ECO204
Week 1 DQ 1 Circular Flow Diagram
Circular Flow Diagram. Explain how the circular flow diagram
relates to the current economic situation. 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 Week 1 DQ 2 Supply and Demand
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 Week 1 Quiz
(1) In economics, scarcity means that
(2) If beans are inferior goods, a decrease in income will
(3) Which of the following is a macroeconomic issue?
(4) In Collegia, a small college town, the market for parking
spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces
and they are all sold every day with no unsatisfied buyers. Now the college
takes in 200 more students, each of whom also wants a parking space at $5 a
day. If there is a normal, upward-sloping supply curve, what
will happen when the market has time to adjust?
(5) Demand for a good will always rise when
(6) In what type of economic system are the basic economic
questions answered in the same way as in the past?
(7) All but which one of the following could shift the
demand curve?
(8) When price changes, there is an opposite change in the
(9) What will cause a change along the supply curve?
(10) The Wall Street Journal carried a story on a type of
grocery store that operates with few services and limited use of attractive
displays, but with lower prices than its competitors. This decision of the
owners is a way of answering a question that every society must face. Which of
the
following is that question?
ECO 204 Week 2 DQ 1 Elasticity
Elasticity. Analyze the determinants of the price elasticity
of demand and determine if each of the following products are elastic or
inelastic:
a. bottled water
b. toothpaste
c. cookie dough ice cream
d. fresh green beans
e. gasoline
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 Week 2 DQ 2 Externalities
ECO 204 Week 2 Raise or Lower Tuition
ECO 204 Week 3 DQ 1 Short and Long Run
ECO 204 Week 3 DQ 2 Fixed and Variable Costs
ECO 204 Week 3 Quiz
ECO 204 Week 4 DQ 1 Market Structures
ECO 204 Week 4 DQ 2 Barriers to Entry
ECO 204 Week 4 Quiz
ECO 204 Week 5 DQ 1 Transfers
ECO 204 Week 5 DQ 2 Tariffs and Quotas
ECO 204 Week 5 Final Paper
Market Structures
You have been hired as a consultant by your local mayor to
look at the various market structures. Your role is to provide analysis and
answers to these important questions that will help the mayor understand the
structures of many of the businesses in his city:
1. Describe each market structure discussed in the course
(perfect competition, monopolistic competition, oligopoly, and monopoly) and
discuss two of the market characteristics of each market structure.
2. Identify one real-life example of a market structure in
your local city and relate your example to each of the characteristics of the
market.
3. Describe how high entry barriers into a market will
influence long-run profitability of the firms.
4. Explain the competitive pressures that are present in
markets with high barriers to entry.
5. Explain the price elasticity of demand in each market
structure and its effect on pricing of its products in each market.
6. Describe how the role of the government affects each
market structure’s ability to price its products.
7. Discuss the effect of international trade on each market
structure.
Your paper will need to include a title page, a reference
page, and in-text citations properly formatted according to the APA style
guide. Also, your content should be eight to ten pages, which does not include
your reference or title page. You will need to include at least five scholarly
sources from the Ashford Library in your
paper as part of your research to support your analysis.
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