ECO 365 Final Exam Guide (New, 2017)

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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 childrens 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. Penelopes 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 Jimmys 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 Adriannes consumer surplus is equal to the
deadweight loss. Total consumer surplus decreased by less than the tax
revenue. The decrease in Adriannes 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 profit-18.maximizing quantity for a wheat producer is
_____. Q between Q and Q Q Q1 19.The exhibit given below shows
Melanies 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. Rosss 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

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ECO 365 Final Exam Guide (New, Dec 2015)

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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 monopolists demand curve is
perfectly inelastic whereas a perfectly competitive firms demand curve
is perfectly elastic. A competitive firm has a u-shaped 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 monopolists product whereas there are no
substitutes for a competitive firms 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 doesnt care. Alexs 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 firms 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 persons 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 ones own doesnt 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. Woodwards 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

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ECO 365 Final Exam Guide 1

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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?
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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.
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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?
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ECO 365 Week 1 Individual Assignment Article Analysis
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ECO 365 Week 1 Individual Assignment Article Analysis

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ECO 365 Week 1 Individual Assignment Economic Analysis

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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.

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

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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.
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ECO 365 Week 2 Discussion Question 2
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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.
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 ECO 365 week 2 Individual Assignment Supply and Demand
Simulation (Microeconomics and the Laws of Supply and
Demand ) (3 Papers)
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This Tutorial contains 3 different Papers

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 consumerspurchasing and the firms pricing
strategy.

Format your paper consistent with APA guidelines.

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 ECO 365 Week 2 Learning Team Reflection Production and Cost
Analysis
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Discuss this weeks 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 Week 2 Team Assignment Elasticity Paper (Substitute

or Compliment)
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Reflect on why some products become substitutes and why some are com
pliments (e.g. hot dogs and hot dog buns).
Prepare a 350- to 1,050-
word paper detailing the findings of your discussion.
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ECO 365 Week 2 Team Assignment Markets and the Economics

of the Public Sector (2 Papers)
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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 governors 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.

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ECO 365 Week 2 Team Assignment Product Substitution

Versus Product Compliment
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ECO 365 Week 2 Team Assignment Substitute vs Compliment

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ECO 365 Week 3 Current Market Conditions Competitive

Analysis
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ECO 365 Week 3 Current Market Conditions Competitive Analysis You
have been given the responsibility of working with your organizations
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.

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ECO 365 Week 3 Discussion Question 1

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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 strategies effectiveness in their
respective market structures.
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ECO 365 Week 3 Discussion Question 2
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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
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Discuss this weeks 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 week 3 Team Assignment Current Market Conditions
Competitive Analysis (3 Papers)
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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 products potential success. The analysis will
focus on your primary competitor in the products market.

Select a potential competitive organization and a product in that

organization.

Write a 1,400 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.

o Price elasticity of demand

o Technological innovation
o The relationship between the amount of labor & capital employed
and the law of diminishing marginal productivity
o 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.
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ECO 365 Week 4 Differentiating Between Market Structures
Paper (New Syllabus),Starbucks
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You will apply important microeconomics concepts toward the competiti
ve strategies of an organization that operates in an industry of your choi
ce.
You will evaluate the differences between market structures and identify
a group of competitive strategies consistent with the market structure th
at best aligns with the market in
which the organization competes. You will assess how the market structu
re positively and negatively affects the firm and evaluate the efficacy of t
he structure's competitive
strategies.Select an industry. Identify an organization in that industry. Y
ou may use the company you used for the Week 3 Learning Team assign
ment or you may select a new
organization. Your selected organization must be submitted for instructo
r approval.Identify the market structure in which this organization comp
etes. Clearly indicate why the
market structure was decided upon, and how this market structure differ
entiates from the other alternatives.How might the company you selected
find itself working with
organizations in the same industry that are an oligopoly, perfect competi
tion, monopoly, or monopolistic market structure. Examine the different
sectors with an industry and
how market structure may vary within those sectors.Identify three or mo
re competitive strategies of your choice that may be used by the organiz
ation to maximize its profits over
the long run. Evaluate the efficacy of these strategies in the market struc
ture 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 speak
er notes.
Video
Create a 3-5 minute video
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ECO 365 Week 4 Differentiating Between Market Structures

Presentation (Mayo Clinic)
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You will apply important microeconomics concepts toward the competiti
ve strategies of an organization that operates in an industry of your choi
ce.
You will evaluate the differences between market structures and identify
a group of competitive strategies consistent with the market structure th
at best aligns with the market in
which the organization competes. You will assess how the market structu
re positively and negatively affects the firm and evaluate the efficacy of t
he 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 T
eam assignment or
you may select a new organization. Your selected organization must be s
ubmitted for instructor approval.Identify the market structure in which t
his organization competes.
Clearly indicate why the market structure was decided upon, and how th
is market structure differentiates from the other alternatives.How might t
he company you selected
find itself working with organizations in the same industry that are an ol
igopoly, perfect competition, monopoly, or monopolistic market structur
e. 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 stra
tegies 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 speak
er notes.
Video
Create a 3-5 minute video
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ECO 365 Week 4 Differentiating Between Market Structures

Presentation (New Syllabus),Starbucks
 FOR MORE CLASSES VISIT
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You will apply important microeconomics concepts toward the competiti
ve strategies of an organization that operates in an industry of your choi
ce. You will evaluate the
differences between market structures and identify a group of competitiv
e 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 negati
vely affects the firm and evaluate the efficacy of the structure's competiti
ve strategies.
Select an industry. Identify an organization in that industry. You may us
e the company you used for the Week 3 Learning Team assignment or yo
u may select a new organization.
Your selected organization must be submitted for instructor approval.
Identify the market structure in which this organization competes. Clear
ly indicate why the market structure was decided upon, and how this ma
rket structure differentiates from the
other alternatives.How might the company you selected find itself worki
ng with organizations in the same industry that are an oligopoly, perfect
competition, monopoly, or
monopolistic market structure. Examine the different sectors with an ind
ustry and how market structure may vary within those sectors.Identify th
ree or more competitive strategies
of your choice that may be used by the organization to maximize its profi
ts over the long run. Evaluate the efficacy of these strategies in the mark
et 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 speak
er notes.
Video
Create a 3-5 minute video
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ECO 365 Week 4 Differentiating Between Market Structures
Presentation (New), Apple Company
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You will apply important microeconomics concepts toward the competit
ive strategies of an organization that operates in an industry of your cho
ice. You will evaluate

the differences between market structures and identify a group of comp

etitive strategies consistent with the market structure that best aligns w
ith the market in which

the organization competes. You will assess how the market structure po
sitively and negatively affects the firm and evaluate the efficacy of the s
tructure's competitive strategies.

Select an industry. Identify an organization in that industry. You may us

e the company you used for the Week 3 Learning Team assignment or y
ou may select a new organization.

Your selected organization must be submitted for instructor approval.Id

entify the market structure in which this organization competes. Clearly
indicate why the market structure
was decided upon, and how this market structure differentiates from th
e other alternatives.How might the company you selected find itself wor
king with organizations in the

same industry that are an oligopoly, perfect competition, monopoly, or

monopolistic market structure. Examine the different sectors with an in
dustry and how market structure

may vary within those sectors.Identify three or more competitive strate

gies 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 ide
ntified.

Make recommendations related to the strategies the organization migh

t 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 speake
r notes.

Video

Create a 3-5 minute video

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ECO 365 Week 4 Discussion Question 1

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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 governments solution to a
market failure would worsen the failure? Explain your answer.

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ECO 365 Week 4 Discussion Question 2

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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?

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ECO 365 Week 4 Individual Assignment Differentiating

Between Market Structures Table
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For this assignment, you will choose from the following options:

o Option 1: Differentiating Between Market Structures in Kudler

o 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.

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ECO 365 Week 4 Learning Team Reflection Public Policy in

Economics
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Discuss this weeks 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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