'Principles of Microeconomics Essay\r'

'hebdomad 1\r\nECO 204 modernistic Week 1 screen\r\n1.Question :In stintings, scarcity means that\r\nStudent issue: there argon not sufficient resources to scram everything that people want. poverty pull up stakes always exist.\r\na country canful never feed every of its citizens.\r\nthe scathe of a bully may accession more rapidly than the general price level. there is not enough of a particular good for people to buy all they want at the prevailing price.\r\nPoints reliable:1 of 1\r\nComments:\r\n2.Question :If beans be inferior goods, a decrease in income will\r\nStudent do:\r\ncause beans to sell at a lower price.\r\nincrease the crossroadion of beans.\r\n foment the contain incline for beans to the left.\r\nshift the demand veer for beans to the right.\r\nrotate the tack on curve in a clockwise manner.\r\nPoints Received:1 of 1\r\nComments:\r\nECO 204 upstart Week 1 DQ 1 Circular fall down Diagram\r\n apologise how the circular spring diagram relates to t he current sparing situation. Using the circular flow diagram, rationalise a way that your family interacts in the element foragestuff and a way that it interacts in the products market.\r\nECO 204 NEW Week 1 DQ 2 Supply and motivation\r\nAnalyze how the law of demand applies to a juvenile 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 dissemble your decision to purchase the item?\r\n calendar week 2\r\nECO 204 NEW Week 2 Raise or Lower tutorship:\r\nNobody State University Tuition\r\nUniversities must constantly weigh instruction determine in relation to the greet of providing quality educational services. Determining where to set tuition pricing is an change magnitudely critical decision which administrators and university presidents must analyze when considering the university’s goals. Not only does the cost of tuition knead a factor in student enr ollment, it withal provides a major revenue source to an institution. The inquiry which universities must answer is, â€Å"What solvent will face lift or lowering the university’s tuition make water on the total earned revenue?\r\nThis story 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 shot 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.\r\nECO 204 NEW Week 2 DQ 1 Elasticity\r\nAnalyze the determinants of the price cinch of demand and determine if apiece of the following products atomic number 18 flexible or inelastic: •bottled water\r\n•toothpaste\r\n• cookie dough ice cream\r\n•fresh common beans\r\n•gasoline\r\nI n your analysis, please make authoritative to explain your reasoning and relate your answers to the characteristics of the determinants of the price breeze of demand.\r\nECO 204 NEW Week 2 DQ 2 Externalities\r\nExplain the take issueence between a positive and damaging externality. In your analysis, make sure to provide an role model of separately type of externality. Why does the government regard to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples?\r\n workweek 3\r\nECO 204 NEW Week 3 quiz\r\n1.Question :When the b outrankline product curve is declining because of\r\nStudent closure: increasing returns, the borderline 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.\r\nPoints Received:1 of 1\r\nComments:\ r\n2.Question :A immobile that owns a wheat farm, a grain elevator, a dredge mill, a commercial bakery, and a grocery broth chain is\r\nStudent Answer: horizontally integrated.\r\nvertically integrated.\r\na monopoly.\r\nan imperfect competitor.\r\na conglomerate.\r\nPoints Received:1 of 1\r\nComments:\r\nECO 204 NEW Week 3 DQ 1 Short and Long Run\r\nLet’s assume that you own a fast food restaurant and you are faced with m whatsoever customers each day eating in the restaurant without any tables. Describe the difference between the short dissolve and long bar in the example to saving about more tables for the customers. How is the restaurant able to dissever between the short run and long run?\r\nECO 204 NEW Week 3 DQ 2 immovable and Variable Costs\r\nAfter reading Chapter 8 in the text and viewing the required pictorial matter for this week, Fixed, variable, and marginal cost,address the following in your initial send off: •First, tell several different fixe d cost and variable be associated with operating an automobile. •Next, assume that you would the like to travel from Los Angeles to New York City by all car or plane. Which cost would you take into mark in making your decision, fixed costs, variable costs or both? Make sure to explain your analysis in the decision that you have to make.\r\nWEEK 4\r\nECO 204 NEW Week 4 Quiz\r\n1.Question :All but which one of the following are true of monopolistic competition?\r\nStudent Answer: MR = MC\r\nP>MC\r\nAR = MR\r\nThe demand curve the firm faces slopes downward.\r\nEntry is easy.\r\nPoints Received:1 of 1\r\nComments:\r\n2.Question :At the point of semipermanent labyrinthine sense for a perfectly competitive firm,\r\nStudent Answer: economic profits are zero.\r\nTR > TC.\r\nTR < TC.\r\nP = AVC.\r\n prevalent profits are zero.\r\nPoints Received:1 of 1\r\nComments:\r\nECO 204 NEW Week 4 DQ 1 commercialize Structures\r\nExplain the most important characteristic in perfe ct competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an example for each of the market structures listed and how it relates to the particular characteristics.\r\nECO 204 NEW Week 4 DQ 2 Barriers to Entry\r\nAnalyze the major obstacles for gateway and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will discontinue the government to become involved to protect consumers?\r\nWEEK 5\r\nECO 204 NEW Week 5 DQ 1 Transfers:\r\nWhy would cash transfers typically be like by recipients over in-kind transfers? What are the pros and cons of each from a government perspective? Respond to at to the lowest degree two of your classmates ECO 204 NEW Week 5 DQ 2 Tariffs and Quotas:\r\nWho gains and who loses from a tariff? How do the effects of tariffs differ from the effects of quotas? If you were a small country, what would you rather go for?\r\nECO 204 NEW Week 5 Final report card\r\nImportance of Economic Market Structures\r\nBefore an fundamental law or investor makes a strategic decision to destroy a product in today’s economy, a thorough market analysis is live to fully comprehend the domestic and international demand, current suppliers, entry and exit barriers present, and cost of production for the product or service being provided. The culmination of this probe identifies the market structure the product resides in, associated potential long-run profitability, cost efficiency, survivability, and incentives for future entrepreneurs. This paper will describe the characteristics of four such market structures: perfect competition, monopolistic competition, oligopoly, monopoly while providing an illustrative example of each. The paper set ahead describes the competitive pressures with high entry barriers, pref erred exchange and buying markets, projected reaction to price changes for elastic and inelastic goods, government intervention and the expected effect of international trade on economic markets. reasonableness how a product and associated production firm fits into an economic market structure is vital to investors as it impacts the firm’s motivations, opportunities and business strategies.\r\nA successful economic analyst identifies the attributes of the applicable market structure, then utilise the known market assumptions predicts the implicit and explicit costs of production and projected market outcomes. However, in order to accurately classify the correct market structure, the economic analyst must first be certified of the defining attributes of each market. The paper next describes the characteristics of a perfect competition, monopolistic competition, oligopoly, and monopoly market structure.\r\n'