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1. ECO 365 Final Exam Guide (New, 2019) 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. ============================================== ECO 365 Final Exam Guide (New, December 2019) FOR MORE CLASSES VISIT 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
2. 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 • ============================================== 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 ============================================== ECO 365 Week 1 Discussion Question 1
3. FOR MORE CLASSES VISIT www.eco365guide.com 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 FOR MORE CLASSES VISIT www.eco365guide.com 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
4. 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 FOR MORE CLASSES VISIT www.eco365guide.com 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
5. 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) FOR MORE CLASSES VISIT www.eco365guide.com 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?
6. 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 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. ============================================== ECO 365 Week 2 Discussion Question 1 FOR MORE CLASSES VISIT www.eco365guide.com
7. 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 FOR MORE CLASSES VISIT 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?
8. 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? ============================================== ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis FOR MORE CLASSES VISIT www.eco365guide.com 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. ============================================== 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. ==============================================
9. 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 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 ============================================== ECO 365 Week 2 Team Assignment Product Substitution Versus Product Compliment FOR MORE CLASSES VISIT 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
10. www.eco365guide.com 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. ============================================== 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 strategies’ effectiveness in their respective market structures. ==============================================
11. ECO 365 Week 3 Discussion 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. ============================================== ECO 365 Week 3 Learning Team Reflection Summary Market Structure FOR MORE CLASSES VISIT www.eco365guide.com 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. ============================================== 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
12. 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. ============================================== 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 best aligns with the market in which the organization competes. You will assess how the market structure positively and negatively affects the firm
13. 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 ============================================== 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.
14. ============================================== 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. ============================================== ECO 365 Week 4 Differentiating Between Market Structures Presentation (New), Apple Company FOR MORE CLASSES VISIT www.eco365guide.com
15. 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, ============================================== 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
16. 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
17. 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. ============================================== ECO 365 Week 4 Team Assignment Mergers and Joint Ventures (2 Papers) FOR MORE CLASSES VISIT www.eco365guide.com 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. ============================================== ECO 365 Week 4 Team Assignment The Economics of Labor Markets