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ECO 365 Final Exam

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ECO 365 Week 1


ECO/365 - Week 1 Complete:
DQ 1. What is economics? Do not repeat what the
text says; put it in your own words. Why do we
care? How will understanding economics help you
in your personal life, and in your business life?
Give some specific examples.
DQ 2. What is the difference between a movement
along and shift of the demand curve? Show the
impact on the equilibrium price and quantity that
result 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 both supply and
demand in decision making.
DQ 3. What is the definition of price elasticity of
demand? Explain the relationship between price
elasticity and total revenue? How does price
elasticity of demand affect a firms pricing
decisions? How does the availability of substitutes
affect price elasticity of demand? Provide some
examples.
ECO/365
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Week
Week
Week
Week

1
1
1
1

- DQ 1 (2 Responses) |
- DQ 2 (2 Responses) |
- DQ 3 (2 Responses) |
Complete.

ECO 365 Week 2


ECO/365 - Week 2 - Complete:
DQ 1. What is average productivity? What is
marginal productivity? Explain the relationship
between marginal and average productivity. What
would happen to marginal and average
productivity if a technological innovation is

introduced to the production process? Provide an


example.
DQ 2. What is the law of diminishing marginal
productivity? Give an example from your workplace
of the law of diminishing marginal productivity?
How might diminishing marginal productivity
impact the costs?
DQ 3. Why is the demand of labor a derived
demand? Explain the shape of the supply of labor
curve. What is the relationship between
productivity and the wages earned by an
employee? What are some factors that determine
the level of your income?
Individual Assignment
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.
Learning Team Reflection - Production and Cost
Analysis

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.
ECO/365 - Week 2 - DQ 1 (2 Responses) |
ECO/365 - Week 2 - DQ 2 (2 Responses) |
ECO/365 - Week 2 - DQ 3 (2 Responses) |
ECO/365 - Week 2 - Supply and Demand
Simulation | ECO/365 - Week 2 - Production
and Cost Analysis | ECO/365 - Week 2
Complete.

ECO 365 Week 3


ECO/365 - Week 3 - Complete:
DQ 1. Briefly describe each of the four market
structures. How would you explain the
differences among these market structures?
Identify which market structure your
organization competes in and why you think
so. If you work in a government organization,
pick a private company you are familiar with.
Government is by definition a monopoly, and
so not very interesting in this context.

DQ 2. 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 level of
output? Explain your answer.
Learning Team - Current Market Conditions
Competitive Analysis
Imagine you are part of a strategic planning
group at a large corporation that is
considering developing a new proposed
product. The marketing director has asked
your team to do a competitive market
analysis to determine the products potential
success. The analysis will focus on your
primary competitor in the products market.
Select a potential competitive organization
and a product in that organization.
Write a 1,400 1,750-word paper of no more
than analyzing the current market conditions.
Address the following topics:

A short history of the organization and


a description of their product


Factors that affect demand, supply, and
equilibrium prices in the market in which the
competitor organization operates: Define the
market for your chosen product, including an
analysis of its competitors, potential
customers, or potential buyers.

Any issues or opportunities your


organization or industry faces that affect its
competitiveness and long-term profitability
with regards to your product: This may
include, but is not limited, to the following
elements.
o Price elasticity of demand
o Technological innovation
o The relationship between the amount of
labor & capital employed and the law of
diminishing marginal productivity
o Cost structure

Factors affecting variable costs,


including productivity and others that change
the supply of and demand for labor

Factors affecting fixed costs

ECO/365 - Week 3 - DQ 1 (2 Responses) |


ECO/365 - Week 3 - DQ 2 (2 Responses) |
ECO/365 - Week 3 - Current Market
Conditions Competitive Analysis |
ECO/365 - Week 3 - Market Structure |
ECO/365 - Week 3 - Complete.

ECO 365 Week 4


ECO/365 - Week 4 - Complete:
DQ 1. What is an externality? Are they always
negative? Provide examples. How does an
externality affect the market outcome? What is a
Market Failure? Is it possible for a governments
solution to a market failure to actually worsen the
failure? Explain your answer.
DQ 2. What are the differences among horizontal,
vertical, and conglomerate mergers? What does
the U.S. government hope to achieve through the
use of its antitrust policy? How do the resolutions
of the IBM, AT&T, and Microsoft antitrust
cases differ? How does international competition
affect domestic antirust policy?
DQ 3. What is the cost/benefit approach that a
typical economist takes to analyze regulations?
What are the goals of taxation? How are economic

policies impacted by politics, and how politics


make a positive or a negative contribution to
economic policy? How does antitrust policy and
regulation affect economic welfare?
Individual Assignment - Differentiating
Between Market Structures
For this assignment, you will choose from the
following options:
o Option 1: Differentiating Between Market
Structures in Kotler
o Option 2: Differentiating Between Market
Structures in an Organization of Your Choice
Learning Team Reflection - Public Policy in
Economics
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.
More at: http://www.studentwhiz.com/OnlineEducation/ECO/365-Week-4-Complete/254/
ECO/365 - Week 4 - DQ 1 (2 Responses) |
ECO/365 - Week 4 - DQ 2 (2 Responses) |

ECO/365 - Week 4 - DQ 3 (2 Responses) |


ECO/365 - Week 4 - Differentiating Between
Market Structures | ECO/365 - Week 4 - Public
Policy in Economics | ECO/365 - Week 4 Complete |

ECO 365 Week 5


ECO/365 - Week 5 - Complete:
DQ 1. Explain how foreign exchange rates are determined. How
do changes in interest rates, inflation, productivity, and income
affect exchange rates? What are the advantages and
disadvantages of a weak versus a strong dollar for imports,
exports, international and domestic markets?
Please use a current example of an exchange rate [Swiss FrancEuro, US Dollar - Japanese Yen, etc] and describe how it affects
the two [or more] countries involved.
DQ 2. As was seen during the financial crisis of the 1930s, and
in recent history, markets are interconnected globally. Aside
from financial markets, different countries have different
resources. Choose a country other than your own, which has not
already been selected by another student, and research the EIU
country data. Based on absolute advantage and comparative
advantage, explain the effect of global economic conditions on
the choices available to that country. You must include the
current exchange rate of the country's monetary unit.

ECO/365 - Week 5 - DQ 1 (2 Responses) | ECO/365 - Week 5


- DQ 2 (2 Responses) | ECO/365 - Week 5 - DQ 3 (2
Responses) | ECO/365 - Week 5 - Competitive Strategies and
Government Policies | ECO/365 - Week 5 Complete |
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