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ECO 365 Final Exam Guide (New, 2017) FOR MORE CLASSES VISIT www.eco365guide.com 1 During the winter break, Sam decides to go for a skiing vacation in Aspen instead of taking piano lessons. The opportunity cost of the skiing vacation is the: cost of accommodation and food in Aspen. value of piano lessons. cost of buying a piano. amount paid to the skiing instructor. 2 Which of the following is an example of a negative externality? Smith reducing the consumption of imported wine following an increase in the price of imported wine Phoebe refusing to contribute to the building of a children’s park in her neighborhood Christina accepting a payment in cash rather than in check for her laundry services Tom playing music loudly in his room, disturbing his roommate who has an exam the next day 3.A perfectly competitive firm sells 10 units of Good X at a price of $2 per unit. It incurs a fixed cost of $5 and a variable cost of $40 to produce the good. Which of the following is true? The firm should operate in the short run but shut down in the long run. The marginal cost of the good is $4. The average revenue of the firm is $20. The firm should shut down. 4.Squeeze Inc. sells orange juice in a market where there are a large number of consumers and sellers. New firms can enter the market easily and also exit whenever they want to. It sells 40 bottles in a month at a price of $4 per bottle and incurs a cost of $5 per bottle. The average revenue of the firm: will be less than the marginal revenue. is $2, which is less than the market price. will be greater than the marginal revenue. is $4, which is equal to the marginal revenue. 5.Which of the following is a difference between liberalism and libertarianism? • Libertarians believe that equality of opportunities is more important than the equality of incomes, while liberals believe in policies that equalize the distribution of income. • Libertarians argue that the government should maximize total


utility, while liberals argue that the average utility of members of society should be maximized. • Libertarians believe that the government should redistribute income from the rich to the poor, while the liberals believe that the government should not redistribute income. • Libertarians emphasize the importance of the maximin criterion, while liberals emphasize the importance of an egalitarian society. 6.Bryan is trying to decide whether he should give up his job as a software programmer and invest in a start-up. Bryan earns an annual salary of $80,000 and has a saving of $50,000. The start-up would require an initial investment of $600,000. Bryan plans to take a loan from Trust Bank, a local commercial bank, which charges an interest rate of 5 percent on loans and provides an interest of 7 percent on savings deposits. Which of the following is true in this case? • The 7 percent interest that Bryan could have earned on his savings will be included in the calculation of his economic profit. • Bryan should invest in the start-up as he has to pay a lower interest rate on loans than he receives on his savings deposits. • Bryan should not invest in the start-up as his economic profit is lower than his accounting profit. • The interest rate of 5 percent on loans is a part of the implicit cost of setting up the start-up and will be included in the calculation of his accounting profit. 7.Color Mate Inc., a company that produces interior and wall paints, dumps its chemical waste in a river. Which of the following is likely to be true in this case? • The social cost of the company is lower than the private cost, and the equilibrium quantity of paints produced is less than the social optimum. • The social cost of the company is higher than the private cost, and the equilibrium quantity of paints produced is larger than the social optimum. • The social cost of the company is higher than the private cost, and the equilibrium quantity of paints produced is less than the social optimum. • The social cost of the company is lower than the private cost, and the equilibrium quantity of paints produced is larger than the social optimum. 8.Scarcity occurs because of: • the limited supply of resources. • overutilization of labor. • the excess of quantity supplied over quantity demanded. • limited human needs and wants. 9.The exhibit given below shows the demand curve for Good X, labeled D. At a price of $6 per unit, the quantity demanded of Good X is 5 units. A decrease


in price to $4 per unit increases the quantity demanded to 8 units. Assuming that a decrease in price leads to new consumers buying the good, what is the consumer surplus received by the new consumers in the market? • $3 • $10 • $2 • $13 10.Given an increase in the market demand for its product, a firm decides to hire an additional worker. The amount of output produced by 25 workers is 80 units. The marginal product of the 26th worker is 15 units. After the 26th worker is hired, the total output would increase to _____. • 1,200 units • 6 units • 15 units • 95 units 11.Suppose both Monica and Edith grow roses and make guns. If Monica devotes 10 hours to growing roses, she grows 16 roses, and if she devotes 10 hours to making guns, she produces 4 guns. If Edith divides her 10 hours equally, she produces 12 roses and 6 guns. Identify the correct statement. • Edith has an absolute advantage in both growing roses and making guns. • Monica has an absolute advantage in growing roses, and Edith has an absolute advantage in making guns. • Monica has an absolute advantage in both growing roses and making guns. • Monica has an absolute advantage in making guns, and Edith has an absolute advantage in growing roses. 12.Penelope has recently started a printing business in Duluth. She had to pay a fee to obtain a trade license from the Minnesota government and took a loan from the local bank to purchase inkjet printers, laser printers, and screen printers. She employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet dancer who used to earn an average of $50,000 a year. Penelope’s implicit cost of running the business is: • $72,000 per annum. • the amount she used to earn as a ballet dancer. • the interest she has to pay on the loan. • the fee paid to the government. 13.A sudden increase in the demand for air conditioners increased the earnings of the workers employed in air conditioner-manufacturing firms and attracted workers from other sectors. Which of the following will be true in the market for workers employed in air conditioner-manufacturing firms? • There will be a leftward shift of the labor supply curve, leading to an increase in the equilibrium wage and a decrease in employment. • There will be a rightward shift of the labor supply curve, leading to an increase in the equilibrium wage and employment. • There will be a rightward shift of the labor supply curve, leading to a decrease in the equilibrium wage and


an increase in employment. • There will be a leftward shift of the labor supply curve, leading to a decrease in the equilibrium wage and employment. 14.Moonlife LLC. observed that its total revenue is proportional to the quantity of good sold. It is likely that Moonlife LLC. is a: • perfectly competitive firm. • monopolistic competitor. • monopoly. • monopsony. 15.The Rhodes and Samson families, with annual incomes of $100,000 and $120,000, respectively, live in a society where the primary objective of the government is to maximize the sum of the utility attained by everyone in the society. Which of the following is likely to be true in such a society? • The government will redistribute income between the two families in such a way that the welfare of the Rhodes family improves. • The government will redistribute income between the two families in such a way that both the families will have the same level of post-tax income. • The government will tax the Rhodes family and provide income transfers to the Samson family to maximize total utility. • The government will tax the Samson family and provide income transfers to the Rhodes family, but there will exist an inequality of income between the two families. 16.Which of the following reflects the law of demand? • Jonathan, a coffee drinker, switching to green tea after a fall in the price of green tea • John purchasing a bigger apartment after an increase in his salary • Jacques purchasing 4 bottles of lemonade instead of 3 when its price decreased from $12 to $10 per bottle • Jimmy’s demand for donuts decreasing from 4 per week to 2 per week after its price decreased from $1 to $0.5 per donut 17.Adrianne and Joanna love watching plays on Broadway. Adrianne values a play at $85, and Joanna values it as $82. When the price of tickets increased from $80 to $83 following the imposition of a tax, Joanna stopped watching plays on Broadway, while Adrianne continued to buy tickets. Identify the correct statement. The deadweight loss is $3. The decrease in Adrianne’s consumer surplus is equal to the deadweight loss. Total consumer surplus decreased by less than the tax revenue. The decrease in Adrianne’s surplus is equal to the tax revenue. 18 The exhibit given below shows the market for wheat in Zenetia. At a price of p, the profit18.maximizing quantity for a wheat producer is _____. Q between Q and Q’ Q” Q1 19.The exhibit given below shows Melanie’s budget


constraint for two goods, wine and cheese. The slope of the budget constraint equals: • 2 • 3/2 • 2/3 • 3 20.Liz starts driving rashly after buying insurance. This is an example of a(n): • negative externality. • free-rider problem. • common-resource problem. • moral-hazard problem. 21.The exhibit given below shows the demand curve for and the supply curve of laptops, D and S1. The government decides to impose a price ceiling on the price of laptops. At the same time, the price of inverter boards that provide power to backlight lamps inside laptop screens increases. Identify the correct statement. • A price of P2 will be binding in this market. • At a price ceiling of P1, the quantity demand and supplied in the market will be Q2. • The government should set the price ceiling at P1 to eliminate shortage. • A price ceiling above P3 will eliminate shortage in the market. 22.The state government of Dalmatia noticed that whenever its baseball team played a match in any of the local stadiums, the prices of tickets became too high. It decided to impose a price ceiling on the ticket prices. The exhibit given below shows the demand curve for and the supply curve of baseball game tickets in Dalmatia. If the government were to impose a binding price ceiling, it should set the price at: • $120 per ticket, which would give rise to a shortage of 10,000 tickets. • $120 per ticket, which would give rise to a surplus of 20,000 tickets. • $80 per ticket, which would give rise to a shortage of 16,000 tickets. • $80 per ticket, which would give rise to a surplus of 8,000 tickets. 23.Which of the following is an example of adverse selection? • Patrick uses the service of a mechanic to inspect the condition of a second-hand Dodge he is interested in buying. • Harry refuses to buy health insurance at high premiums because he feels that he is in good health. • Thomas refuses to pay for the construction of a swimming pool in his neighborhood that will be open to the public free of cost. • When the National Museum increased its entry fee, there wa 24.Mike sells navel oranges in a market where there are a lot of other sellers and faces a perfectly elastic demand curve for oranges. He hires 10 workers in a perfectly competitive market to help him with picking oranges. Given this information, it can be said that: • the demand for workers is a positive function of the prevailing market wage rate. • the demand curve for orange pickers is vertical. • Mike can employ only 10


workers as the supply of workers is fixed in a perfectly competitive labor market. • Mike cannot bargain with the workers over their wage rates 25.Suppose Timothy consumes two goods, soda and chips. The slope of his indifference curve for these two goods reflects: the relative price of soda. the total utility he gets from the consumption of the two goods. the relative price of chips. the rate at which he is willing to substitute one good for the other. 26.The exhibit given below shows the supply curve of printing machines. At a price of $400 per machine, the producer surplus is: 27.Recent political unrest has caused many citizens of Serria to flee the country. This is likely to: shift the labor demand curve in Serria to the left. increase labor employment in Serria. shift the labor supply curve in Serria to the right. increase the equilibrium wage rate in the labor market in Serria. 28.Suppose both Ross and Vivian produce butter and cheese. When Ross works for 10 hours a day, he produces 6 pounds of butter and 24 pounds of cheese. When Vivian works for the same hours, she produces 20 pounds of cheese and 40 pounds of butter. Ross’s opportunity cost of producing a pound of butter is: 5 pounds of cheese. 1/4 pounds of cheese. 18 pounds of cheese. 4 pounds of cheese. 29. Paula wants to buy 3 packs of frozen yoghurt when it is priced at $2 per pack. When the price increases to $3.50 per pack, she wants to buy 2 packs. This reflects the: • maximization of marginal utility by Paula. • law of diminishing marginal utility. • law of demand. • maximization of total utility by Paula. 30. The table given below shows three buyers’ willingness to pay for an antique necklace. At a market price of $25,000, the total consumer surplus in the market is _____. $30,000 $6,000 $26,000 $7,000 =================================================== =================================

ECO 365 Final Exam Guide (New, Dec 2015)

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www.eco365guide.com 1). The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds. If the company earns positive economic profits this year, the price of diamonds will: • Exceed the marginal cost of diamonds but equal to the average total cost of diamonds. • Exceed both the marginal cost and the average total cost of diamonds. • Be equal to the marginal cost of diamonds. • Be equal to the average total cost of diamonds. 2). Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by: • Economies of scope • Diseconomies of scale • Diminishing marginal productivity • Economies of scale 3). Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: • despite the increase in price, quantity demanded rose due to some other factors changing. • the demand for a college education is positively sloped. • the law of demand is invalid. • this situation has nothing to do with the law of demand. 4). A monopoly firm is different from a perfectly competitive firm in that: • A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic. • A competitive firm has a ushaped average cost curve whereas a monopolist does not. • A monopolist can influence market price whereas a perfectly competitive firm cannot. • There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. 5). The best example of positive externality is: • Alcoholic beverages • Pollution • Education • Roller coaster rides 6). The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of: • supply • profit maximization • opportunity cost • demand 7). A reduction in the supply of labor will cause wages to: • Decrease and employment to decrease. • Increase and employment to increase. •Decrease and employment to increase. • Increase and employment to decrease. 8). Other things


held constant in a competitive labor market, if workers negotiate a contract in which the employer agrees to pay an hourly of $17.85 while the market equilibrium hour rate is $16.50, the: • Quantity of workers demanded will exceed the quantity of workers supplied. • Quantity of workers supplied will exceed the quantity of workers demanded. • Supply of labor will decrease until the equilibrium wage rate is $17.85. • Demand for labor will increase until the equilibrium wage rate is $17.85. 9). Alex is playing his music at full volume in his dorm room. The other people living on his floor found this to be a nuisance, but Alex doesn’t care. Alex’s music playing is an example of: • Pareto externality • Positive externality • Negative externality • Normative externality 10). Oligopoly is probably the best market for technological change because: • The typical oligopoly has the funds to carry out research and development and believe that its competitors are innovating, which motivates it to conduct research and development. • The typical oligopoly lacks the funds to carry out research and development and therefore will use basic research from universities. •Research and development occurs only if government subsidizes such activity, and government tends to subsidize oligopolies. • The typical oligopoly keeps price very close to average total cost because it fears the entry of new rivals if its profits are excessively high. 11). A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm’s goal is to maximize profit, it should: • Produce more widgets • Produce fewer widgets • Continue producing 500 widgets • Shut down 12). Graphically, a change in price causes: • the demand curve to shift. • both supply and demand to shift. • a movement along a given supply curve, not a shift. • the supply curve to shift. 13). In 1997, the federal government reinstated a 10 percent excise tax on airline tickets. The industry tried to pass on the full 10 percent ticket tax to consumers but was able to boost fares by only 4 percent. From this you can conclude that the: • Supply of airline tickets is perfectly inelastic. • Supply elasticity of airline tickets is less than infinity. • Demand elasticity for airline tickets is greater than zero in absolute value. • Demand for airline tickets is perfectly inelastic. 14). In 2011, the


Department of Justice sued AT&T to block its merger with the cell phone service provider T-Mobile. To defend itself against the charge, AT&T argued that the: • Combined company could raise prices, allowing it to survive in a rapidly changing market. • Government had no authority to block mergers in the telephone industry. • Government had guaranteed it exclusive control of cell phone service. • Merger would improve and expand cellular service to consumers. 15). The law of diminishing marginal productivity implies that the marginal product of a variable input: • Never declines • Always declines • Is constant • Eventually declines 16). Suppose OPEC announces it will increase production. Using supply and demand analysis to predict the effect of increased production on equilibrium price and quantity, the first step is to show the: • supply curve shifting to the right. • demand curve shifting to the left. • demand curve shifting to the right. • supply curve shifting to the left. 17). Many call centers that provide telephone customer services for U.S. companies have been established in India, but few or none have been established in China. Why? • China is at a more advanced stage of economic development than India. • China lacks the political infrastructure to support call centers. • Indian labor costs are equal to Chinese labor costs. • Chinese labor lacks the specific language skills needed to make call centers profitable in China. 18). Suppose people freely choose to spend 40 percent of their income on health care, but then the government decides to tax 40 percent of that person’s income to provide the same level of coverage as before. What can be said about deadweight loss in each case? • There is no difference because the total spending remains the same and the health care purchased remains the same. • Taxing income results in less deadweight loss because government knows better what health care coverage is good for society. • Taxing income results in deadweight loss, and purchasing health care on one’s own doesn’t result in deadweight loss. • There is no difference between goods that are purchased in the market in either case. 19). At one time, sea lions were depleting the stock of steelhead trout. One idea to scare sea lions away from the Washington coast was to launch fake killer whales, which are predators of sea lions. The cost of


making the first whale is $16,000 ($5,000 for materials and $11,000 for the mold). The mold can be reused to make additional whales, and so additional whales cost $5,000 each. Based on these numbers, the production of fake killer whales exhibits: • Diminishing marginal product • Decreasing returns to scale • Constant returns to scale • Increasing returns to scale 20). There are many restaurants in the city of Raleigh, each one offering food and services that differ from those of its competitors. There is also free entry of sellers into the market, and each seller serves a very small fraction of the total number of meals served each day. The restaurant industry in Raleigh is best characterized as: • Perfectly competitive. • Monopolistically competitive. • A pure monopoly. • An oligopoly. 21). Suppose foreign shrimp prices drop by 32 percent and importers gain a 90 percent market share. From this information, what would economists strongly suspect about this industry? • Foreigners have a comparative advantage in shrimping. • The large sales of foreigners indicate they are better strategic business bargainers than Americans are. • Americans have a comparative advantage in shrimping. • Foreign sellers probably are colluding on price to maximize profits. 22). For a monopolist, the price of a product: • Is less than the marginal revenue. • Exceeds the marginal revenue. • Equals the marginal cost. • Equals the marginal revenue. 23). When Ross Perot ran for president as a third party candidate in 1992, he argued that free trade with Mexico would result in massive job losses in the United States because Mexican wages were so low. Which of the following is the best explanation of why few economists agreed with Perot? • Although economics predicted that unemployment would rise, the increased profits of corporations would raise stock prices enough to compensate for the lost jobs. • Economists did not believe any jobs would be lost in the United States. • Although economists believed that in some areas the United States would lose jobs, they expected the United States would gain jobs in other areas. • Economics believed that the U.S. unemployment would rise. 24). Mr. Woodward’s cabinet shop is experiencing rapid growth in sales. As sales have increased, Mr. Woodward has found it necessary to hire more workers. However, he


has observed that doubling the number of workers has less than doubled his output. What is the likely explanation? • The law of demand • The law of diminishing marginal productivity • The law of supply • The law of diminishing marginal utility 25). Price elasticity of demand is the: • Change in the quantity of a good demanded divided by the change in the price of that good. • Percentage change in price of that good divided by the percentage change in the quantity of that good demanded. • Percentage change in quantity of a good demanded divided by the percentage change in the price of that good. • Change in the price of a good divided by the change in the quantity of that good demanded. 26). Which of the following statements is true about a downward-sloping demand curve that is a straight line? • The slope remains the same, but elasticity falls as you move down the demand curve. • The slope remains the same, but elasticity rises as you move down the demand curve. • The slope and the elasticity fall as you move down the demand curve. • The slope and elasticity are the same at all points. 27). Strategic decision making is most important in: • Monopolistically competitive markets. •Monopolistic markets. • Oligopolistic markets. • Competitive markets. 28). Cartels are organizations that: • Encourage price wars. • Keep markets contestable. • Use predatory pricing to monopolize industries. • Coordinate the output and pricing decisions of a group of firms. 29). Microeconomics and macroeconomics are: • Interrelated because what happens in the economy as a whole is based on individual decisions. • Interrelated because both are often taught by the same instructors. • Not related because they are taught separately. • Virtually identical, though one is much more difficult than the other. 30). Microeconomics is the study of: • a firm's pricing policies • inflation • unemployment • business cycles =================================================== =================================

ECO 365 Final Exam Guide 1


FOR MORE CLASSES VISIT www.eco365guide.com 1. Because you can only obtain more of one good by giving up some of another good, the shape of a production possibility curve is _______________. 2. Refer to the table shown. The average product when eight workers are employed is _____6____ 3. A resource is said to have a comparative advantage if 4 Refer to the graph shown. Initially, the market is in equilibrium with price equal to $3 and quantity equal to 100. Government imposes a tax on suppliers of $1 per unit. The effect of the tax is to 5Refer to the table shown. Diminishing marginal productivity begins when the 6 Refer to the graph shown. If this monopolistically competitive firm maximizes profit, it will 7 The price of a ticket to a rock concert is set at $35. All the tickets for the concert sell out 1 hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that 8 Which of the following statements is true? 9 State what type of business combination is occurring in the following scenario: Samsung and Sony become partners in a flat screen manufacturing company.


10 Suppose a firm finds that an additional dollar spent on labor increases output more than does an additional dollar spent on machines. Under these conditions, the firm 11 Economists and laypeople see the pros and cons of international trade in different ways. Which of the following is one of those ways? 12 The morel is a prized mushroom that is often abundant in the Western United States in years after forest fires. Suppose two companies are buying morels from workers willing to find them. One company offers to pay workers $5.00 per pound, and the other company will pay workers only $4.00 per pound. Economists would say that 13 Which of the following is the best example of a macroeconomic externality? 14 If MR < MC, a monopolist should: 15 Opponents of government intervention in the economy argue that externalities may not be effectively corrected by the government. 16 State what type of business combination is occurring in the following scenario: IBP meat processing firm buys American Cattle, a very large cattle ranch. 17 Refer to the graph shown. At which point is elasticity zero? 18 A Wall Street Journal headline reads: "Cigar Shortage Draws New Brands into Market." The shortage resulted from a renewed interest in smoking cigars. What best describes the facts behind the headline? 19. Refer to the graph shown. If hamburger dinners are produced by a perfectly competitive industry with a market demand D:


20 State what type of business combination is occurring in the following scenario: Golf Smith, a golf supply retailer buys its competitor, Vango golf. 21 According to the text, Microeconomics, Colander (2013), economics is the study of how 22 Oligopoly is characterized by 23 When Ross Perot ran for president as a third party candidate in 1992, he argued that free trade with Mexico would result in massive job losses in the United States because Mexican wages were so low. Which of the following is the best explanation for why few economists agreed with Perot? 24 Refer to the graph shown. The figure shows the demand and supply curves for eggs and shows two equilibrium points, E1 and E2. An increase in demand from D1 to D2 would cause 25 Germany restricts the use of nonrefillable bottles and cans. The European Union argues that the rules aren't just protecting the environment; they also are protecting German beverage makers from competition. The EU sees Germany's environmentalism as _____________________. 26 Oligopoly is probably the best market for technological change because 27 George Davis and Michael Wohlgenant estimate that for every 1 percent increase in the price of Christmas trees, quantity demanded falls by 0.6 percent. The demand for Christmas trees is __________________. 28 State what type of business combination is occurring in the following scenario: A tobacco producer buys a carbonated beverage plant. 29 Suppose the minimum possible price of constructing homes is $50 per square foot. As a result of a sharp drop in the demand for home


construction, the equilibrium price of home construction falls to $40 per square foot. Assuming the home construction industry is perfectly competitive and there are no specialized inputs, firms will 30 Refer to the table shown. At what level of employment is the marginal product of labor seven? =================================================== =================================

ECO 365 Week 1 Discussion Question 1

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What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making. =================================================== =================================

ECO 365 Week 1 Discussion Question 2

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Identify a recent purchase in which the price of the product was an important consideration in the decision-making process related to purchasing the product. What other factors affected your decision? How important was your income as a factor? How important was the price of other goods as a factor? =================================================== =================================

ECO 365 Week 1 Individual Assignment Article Analysis

FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Week 1 Individual Assignment Article Analysis =================================================== =================================

ECO 365 Week 1 Individual Assignment Economic Analysis

FOR MORE CLASSES VISIT www.eco365guide.com Prepare a 1,000-1,500 word paper in which you explain what the difference is between a movement along and shift of the demand curve. Show the impact on the equilibrium price and quantity that results from;


(1) an increase in demand, (2) an increase in supply, (3) an increase in both supply and demand. Give an example of the role of supply and demand in decision making. Post in assignments link. Format your paper consistent with APA guidelines. =================================================== =================================

ECO 365 Week 1 Individual Assignment Economic Definitions Worksheet

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Write the definition for each of the following: 1.

Law of Demand

2.

Law of Supply

3.

Price Elasticity of Demand

4.

Macroeconomics

5.

Microeconomics


Identify 2 products whose demand is price inelastic. Which of the following graphs best demonstrates the law of demand? Which of the following graphs best demonstrates the law of supply? =================================================== =================================

ECO 365 Week 1 Individual Assignment Supply and Demand Curve Worksheet (2 Sets)

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This Tutorial contains 2 sets of Worksheet

Complete the Supply and Demand Curve worksheet.

Submit through the Assignment tab. Answer the following questions Write the definition for each of the following: 1. Law of Demand


2. Law of Supply Which of the following graphs best demonstrates the law of demand? a) I b) II c) III d) IV Which of the following graphs best demonstrates the law of supply? a) I b) II c) III d) IV =================================================== =================================

ECO 365 Week 1 Ten Principles of Economics and How Markets Work (2 Papers)

FOR MORE CLASSES VISIT www.eco365guide.com This Tutorial contains 2 Papers As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic


thought and theory. Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your information. Identify the fundamental lessons the Ten Principles of Economics teach about: How people make decisions How people interact How the economy as a whole works Explain the following to help the committee members understand how markets work: How society manages its scarce resources and benefits from economic interdependence Why the demand curve slopes downward and the supply curve slopes upward Where is the point of equilibrium and what does it determine? The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices Format consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. =================================================== =================================

ECO 365 Week 2 Discussion Question 1

FOR MORE CLASSES VISIT www.eco365guide.com What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions? Provide an example from your workplace. =================================================== =================================

ECO 365 Week 2 Discussion Question 2

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www.eco365guide.com Why is the demand of labor a derived demand? What is the relationship between productivity and the wages earned by employees where you work or at an organization with which you are familiar? What are some factors that determine the level of your income? Explain your answer. =================================================== =================================

ECO 365 week 2 Individual Assignment Supply and Demand Simulation (Microeconomics and the Laws of Supply and Demand ) (3 Papers)

FOR MORE CLASSES VISIT www.eco365guide.com Complete the Supply and Demand Simulation located on the student website. Write 700 - 1,050-word paper of no more than summarizing the content. Address the following:

Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.

Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?


For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.

How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?

How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

Relating to the simulation, explain how the price elasticity of demand affects a consumerâ&#x20AC;&#x2122;spurchasing and the firmâ&#x20AC;&#x2122;s pricing strategy.

Format your paper consistent with APA guidelines. =================================================== =================================

ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis


FOR MORE CLASSES VISIT www.eco365guide.com Discuss this weekâ&#x20AC;&#x2122;s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

Prepare a 350- to 1,050- word paper detailing the findings of your discussion. =================================================== =================================

ECO 365 Week 2 Team Assignment Elasticity Paper (Substitute or Compliment)

FOR MORE CLASSES VISIT www.eco365guide.com Reflect on why some products become substitutes and why some are compliments (e.g. hot dogs and hot dog buns). Prepare a 350- to 1,050- word paper detailing the findings of your discussion. =================================================== =================================


ECO 365 Week 2 Team Assignment Markets and the Economics of the Public Sector (2 Papers)

FOR MORE CLASSES VISIT www.eco365guide.com This Tutorial contains 2 Papers ECO 365 Week 2 Markets and the Economics of the Public Sector You have been assigned to a team that has the responsibility of preparing a paper consisting of 1,750 words for the governorâ&#x20AC;&#x2122;s next economic conference. Your paper should address the following: Explain why equilibrium of supply and demand is desirable. Explain the following concepts using the concept of consumer and producer surplus: Efficiency of markets Costs of taxation Benefits of international trade Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities. Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles. Cite a minimum of 3 peer-reviewed sources, not including your textbook. Format consistent with APA guidelines. Click the Assignment Files tab to submit your assignment =================================================== =================================

ECO 365 Week 2 Team Assignment Product Substitution Versus Product Compliment

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www.eco365guide.com ECO 365 Week 2 Team Assignment Substitute vs Compliment =================================================== =================================

ECO 365 Week 3 Current Market Conditions Competitive Analysis

FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Week 3 Current Market Conditions Competitive Analysis You have been given the responsibility of working with your organizationâ&#x20AC;&#x2122;s CEO to do a competitive market analysis of the potential success of one of their existing products. Select your organization and a product produced by that organization from IndustryWeek. Write a 2,100-word analysis of the current market conditions facing your product, making sure that you address the following topics: Define the type of market in which your selected product will compete, along with an analysis of competitors and customers. Analyze any comparative advantages and international trade opportunities. Explain the factors that will affect demand, supply, and prices of that product. Examine factors that will affect Total Revenue, including but not limited to: Price elasticity of demand Factors that influence productivity Various measures of costs, including opportunity costs Externalities and government public policy and their effect on marginal revenue and marginal cost Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product. Use a minimum of 3 peer-reviewed sources from the University Library. Format your


paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. =================================================== =================================

ECO 365 Week 3 Discussion Question 1

FOR MORE CLASSES VISIT www.eco365guide.com What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? What are economic profit-maximizing strategies that may be made by a perfectly competitive firm, a monopolist firm, and a monopolistic competitive firm? Provide examples and explain the strategiesâ&#x20AC;&#x2122; effectiveness in their respective market structures. =================================================== =================================

ECO 365 Week 3 D iscussion Question 2

FOR MORE CLASSES VISIT www.eco365guide.com What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always produce at a profit-maximizing output level? Explain your answer.


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ECO 365 Week 3 Learning Team Reflection Summary Market Structure

FOR MORE CLASSES VISIT www.eco365guide.com Discuss this weekâ&#x20AC;&#x2122;s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

Prepare a 350- to 1,050- word paper detailing the findings of your discussion. =================================================== =================================

ECO 365 week 3 Team Assignment Current Market Conditions Competitive Analysis (3 Papers)

FOR MORE CLASSES VISIT www.eco365guide.com This tutorial contains 3 sets of paper


Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the productâ&#x20AC;&#x2122;s potential success. The analysis will focus on your primary competitor in the productâ&#x20AC;&#x2122;s market.

Select a potential competitive organization and a product in that organization.

Write a 1,400 â&#x20AC;&#x201C; 1,750-word paper of no more than analyzing the current market conditions. Address the following topics:

A short history of the organization and a description of their product

Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers.

Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements.


Price elasticity of demand Technological innovation The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity Cost structure

Factors affecting variable costs, including productivity and others that change the supply of and demand for labor

Factors affecting fixed costs

Make recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs.

Format your paper consistent with APA guidelines. =================================================== =================================

ECO 365 Week 4 Differentiating Between Market Structures Paper (New Syllabus),Starbucks


FOR MORE CLASSES VISIT www.eco365guide.com You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of the structure's competitive strategies. Select an industry. Identify an organization in that industry. You may use the company you used for the Week 3 Learning Team assignment or you may select a new organization. Your selected organization must be submitted for instructor approval. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives. How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect competition, monopoly, or


monopolistic market structure. Examine the different sectors with an industry and how market structure may vary within those sectors. Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the efficacy of these strategies in the market structure you identified. Make recommendations related to the strategies the organization might consider to maximize its profits. Select one of the following assignment options: Paper Write a 1,400- to 1,750- word paper. Format consistent with APA guidelines. PowerPoint® Presentation: Create a 12-15 slide Microsoft® PowerPoint® presentation including detailed speaker notes. Video Create a 3-5 minute video =================================================== =================================

ECO 365 Week 4 Differentiating Between Market Structures Presentation (Mayo Clinic)


FOR MORE CLASSES VISIT www.eco365guide.com You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of the structure's competitive strategies. Select an industry. Identify an organization in that industry. You may use the company you used for the Week 3 Learning Team assignment or you may select a new organization. Your selected organization must be submitted for instructor approval. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives. How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market structure may vary within those sectors. Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the efficacy of these strategies in the market structure you identified. Make recommendations related to the strategies the organization might consider to maximize its profits.


Select one of the following assignment options: Paper Write a 1,400- to 1,750- word paper. Format consistent with APA guidelines. PowerPoint® Presentation: Create a 12-15 slide Microsoft® PowerPoint® presentation including detailed speaker notes. Video Create a 3-5 minute video Related Tutorials =================================================== =================================

ECO 365 Week 4 Differentiating Between Market Structures Presentation (New Syllabus),Starbucks

FOR MORE CLASSES VISIT www.eco365guide.com You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice.


You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of the structure's competitive strategies. Select an industry. Identify an organization in that industry. You may use the company you used for the Week 3 Learning Team assignment or you may select a new organization. Your selected organization must be submitted for instructor approval. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives. How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market structure may vary within those sectors. Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the efficacy of these strategies in the market structure you identified. Make recommendations related to the strategies the organization might consider to maximize its profits.


Select one of the following assignment options: Paper Write a 1,400- to 1,750- word paper. Format consistent with APA guidelines. PowerPoint® Presentation: Create a 12-15 slide Microsoft® PowerPoint® presentation including detailed speaker notes. Video Create a 3-5 minute video =================================================== =================================

ECO 365 Week 4 Differentiating Between Market Structures Presentation (New), Apple Company

FOR MORE CLASSES VISIT www.eco365guide.com You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive strategies consistent with the market structure that best aligns


with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm and evaluate the efficacy of the structure's competitive strategies. Select an industry. Identify an organization in that industry. You may use the company you used for the Week 3 Learning Team assignment or you may select a new organization. Your selected organization must be submitted for instructor approval. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon, and how this market structure differentiates from the other alternatives. How might the company you selected find itself working with organizations in the same industry that are an oligopoly, perfect competition, monopoly, or monopolistic market structure. Examine the different sectors with an industry and how market structure may vary within those sectors. Identify three or more competitive strategies of your choice that may be used by the organization to maximize its profits over the long run. Evaluate the efficacy of these strategies in the market structure you identified. Make recommendations related to the strategies the organization might consider to maximize its profits. Select one of the following assignment options: Paper Write a 1,400- to 1,750- word paper.


Format consistent with APA guidelines. PowerPoint® Presentation: Create a 12-15 slide Microsoft® PowerPoint® presentation including detailed speaker notes. Video Create a 3-5 minute video =================================================== =================================

ECO 365 Week 4 Discussion Question 1

FOR MORE CLASSES VISIT www.eco365guide.com What is an externality? Provide at least three examples. How does one of the examples you provided affect the market outcome? What is the role of government in addressing the implications of an externality you provided as an example? Is it possible that a government’s solution to a market failure would worsen the failure? Explain your answer. =================================================== =================================

ECO 365 Week 4 Discussion Question 2

FOR MORE CLASSES VISIT


www.eco365guide.com What effect do government intervention, taxation, and regulations have on economic behavior? Explain. What are real-world examples of government intervention, taxation, and regulations? What are the goals of each? =================================================== =================================

ECO 365 Week 4 Individual Assignment Differentiating Between Market Structures Table

FOR MORE CLASSES VISIT www.eco365guide.com For this assignment, you will choose from the following options:

Option 1: Differentiating Between Market Structures in Kudler Option 2: Differentiating Between Market Structures in an Organization of Your Choice

Read the instructions in the University of Phoenix Material: Differentiating Between Market Structureslocated on the student website and select one option to complete the assignment. =================================================== =================================


ECO 365 Week 4 Learning Team Reflection Public Policy in Economics

FOR MORE CLASSES VISIT www.eco365guide.com Discuss this weekâ&#x20AC;&#x2122;s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

Prepare a 350- to 1,050- word paper detailing the findings of your discussion.

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ECO 365 GUIDE Predictable World / eco365guide.com  

We are dedicated to helping you exceed your career goals

ECO 365 GUIDE Predictable World / eco365guide.com  

We are dedicated to helping you exceed your career goals

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