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ECO 561 Final Exam

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ECO 561 Week 1


ECO 561 Week 1 Complete:
DQ1.What is the definition of economics (distinguish between microeconomics
and macroeconomics). What is the role of economic theory in economics?
DQ2.what is the difference between a command system and a market system?
DQ3.There are several determinants of demand or the "other things," besides
price, which affect demand. Can you provide a few examples?
DQ4.Different products have different elasticity's. Heart medication, for example
is inelastic; and corn is elastic. Find a product and describe its price elasticity
and income elasticity. How much control might an organization have over pricing
based on a product's elasticity?
Individual Assignment - Week One Knowledge Check
Complete the Week One Knowledge Check.

ECO 561 Week 1 DQ 1 | ECO 561 Week 1 DQ 2 | ECO 561 Week 1 DQ 3 | ECO 561
Week 1 DQ 4 | ECO 561 Week 1 Quiz or Knowledge Check

ECO 561 Week 2


ECO 561 Week 2 Complete:

DQ1.Distinguish between explicit and implicit costs, and between normal and
economic profits.
DQ2.Briefly (in a few words) state the basic characteristics of pure competition,
pure monopoly, monopolistic competition, and oligopoly. Under which of these
market classifications does each of the following most accurately fit? (a) a
supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm;
(d) the commercial bank in which you or your family has an account; (e) the
automobile industry. In each case justify your classification.
DQ3.Why do you think the resource demand curve slopes downward? What are
some determinants of resource demand?
Individual Assignment - Week Two Knowledge Check
Complete the Week Two Knowledge Check
Individual Assignment - Market Equilibration Process Paper
Equilibration is the process of moving between two equilibrium points as a result
of some change in supply or demand. Understanding how market equilibrium is
sought following such a change is essential for business managers. It is
important to understand how economic principles, and specifically supply,
demand, and their determents are a part of your everyday business decisions.
Write a paper, or create a PowerPoint presentation using a real world experience
in a free market (not government regulated) to describe a change that occurred in
supply or demand as a result of world events that led to the need for a move
between two equilibrium states. Explain the process of how that movement
occurred using behaviors of consumers and suppliers. Graph the movement
between the two
points as well.
Required Elements:
Include academic research to support your ideas
Consider the Law of demand and the determinants of demand
Consider the Law of supply and the determinants of supply
Describe Efficient markets theory
Explain Surplus and shortage
Deliver the content in no more than a 700-word paper, OR 7- to 10- slide
Microsoft PowerPoint presentation (Please choose one of these choices, not
both)

Use University of Phoenix Material: Appendix A to create graphs illustrating the


movement between the two equilibrium points and include this in the body of the
assignment.
Your assignment is consistent with APA guidelines.

ECO 561 Week 2 DQ 1 | ECO 561 Week 2 DQ 2 | ECO 561 Week 2 DQ 3 | ECO 561
Week 2 Market Equilibration Process Paper | ECO 561 Week 2 Quiz or Knowledge
Check

ECO 561 Week 3


ECO 561 Week 3 Complete:
DQ1.How was De Beers able to control the world price of diamonds over the past
several decades even though it produced only 50 percent of the diamonds? What
factors ended its monopoly? What is its new strategy for earning economic
profit, rather than just normal profit?
DQ2.Why is there so much advertising in monopolistic competition and
oligopoly? How does such advertising help consumers and promote efficiency?
Why might it be excessive at times?
Individual Assignment - Week Three Knowledge Check
Complete the Week Three Knowledge Check.

ECO 561 Week 3 DQ 1 | ECO 561 Week 3 DQ 2 | ECO 561 Week 3 Quiz or
Knowledge Check

ECO 561 Week 4


ECO 561 Week 4 Complete:
Individual Assignment - Business Proposal
You will apply economic principles presented in Weeks One through Three in this
week's assignment. Your assignment will be reviewed by your peers and by your
facilitator in week five and should be revised as necessary based on feedback as
the first part of the final assignment in

week six.
Select a new, realistic good or service for an existing industry.
Write the economic analysis section of a business proposal. This will include
statements about the market structure and the elasticity of demand for the good
or service, based on text book principles. You need to create hypothetical data,
based on similar real world products to estimate fixed and variable costs.
Required Elements:
Identify market structure
Identify elasticity of the product
Include rationale for the following questions:
How will pricing relate to elasticity of your product?
How will changes in the quantity supplied as a result of your pricing decisions
affect marginal cost and marginal revenue?
Besides your pricing decisions, what are your suggested nonpricing strategies?
What nonpricing strategies will you use to increase barriers to entry?
How could changes in your business operations alter the mix of fixed and
variable costs in line with your strategy?
No more than 1400 words
Your proposal is consistent with APA guidelines
Click the Assignment Files tab to submit your assignment
Individual Assignment - Week Four Knowledge Check
Complete the Week Four Knowledge Check.

ECO 561 Week 4 Business Proposal | ECO 561 Week 4 Quiz or Knowledge Check

ECO 561 Week 5


ECO 561 Week 5 Complete:
DQ1.Briefly describe the multiplier effect. The multiplier effect is based on two
facts - what are they?

DQ2.What backs the money supply in the United States?


DQ3.After you have a chance to read the chapter, I look forward to hearing from
you on what interested you the most?
DQ4.How do mortgage backed securities work? Why did banks think that selling
mortgage backed securities would relieve them of the risks involved with
mortgage lending? How did the banks indirectly come to once again be exposed
to mortgage lending risk? What happened to bank reserves during the mortgage
debt crisis? How did the Fed respond?
Learning Team Assignment - Peer Review
Resource: Business Proposal Feedback Checklist.
Choose two business proposals from members of your Learning Team.
Provide feedback to your peers on the proposals using the Business Proposal
Feedback Checklist. Include detailed, substantive comments.
Submit the completed checklists with comments to the corresponding students.
Submit a copy of the completed checklists with comments to your facilitator. Your
comments are evaluated based on how well they correspond with the economic
principles presented in Weeks One
through Three.
Click the Assignment Files tab to submit your assignment.
Individual Assignment - Week Five Knowledge Check
Complete the Week Five Knowledge Check.

ECO 561 Week 5 DQ 1 | ECO 561 Week 5 DQ 2 | ECO 561 Week 5 DQ 3 | ECO 561
Week 5 DQ 4 | ECO 561 Week 5 Peer Review | ECO 561 Week 5 Quiz or Knowledge
Check

ECO 561 Week 6


ECO 561 Week 6 Complete:
DQ1.Is growth sustainable? Yes, say proponents of growth.
DQ2.What are the four supply factors of economic growth? What is the demand
factor? What is the efficiency factor?

Individual Assignment - Week Six Knowledge Check


Complete the Week Six Knowledge Check.
Individual Assignment - Final Proposal
Resource: Business Proposal and Peer Review feedback.
Revise your Week Four business proposal using the feedback provided by your
peers and facilitator as necessary. In addition to your week four paper, the second
part of your paper will use the revised information to recommend appropriate
pricing and non pricing strategies for your new or existing good or service based
on the projected economy's stage in the business cycle and the prevailing
projected economic conditions for one or more macroeconomic factors. Explain
the
evidence that supports these recommendations.
Required Elements:
Describe the current global economic conditions and their effect on local
macroeconomic indicators for your good or service.
Describe the local economy's stage in the business cycle.
Describe how current credit market conditions affect your planning or
operating decision for your good or service.
No more than 2100 words (in addition to the 1400 word paper completed in week
four, an additional three pages at most is needed)
Click the Assignment Files tab to submit your assignment.

ECO 561 Week 6 DQ 1 | ECO 561 Week 6 DQ 2 | ECO 561 Week 6 Final Proposal |
ECO 561 Week 6 Quiz or Knowledge Check | ECO 561 Week 6 Final Exam

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