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ECO 365 Final Exam Guide (New, 2020)
FOR MORE CLASSES VISIT
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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. •
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ECO 365 Final Exam Guide (New, February, 2020)
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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 equal to
the average total cost of diamonds. • Exceed both the marginal cost
and the average total cost of diamonds. • Be equal to the marginal
cost of diamonds. • Be equal to the average total cost of diamonds.
2). Using 100 workers and 10 machines, a firm can produce 10,000
units of output; using 250 workers and 25 machines, the firm
produces 21,000 units of output. These facts are best explained by: •
Economies of scope • Diseconomies of scale • Diminishing marginal
productivity • Economies of scale 3). Suppose that college tuition is
higher this year than last and that more students are enrolled in
college this year than last year. Based on this information, we can
best conclude that: • despite the increase in price, quantity
demanded rose due to some other factors changing. • the demand
for a college education is positively sloped. • the law of demand is
invalid. • this situation has nothing to do with the law of demand. 4).
A monopoly firm is different from a perfectly competitive firm in
that: • A monopolist’s demand curve is perfectly inelastic whereas a
perfectly competitive firm’s demand curve is perfectly elastic. • A
competitive firm has a u-shaped average cost curve whereas a

monopolist does not. • A monopolist can influence market price
whereas a perfectly competitive firm cannot. • There are many
substitutes for a monopolist’s product whereas there are no
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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 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?

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ECO 365 Week 1 Discussion Question 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.
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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
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ECO 365 Week 1 Individual Assignment Article Analysis
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ECO 365 Week 1 Individual Assignment Economic Analysis

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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 fro
m;
(1) an increase in demand, (2) an increase in supply, (3) an increase i
n 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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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 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)

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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:
1. Law of Demand
2. Law of Supply
Which of the following graphs best demonstrates the law of demand?
a) I
b) II
c) III
d) IV
Which of the following graphs best demonstrates the law of supply?
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)
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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 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)
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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?
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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.
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ECO 365 Week 2 Team Assignment Elasticity Paper
(Substitute or Compliment)
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Reflect on why some products become substitutes and why some are c
ompliments (e.g. hot dogs and hot dog buns).
Prepare a 350- to 1,050-
word paper detailing the findings of your discussion.

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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 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
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ECO 365 Week 2 Team Assignment Substitute vs Compliment
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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 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. Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

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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?
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ECO 365 Week 3 Learning Team Reflection Summary
Market Structure
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discussion.
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ECO 365 week 3 Team Assignment Current Market
Conditions Competitive Analysis (3 Papers)
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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.

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ECO 365 Week 4 Differentiating Between Market Structures
Paper (New Syllabus),Starbucks
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You will apply important microeconomics concepts toward the compe
titive strategies of an organization that operates in an industry of your
choice.
You will evaluate the differences between market structures and identi
fy a group of competitive strategies consistent with the market structu
re that best aligns with the market in
which the organization competes. You will assess how the market stru
cture positively and negatively affects the firm and evaluate the effica
cy 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 as
signment or you may select a new
organization. Your selected organization must be submitted for instru
ctor approval.Identify the market structure in which this organization
competes. Clearly indicate why the
market structure was decided upon, and how this market structure diff
erentiates from the other alternatives.How might the company you sel
ected find itself working with
organizations in the same industry that are an oligopoly, perfect comp
etition, monopoly, or monopolistic market structure. Examine the diffe
rent 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 or
ganization to maximize its profits over
the long run. Evaluate the efficacy of these strategies in the market str
ucture you identified.
Make recommendations related to the strategies the organization mig
ht consider to maximize its profits.

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Presentation (Mayo Clinic)
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choice.
You will evaluate the differences between market structures and identi
fy a group of competitive strategies consistent with the market structu
re that best aligns with the market in
which the organization competes. You will assess how the market stru
cture positively and negatively affects the firm and evaluate the effica
cy of the structure's
competitive strategies.Select an industry. Identify an organization in t
hat industry. You may use the company you used for the Week 3 Learn
ing Team assignment or
you may select a new organization.Your selected organization must b
e submitted for instructor approval.Identify the market structure in wh
ich this organization competes.
Clearly indicate why the market structure was decided upon, and how
this market structure differentiates from the other alternatives.How m
ight the company you selected
find itself working with organizations in the same industry that are an
oligopoly, perfect competition, monopoly, or monopolistic market str
ucture. Examine the different sectors
with an industry and how market structure may vary within those sect
ors.Identify three or more competitive strategies of your choice that m
ay be used by the organization to
maximize its profits over the long run. Evaluate the efficacy of these st
rategies in the market structure you identified.
Make recommendations related to the strategies the organization mig
ht consider to maximize its profits.

Create a 3-5 minute video
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Presentation (New Syllabus),Starbucks
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choice. You will evaluate the
differences between market structures and identify a group of competi
tive strategies consistent with the market structure that best aligns wit
h the market in which the organization
competes. You will assess how the market structure positively and neg
atively affects the firm and evaluate the efficacy of the structure's com
petitive 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. Cl
early indicate why the market structure was decided upon, and how th
is market structure differentiates from the
other alternatives.How might the company you selected find itself wor
king with organizations in the same industry that are an oligopoly, pe
rfect competition, monopoly, or
monopolistic market structure. Examine the different sectors with an i
ndustry and how market structure may vary within those sectors.Ident
ify three or more competitive strategies
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ECO 365 Week 4 Differentiating Between Market
Structures Presentation (New), Apple Company

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titive strategies of an organization that operates in an industry of you
r choice. You will evaluate
the differences between market structures and identify a group of co
mpetitive strategies consistent with the market structure that best ali
gns 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. Cle
arly 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 stra
tegies of your choice that may be used by the organization to maximi
ze its profits over the long run.

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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?
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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?
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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:
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.
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ECO 365 Week 4 Learning Team Reflection Public Policy in
Economics
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discussion.
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ECO 365 Week 4 Team Assignment Mergers and Joint
Ventures (2 Papers)
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This Tutorial Contains 2 sets of papers

Learning Team Assignment – Week 4
Discuss the differences between horizontal, vertical and conglomerat
e mergers and how those differ from a joint venture.
Introduction
Horizontal Mergers
Vertical Mergers
Conglomerate Mergers
Joint Venture
Conclusion
Prepare a 350- to 1,050-
word paper detailing the findings of your discussion.
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ECO 365 Week 4 Team Assignment The Economics of Labor
Markets
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ECO 365 Week 4 The Economics of Labor Markets Select an
organization your team is familiar with or an organization where a
team member works. Develop a 15- to 20-slide Microsoft®
PowerPoint® presentation to be presented to the CEO’s executive
committee that addresses how your chosen organization determines
what quantity of labor to demand and what events could shift the
demand and supply of that labor. Explain the following in your
presentation: How your organization’s production function is

related to its marginal product of labor How your organization’s
marginal product of labor is related to the value of its marginal
product How your organization’s marginal product is related to its
demand for labor
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ECO 365 Week 4 Why Are Some Occupations Paid More
than Others (4 Presentation)
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This Tutorial contains 4 Presentations ECO 365 Week 4 Why Are
Some Occupations Paid More than Others? Purpose of Assignment
The purpose of this assignment is so students may look at the
microeconomic data and other sources for better understanding of
trends and determinants of the labor market. We will look at the
microeconomic data and other sources for better understanding of
trends and determinants of the labor market. The Bureau of Labor
Statistics (BLS) website provides public with an easy access to
different statistical tools and different types of data presentation.
Assignment Steps Select one of the following surveys as a team, from
the BLS Current Employment Statistics survey (National): Goods-
producing Employment – CES0600000001 Construction Employment
– CES2000000001 Manufacturing Employment – CES3000000001
Trade, Transportation, and Utilities Employment – CES4000000001
Retail Trade Employment – CES4200000001 Education and Health
Services Employment – CES6500000001 Retrieve and save a
Microsoft® Excel® file and the graphs to your desktop for analysis.
You will have to check the “include graph” box along the top of the
page to see the graph, and you will need to copy and paste the graph
separately into your Microsoft® Excel® document. Tutorial help on
Excel® and PowerPoint® functions can be found on the Microsoft®
office website. There are also additionaltutorials via the web that
offer support for office products. Consider the following two articles,

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ECO 365 Week 5 Team Assignment Competitive Strategies
and Government Policies (3 Papers)
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This Tutorial contains 3 sets of papers
Management has recognized the effect of changes in the real-world
competitive environment and government policies on other industries
and anticipates similar events occurring in their industry, so they ask
you for a report considering the following points.
Write 1,400 –1,750-word paper of no more than in which you
describe how each of the following are or potentially will affect your
industry or one with which you are familiar:
 New companies entering the market, mergers, and
globalization, on pricing and the sustainability of profits:
Identify the type of merger activity inyour industry or one with
which you are familiar–horizontal, vertical, or conglomerate–
and explain why you made that choice.
 Current and expected government policies and regulations,
including taxes and regulations in place to address issues
related to externalities
 Global competition on the decisions made by management with
regards to change in labor demand, supply, relations, unions,
and rules and regulations in your chosen industry
Recommend how the industry you chose may respond to each of the
previous points.

Format your paper consistent with APA guidelines.
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ECO 365 week 5 Team Assignment Competitive Strategies
and Government Policies (PPT)
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Select an organization the team is familiar with and which has a glob
al presence.
Management in the team's organization has recognized the effect of c
hanges in the real-
world competitive environment and government policies
on other industries and anticipates similar events occurring in their i
ndustry, so they ask you for a report considering the following points.
Create a 12- to 16-
slide PowerPoint® presentation in which you describe how each of th
e following are or potentially will affect your industry or one with whi
ch you are familiar:
· The impact of new companies entering the market, mergers, gl
obalization on the market structure, price elasticity of demand,
pricing, and the sustainability of profits
· The impact of current and expected government policies and re
gulations, including taxes and regulations in place to address is
sues related to externalities
· The effect of global competition on the decisions made by man
agement with regards to change in labor demand, supply, relati
ons with unions, and rules
Mgt445tutorialsguides you in solving paper
and regulations in your chosen industry
Recommend how the organization you chose may respond to each of t
he previous points.
Cite a minimum of 3 peer reviewed sources.
Click the Assignment Files tab to submit your assignment.
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ECO 365 Week 5 Theory of Consumer Choice and Frontiers
of Microeconomics
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ECO 365 Week 5 Theory of Consumer Choice and Frontiers of
Microeconomics You have been asked to assist your organization’s
marketing department to better understand how consumers make
economic decisions. Write a 1,050-word analysis that includes the
following: The impact the theory of consumer choice has on: 
Higher wages Demand curves Higher interest rates The role
asymmetric information has in many economic transactions The
Condorcet Paradox and Arrow’s Impossibility Theorem in the political
economy People not being rational in behavior economics Cite a
minimum of 3 peer-reviewed sources not including your textbook.

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