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Week Three Post-Discussion Reaction Form SOC/110 Version 6
$5.00Week Three Post-Discussion Reaction Form SOC/110 Version 6
Week Three Post-Discussion Reaction Form
At the end of your weekly discussions, answer the following questions in 100 to 200 words. Be honest. You will not be graded on any negative responses.
Group Interaction
- How clear was the intent of the discussion?
- How prepared were your group members for the discussion?
- Did everyone participate equally in the discussion?
- Were group members open to different points of view?
- How would you describe the overall climate of the discussion?
- Did you feel your group was productive in the discussion? Did you use the time efficiently?
- What strategies can you use in future discussions to increase productivity and outcomes?
- What approach will you take next time to increase group cohesion?
Video Analysis – “Planning A Playground”
- What are the issues in this meeting?
- What did they do well as a group?
- Can you identify constructive or deconstructive conflict occurring in this group? What are some key indicators? What conflict styles do you see?
- Based on what you learned this week, how might you handle this situation differently?
Video Analysis – “The Politics of Sociology”
- What are the issues in this meeting?
- What did they do well as a group?
- What types of conflict do you see in this video? Provide examples.
- There is a clear leader in this video. What can he do to be a better leader for this group?
- Based on what you learned this week, how might you handle this team situation differently?
Week Two Post-Discussion Reaction Form SOC/110 Version 6
$5.00Week Two Post-Discussion Reaction Form SOC/110 Version 6
At the end of your weekly discussions, answer the following questions in 100 to 200 words. Be honest. You will not be graded on any negative responses.
Group Interaction
- How clear was the intent of the discussion?
- How prepared were your group members for the discussion?
- Did everyone participate equally in the discussion?
- Were group members open to different points of view?
- How would you describe the overall climate of the discussion?
- Did you feel your group was productive in the discussion? Did you use the time efficiently?
- What strategies can you use in future discussions to increase productivity and outcomes?
- What approach will you take next time to increase group cohesion?
Video Analysis – “Helping Annie”
- What are the issues in this meeting?
- Can you identify roles and needs in this group?
- What did they do well as a group?
- What is the best course of action moving forward for this group?
- Based on what you learned this week, how might you handle this situation differently?
Fundamentals of Macroeconomics Paper
$7.00ECO 372 Week 2 Assignment Fundamentals of Macroeconomics Paper
Resource: Figure 3-1 in Ch. 3 of Macroeconomics.
Part 1
Describe the following terms in your word.
Gross domestic product (GDP)
Real GDP
Nominal GDP
Unemployment rate
Inflation rate
Interest rate
Part 2
Consider the following examples of economic activities:
Purchasing of groceries
Massive layoff of employees
Decrease in taxes
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Statistics and charts for these macroeconomic variables can be located at www.bls.gov and www.bea.gov .
Write an APA formatted 700- to 1,500-word paper summarizing the results. All borrowed material must be cited. Use of graphs, analytical tables and other statistics is encouraged.
Vesper – A.P. Microeconomics Unit II Exam
$15.00Vesper – A.P. Microeconomics Unit II Exam
Unit II Exam
Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
____ 1. The demand for a good or service is determined by
a. those who buy the good or service. b. the government. c. the producers who create the good or service. d. those who supply the raw materials used in the production of the good or service. ____ 2. Which of the following is not a characteristic of a perfectly competitive market?
a. Different sellers sell identical products. b. There are many sellers. c. Sellers almost always accept the price the market determines. d. All of the above are characteristics of a perfectly competitive market. ____ 3. Which of the following would not be a determinant of the demand for a particular good?
a. prices of related goods b. income c. tastes d. the prices of the inputs used to produce the good ____ 4. Two goods are substitutes if a decrease in the price of one good
a. decreases the demand for the other good. b. decreases the quantity demanded of the other good. c. increases the demand for the other good. d. increases the quantity demanded of the other good. ____ 5. Ford Motor Company announces that it will offer $3,000 rebates on new Mustangs starting next month. As a result of this information, today’s demand curve for Mustangs
a. shifts to the right. b. shifts to the left. c. shifts either to the right or to the left, but we cannot determine the direction of the shift from the given information. d. will not shift; rather, the demand curve for Mustangs will shift to the right next month. ____ 6. A higher price for batteries would result in a(n)
a. increase in the demand for flashlights. b. decrease in the demand for flashlights. c. increase in the demand for batteries. d. decrease in the demand for batteries. ____ 7. With respect to the variables price and quantity demanded,
a. price and quantity demanded are independent of each other. b. price is the dependent variable and quantity demanded is the independent variable. c. price is the independent variable and quantity demanded is the dependent variable. d. price and quantity demanded are both dependent variables, since both depend on the actions of buyers and sellers. Figure 4-1
____ 8. Refer to Figure 4-1. The movement from point A to point B on the graph shows
a. a decrease in demand. b. an increase in demand. c. a decrease in quantity demanded. d. an increase in quantity demanded. The table shows individual demand schedules for a market.
Table 4-1
Price of the Good Aaron Angela Austin Alyssa $0.00 20 16 4 8 0.50 18 12 6 6 1.00 14 10 2 5 1.50 12 8 0 4 2.00 6 6 0 2 2.50 0 4 0 0 ____ 9. Refer to Table 4-1. Whose demand does not conform to the law of demand?
a. Aaron’s b. Angela’s c. Austin’s d. Alyssa’s ____ 10. Refer to Table 4-1. For whom is the good a normal good?
a. for Aaron b. for Austin c. for all of the four demanders d. This cannot be determined from the table. Figure 4-2
____ 11. Refer to Figure 4-2. The shift from D to D1 is called
a. an increase in demand. b. a decrease in demand. c. a decrease in quantity demanded. d. an increase in quantity demanded. ____ 12. Refer to Figure 4-2. The movement from D to D1 could be caused by
a. an increase in price. b. a decrease in the price of a complement. c. a technological advance. d. a decrease in the price of a substitute. ____ 13. The side of the market that deals with the willingness and ability to produce and sell is
a. demand. b. competition. c. supply. d. monopoly. ____ 14. According to the law of supply,
a. the quantity supplied of a good is negatively related to the price of the good. b. when the price of a good falls, the quantity supplied of the good rises. c. the supply curve for a good is upward-sloping. d. All of the above are correct. ____ 15. A decrease in the supply of televisions is represented by
a. a leftward shift of the supply curve for televisions. b. a rightward shift of the supply curve for televisions. c. a flattening of the supply curve for televisions. d. a movement down and to the left along the supply curve for televisions. ____ 16. A decrease in the number of sellers in the market causes
a. the supply curve to shift to the left. b. the supply curve to shift to the right. c. a movement up and to the right along a stationary supply curve. d. a movement downward and to the left along a stationary supply curve. ____ 17. A movement along the supply curve might be caused by a change in
a. technology. b. input prices. c. expectations about future prices. d. the price of the good or service that is being supplied. ____ 18. Which of the following events could shift both the demand curve and the supply curve for a good?
a. A technological advance pertaining to the production of the good is observed. b. Incomes of all buyers of the good increase. c. The number of sellers of the good increases. d. Everyone revises upward their expectation of next month’s price of the good. Figure 4-5
____ 19. Refer to Figure 4-5. The movement from point A to point B on the graph represents
a. an increased willingness and ability on the part of suppliers to supply the good at each possible price. b. an increase in the number of suppliers. c. a decrease in the price of a relevant input. d. an increase in the price of the good that is being supplied and suppliers’ response to that price change. ____ 20. Recent forest fires in the western states are expected to cause the price of lumber to rise in the next 6 months. As a result we can expect the supply of lumber to
a. fall in 6 months, but not now. b. increase in 6 months when the price goes up. c. fall now. d. increase now to meet as much demand as possible. Figure 4-6
____ 21. Refer to Figure 4-6. The movement from S to S1 could be caused by
a. a decrease in the price of the good. b. an improvement in technology. c. an increase in income. d. an increase in input prices. ____ 22. Refer to Figure 4-6. Suppose the supply curves that are drawn represent supply curves for single-family residential houses. Then the movement from S to S1 could be caused by
a. an increase in the price of apartments (a substitute for single-family houses for many people looking for a place to live). b. a newly-formed expectation by house-builders that prices of houses will increase significantly in the next six months. c. a decrease in the price of lumber. d. All of the above are correct. ____ 23. If, at the current price, there is a shortage of a good,
a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium. c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied. Figure 4-7
____ 24. Refer to Figure 4-7. At a price of $35,
a. there would be a shortage of 400 units. b. there would be a surplus of 200 units. c. there would be a surplus of 400 units. d. there would be an excess supply of 200 units. ____ 25. Refer to Figure 4-7. At a price of $15,
a. there would be a shortage of 400 units. b. there would be a surplus of 400 units. c. there would be a shortage of 200 units. d. there would be an excess demand of 200 units. ____ 26. Refer to Figure 4-7. At the equilibrium price,
a. 200 units would be supplied and demanded. b. 400 units would be supplied and demanded. c. 600 units would be supplied and demanded. d. 600 units would be supplied, but only 200 would be demanded. Figure 4-8
____ 27. Refer to Figure 4-8. If there is currently a shortage of 30 units of the good, then
a. the law of demand predicts that the price will rise by $5 to eliminate the shortage. b. the law of supply predicts that the price will rise by $5 to eliminate the shortage. c. the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage. d. the law of supply and demand predicts that the price will fall from its current level by an indeterminate amount, exacerbating the shortage. Table 4-2
PRICE QUANTITY DEMANDED QUANTITY SUPPLIED $10 10 60 $ 8 20 45 $ 6 30 30 $ 4 40 15 $ 2 50 0 ____ 28. Refer to Table 4-2. If the price were $8, a
a. surplus of 50 units would exist and price would tend to fall. b. surplus of 10 units would exist and price would tend to fall. c. surplus of 25 units would exist and price would tend to fall. d. shortage of 25 units would exist and price would tend to rise. ____ 29. In markets, prices move toward equilibrium because of
a. the actions of buyers and sellers. b. government regulations placed on market participants. c. increased competition among sellers. d. buyers’ ability to affect market outcomes. ____ 30. If a surplus exists in a market we know that the actual price is
a. above equilibrium price and quantity supplied is greater than quantity demanded. b. above equilibrium price and quantity demanded is greater than quantity supplied. c. below equilibrium price and quantity demanded is greater than quantity supplied. d. below equilibrium price and quantity supplied is greater than quantity demanded. Figure 4-10
____ 31. Refer to Figure 4-10. Which of the four graphs represents the market for pizza delivery in a college town as we go from summer to the beginning of the fall semester?
a. A b. B c. C d. D ____ 32. Refer to Figure 4-10. Which of the four graphs illustrates an increase in quantity supplied?
a. A. b. B. c. C. d. D. ____ 33. Refer to Figure 4-10. Suppose the events depicted in graphs A and C were illustrated together on a single graph. A definitive result of the two events would be
a. an increase in the equilibrium quantity. b. an increase in the equilibrium price. c. an instance in which the law of demand fails to hold. d. All of the above are correct. Table 4-3. The demand schedule below pertains to sandwiches demanded per week.
Price Quantity Demanded
Alfred $3.00 3 $5.00 1 Belinda $3.00 4 $5.00 2 Charissa $3.00 3 $5.00 x ____ 34. Refer to Table 4-3. Suppose Alfred, Belinda, and Charissa are the only demanders of sandwiches. Also suppose:
- x = 2;
- the current price of a sandwich is $5.00;
- the market quantity supplied of sandwiches is 10;
- the law of supply applies to the supply of sandwiches.
Then
a. there is a shortage of 3 sandwiches and the price would be expected to rise from its current level of $5.00. b. there is a shortage of 3 sandwiches and the price would be expected to fall from its current level of $5.00. c. there is a surplus of 5 sandwiches and the price would be expected to rise from its current level of $5.00. d. there is a surplus of 5 sandwiches and the price would be expected to fall from its current level of $5.00. ____ 35. In general, elasticity is a measure of
a. the extent to which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how fast the price of a good responds to a shift of the supply curve or demand curve. d. how much buyers and sellers respond to changes in market conditions. ____ 36. If a person only occasionally buys a cup of coffee, his demand for coffee is probably
a. represented by a vertical or nearly-vertical demand curve. b. not easily represented by a demand schedule or demand curve. c. inelastic. d. elastic. ____ 37. There are very few, if any, good substitutes for motor oil. Therefore,
a. the demand for motor oil would tend to be inelastic. b. the demand for motor oil would tend to be elastic. c. the demand for motor oil would tend to respond strongly to changes in prices of other goods. d. the supply of motor oil would tend to respond strongly to changes in people’s tastes for large cars relative to their tastes for small cars. ____ 38. If the quantity demanded of a certain good responds only slightly to a change in the price of the good, then
a. the demand for the good is said to be elastic. b. the demand for the good is said to be inelastic. c. the law of demand does not apply to the good. d. the demand curve for the good shifts only slightly in response to a change in price. ____ 39. The value of the price elasticity of demand for a good will be relatively large when
a. there are no good substitutes available for the good. b. the time period in question is relatively short. c. the good is a luxury as opposed to a necessity. d. All of the above are correct. ____ 40. For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are no close substitutes for this good. b. The good is a luxury. c. The market for the good is broadly defined. d. The relevant time horizon is short. ____ 41. A perfectly elastic demand implies that
a. buyers will not respond to any change in price. b. any rise in price above that represented by the demand curve will result in a quantity demanded of zero. c. quantity demanded and price change by the same percent as we move along the demand curve. d. price will rise by an infinite amount when there is a change in quantity demanded. ____ 42. An increase in price causes an increase in total revenue when
a. demand is elastic. b. demand is inelastic. c. demand is unit elastic. d. All of the above are possible. Figure 5-7
____ 43. Refer to Figure 5-7. Total revenue when the price is P2 is represented by the area(s)
a. B + D. b. A + B. c. C + D. d. D. ____ 44. Muriel’s income elasticity of demand for football tickets is 1.50. All else equal, this means that if her income increases by 20 percent, she will buy
a. 150 percent more football tickets. b. 50 percent more football tickets. c. 30 percent more football tickets. d. 20 percent more football tickets. ____ 45. Cross-price elasticity of demand measures how
a. the price of one good changes in response to a change in the price of another good. b. the quantity demanded of one good changes in response to a change in the quantity demanded of another good. c. the quantity demanded of one good changes in response to a change in the price of another good. d. strongly normal or inferior a good is. ____ 46. A key determinant of the price elasticity of supply is
a. the ability of sellers to change the price of the good they produce. b. the ability of sellers to change the amount of the good they produce. c. how responsive buyers are to changes in sellers’ prices. d. the slope of the demand curve. ____ 47. Which of the following was not a reason OPEC failed to keep the price of oil high?
a. Over the long run, producers of oil outside of OPEC responded to higher prices by increasing oil exploration and by building new extraction capacity. b. Consumers responded to higher prices with greater conservation. c. Consumers replaced old inefficient cars with newer efficient ones. d. The agreement OPEC members signed allowed each country to produce as much oil as each wanted. ____ 48. Given the market for illegal drugs, when the government is successful in reducing the flow of drugs into the United States,
a. supply decreases, demand is unaffected, and price increases. b. demand decreases, supply is unaffected, and price decreases. c. demand and supply both decrease, leaving price essentially unchanged. d. supply decreases, demand increases, and price increases substantially as a result. ____ 49. A price ceiling
a. is a legal maximum on the price at which a good can be sold. b. is often imposed in markets in which “cutthroat competition” would prevail without a price ceiling. c. is often imposed when sellers of a good are successful in their attempts to convince the government that the market outcome is unfair without a price ceiling. d. All of the above are correct. ____ 50. A legal minimum price at which a good can be sold is
a. exemplified by rent-control laws. b. usually intended to enhance efficiency in a market. c. called a price ceiling. d. called a price floor. ____ 51. A price ceiling will be binding only if it is set
a. equal to equilibrium price. b. above equilibrium price. c. below equilibrium price. d. none of the above; a price ceiling is never binding. Figure 6-2
____ 52. Refer to Figure 6-2. If the government imposes a price ceiling of $8 in this market, the result would be a
a. surplus of 10. b. surplus of 20. c. shortage of 10. d. shortage of 20. ____ 53. Under rent control, tenants can expect
a. lower rent and higher quality housing. b. lower rent and lower quality housing. c. higher rent and a shortage of rental housing. d. higher rent and a surplus of rental housing. ____ 54. When a tax is imposed on the buyers of a good, the demand curve shifts
a. downward by the amount of the tax. b. upward by the amount of the tax. c. downward by less than the amount of the tax. d. upward by more than the amount of the tax. ____ 55. A tax on bicycles that buyers of bicycles are required to pay shifts
a. the demand curve downward, causing both the price received by sellers and the equilibrium quantity to fall. b. the demand curve upward, causing both the price received by sellers and the equilibrium quantity to rise. c. the supply curve downward, causing the price received by sellers to fall and the equilibrium quantity to rise. d. the supply curve upward, causing the price received by sellers to rise and the equilibrium quantity to fall. Figure 6-10
____ 56. Refer to Figure 6-10. Buyers effectively pay how much of the tax per unit?
a. $1.00. b. $1.50. c. $2.50. d. $3.00. ____ 57. Refer to Figure 6-10. Sellers effectively pay how much of the tax per unit?
a. $1.00. b. $1.50. c. $2.50. d. $3.00. ____ 58. Which of the following statements is correct concerning the burden of a tax imposed on candles?
a. Buyers bear the entire burden of the tax. b. Sellers bear the entire burden of the tax. c. Buyers and sellers share the burden of the tax. d. We have to know whether it is the buyers or the sellers that are required to pay the tax to the government in order to make this determination. Figure 6-12
____ 59. Refer to Figure 6-12. In which market will the majority of the tax burden fall on the buyer?
a. market (a) b. market (b) c. market (c) d. All of the above are correct. ____ 60. Suppose that a tax is placed on DVDs. If the sellers end up bearing most of the tax burden, we know that the
a. demand is more inelastic than supply. b. supply is more inelastic than demand. c. government has required that buyers remit the tax payments. d. government has required that sellers remit the tax payments. Microeconomics and the Laws of Supply and Demand
$7.00ECO 365 Week 2 Microeconomics and the Laws of Supply and Demand
Complete one of the following options:
Option 1:
Complete the Supply and Demand Simulation.
Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:- Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
- Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
- Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
- Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Include responses to the following:
- How might you apply what you learned about supply and demand from the simulation/video 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 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?
- How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Cite a minimum of 3 peer reviewed sources.
Click the Assignment Files tab to submit your assignment.Final Examination Study Guide ECO/365 Version 4
$15.00Final Examination Study Guide ECO/365 Version 4
ECO/365 Final Examination Study Guide
This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.
Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week.
Week One: Fundamentals of Microeconomics
Objective: Differentiate between macroeconomics and microeconomics.
- Macroeconomics is
- the study of individual choice and how that choice is influenced by economic forces
- the study of the pricing policies of firms and the purchasing decisions of households
- the study of aggregate economic relationships
- an analysis of economic reality that proceeds from the parts to the whole
- The invisible hand theorem comes from
- microeconomics
- macroeconomics
- sociology
- political science
Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity.
- The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes
- up, the quantity demanded goes up
- up, the quantity demanded goes down
- down, the quantity demanded goes down
- down, the quantity demanded stays the same
- Which of the following situations best demonstrates the law of demand?
- Moviegoers react to an increase in the price of a ticket by seeing fewer movies per year.
- Moviegoers see fewer movies per year due to an overall decrease in the quality of newly released motion pictures.
- A drought causes a decrease in the availability of pumpkins, resulting in fewer jack-o-lanterns displayed on Halloween.
- An increase in the number of people writing economics textbooks results in a decrease in average textbook prices.
Objective: Determine how elasticities affect pricing and purchasing decisions.
- If quantity demanded does not change when the price changes, the demand
- is elastic
- is inelastic
- has unit elasticity
- is perfectly inelastic
- High gasoline prices hit commuters who live far from their jobs in areas with little public transportation hard. With few alternatives, they have to bear the higher cost. Based on this information, how would you characterize demand for gasoline by these commuters?
- Gasoline is a luxury good.
- Gasoline is an inferior good.
- Demand for gasoline is elastic.
- Demand for gasoline is inelastic.
Week Two: Production and Cost Analysis
Objective: Describe the relationship between the number of inputs and the law of diminishing marginal productivity.
- Mr. Woodard 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 diminishing marginal utility
- The law of diminishing marginal productivity
- The law of supply
- The law of demand
- Marginal product eventually
- declines because some inputs are fixed
- increases because some inputs are fixed
- declines because some inputs are variable
- increases because some inputs are variable
Objective: Analyze the relationship between productivity and the cost of production.
- Suppose you operate a factory that produces gadgets. Your current output is 1,000 gadgets. If your fixed cost is $10,000 and your total cost is $50,000, then the
- average total cost of production is $500
- average variable cost of production is $40
- average variable cost of production is $50
- marginal cost of production is $40,000
- The average variable cost curve is a mirror image of the
- total product curve
- marginal product curve
- average product curve
- marginal cost curve
Objective: Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.
- Suppose wages and employment decrease. These changes were most likely caused by a(n)
- decline in immigration
- increase in emigration
- increase in the working age population
- decline in business activity in the economy
- The incentive effect refers to how much a person will change his or her
- hours worked in response to a change in the wage rate
- wage rate in response to a change in productivity
- quantity demanded of a taxed good in response to a change in the tax rate
- wage rate in response to a change in the tax rate on earnings
Objective: Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential.
- Rachel left her job as a graphic artist, where she earned $42,000 per year, to open her own graphic arts firm. Her explicit costs for the new business include
- only the expenses incurred for office space, equipment, and supplies
- only her foregone salary of $42,000 per year
- both the expenses incurred for office space, equipment, and supplies, and her foregone salary of $42,000 per year
- neither the expenses incurred for office space, equipment, and supplies, nor her foregone salary of $42,000 per year
- If your company cell phone bill is either $40 when you use up to 300 minutes per month or $80 when you use between 300 to 400 minutes per month, the marginal cost of the 301st minute is
- $0.13
- $0.27
- $40
- $80
Week Three: Market Structure
Objective: Compare various market structures and their characteristics.
- A market structure in which one firm makes up the entire market is
- a monopoly
- perfect competition
- an oligopoly
- monopolistic competition
- There are many restaurants in Raleigh, North Carolina, each one offering food and services that differ from those of its competitors. There is also the free entry of sellers into the market, and each seller serves a small fraction of the total number of meals served each day. The restaurant industry in Raleigh is best categorized as
- an oligopoly
- monopolistically competitive
- a pure monopoly
- perfectly competitive
Objective: Evaluate the effectiveness of competitive strategies within market structures.
- The difference between a monopolist and a monopolistic competitor is that
- a monopolist equates marginal revenue and marginal cost while a monopolistic competitor equates price and marginal cost
- the average total cost curve of a monopolistic competitor is tangent to the demand curve in long-run equilibrium, but the average total cost curve of a monopolist can be in a position below the price in long-run equilibrium
- the average total cost curve of a monopolist is tangent to the demand curve in long-run equilibrium, but the average total cost curve of a monopolistic competitor can be in a position below the price in long-run equilibrium
- the average total cost curve of a monopolist is tangent to the demand curve in long-run equilibrium, but the average total cost curve of a monopolistic competitor can be in a position above the price in long-run equilibrium
- If a perfectly competitive firm finds that price is less than the average variable cost, it should
- not adjust output if marginal cost equals price
- shut down immediately
- increase output until price equals marginal cost
- decrease output until price equals marginal cost
Objective: Determine profit-maximizing strategies based on market structure analysis.
- A perfectly competitive firm facing a price of $10 decides to produce 100 widgets. If its marginal cost of producing the last widget is $12 and it seeks to maximize profit, the firm should
- produce more widgets
- produce fewer widgets
- continue producing 100 widgets
- shut down
- If a firm has a monopoly over the sale of photographic paper and seeks to maximize profits, it
- adjusts the price of the product until demand becomes perfectly inelastic
- will set the price of the product equal to the marginal cost of production
- will set the price of the product equal to the average total cost of production
- will set the price of the product so its marginal revenue equals its marginal cost
Week Four: Public Policy in Economics
Objective: Analyze the effect of externalities on market outcomes.
- The best example of a positive externality is
- roller coaster rides
- pollution
- alcoholic beverages
- education
- The cost of running an electrical utility includes costs for fuel, labor, and capital. In addition, there are sometimes costs associated with pollution from the utility, such as increased health care costs for people living near the utility. To an economist, the costs associated with the pollution resulting from additional electricity are
- marginal private costs
- marginal social costs
- the difference between marginal social costs and marginal private costs
- the sum of marginal social costs and marginal private costs
Objective: Differentiate among horizontal, vertical, and conglomerate mergers.
- When Turner Network, producer and owner of movies, bought a local cable company, it was an example of a
- horizontal merger
- vertical merger
- conglomerate merger
- diagonal merger
- KMart® acquired Sears® so both companies could better compete with Walmart®. This acquisition is an example of a
- vertical merger
- conglomerate merger
- horizontal merger
- hostile takeover
Objective: Analyze the effect of government interventions, taxation, and regulations on economic behavior.
- When government imposes a per unit tax on a product, the net price producers receive for the product after all taxes typically
- increases by the amount of the per unit tax
- increases by less than the amount of the per unit tax
- decreases by the amount of the per unit tax
- decreases by less than the amount of the per unit tax
- In 1997, the federal government reinstated a 10% excise tax on airline tickets. The industry tried to pass on the full 10% ticket tax to consumers, but was only able to boost the price per plane ticket by 4%. From this, you can conclude that the
- demand for airline tickets is perfectly inelastic
- supply of airline tickets is perfectly inelastic
- demand for airline tickets is price elastic
- supply elasticity of airline tickets is less than infinity
Week Five: Global Competition
Objective: Determine the effect of global competition on an organization’s strategies for maximizing profits.
- Countries can expect to gain from international trade as long as they
- keep production diversified
- specialize according to their comparative advantage
- produce only those goods for which they have a relatively high opportunity cost
- use trade restrictions to reduce competition for domestic producers
- Technological changes in telecommunications have
- reduced the importance of services in the world economy
- allowed increased foreign trade in many services
- reduced the need for foreign trade in many services
- profoundly affected trade in manufactured goods with little effect on trade in services
Objective: Analyze the effect of global competition on the relationship between management and labor.
- In the US, the outsourcing of service jobs, such as those in call centers, has become a political issue. How do economists typically view outsourcing?
- It helps both countries in the long run.
- It hurts both countries, because the US loses jobs and the employees of the call center are exploited with low wages.
- It helps the US, but hurts the country with the low-cost labor.
- It helps the country getting the jobs, but hurts the US.
- When a U.S. company establishes a call center in India that answers its customer service calls, the US is
- outsourcing, a form of importing services
- outsourcing, a form of exporting services
- insourcing, a form of importing services
- insourcing, a form of exporting services
Differentiating Between Market Structures
$7.00ECO 365 Week 4 Differentiating between Market Structures
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
Behavioral Viewpoint Paper
$7.00MGT 521 Week 1 Behavioral Viewpoint Paper
Resources: Ch. 2 of Management: A Practical Introduction, sample leadership theory table.
Select three theories from the textbook. Summarize the theory and viewpoint(s) in a table. Please use the sample leadership theory table provided. Develop up to a 1,050-word report including the following:
• Briefly discuss an overview of management.
• Include the roles managers play.
• Examine the development of management theories, including how these theories reflected the changing business environment.
• Compare and contrast the three management theories you included in your leadership theory table.
• Include in-text citations and at least one reference.
• Evaluate which of the three management theories works best for your work environment or an organization with which you are familiar.
Format your assignment consistent with APA guidelines.
Evidenced Based Practice Summary
$15.00NUR-504 Week 1 Benchmark: Evidenced-Based Practice (EBP) Summary
Health Care Research Analysis and Utilization – Nursing Research and Evidenced-Based Practice
Grand Canyon University
Select an article from a peer-reviewed nursing journal regarding an EBP process or implementation.
Write a summary of 750-1,000 words that includes the following criteria:
1. An introduction that explains the focus of the article.
2. A summary of key points of the article.
3. A list of the steps taken by nursing to develop and implement an EBP.
4. Application of the learned information to a practice setting where the student either identifies an EBP that has been applied to your setting or a practice problem that would benefit from the implementation of an EBP.
5. A clear and concise conclusion.
This assignment uses a grading rubric. Instructors will be using the rubric to grade the assignment; therefore, students should review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations for successful completion of the assignment.
Prepare this assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center.