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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 eual to the average total cost of
diamonds. • Exceed both the marginal cost and
the average total cost of diamonds. • Be eual to
the marginal cost of diamonds. • Be eual to the
average total cost of diamonds. 2). Using 100
workers and 10 machines, a firm can produce
10,000 units of output;
ECO 365 Final Exam Guide 1
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1. Because 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 euilibrium with price eual to $3 and uantity
eual to 100. Government imposes a tax on
suppliers of $1 per unit.
ECO 365 Week 1 Discussion uestion 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 uestion 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 1,0001,500 word paper in which you explain what the d
ifference is between a movement along and shift o
f the demand curve.
Show the impact on the euilibrium price and uantit
y that results from;
(1) an increase in demand, (2) an increase in suppl
y, (3) an increase in both supply and demand.
Give an example of the role of supply and demand
in decision making.
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
5. Microeconomics
Identify 2 products whose demand is price inelasti
c.
ECO 365 Week 1 Individual Assignment Supply
and Demand Curve Worksheet (2 Sets)
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Complete the Supply and Demand Curve workshee
t.
Submit through the Assignment tab.
Answer the following uestions
Write the definition for each of the following:
1. Law of Demand
2. Law of Supply
Which of the following graphs best demonstrates t
he law of demand?
ECO 365 Week 1 Ten Principles of Economics and
How Markets Work (2 Papers)
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This Tutorial contains 2 Papers 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 Explain the
ECO 365 Week 2 Discussion uestion 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 uestion 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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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.
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.
Prepare a 350- to 1,050- word paper detailing the
findings of your discussion.
ECO 365 Week 2 Team Assignment Markets and
the Economics of the Public Sector (2 Papers)
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This Tutorial contains 2 Papers 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 euilibrium of supply and
demand is desirable. Explain the following
concepts using the concept of consumer and
producer surplus: Efficiency of markets Costs
of taxation Benefits of international trade
Discuss how trade.
ECO 365 Week 2 Team Assignment Product
Substitution Versus Product Compliment
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ECO 365 Week 2 Team Assignment Substitute vs C
ompliment.
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: Define the
type of market in which your selected product will
ECO 365 Week 3 Discussion uestion 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 uestion 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.
Prepare a 350- to 1,050- word paper detailing the
findings of your discussion.
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.
Select a potential competitive organization and a
product in that organization.
ECO 365 Week 4 Differentiating Between Market
Structures Paper (New Syllabus),Starbucks
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You will apply important microeconomics concept
s toward the competitive strategies of an organiza
tion that operates in an industry of your choice.
You will evaluate the differences between market s
tructures and identify a group of competitive strat
egies consistent with the market structure that be
st 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 st
ructure's competitive .
ECO 365 Week 4 Differentiating Between Market
Structures Presentation (Mayo Clinic)
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You will apply important microeconomics concept
s toward the competitive strategies of an organiza
tion that operates in an industry of your choice.
You will evaluate the differences between market s
tructures and identify a group of competitive strat
egies consistent with the market structure that be
st 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 st
ructure's
Competitive .
ECO 365 Week 4 Differentiating Between Market
Structures Presentation (New Syllabus),Starbucks
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You will apply important microeconomics concept
s toward the competitive strategies of an organiza
tion that operates in an industry of your choice. Y
ou will evaluate the
differences between market structures and identif
y a group of competitive strategies consistent with
the market structure that best aligns with the mar
ket in which the organization
competes. You will assess how the market structur
e positively and negatively affects the firm and eva
luate the efficacy of the structure's competitive str
ategies.
ECO 365 Week 4 Differentiating Between Market
Structures Presentation (New), Apple Company
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You will apply important microeconomics concept
s toward the competitive strategies of an organiza
tion that operates in an industry of your choice. Y
ou will evaluate
the differences between market structures and ide
ntify 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 th
e market structure positively and negatively affect
s the firm and evaluate the efficacy .
ECO 365 Week 4 Discussion uestion 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 uestion 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:
Option 1: Differentiating Between Market
Structures in Kudler
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.
Prepare a 350- to 1,050- word paper detailing the
findings of your discussion.
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