ECO 365 Final Exam Guide (New, 2019)
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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 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.
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ECO 365 Final Exam Guide (New, December 2019)
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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 •
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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
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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
How the economy as a whole works Explain the following to
help th
How society manages its scarce resources and benefits from
Where is the point
of equilibrium and what do 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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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?
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ECO 365 Week 2 Learning Team Reflection Production
and Cost Analysis
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Discuss this week’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 Week 2 Team Assignment Elasticity Paper
(Substitute or Compliment)
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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.
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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 governor’s next economic conference. Your paper
Explain why equilibrium of supply
Explain the following concepts using the
arkets
Discuss
how externalities may prevent market equilibrium and the various
governments policies used to remedy the inefficiencies in markets
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
organization’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
Define the type of market in which your
selected product will compete, along with an analysis of competitors
Analyze any comparative advantages and
Explain the factors that will
Examine
factors that wi
Factors that influence
Various measures of costs, including opportunity
Externalities and government public policy and their effect
on marginal rev 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 week’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 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 product’s potential success. The
analysis will focus on your primary competitor in the product’s
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.
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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
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
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
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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
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.

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ECO 365 Week 4 Differentiating Between Market
Structures Presentation (New Syllabus),Starbucks
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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.
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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
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,
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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 government’s
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:
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.
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ECO 365 Week 4 Learning Team Reflection Public Policy
in Economics
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Discuss this week’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 Week 4 Team Assignment Mergers and Joint
Ventures (2 Papers)
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This Tutorial Contains 2 sets of papers
Learning Team Assignment – Week 4
Discuss the differences between horizontal, vertical and conglomerate
mergers and how those differ from a joint venture.
Introduction
Horizontal Mergers
Vertical Mergers
Conglomerate Mergers
Joint Venture
Conclusion
Prepare a 350- to 1,050- word paper detailing the findings of your
discussion.
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ECO 365 Week 4 Team Assignment The Economics of
Labor Markets

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ECO 365 Week 4 The Economics of Labor Markets Select an
organization your team is familiar with or an organization where a
team member works. Develop a 15- to 20-slide Microsoft®
PowerPoint® presentation to be presented to the CEO’s executive
committee that addresses how your chosen organization determines
what quantity of labor to demand and what events could shift the
demand and supply of that labor. Explain the following in your
How your organization’s production function is
related to it How your organization’s
marginal product of labor is related to the value of its marginal
How your organization’s marginal product is related to its
Examples of events that could shift the demand
o Reasons a worker’s
An analysis of the impact that government policies addressing
income inequity and poverty could have on labor demand or supply
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 4 Why Are Some Occupations Paid More
than Others (4 Presentation)
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This Tutorial contains 4 Presentations ECO 365 Week 4 Why Are
Some Occupations Paid More than Others? Purpose of Assignment
The purpose of this assignment is so students may look at the
microeconomic data and other sources for better understanding of
trends and determinants of the labor market. We will look at the
microeconomic data and other sources for better understanding of
trends and determinants of the labor market. The Bureau of Labor
Statistics (BLS) website provides public with an easy access to

different statistical tools and different types of data presentation.
Assignment Steps Select one of the following surveys as a team, from
the BLS Current Employment Statistics survey (National): Goods-
producing Employment – CES0600000001 Construction Employment
Assignment Files tab to submit your assignment.
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ECO 365 week 5 Team Assignment Competitive Strategies
and Government Policies (PPT)
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Select an organization the team is familiar with and which has a
global presence.
Management in the team's organization has recognized the effect of
changes in the real-world competitive environment and government
policies on other industries and anticipates similar events occurring in
their industry, so they ask you for a report considering the following
points.
Create a 12- to 16-slide PowerPoint® presentation in which you
describe how each of the following are or potentially will affect your
industry or one with which you are familiar:
The impact of new companies entering the market, mergers,
globalization on the market structure, price elasticity of demand,
pricing, and the sustainability of profits
The impact of current and expected government policies and
regulations, including taxes and regulations in place to address issues
related to externalities
Click the Assignment Files tab to submit your assignment.
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ECO 365 Week 5 Team Assignment Competitive
Strategies and Government Policies

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Management has recognized the effect of changes in the real-world
competitive environment and government policies on other industries
and anticipates similar events occurring in their industry, so they ask
you for a report considering the following points.
Write 1,400 –1,750-word paper of no more than in which you
describe how each of the following are or potentially will affect your
industry or one with which you are familiar:
New companies entering the market, mergers, and globalization, on
pricing and the sustainability of profits: Identify the type of merger
activity inyour industry or one with which you are familiar–
horizontal, vertical, or conglomerate–and explain why you made that
choice.
Current and expected government policies and regulations, including
taxes and regulations in place to address issues related to externalities
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ECO 365 Week 5 Theory of Consumer Choice and
Frontiers of Microeconomics
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ECO 365 Week 5 Theory of Consumer Choice and Frontiers of
Microeconomics You have been asked to assist your organization’s
marketing department to better understand how consumers make
economic decisions. Write a 1,050-word analysis that includes the
The role asymmetric information has in many economic

The Condorcet Paradox and Arrow’s Impossibility
People not being rational in
behavior economics 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.