Eco 365 Believe Possibilities / snaptutorial.com

ECO 365 Final Exam Guide (New, 2018)
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1 During the winter break, Sam decides to go for a skiing vacation in
Aspen instead of taking piano lessons. The opportunity cost of the
skiing vacation is the:
cost of accommodation and food in Aspen.
value of piano lessons.
cost of buying a piano.
amount paid to the skiing instructor.
2 Which of the following is an example of a negative externality?
Smith reducing the consumption of imported wine following an
increase in the price of imported wine
Phoebe refusing to contribute to the building of a children’s park in
her neighborhood
Christina accepting a payment in cash rather than in check for her
laundry services
Tom playing music loudly in his room, disturbing his roommate who
has an exam the next day
3.A perfectly competitive firm sells 10 units of Good X at a price of
$2 per unit. It incurs a fixed cost of $5 and a variable cost of $40 to
produce the good. Which of the following is true?
The firm should operate in the short run but shut down in the long
run.
The marginal cost of the good is $4.
The average revenue of the firm is $20.
The firm should shut down.

4.Squeeze Inc. sells orange juice in a market where there are a large
number of consumers and sellers. New firms can enter the market
easily and also exit whenever they want to. It sells 40 bottles in a
month at a price of $4 per bottle and incurs a cost of $5 per bottle.
The average revenue of the firm:
will be less than the marginal revenue.
is $2, which is less than the market price.
will be greater than the marginal revenue.
is $4, which is equal to the marginal revenue.
5.Which of the following is a difference between liberalism and
libertarianism?
• Libertarians believe that equality of opportunities is more important
than the equality of incomes, while liberals believe in policies that
equalize the distribution of income.
• Libertarians argue that the government should maximize total utility,
while liberals argue that the average utility of members of society
should be maximized.
• Libertarians believe that the government should redistribute income
from the rich to the poor, while the liberals believe that the
government should not redistribute income.
• Libertarians emphasize the importance of the maximin criterion,
while liberals emphasize the importance of an egalitarian society.
6.Bryan is trying to decide whether he should give up his job as a
software programmer and invest in a start-up. Bryan earns an annual
salary of $80,000 and has a saving of $50,000. The start-up would
require an initial investment of $600,000. Bryan plans to take a loan
from Trust Bank, a local commercial bank, which charges an interest
rate of 5 percent on loans and provides an interest of 7 percent on
savings deposits. Which of the following is true in this case?
• The 7 percent interest that Bryan could have earned on his savings
will be included in the calculation of his economic profit.

• Bryan should invest in the start-up as he has to pay a lower interest
rate on loans than he receives on his savings deposits.
• Bryan should not invest in the start-up as his economic profit is
lower than his accounting profit.
• The interest rate of 5 percent on loans is a part of the implicit cost of
setting up the start-up and will be included in the calculation of his
accounting profit.
7.Color Mate Inc., a company that produces interior and wall paints,
dumps its chemical waste in a river. Which of the following is likely
to be true in this case?
• The social cost of the company is lower than the private cost, and
the equilibrium quantity of paints produced is less than the social
optimum.
• The social cost of the company is higher than the private cost, and
the equilibrium quantity of paints produced is larger than the social
optimum.
• The social cost of the company is higher than the private cost, and
the equilibrium quantity of paints produced is less than the social
optimum.
• The social cost of the company is lower than the private cost, and
the equilibrium quantity of paints produced is larger than the social
optimum.
8.Scarcity occurs because of:
• the limited supply of resources.
• overutilization of labor.
• the excess of quantity supplied over quantity demanded.
• limited human needs and wants.
9.The exhibit given below shows the demand curve for Good X,
labeled D. At a price of $6 per unit, the quantity demanded of Good X
is 5 units. A decrease in price to $4 per unit increases the quantity
demanded to 8 units. Assuming that a decrease in price leads to new

consumers buying the good, what is the consumer surplus received by
the new consumers in the market?
• $3
• $10
• $2
• $13
10.Given an increase in the market demand for its product, a firm
decides to hire an additional worker. The amount of output produced
by 25 workers is 80 units. The marginal product of the 26th worker is
15 units. After the 26th worker is hired, the total output would
increase to _____.
• 1,200 units
• 6 units
• 15 units
• 95 units
11.Suppose both Monica and Edith grow roses and make guns. If
Monica devotes 10 hours to growing roses, she grows 16 roses, and if
she devotes 10 hours to making guns, she produces 4 guns. If Edith
divides her 10 hours equally, she produces 12 roses and 6 guns.
Identify the correct statement.
• Edith has an absolute advantage in both growing roses and making
guns.
• Monica has an absolute advantage in growing roses, and Edith has
an absolute advantage in making guns.
• Monica has an absolute advantage in both growing roses and making
guns.
• Monica has an absolute advantage in making guns, and Edith has an
absolute advantage in growing roses.
12.Penelope has recently started a printing business in Duluth. She
had to pay a fee to obtain a trade license from the Minnesota
government and took a loan from the local bank to purchase inkjet

printers, laser printers, and screen printers. She employs 20 workers
who are paid a wage of $30 per hour. She is also a trained ballet
dancer who used to earn an average of $50,000 a year. Penelope’s
implicit cost of running the business is:
• $72,000 per annum.
• the amount she used to earn as a ballet dancer.
• the interest she has to pay on the loan.
• the fee paid to the government.
13.A sudden increase in the demand for air conditioners increased the
earnings of the workers employed in air conditioner-manufacturing
firms and attracted workers from other sectors. Which of the
following will be true in the market for workers employed in air
conditioner-manufacturing firms?
• There will be a leftward shift of the labor supply curve, leading to an
increase in the equilibrium wage and a decrease in employment.
• There will be a rightward shift of the labor supply curve, leading to
an increase in the equilibrium wage and employment.
• There will be a rightward shift of the labor supply curve, leading to a
decrease in the equilibrium wage and an increase in employment.
• There will be a leftward shift of the labor supply curve, leading to a
decrease in the equilibrium wage and employment.
14.Moonlife LLC. observed that its total revenue is proportional to
the quantity of good sold. It is likely that Moonlife LLC. is a:
• perfectly competitive firm.
• monopolistic competitor.
• monopoly.
• monopsony.
15.The Rhodes and Samson families, with annual incomes of
$100,000 and $120,000, respectively, live in a society where the
primary objective of the government is to maximize the sum of the
utility attained by everyone in the society. Which of the following is
likely to be true in such a society?

• The government will redistribute income between the two families
in such a way that the welfare of the Rhodes family improves.
• The government will redistribute income between the two families
in such a way that both the families will have the same level of post-
tax income.
• The government will tax the Rhodes family and provide income
transfers to the Samson family to maximize total utility.
• The government will tax the Samson family and provide income
transfers to the Rhodes family, but there will exist an inequality of
income between the two families.
16.Which of the following reflects the law of demand?
• Jonathan, a coffee drinker, switching to green tea after a fall in the
price of green tea
• John purchasing a bigger apartment after an increase in his salary
• Jacques purchasing 4 bottles of lemonade instead of 3 when its price
decreased from $12 to $10 per bottle
• Jimmy’s demand for donuts decreasing from 4 per week to 2 per
week after its price decreased from $1 to $0.5 per donut
17.Adrianne and Joanna love watching plays on Broadway. Adrianne
values a play at $85, and Joanna values it as $82. When the price of
tickets increased from $80 to $83 following the imposition of a tax,
Joanna stopped watching plays on Broadway, while Adrianne
continued to buy tickets. Identify the correct statement.
The deadweight loss is $3.
The decrease in Adrianne’s consumer surplus is equal to the
deadweight loss.
Total consumer surplus decreased by less than the tax revenue.

The decrease in Adrianne’s surplus is equal to the tax revenue.
18 The exhibit given below shows the market for wheat in Zenetia. At
a price of p, the profit-18.maximizing quantity for a wheat producer is
_____.
Q
between Q and Q’
Q”
Q1
19.The exhibit given below shows Melanie’s budget constraint for
two goods, wine and cheese. The slope of the budget constraint
equals:
• 2
• 3/2
• 2/3
• 3
20.Liz starts driving rashly after buying insurance. This is an example
of a(n):
• negative externality.
• free-rider problem.
• common-resource problem.
• moral-hazard problem.
21.The exhibit given below shows the demand curve for and the
supply curve of laptops, D and S1. The government decides to impose
a price ceiling on the price of laptops. At the same time, the price of
inverter boards that provide power to backlight lamps inside laptop
screens increases. Identify the correct statement.
• A price of P2 will be binding in this market.
• At a price ceiling of P1, the quantity demand and supplied in the
market will be Q2.

• The government should set the price ceiling at P1 to eliminate
shortage.
• A price ceiling above P3 will eliminate shortage in the market.
22.The state government of Dalmatia noticed that whenever its
baseball team played a match in any of the local stadiums, the prices
of tickets became too high. It decided to impose a price ceiling on the
ticket prices. The exhibit given below shows the demand curve for
and the supply curve of baseball game tickets in Dalmatia. If the
government were to impose a binding price ceiling, it should set the
price at:
• $120 per ticket, which would give rise to a shortage of 10,000
tickets.
• $120 per ticket, which would give rise to a surplus of 20,000 tickets.
• $80 per ticket, which would give rise to a shortage of 16,000 tickets.
• $80 per ticket, which would give rise to a surplus of 8,000 tickets.
23.Which of the following is an example of adverse selection?
• Patrick uses the service of a mechanic to inspect the condition of a
second-hand Dodge he is interested in buying.
• Harry refuses to buy health insurance at high premiums because he
feels that he is in good health.
• Thomas refuses to pay for the construction of a swimming pool in
his neighborhood that will be open to the public free of cost.
• When the National Museum increased its entry fee, there wa
24.Mike sells navel oranges in a market where there are a lot of other
sellers and faces a perfectly elastic demand curve for oranges. He
hires 10 workers in a perfectly competitive market to help him with
picking oranges. Given this information, it can be said that:
• the demand for workers is a positive function of the prevailing
market wage rate.
• the demand curve for orange pickers is vertical.
• Mike can employ only 10 workers as the supply of workers is fixed
in a perfectly competitive labor market.

• Mike cannot bargain with the workers over their wage rates
25.Suppose Timothy consumes two goods, soda and chips. The slope
of his indifference curve for these two goods reflects:
the relative price of soda.
the total utility he gets from the consumption of the two goods.
the relative price of chips.
the rate at which he is willing to substitute one good for the other.
26.The exhibit given below shows the supply curve of printing
machines. At a price of $400 per machine, the producer surplus is:
27.Recent political unrest has caused many citizens of Serria to flee
the country. This is likely to:
shift the labor demand curve in Serria to the left.
increase labor employment in Serria.
shift the labor supply curve in Serria to the right.
increase the equilibrium wage rate in the labor market in Serria.
28.Suppose both Ross and Vivian produce butter and cheese. When
Ross works for 10 hours a day, he produces 6 pounds of butter and 24
pounds of cheese. When Vivian works for the same hours, she
produces 20 pounds of cheese and 40 pounds of butter. Ross’s
opportunity cost of producing a pound of butter is:

5 pounds of cheese.
1/4 pounds of cheese.
18 pounds of cheese.
4 pounds of cheese.
29. Paula wants to buy 3 packs of frozen yoghurt when it is priced at
$2 per pack. When the price increases to $3.50 per pack, she wants to
buy 2 packs. This reflects the:
• maximization of marginal utility by Paula.
• law of diminishing marginal utility.
• law of demand.
• maximization of total utility by Paula.
30. The table given below shows three buyers’ willingness to pay for
an antique necklace. At a market price of $25,000, the total consumer
surplus in the market is _____.
$30,000
$6,000
$26,000
$7,000
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ECO 365 Final Exam Guide 1
1Because 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 equilibrium
with price equal to $3 and quantity equal to 100. Government imposes
a tax on suppliers of $1 per unit. The effect of the tax is to
5Refer to the table shown. Diminishing marginal productivity begins
when the
6 Refer to the graph shown. If this monopolistically competitive firm
maximizes profit, it will
7 The price of a ticket to a rock concert is set at $35. All the tickets
for the concert sell out 1 hour after they go on sale and there are still
1,000 fans who want to buy tickets. It follows that
8 Which of the following statements is true?
9 State what type of business combination is occurring in the
following scenario: Samsung and Sony become partners in a flat
screen manufacturing company.
10 Suppose a firm finds that an additional dollar spent on labor
increases output more than does an additional dollar spent on
machines. Under these conditions, the firm
11 Economists and laypeople see the pros and cons of international
trade in different ways. Which of the following is one of those ways?
12 The morel is a prized mushroom that is often abundant in the
Western United States in years after forest fires. Suppose two
companies are buying morels from workers willing to find them. One
company offers to pay workers $5.00 per pound, and the other
company will pay workers only $4.00 per pound. Economists would
say that
13 Which of the following is the best example of a macroeconomic
externality?
14 If MR < MC, a monopolist should:
15 Opponents of government intervention in the economy argue
that externalities
may not be effectively corrected by the government.
following scenario: IBP meat processing firm buys American Cattle, a
very large cattle ranch.

17 Refer to the graph shown. At which point is elasticity zero?
18 A Wall Street Journal headline reads: "Cigar Shortage Draws New
Brands into Market." The shortage resulted from a renewed interest in
smoking cigars. What best describes the facts behind the headline?
19. Refer to the graph shown. If hamburger dinners are produced by a
perfectly competitive industry with a market demand D:
following scenario: Golf Smith, a golf supply retailer buys its
competitor, Vango golf.
21 According to the text, Microeconomics, Colander (2013),
economics is the study of how
22 Oligopoly is characterized by
23 When Ross Perot ran for president as a third party candidate in
1992, he argued that free trade with Mexico would result in massive
job losses in the United States because Mexican wages were so low.
Which of the following is the best explanation for why few
economists agreed with Perot?
24 Refer to the graph shown. The figure shows the demand and
supply curves for eggs and shows two equilibrium points, E1 and E2.
An increase in demand from D1 to D2 would cause
25 Germany restricts the use of nonrefillable bottles and cans. The
European Union argues that the rules aren't just protecting the
environment; they also are protecting German beverage makers from
competition. The EU sees Germany's environmentalism as
_____________________.
26 Oligopoly is probably the best market for technological change
because
27 George Davis and Michael Wohlgenant estimate that for every 1
percent increase in the price of Christmas trees, quantity demanded
falls by 0.6 percent. The demand for Christmas trees is
__________________.
following scenario: A tobacco producer buys a carbonated beverage
plant.
29 Suppose the minimum possible price of constructing homes is $50
per square foot. As a result of a sharp drop in the demand for home
construction, the equilibrium price of home construction falls to $40

per square foot. Assuming the home construction industry is perfectly
competitive and there are no specialized inputs, firms will
30 Refer to the table shown. At what level of employment is the
marginal product of labor seven?
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ECO 365 Final Exam Guide
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1) An economist who is studying the relationship between the money
supply, interest rates, and the rate of inflation is engaged in
2) A basic difference between microeconomics and macroeconomics
is that microeconomics
3) The distinction between supply and the quantity supplied is best
made by saying that
4) After several years of slow economic growth, world demand for
petroleum began to rise rapidly in the 1990s. Much of the increase in
demand was

met by additional supplies from sources outside the Organization of
Petroleum Exporting Countries (OPEC). OPEC, during this time, was
unable to
restrain output among members in its effort to lift oil prices. What
best describes these events?
5) Price elasticity of demand is the:
6) If average movie ticket prices rise by about 5 percent and
attendance falls by about 2 percent, other things being equal, the
elasticity of demand for
movie tickets is about:
7) When labor is the variable input, the average product equals the
8) The increase in output obtained by hiring an additional worker is
known as
9) Which of the following is the best example of a long-run decision?
10) Other things being equal, when average productivity falls,
11) According to economist Colin Camerer of the California Institute
of Technology, many New York taxi drivers decide when to finish
work by
setting an income goal for themselves. If this is true, then on busy
days when the effective hourly wage is higher, taxi drivers will
12) A firm's demand for labor is derived from the
13) Owen runs a delivery business and currently employs three
drivers. He owns three vans that employees use to make deliveries,
but he is

considering hiring a fourth driver. If he hires a fourth driver, he can
schedule breaks and lunch hours so all three vans are in constant use,
allowing
him to increase deliveries per day from 60 to 75. This will cost an
additional $75 per day to hire the fourth driver. The marginal cost per
delivery of
increasing output beyond 60 deliveries per day
14) Expected economic profit per unit is equal to
15) If a firm in a perfectly competitive market experiences a
technological breakthrough,
16) A significant difference between monopoly and perfect
competition is that
17) A monopoly firm is different from a competitive firm in that
18) The difference between a perfectly competitive firm and a
monopolistically competitive firm is that a monopolistically
competitive firm faces a
19) As long as marginal cost is below marginal revenue, a perfectly
competitive firm should
20) Because a monopolistic competitor has some monopoly power,
advertising to increase that monopoly power makes sense as long as
the marginal
21) In the Flint Hills area of Kansas, proposals to build wind turbines
to generate electricity have pitted environmentalist against
environmentalist.

Members of the Kansas Sierra Club support the turbines as a way to
reduce fossil fuel usage, while local chapters of the Nature
Conservancy say they
will befoul the landscape. The Sierra Club argues that wind turbines
22) When negative externalities are present, market failure often
occurs because
23) A merger between a textile mill and a clothing manufacturing
company would be considered a
24) A merger between a baby food company and a life insurance
company would be considered a
25) From the point of view of consumer and producer surplus, what
problem may be created when a country subsidizes the cost of energy
to
consumers to help alleviate the burden of higher energy costs?
26) Suppose people freely choose to spend 40 percent of their income
on health care, but the government decides to tax 40 percent of a
person's
income to provide the same level of coverage as before. What can be
said about deadweight loss in each case?
27) The U.S. textile industry is relatively small because the US
imports most of its clothing. A clear result of the importation of
clothing is
28) Countries can expect to gain from international trade as long as
they
29) Which of the following is an example of the law of one price?

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30) The fact that U.S. managers' salaries are substantially greater than
those of comparable managers in Japan may be related to
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ECO 365 Week 1 Discussion Question 1
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.
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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?
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ECO 365 Week 1 Individual Assignment Article
Analysis
ECO 365 Week 1 Individual Assignment Article Analysis
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ECO 365 Week 1 Individual Assignment
Economic Analysis
Prepare a 1,000-1,500 word paper in which you explain what the
difference is between a movement along and shift of the demand
curve. Show the impact on the equilibrium price and quantity that
results from; (1) an increase in demand, (2) an increase in supply, (3)
an increase in both supply and demand. Give an example of the role
of supply and demand in decision making. Post in assignments link.
Format your paper consistent with APA guidelines.
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Economic Definitions Worksheet

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 inelastic.
Which of the following graphs best demonstrates the law of demand?
Which of the following graphs best demonstrates the law of supply?
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ECO 365 Week 1 Individual Assignment Supply
and Demand Curve Worksheet (2 Sets)
This Tutorial contains 2 sets of Worksheet
Complete the Supply and Demand Curve worksheet.
Submit through the Assignment tab.
Answer the following questions
Write the definition for each of the following:

Law of Demand
Law of Supply
Which of the following graphs best demonstrates the law of demand?
a) I
b) II
c) III
d) IV
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ECO 365 Week 1 Ten Principles of Economics
and How Markets Work (2 Papers)
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 following to help the committee members understand
how markets work:
How society manages its scarce resources and benefits from economic
interdependence
§ Why the demand curve slopes downward and the supply curve
slopes upward
§ Where is the point of equilibrium and what does it determine?
§ The impact of price controls, taxes, and elasticity on changes in
supply, demand and equilibrium prices
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
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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.
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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.
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ECO 365 week 2 Individual Assignment Supply
and Demand Simulation (Microeconomics and
the Laws of Supply and Demand ) (3 Papers)
This Tutorial contains 3 different Papers
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.
· Identify at least one shift of the supply curve and one shift of
the demand curve in the simulation. What causes the shifts?

· For each shift, analyze how it would affect the equilibrium
price, quantity, and decision making.
· How may you apply what you learned about supply and
demand from the simulation to your workplace or your understanding
of a real-world product with which you are familiar?
· How do the concepts of microeconomics help you understand
the factors that affect shifts in supply and demand on the equilibrium
price and quantity?
· How do the concepts of macroeconomics help you understand
the factors that affect shifts in supply and demand on the equilibrium
price and quantity?
· Relating to the simulation, explain how the price elasticity of
demand affects a consumer’spurchasing and the firm’s pricing
strategy.
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ECO 365 Week 2 Learning Team Reflection
Production and Cost Analysis
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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ECO 365 Week 2 Team Assignment Elasticity
Paper (Substitute or Compliment)
Reflect on why some products become substitutes and why some are
compliments (e.g. hot dogs and hot dog buns).
discussion.
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ECO 365 Week 2 Team Assignment Markets
and the Economics of the Public Sector (2
Papers)
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 equilibrium 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 externalities may prevent market equilibrium and the
various governments policies used to remedy the inefficiencies in
markets caused by externalities.
§ Analyze the difference between the efficiency of a tax system and
the equity of a tax system as it refers to the costs imposed on
taxpayers using the benefits principles.
Cite a minimum of 3 peer-reviewed sources, not including your
textbook.
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ECO 365 Week 2 Team Assignment Product
Substitution Versus Product Compliment
ECO 365 Week 2 Team Assignment Substitute vs Compliment
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ECO 365 Week 2 Team Assignment Product
Substitution Versus Product Compliment
ECO 365 Week 2 Team Assignment Substitute vs Compliment
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ECO 365 Week 3 Current Market Conditions
Competitive Analysis
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 Industry Week.
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
compete, along with an analysis of competitors and customers.
§ Analyze any comparative advantages and international trade
opportunities.

§ Explain the factors that will affect demand, supply, and prices of
that product.
§ Examine factors that will affect Total Revenue, including but not
limited to:
§ Price elasticity of demand
§ Factors that influence productivity
§ Various measures of costs, including opportunity costs
§ Externalities and government public policy and their effect on
marginal revenue and marginal cost
§ Recommend how your organization can maximize their profit-
making potential and increase their presence within the market served
by the product.
Use a minimum of 3 peer-reviewed sources from the University
Library.
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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.
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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.
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ECO 365 Week 3 Learning Team Reflection
Summary Market Structure
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.
discussion.
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ECO 365 week 3 Team Assignment Current
Market Conditions Competitive Analysis (3
Papers)

This tutorial contains 3 sets of paper
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.
Write a 1,400 – 1,750-word paper of no more than analyzing the
current market conditions. Address the following topics:
· A short history of the organization and a description of their
product
· Factors that affect demand, supply, and equilibrium prices in
the market in which the competitor organization operates: Define the
market for your chosen product, including an analysis of its
competitors, potential customers, or potential buyers.
· Any issues or opportunities your organization or industry faces
that affect its competitiveness and long-term profitability with regards
to your product: This may include, but is not limited, to the following
elements.
o Price elasticity of demand
o Technological innovation
o The relationship between the amount of labor & capital employed
and the law of diminishing marginal productivity

o Cost structure
· Factors affecting variable costs, including productivity and
others that change the supply of and demand for labor
· Factors affecting fixed costs
Make recommendations on how your organization can maximize their
profit-making potential, and successfully compete in the new market.
Consider the effect your recommendations may have on marginal
revenues and costs.
******************************************
ECO 365 Week 4 Differentiating Between
Market Structures Paper (New
Syllabus),Starbucks
You will apply important microeconomics concepts toward the
competitive strategies of an organization that operates in an industry
of your choice. You will evaluate the differences between market
structures and identify 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 the market structure
positively and negatively affects the firm and evaluate the efficacy of
the structure's competitive strategies.

Select an industry. Identify an organization in that industry. You may
use the company you used for the Week 3 Learning Team assignment
or you may select a new organization. Your selected organization
must be submitted for instructor approval.
Identify the market structure in which this organization competes.
Clearly indicate why the market structure was decided upon, and how
this market structure differentiates from the other alternatives.
How might the company you selected find itself working with
organizations in the same industry that are an oligopoly, perfect
competition, monopoly, or monopolistic market structure. Examine
the different sectors with an industry and how market structure may
vary within those sectors.
Identify three or more competitive strategies of your choice that may
be used by the organization to maximize its profits over the long run.
Evaluate the efficacy of these strategies in the market structure you
identified.
Make recommendations related to the strategies the organization
might consider to maximize its profits.
Select one of the following assignment options:
Paper
Write a 1,400- to 1,750- word paper.
PowerPoint® Presentation:
Create a 12-15 slide Microsoft® PowerPoint® presentation including
detailed speaker notes.
Video
Create a 3-5 minute video

******************************************
Market Structures Presentation (Mayo Clinic)
 How might the company you selected find itself working with
competition, monopoly, or monopolistic market structure.
Examine the different sectors with an industry and how market
structure may vary within those sectors.
identified.

Paper
Video
******************************************
Market Structures Presentation (New
Syllabus),Starbucks

identified.
Paper
Video
******************************************

Market Structures Presentation (New), Apple

identified.
Paper
Video
******************************************
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.

******************************************
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?
******************************************
Differentiating Between Market Structures Table
For this assignment, you will choose from the following options:
o Option 1: Differentiating Between Market Structures in Kudler
o Option 2: Differentiating Between Market Structures in an
Organization of Your Choice
Read the instructions in the University of Phoenix Material:
Differentiating Between Market Structureslocated on the student
website and select one option to complete the assignment.

******************************************

Eco 365 Believe Possibilities / snaptutorial.com

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