ECO 365 Entire Course

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https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM

 ECO/365

PRINCIPLES OF MICROECONOMICS

 

The Latest Version A+ Study Guide

 

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ECO 365 Entire Course Link

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

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ECO 365 Week 1 Worksheet
 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

 

 

 

Use the graph below to respond to (a) through (c):
 

 

a) According to the law of demand and based on the graph, if the price per pizza falls from $20 to $15, what will happen to quantity demanded?
 

 

 

 

 

 

 

b) If government places a binding price ceiling of $10 in this market, will there be a shortage or a surplus of pizza? How large?
 

 

 

 

 

 

 

c) If an increase in the cost of producing pizzas causes the supply curve to shift to the left, will the equilibrium price per pizza rise or fall? What about the equilibrium quantity of pizzas?
 

 

 

 

 

 

 

 

If Frank can produce either 20 pizzas or 40 cheesecakes per day, the opportunity cost per pizza is equal to how many cheesecakes?
 

 

 

 

If Fran can produce either 15 pizzas or 50 cheesecakes per day, which person (Frank or Fran) has an absolute advantage making pizzas? What about cheesecakes?

 

 
 

 

 

ECO 365 Week 2 Learning Team Charter
 

 

Learning Team Overview
 

Your team will work together to complete the charter in week 2 as well as team projects in weeks 3 and 4. One person needs to take on the leadership role in week 2. Others should volunteer to be the team leader in week 3 and week 4. If no one volunteers to lead, contact me and I will randomly assign people. To receive credit, the team charter MUST include names for team leaders.

 

Your individual grade will reflect your own effort and contributions. If any section of the final paper is plagiarized, the person who contributed that material will receive a zero for the assignment. Everyone needs to help ensure that the final paper is well-written, well-organized, accurate, complete, and consistent with APA formatting guidelines. Team leaders are responsible for putting everything together and posting a draft for everyone to review. Determine when each step should be completed within your Learning Team Charter.

To earn points for the Learning Charter assignment, each individual should add their contact information and give approval for the final version of the charter before it is submitted by the week 2 Team Leader.

(Team Leader): Click the Assignment Files tab to submit the charter once everyone has approved of the final version.

 

 
 

 

 

ECO 365 Week 2 Worksheet
 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

 

 

 

April, Barbara, and Cathy are considering whether or not to purchase tickets to see the musical Wicked. April would pay as much as $75, Barbara would pay as much as $60, and Cathy would pay as much as $55 for a ticket. If the actual price is $50, how much consumer surplus is created when all three women purchase their tickets?
 

 

 

 

 

 

 

 

If government takes no action in response to a negative externality, is it likely that this activity will take place more or less than the socially optimal amount?
 

 

 

 

 

 

 

 

Assume a seller would be willing to accept a price as low as $100 each for 5 machines, but the buyer offers a price of $150 each, which the seller accepts. Calculate total producer surplus in this example:
 

 

 

 

 

 

 

 

Use the graph below to answer the question:
 

 

Calculate consumer surplus in this market assuming the price of the product is $4:

 

 
 

 

 

ECO 365 Week 3 Worksheet
 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

Use the graph below to respond to (a) through (d):

 

 

 

 

 

a) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50, it will maximize profit by producing how much output?
 

 

 

 

 

 

 

 

b) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s total revenue:
 

 

 

 

 

 

 

 

c) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s total cost:
 

 

 

 

 

 

 

 

d) If the firm represented by the above set of cost curves is able to sell its product in a perfectly competitive market for a price of $5.50 and it produces the profit-maximizing level of output, calculate the firm’s profit:
 

 

 

 
 

 

 

ECO 365 Week 3 Team Paper
 

Each team member, other than the Team Leader, should select one of the five topics below. If a team has fewer than 6 members, you may leave off one or more topics so no one has to cover more than one. After selecting your topic and indicating your choice in the Team Discussion Forum, use the textbook and other sources to conduct your research, write your section, and edit your work (approximately 150 words in length). Follow the Team Leader’s guidance regarding how and when to post your portion and when to approve the final version of the paper.

Topics to be addressed in the paper:

1)    Compare the characteristics of perfect competition with the characteristics of monopolistic competition, citing examples of each.

2)    When there are no significant barriers to entry, what happens in a market where economic profit is initially positive? Does competition always result in an efficient outcome in the long run?

3)    Compare the characteristics of oligopoly with the characteristics of monopoly, citing examples of each.

4)    What are barriers to entry? Describe some examples to illustrate. How do barriers affect consumers in the market for a patented prescription drug?

5)    Which market model is prohibited under the Sherman Antitrust Act of 1890? Discuss why there are exceptions to this prohibition.

Team Leader: After combining the sections written by each team member, format the paper according to APA standards. Include a cover page and add an introduction and conclusion. Add section headings to separate each team member’s contributions. Include properly-formatted citations on the last page. Post the final draft to be approved by each team member. Click the Assignment Files tab to submit your team’s paper.

 

 
 

 

 

ECO 365 Week 4 Team Paper
 

Each team member, other than the Team Leader, should select one of the five topics below. If a team has fewer than 6 members, you may leave off one or more topics so no one has to cover more than one. After selecting your topic and indicating your choice in the Team Discussion Forum, use the textbook and other sources to conduct your research, write your section, and edit your work (approximately 150 words in length). Follow the Team Leader’s guidance regarding how and when to post your portion and when to approve the final version of the paper.

Topics to be addressed in the paper:

1)    Other than monetary compensation, what are the most important characteristics of a job that are likely to influence people in their choice of career?

2)    Choose a large corporation and compare the earnings of the CEO to the earnings of the average employee. Discuss reasons for this pay differential.

3)    Compare the average earnings of a police officer and a retail store manager. Discuss reasons for this pay differential.

4)    Compare the average earnings of a physician and a registered nurse. Discuss reasons for this pay differential.

5)    Identify two occupations you are considering for your future and compare the two in terms of earnings, benefits, and other amenities.

Team Leader: After combining the sections written by each team member, format the paper according to APA standards. Include a cover page and add an introduction and conclusion. Add section headings to separate each team member’s contributions. Include properly-formatted citations on the last page. Post the final draft to be approved by each team member. Click the Assignment Files tab to submit your team’s paper.

 

 
 

 

 

ECO 365 Week 4 Assignment
 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

The table below represents a production schedule for Quincy’s Quiche Corner, a restaurant in a mall that sells quiches. Assume Quincy’s operates in a perfectly competitive environment (in both input and output markets), so it is both a price-taker and a wage-taker.

 

 

 

 

a) Fill in the missing values in the table, assuming the selling price per quiche is $3.
 

 

 

 

Workers   Output (quiches)     Marginal Product   Value of Marginal Product

 

0         0

 

1         10               10                  $30

 

2         18                  _____              $24

 

3         24                 6               _____

 

4         28             _____              $12

 

5         30             _____            _____

 

 

 

 

 

 

b) Does marginal product increase or decrease as additional workers are hired?
 

 

 

 

Employees are primarily high school students with virtually identical skills as quiche makers, and they are paid a wage rate of $8.00 per hour.

 

 

 

 

c) If the firm follows the profit-maximizing rule, hiring additional workers as long as the value of marginal product exceeds the wage rate (or marginal profit is positive), how many workers will the firm hire?
 

 

 

 

 

 

 

d) Total Revenue equals price ($3) multiplied by the number of quiches produced per hour. Quincy’s has total fixed cost equal to $18 per hour. Total cost is equal to labor costs (wage rate multiplied by the number of workers employed) plus total fixed cost. Profit is equal to Total Revenue minus Total Cost. Calculate the firm’s total revenue (TR), total cost (TC), and profit, assuming it is a profit maximizer.
 

 

 

 

TR = $                 TC = $            Profit = $

 
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