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ECO 365 Final Exam Guide (New, 2017)

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1 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.

ECO 365 Final Exam Guide (New, Dec 2015)

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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.

ECO 365 Final Exam Guide 1

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1Because 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

ECO 365 Week 1 Discussion Question 1

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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.

ECO 365 Week 1 Discussion Question 2

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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?

ECO 365 Week 1 Individual Assignment Article Analysis

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ECO 365 Week 1 Individual Assignment Article Analysis

ECO 365 Week 1 Individual Assignment Economic Analysis

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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.

ECO 365 Week 1 Individual Assignment Economic Definitions Worksheet

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Write the definition for each of the following:

1.         Law of Demand

2.         Law of Supply

3.         Price Elasticity of Demand

4.         Macroeconomics

ECO 365 Week 1 Individual Assignment Supply and Demand Curve Worksheet (2 Sets)

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This Tutorial contains 2 sets of Worksheet

Complete the Supply and Demand Curve worksheet.Submit through the Assignment tab.

ECO 365 Week 1 Ten Principles of Economics and How Markets Work (2 Papers)

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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

ECO 365 Week 2 Discussion Question 1

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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.

ECO 365 Week 2 Discussion Question 2

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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.

ECO 365 week 2 Individual Assignment Supply and Demand Simulation (Microeconomics and the Laws of Supply and Demand ) (3 Papers)

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This Tutorial contains 3 different Papers

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.

·         Identify at least one shift of

ECO 365 Week 2 Learning Team Reflection Production and Cost Analysis

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Discuss this week’s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

ECO 365 Week 2 Team Assignment Elasticity Paper (Substitute or Compliment)

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Reflect on why some products become substitutes and why some are compliments (e.g. hot dogs and hot dog buns).

ECO 365 Week 2 Team Assignment Markets and the Economics of the Public Sector (2 Papers)

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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 governor’s 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

ECO 365 Week 2 Team Assignment Product Substitution Versus Product Compliment

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ECO 365 Week 2 Team Assignment Substitute vs Compliment

ECO 365 Week 3 Current Market Conditions Competitive Analysis

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ECO 365 Week 3 Current Market Conditions Competitive Analysis

You have been given the responsibility of working with your organization’s 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:

ECO 365 Week 3 Discussion Question 1

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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

ECO 365 Week 3 Discussion Question 2

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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.

ECO 365 Week 3 Learning Team Reflection Summary Market Structure

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Discuss this week’s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

ECO 365 week 3 Team Assignment Current Market Conditions Competitive Analysis (3 Papers)

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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 product’s potential success. The analysis will focus on your primary competitor in the product’s market.

ECO 365 Week 4 Differentiating Between Market Structures Paper (New Syllabus),Starbucks

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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.

ECO 365 Week 4 Differentiating Between Market Structures Presentation (Mayo Clinic)

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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

ECO 365 Week 4 Differentiating Between Market Structures Presentation (New Syllabus),Starbucks

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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.

ECO 365 Week 4 Differentiating Between Market Structures Presentation (New), Apple

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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.

ECO 365 Week 4 Discussion Question 1

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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 government’s solution to a market failure would worsen the failure? Explain your answer.

ECO 365 Week 4 Discussion Question 2

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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?

ECO 365 Week 4 Individual Assignment Differentiating Between Market Structures Table

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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

ECO 365 Week 4 Learning Team Reflection Public Policy in Economics

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Discuss this week’s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field.

ECO 365 Week 4 Team Assignment Mergers and Joint Ventures (2 Papers)

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Learning Team Assignment – Week 4

Discuss the differences between horizontal, vertical and conglomerate mergers and how those differ from a joint venture.

Introduction

Horizontal Mergers

ECO 365 week 5 Team Assignment Competitive Strategies and Government Policies (3 Papers)

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This Tutorial contains 3 sets of papers

Management has recognized the effect of changes in the real-world competitive environment and government policies on other industries and anticipates similar events occurring in their industry, so they ask you for a report considering the following points.

Write 1,400 –1,750-word paper of no more than in which you describe how each of the following are or potentially will affect your industry or one with which you are familiar:

ECO 365 week 5 Team Assignment Competitive Strategies and Government Policies (PPT)

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Select an organization the team is familiar with and which has a global presence.

Management in the team's organization has recognized the effect of changes in the real-world competitive environment and government policies on other industries and anticipates similar events occurring in their industry, so they ask you for a report considering the following points.

Create a 12- to 16-slide PowerPoint® presentation

ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics (2 Papers)

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ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics

You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.

Write a 1,050-word analysis that includes the following:

§  The impact the theory of consumer choice has on:

§  Demand curves

§  Higher wages

§  Higher interest rates