ECO 365 All Participations

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ECO/365

PRINCIPLES OF MICROECONOMICS

 

The Latest Version A+ Study Guide

 

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ECO 365 All Participations Link

https://uopcourses.com/category/eco-365-participations/

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ECO 365 Week 1 participation What is economics?
Class,

What is economics? What role does economics play in your personal and organization's decisions? Provide an example of the role of economics in a decision you have recently made either personally or been a part of in your place of employment. Note: Here, you need to apply the economic principles in the chapters we are reading this week. Read the assigned material before you answer this question. Do not simply discuss a purchase or other decision without applying the principles we are studying this week. Remember to use the correct economic terms to answer the question.

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 1 participation Change in Demand vs. Change in Quantity Demanded
Class,

What is the difference between a movement along and a shift of the demand curve? What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both? Provide a general explanation for each instance, and then provide a real-world example.

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 1 participation Price Elasticity of Demand
Class,

 

Note that there's a common misperception that elasticity has to do with whether the quantity demanded decreases if the price increases, or not. The quantity demanded of virtually every good will decrease if the price increases. We know this from the Law of Demand. The difference between elastic and inelastic demand is a matter of degree. In other words, the issue is the relative sensitivity of quantity demanded to a given percentage change in price. Price elasticity of demand is the responsiveness of quantity demanded to changes in price. It is measured by dividing the percentage change in quantity demanded by the percentage change in the price. See section 5-1b of your textbook. 

If the elasticity we measure is greater than 1, which say demand is elastic. This means the percentage change in the quantity demand due to a given percentage change in the price is greater than the percentage change in the price. That occurs when demand is relatively responsive to changes in price. The greater the elasticity measure, the greater the responsiveness of quantity demanded to the change in price. Conversely, demand is relatively unresponsive to changes in price when the elasticity measure is less than 1. Finally, demand is unit elastic when the elasticity measure equal 1. In this case, the percentage change in quantity demanded equals the percentage change in price. 

Class, what are some of the factors that determine price elasticity of demand?

 

 

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ECO 365 Week 2 participation The Efficiency of Markets
Class,

 

What is consumer surplus? What is producer surplus? How can these concepts be used to analyze the allocation of resources in free markets?

 

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 2 participation What is an externality?
Class,

 

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.


Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 2 Most Challenging Concepts
Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?

 

 

ECO 365 Week 3 participation Market Structures
Class,

 

What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so. 

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 3 participation Monopoly Profits
Class,

 

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.


Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 3 Most Challenging Concepts
Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?
 

 

ECO 365 Week 4 participation The Production Function
Class,

 

In this chapter we want to understand the theory of labor demand. As we discuss in another thread, the demand for labor clearly depends on the demand for the goods and services produced by labor. But that is not the only factor that affects how many people are employed by a firm. The productivity of labor is also important.  

 

Let's think about the production function and how it relates to the marginal productivity of labor. See section 18-1b of your textbook. The production function indicates the relationship between the amount of inputs (i.e., resources) and the amount of output in production. We can determine the marginal productivity of labor by changing the amount of labor input (e.g., number of hours or people with the same skills) and observing the change in the number of units produced. So we change the number of units of labor (while maintaining the amount of all other resources unchanged) and observe the change in output. 

 

Class, see an example of the production function in Figure 2 of Chapter 18. Notice that as the quantity of labor input increases, the quantity of output increases. But the relationship is not a straight line. The graph bends. Why? See section 18-1b.

 

 

ECO 365 Week 4 participation Derived Demand for Labor
Class,

 

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.  

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 4 participation Determinants of Wages
Class,

 

What are some of the determinants of wages. To what extent are wage differentials explained by human capital and compensating factors? What factor is most important in explaining wages. 

 

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 5 participation Consumer Choice
Class,

 

What is a budget constraint? What are indifference curves? How do consumer preferences and budgets constraints combine to determine optimal choices?

 

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 5 participation Behavioral Economics
Class,

 

What is behavioral economics? What is rational economic behavior? Are people always rational when they make economic decisions? Explain.

 

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references.

 

 

ECO 365 Week 5 Most Challenging Concepts
Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?
 
 
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