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Concepts of microeconomics essay

WEEK you

ECO 204 NEW Week 1 Questions

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1 . Problem: In economics, scarcity ensures that

Student Solution: there are not sufficient solutions to produce everything that people desire. poverty will usually exist.

a country can never give food to all of it is citizens.

the price of a great may enhance more rapidly compared to the general selling price level. there is not enough of the particular best for people to buy all they really want at the prevailing price.

Items Received: 1 of 1


2 . Question: If perhaps beans will be inferior goods, a reduction in income will

Student Solution:

cause espresso beans to sell for less money.

increase the production of beans.

shift the demand curve for beans to the left.

shift the demand curve for beans to the right.

rotate the supply curve in a clockwise manner.

Points Received:1 of 1


ECO 204 NEW Week 1 DQ 1 Circular Flow Diagram

Explain how the circular flow diagram relates to the current economicsituation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

ECO 204 NEW Week 1 DQ 2 Supply and Demand

Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?


ECO 204 NEW Week 2 Raise or Lower Tuition:

Nobody State University Tuition

Universities must constantly weigh tuition pricing in relation to the cost of providing quality educational services. Determining where to set tuition pricing is an increasingly critical decision which administrators and university presidents must analyze when considering the university’s goals. Not only does the cost of tuition play a factor in student enrollment, it also provides a major revenue source to an institution. The question which universities must answer is, “What effect will raising or lowering the university’s tuition have on the total earned revenue?

This paper investigates this question and reviews under what conditions a change in tuition prices will cause the revenue to rise, fall, or remain constant. Finally, applying a hypothetical tuition elasticity coefficient of demand for education value of -1.2, provides a tuition increase recommendation to the Nobody State University’s president and administration board based upon the university’s potential revenue impact.

ECO 204 NEW Week 2 DQ 1 Elasticity

Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic: ¢bottled water


¢cookie dough ice cream

¢fresh green beans


In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.

ECO 204 NEW Week 2 DQ 2 Externalities

Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples?


ECO 204 NEW Week 3 Quiz

1.Question :When the marginal product curve is declining because of

Student Answer: increasing returns, the marginal cost curve is rising. diminishing returns, the marginal cost curve is rising. diminishing returns, the marginal cost curve is falling. diminishing returns, the marginal cost curve is constant. increasing returns, the marginal cost curve is falling.

Points Received:1 of 1


2.Question :A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is

Student Answer: horizontally integrated.

vertically integrated.

a monopoly.

an imperfect competitor.

a conglomerate.

Points Received:1 of 1


ECO 204 NEW Week 3 DQ 1 Short and Long Run

Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?

ECO 204 NEW Week 3 DQ 2 Fixed and Variable Costs

After reading Chapter 8 in the text and viewing the required video for this week, Fixed, variable, and marginal cost,address the following in your initial post: ¢First, describe several different fixed costs and variable costs associated with operating an automobile. ¢Next, assume that you would like to travel from Los Angeles to New York City by either car or plane. Which costs would you take into account in making your decision, fixed costs, variable costs or both? Make sure to explain your analysis in the decision that you have to make.


ECO 204 NEW Week 4 Quiz

1.Question :All but which one of the following are true of monopolistic competition?

Student Answer: MR = MC



The demand curve the firm faces slopes downward.

Entry is easy.

Points Received:1 of 1


2.Question :At the point of long-run equilibrium for a perfectly competitive firm

Student Answer: economic profits are zero.


TR < TC.

P sama dengan AVC.

regular profits happen to be zero.

Items Received: one particular of 1


ENVIRONMENTAL 204 FRESH Week some DQ 1 Market Set ups

Explain the most crucial characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms could make profits inside the short run. In your analysis, make sure you relate a good example for each in the market structures listed and just how it pertains to the particular features.

ECO 204 NEW Week 4 DQ 2 Obstacles to Admittance

Analyze the main barriers for entry and exit in to the airline industry. Explain how each obstacle can foster either monopoly or oligopoly. What boundaries, if virtually any, do you think give rise to monopoly that will allow the federal government to become involved to protect customers?

WEEK five

ECO 204 NEW Week 5 DQ 1 Moves:

Why might cash transactions typically always be preferred simply by recipients more than in-kind transfers? What are the good qualities and negatives of each from a federal government perspective? Interact to at least two of your classmates ENVIRONMENTAL 204 NEW Week your five DQ two Tariffs and Quotas:

Who have gains and who loses from a tariff? Just how can the effects of charges differ from the effects of quotas? If you were a small country, what would you rather use?

ECO 204 NEW Week 5 Last Paper

Need for Economic Marketplace Structures

Just before an organization or investor constitutes a strategic decision to enter a product or service in today’s economic system, a thorough industry analysis is vital to fully know the domestic and foreign demand, current suppliers, entry and exit barriers present, and expense of production for the product or service getting provided. The culmination of the investigation recognizes the market composition the product is located in, associated potential long-run profitability, price efficiency, survivability, and bonuses for upcoming entrepreneurs. This kind of paper can describe you will of four these kinds of market structures: perfect competition, monopolistic competition, oligopoly, monopoly while providing an illustrative example of every. The conventional paper further identifies the competitive pressures with high entrance barriers, preferred selling and buying market segments, projected reaction to price changes for supple and inelastic goods, government intervention as well as the expected effect of international operate on economical markets. Focusing on how a product and associated creation firm matches an economic marketplace structure is vital to shareholders as it affects the business motivations, chances and organization strategies.

A successful economic expert identifies the attributes of the applicable industry structure, then using the well-known market presumptions predicts the implicit and explicit costs of production and expected market effects. However , to be able to accurately classify the correct industry structure, the economic analyst must first be aware of the defining attributes of each market. The newspaper next describesthe characteristics of a perfect competition, monopolistic competition, oligopoly, and monopoly industry structure.


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