or sensitive documents.
Finally, the idea of devices to be wiretapped is not a good idea, because most people want heir privacy, for this it is termed illegal to access one's privacy without the authorization from the person.
Explanation:
Solution
Before now all communication used to be wiretapped. presently, companies are encrypting data , for the purpose of this data to not be easily wiretapped.
Silicon valley companies have secured their devices through encryption unlike other companies. what this implies is that it will be tough for police to arrest criminals, but the normal or average people will have capacity to communicate or interact much better.
The back door method is risky because, presently in today's world there are people that are specialist in hacking, so if no backdoor exist, then there will be no room for anyone to hack into someone's phone.
It is considered a risk if your phone is exposed to others to easily access your private information.
I don't like the idea for devices should be wiretapped, this is because people need their privacy, they can't have that when their phones are wiretapped.
In general it is illegal and not right.
Answer:
Describe how surveillance of our telephones has changed over the years. It was originally manual, wires were connected by hand, and calls were recorded by tape. Now servalinec features are built into the networks and are now no longer needed to be done manually.
Explain what is different about how Silicon Valley companies have built their networks and what it means for the general public and law enforcement? Silicon Valeys have built strong encryption technology into their communication products. Which makes surveillance extremely difficult. This means for the general public and law enforcement that their communications cannot be easily wiretapped.
Explain why it is risky for tech companies to build a “backdoor”. When a backdoor is created in a communications network or piece of technology, there is now way of knowing who would use it. There is no way of knowing if it would be used by good guys or bad guys.
Soghoian poses the question, “Should billions of people be using devices that are wire-tap friendly?” Explain why you think our devices should or should not be wiretap friendly. I don't like the idea that devices should be wiretapped, this is because people need their privacy, they can't have that when their phones are wiretapped.
Explanation:
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