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ECO 365 Final Exam Guide (New, 2017) FOR MORE
CLASSES VISIT www.eco365guide.com1 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.
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ECO 365 Final Exam Guide (New, Dec 2015) 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 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
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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
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ECO 365 Week 1 Discussion Question 1 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.
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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?
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ECO 365 Week 1 Individual Assignment Article
Analysis FOR MORE CLASSES VISIT www.eco365guide.co
m ECO 365 Week 1 Individual Assignment Article
Analysis
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ECO 365 Week 1 Individual Assignment Economic
Analysis FOR MORE CLASSES VISIT www.eco365guide.co
m 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 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 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) 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?
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ECO 365 Week 1 Ten Principles of Economics and
How Markets Work (2 Papers) FOR MORE CLASSES
VISIT www.eco365guide.com This Tutorial contains
2 Papers As part of a marketing research
committee for your organization, you have been
assigned the task of preparing a 700-word
research paper about current microeconomic
thought and theory. Use Principles of
Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the
source for all your information. Identify the
fundamental lessons the Ten Principles of
Economics teach about ? How people make
decisions ? How people interact ? How the economy
as a whole works Explain the following to help
the committee members understand how markets work
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ECO 365 Week 2 Discussion Question 1 FOR MORE
CLASSES VISIT www.eco365guide.com What is the law
of diminishing marginal productivity? How does
the law of diminishing marginal productivity
affect the cost of productions? Provide an
example from your workplace.
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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.
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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.
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ECO 365 Week 2 Learning Team Reflection
Production and Cost Analysis FOR MORE CLASSES
VISIT www.eco365guide.com 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) 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.
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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 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
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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
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ECO 365 Week 3 Current Market Conditions
Competitive Analysis FOR MORE CLASSES
VISIT www.eco365guide.com ECO 365 Week 3 Current
Market Conditions Competitive Analysis You have
been given the responsibility of working with
your 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 ?
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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.
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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.
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ECO 365 Week 3 Learning Team Reflection Summary
Market Structure FOR MORE CLASSES
VISIT www.eco365guide.com 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.
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ECO 365 week 3 Team Assignment Current Market
Conditions Competitive Analysis (3 Papers) FOR
MORE CLASSES VISIT www.eco365guide.com This
tutorial contains 3 sets of paper Imagine you
are part of a strategic planning group at a large
corporation that is considering developing a new
proposed product. The marketing director has
asked your team to do a competitive market
analysis to determine the 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
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ECO 365 Week 4 Differentiating Between Market
Structures Paper (New Syllabus),Starbucks FOR
MORE CLASSES VISIT www.eco365guide.com You will
apply important microeconomics concepts toward
the competitive strategies of an organization
that operates in an industry of your choice. You
will evaluate the differences between market
structures and identify a group of competitive
strategies consistent with the market structure
that best aligns with the market in which the
organization competes. You will assess how the
market structure positively and negatively
affects the firm and evaluate the efficacy of
the structure's competitive strategies. Select
an industry. Identify an organization in that
industry. You may use the company you used for
the Week 3 Learning Team assignment or you
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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.
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ECO 365 Week 4 Differentiating Between Market
Structures Presentation (New Syllabus),Starbucks F
OR 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.
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ECO 365 Week 4 Differentiating Between Market
Structures Presentation (New), Apple Company FOR
MORE CLASSES VISIT www.eco365guide.com You will
apply important microeconomics concepts toward
the competitive strategies of an organization
that operates in an industry of your choice. You
will evaluate the differences between market
structures and identify a group of competitive
strategies consistent with the market structure
that best aligns with the market in which the
organization competes. You will assess how the
market structure positively and negatively
affects the firm and evaluate the efficacy of
the structure's competitive strategies. Select
an industry. Identify an organization in that
industry. You may use the company you used for
the Week 3 Learning Team assignment or you may
select a new organization. Your selected
organization must be submitted for instructor
approval.
28
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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
governments solution to a market failure would
worsen the failure? Explain your answer.
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ECO 365 Week 4 Discussion Question 2 FOR MORE
CLASSES VISIT www.eco365guide.com What effect do
government intervention, taxation, and
regulations have on economic behavior?
Explain. What are real-world examples of
government intervention, taxation, and
regulations? What are the goals of each?
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ECO 365 Week 4 Individual Assignment
Differentiating Between Market Structures
Table FOR MORE CLASSES VISIT www.eco365guide.com F
or 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 FOR MORE CLASSES
VISIT www.eco365guide.com 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.
32
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