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ECO 204 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.
Guided Response: Review the discussion board posts of your classmates. Respond
to at least two of your
classmates and comment on their descriptions of the circular flow diagram and
factors of production. Discuss how circular flow relates to current economic
situations.
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?
Guided Response: Review the discussion board posts of your classmates. Note
their analysis of a recent purchase and respond to at least two of your classmates.
In your responses, discuss the effects of a price change and how it might alter your
decision to make a purchase, according to the determinants of supply or demand.
ECO 204 Week 1 Quiz
1. Demand for a good will always rise when (Points : 1)
the price of a complementary good falls.
the price of a substitute good falls.
tastes change.
incomes decrease.
the price of the good falls.
2. Opportunity costs are (Points : 1)
only dollar expenditures.
costs that never include dollar expenditures.
dollar expenditures plus time costs and other forgone activities.
not important.
only relevant for individuals and not for government.
3. Which of the following is a macroeconomic issue? (Points : 1)
The price of butter
The number of new cars produced
The growth rate of total output
The price of products sold in the steel industry
The price of cell phone service
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? (Points : 1)
There will be 1,700 parking spaces at $5 a day.
There will be 1,500 parking spaces at some price greater than $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces at $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces and the price will
be more than $5 a day.
5. If the demand for coffee decreases as income decreases, coffee is a(n): (Points :
1)
normal good.
inferior good.
substitute good.
complementary good.
6. All but which one of the following could shift the demand curve? (Points : 1)
A shift of the supply curve
A rise in income
A change in the price of substitutes
An increase in the size of the age group buying that good
A successful advertising campaign which convinces people that they want more of
this good
7. When price changes, one should expect a change in (Points : 1)
supply.
demand.
the weather.
technology and income.
quantity supplied.
8. Ceteris paribus, as applied in demand theory, means (Points : 1)
accounting for all possible simultaneous changes.
holding constant all factors that affect demand except one.
observing the real world.
holding technology and resource prices constant.
holding one input constant while changing the other input.
9. Along with the other social sciences, economics is concerned with (Points : 1)
the behavior of human beings as individuals.
the behavior of human beings in groups.
the activities of international agencies.
the laws of mathematics as they apply to decision making.
the behavior of human beings both as individuals and in groups.
10. If left alone, a market-directed economy will (Points : 1)
invariably provide the correct economic choices.
provide the correct economic choice in many but not all cases.
protect consumers from monopoly.
avoid the production problems encountered in command economies.
disintegrate.
ECO 204 Week 2 Assignment Raise or Lower Tuition
Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue,
Nobody State
University increases its tuition. Will this necessarily result in more revenue? Under
what conditions will revenue
(a) rise, (b) fall, or (c) remain the same? Explain this process, focusing on the
relationship between the increased revenue from students enrolling at NSU despite
the higher tuition and the lost revenue from possible lower enrollment. If the true
price elasticity were -1.2, what would you suggest the university do to expand
revenue? If you were the president of NSU, how would you tackle this problem
based on what you have learned in this course?
Your paper will need to include a title page, reference page, and in-text citations
that are formatted in accordance with APA style as outlined in the Ashford Writing
Center. Also, your content should be three to five pages, which does not include
your reference or title page. You will need to include two to three academic
sources from the Ashford University Library to include in your paper as part of
your research to support your work and analysis
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.
Guided Response: Review the discussion board posts of your classmates. Note
their responses to the determinants of price elasticity of demand. Respond to at
least two of your classmates. Discuss with your peers the characteristics of an
inelastic versus elastic good.
ECO 204 Week 2 DQ 2 Externalities
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 xamples?
Guided Response: Review the discussion board posts of your classmates. What are
some of the key differences between positive and negative externality? Respond to
at least two of your classmates. Analyze the solutions your classmates offered and
compare them to your own. Provide advice to your classmates’ solutions for
making the market more efficient.
ECO 204 Week 2 Raise or Lower Tuition
Raise or Lower Tuition? You have been hired by Nobody State University (NSU)
as a consultant to help the university with how to increase their total revenue. The
university has been struggling in recent years, so they have hired you to help them
in their last attempt to find an appropriate solution so that the university can
survive.
Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue,
Nobody State University increases its tuition.
Assess a raise in tuition and if it will necessarily result in more revenue.
Describe the conditions under which revenue will (a) rise, (b) fall, or (c) remain the
same.
Explain the process of revenue at NSU, focusing on the relationship between the
increased revenue from students enrolling at NSU despite the higher tuition and the
lost revenue from possible lower enrollment.
If the true price elasticity were (-1.2), discuss what you would suggest the
university do to expand revenue.
Using what you have learned in this course, explain how you would resolve this
problem if you were the President of NSU.
In a three- to five-page paper (not including title and reference pages), provide
subheadings or separate paragraphs for each of the questions listed to help focus
your paper for the executives that have requested it. Support your paper with at
least two academic sources from the Ashford Library.
You are required to format your paper according to APA style guidelines.
ECO 204 Week 3 DQ 1 Short and Long Run
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?
Guided Response: Review the discussion board posts of your classmates. Discuss
the difference between short run and long run with relation to costs. Respond to at
least two of your classmates. Discuss how short run and long run vary in a firm.
ECO 204 Week 3 DQ 2 Fixed and Variable Costs
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:
a. First, describe several different fixed costs and variable costs associated with
operating an automobile.
b. 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.
Guided Response: Review the discussion board posts of your classmates. Analyze
the difference in your answer to your peers in response to the different costs that
are discussed. Respond to at least two of your classmates. Discuss the different
types of costs like fixed, variable, or both.
ECO 204 Week 3 Quiz
1. An example of a horizontally integrated firm is one that (Points : 1)
owns several plants, each handling a different stage of production.
produces a variety of goods and sells them in widely disparate markets.
owns several plants, each manufacturing the same product.
owns several plants in the same state.
uses highly automated assembly line techniques.
2. Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of
$30,000. What were economic profits? (Points : 1)
$50,000
$30,000
$20,000
The amount cannot be determined from the information given.
3. Technical efficiency is (Points : 1)
using the least-cost method of production.
the method of production that minimizes physical usage of inputs according to
some specific rule.
the process of turning inputs into outputs.
the process of minimizing output with a given level of inputs.
the method of production that uses the least labor per unit of capital.
4. Accounting profit is defined as (Points : 1)
total simplicit costs.
total monetary costs.
total opportunity costs.
total sales(implicit costs + explicit costs).
total sales(explicit costs – implicit costs).
5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but
average variable costs were unchanged. This indicates that (Points : 1)
marginal costs are less than average variable cost but greater than average cost.
fixed costs have increased.
output is declining.
marginal costs have increased.
6. A vertically integrated firm might own (Points : 1)
a ski factory, an Alpine resort hotel, and an emergency medical center.
several plants that manufacture different qualities of skis.
a ski factory, a cigar manufacturer, and a carpet factory.
several plants in different countries that manufacture skis.
7. The short run is (Points : 1)
less than six months.
more than six months, but less than a year.
in the short run, some productive resources may be fixed although some other
resources may be varied.
the period of time in which all the productive resources can be varied.
the period of time in which all the inputs are fixed.
8. Which of the following is most likely to be an implicit cost of production?
(Points : 1)
Wages paid to skilled workers
Payments for inputs purchased from other companies
Interest paid on a loan
Rental income from real property
Rental income not received from use of a self-owned piece of land
9. The technical relationship between inputs and outputs, which is needed to
understand the difference between the short run and the long run, is called (Points :
1)
technical efficiency.
economic efficiency.
a production function.
a time and motion study.
supply and demand.
10. What is one thing that entrepreneurs do NOT do? (Points : 1)
They identify consumer demands.
They establish supply and demand.
They organize production.
They allocate resources.
They acquire assets.
ECO 204 Week 4 DQ 1 Market Structures
Market Structures. Explain the most important characteristic in perfect
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.
Guided Response: Review the discussion board posts of your classmates. Analyze
the difference between market structures. Compare your response to those of your
classmates. Respond to at least two of your classmates. Discuss the way profits
vary based on market structure.
ECO 204 Week 4 DQ 2 Barriers to Entry
Barriers to Entry. Analyze the major barriers for entry 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 allow the government to become
involved to protect consumers?
Guided Response: Review the discussion board posts of your classmates. Do you
agree or disagree with their reasons on whether or not government should get
involved when it comes to monopolies? Respond to at least two classmates.
Compare and contrast your posts and comment on barriers to enter a market and
analysis of government’s relationship with monopolies.
ECO 204 Week 4 Quiz
Question :
Student Answer:
All but which one of the following are true of
monopolistic competition?
1
MR = MC
2
P>MC
3
AR = MR
The demand curve the firm faces slopes
downward.
5
Entry is easy.
4
Points Received:
Comments:
2. Question :
Student Answer:
1 of 1
At the point of long-run equilibrium for a perfectly
competitive firm,
1
economic profits are zero.
2
TR > TC.
3
TR < TC.
4
P = AVC.
5
Points Received:
Comments:
3. Question :
Student Answer:
normal profits are zero.
1 of 1
The greater the price elasticity of the demand curve that
the firm faces in monopolistic competition,
1
the higher the degree of competition in the
industry.
2
the lower the degree of competition in the
industry.
3
the fewer substitutes for the good produced.
4
the easier it is for the firm to raise its price.
5
the less sales the firm will gain from a price
decrease.
Points Received:
Comments:
4. Question :
Student Answer:
1 of 1
Retail outlets operate in which of the following market
structures?
1
perfect competition
2
3
4
5
Points Received:
Comments:
5. Question :
Student Answer:
1 of 1
Which one of the following is NOT a basic assumption of
the model of perfect competition?
1
Many buyers
2
Many sellers
3
A differentiated product
4
5
Points Received:
Comments:
6. Question :
Student Answer:
monopolistic competition
oligopoly
monopoly
oligopsony
Full information
Mobile resources
1 of 1
A firm in a(n) industry will have the most elastic demand
curve.
1
monopolistic
2
3
4
oligopolistic
monopolistically competitive
perfectly competitive
Points Received:
Comments:
7. Question :
1 of 1
The marginal cost curve above the minimum average
variable cost
Student Answer:
indicates points where the firm will realize an
economic profit.
2
covers the area where a firm should shut down.
3
is equal to the firm’s marginal revenue curve.
4
is the firm’s short-run supply curve.
Points Received:
Comments:
1 of 1
8. Question :
Student Answer:
1
A firm in a monopolistically competitive industry faces a
downward-sloping demand curve because
1
the product is homogeneous.
2
the product is differentiated.
3
nonprice competition is missing.
4
Points Received:
Comments:
9. Question :
Student Answer:
Points Received:
Comments:
barriers to entry are high.
1 of 1
Along a downward-sloping monopoly demand curve,
1
marginal revenue is greater than price.
2
elasticity of demand is constant.
3
marginal revenue decreases when price
decreases.
4
marginal revenue is equal to zero when price is
equal to zero.
1 of 1
10. Question :
Student Answer:
Perfect competition is
1
not an abstraction from reality; it is reality.
2
an “ideal type”—that is, a model or guidepost for
comparison.
3
the only market structure in the United States.
4
5
Points Received:
Question :
Student Answer:
the best of all possible worlds.
found in the U.S. steel industry.
1 of 1
All but which one of the following are true of monopolistic
competition?
1
MR = MC
P>MC
3
AR = MR
4
The demand curve the firm faces slopes
downward.
5
Entry is easy.
2
Points Received:
Comments:
2. Question :
Student Answer:
1 of 1
At the point of long-run equilibrium for a perfectly
competitive firm,
1
economic profits are zero.
2
TR > TC.
3
4
5
Points Received:
Comments:
3. Question :
Student Answer:
TR < TC.
P = AVC.
normal profits are zero.
1 of 1
The greater the price elasticity of the demand curve that
the firm faces in monopolistic competition,
1
the higher the degree of competition in the
industry.
2
the lower the degree of competition in the
industry.
3
the fewer substitutes for the good produced.
4
the easier it is for the firm to raise its price.
5
the less sales the firm will gain from a price
decrease.
Points Received:
Comments:
4. Question :
Student Answer:
1 of 1
Retail outlets operate in which of the following market
structures?
1
perfect competition
2
monopolistic competition
3
oligopoly
4
5
Points Received:
Comments:
5. Question :
Student Answer:
1 of 1
Which one of the following is NOT a basic assumption of
the model of perfect competition?
1
Many buyers
2
3
4
5
Points Received:
Comments:
6. Question :
Student Answer:
monopoly
oligopsony
Many sellers
A differentiated product
Full information
Mobile resources
1 of 1
A firm in a(n) industry will have the most elastic demand
curve.
1
monopolistic
2
oligopolistic
3
monopolistically competitive
perfectly competitive
4
Points Received:
Comments:
7. Question :
Student Answer:
Points Received:
Comments:
8. Question :
Student Answer:
1 of 1
The marginal cost curve above the minimum average
variable cost
1
indicates points where the firm will realize an
economic profit.
2
covers the area where a firm should shut down.
3
is equal to the firm’s marginal revenue curve.
4
is the firm’s short-run supply curve.
1 of 1
A firm in a monopolistically competitive industry faces a
downward-sloping demand curve because
1
the product is homogeneous.
2
the product is differentiated.
3
nonprice competition is missing.
4
Points Received:
Comments:
9. Question :
Student Answer:
barriers to entry are high.
1 of 1
Along a downward-sloping monopoly demand curve,
1
marginal revenue is greater than price.
2
elasticity of demand is constant.
3
marginal revenue decreases when price
decreases.
4
marginal revenue is equal to zero when price is
equal to zero.
Points Received:
Comments:
10. Question :
Student Answer:
1 of 1
Perfect competition is
1
not an abstraction from reality; it is reality.
2
an “ideal type”—that is, a model or guidepost
for comparison.
3
the only market structure in the United States.
4
the best of all possible worlds.
5
Points Received:
found in the U.S. steel industry.
1 of 1
ECO 204 Week 5 DQ 1 Transfers
Transfers. Why would cash transfers typically be preferred by recipients over inkind
transfers? What are the pros and cons of each from a government perspective?
Respond to at least two of your classmates.
ECO 204 Week 5 DQ 2 Tariffs and Quotas
Tariffs and Quotas. Who 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 utilize?
Guided Response: Review the discussion board posts of your classmates. Note
their analysis of those who gain and lose from a tariff. Respond to at least two of
your classmates. Compare your classmates’ analyses on using tariffs vs. quotas by
comparing to your own. Which is better?
ECO 204 Week 5 Final Paper Market Structure
Market Structures
In an eight- to ten-page paper, describe each market structure discussed in the
course (perfect competition, monopolistic
competition, oligopoly, monopoly), provide a real-life example of each market,
and respond to the following for each
market structure:
1. Indicate how high entry barriers into a market will influence:
a. Long-run profitability of the firms
b. Cost efficiency of the firms in the industry
c. Likelihood that some inefficient firms will survive
d. Incentive of entrepreneurs to develop substitutes for the product supplied by the
firms
2. Are competitive pressures present in markets with high barriers to entry?
Explain.
3. Describe which market structure you would prefer for selling products. Explain
why and support your answer
with the characteristics of that market.
4. Describe which market structure you would prefer for buying products. Explain
why and support your answer
with the characteristics of that market.
5. How does each market structure respond to price changes of the products that
they sell? Explain whether each
market structure will be selling elastic or inelastic products, and how this will
affect the market price charged.
6. How does the role of the government affect each market structure’s ability to
price their products?
7. How does international trade affect each market structure?
Your paper will need to include a title page, reference page, and in-text citations
that are formatted in accordance with
APA style as outlined in the Ashford Writing Center. Also, your content should be
eight to ten pages, which does not
include your reference or title page. You will need to include five academic
sources from the Ashford University Library
to include in your paper as part of your research to support your work and analysis.
Writing the Final Paper
The Final Paper:
1. Must be eight to ten double-spaced pages in length, and formatted according to
APA style as outlined in the
Ashford Writing Center.
ECO204: Principles of Microeconomics
Online
11
2. Must include a title page with the following:
a. Title of paper
b. Student’s name
c. Course name and number
d. Instructor’s name
e. Date submitted
3. Must begin with an introductory paragraph that has a succinct thesis statement.
4. Must address the topic of the paper with critical thought.
5. Must end with a conclusion that reaffirms your thesis.
6. Must use at least five scholarly sources from the Ashford University Library.
7. Must document all sources in APA style, as outlined in the Ashford Writing
Center.
8. Must include a separate reference page, formatted according to APA style as
outlined in the Ashford Writing Center.
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