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ECO 365 Assignment Week 1 Practice The
Fundamentals of Economic Quiz (100%
Correct) (October, 2019)
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ECO 365 Week 1 Practice The Fundamentals of Economic Quiz
Complete the Week 1 The Fundamentals of Economics Quiz in
McGraw-Hill Connect®. These are randomized questions.
Note: You have unlimited attempts available to complete practice
assignments. The highest scored attempt will be recorded. These
assignments have earlier due dates, so plan accordingly. Grades must
be transferred manually to eCampus by your instructor. Don’t worry,
this might happen after the due date.
The opportunity cost of an action is always equal to:
the next-best alternative for the resources used to undertake the
action.
the things you could have done instead of the action you chose to
undertake.
the time you give up to undertake the action.
the money you give up to undertake the action.

The fish in the ocean are what type of market resource?
Land
Capital
Entrepreneurial ability
Labor
Which of the following scenarios most accurately reflects the concept
of scarcity?
The steak Henry did not buy because he is a vegetarian.
The Smith Household produces an average of three bags of trash a
week.
Sienna enjoys viewing flowers in the city garden during her walk.
Brett is a farmer with an open field on which he can plant either
soybeans or corn.
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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?
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ECO 365 Final Exam Guide (New, 2019)
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.
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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?
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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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ECO 365 Week 1 Individual Assignment
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?
*******************************************************
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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ECO 365 Week 2 Apply Market Dynamics and
Efficiency Homework
ECO 365 Week 2 Apply Market Dynamics and Efficiency Homework
Review the Week 2 Market Dynamics and Efficiency Quiz in
preparation for this assignment.
Complete the Week 2 Market Dynamics and Efficiency Homework in
Note: You have only one attempt available to complete assignments.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after the due date.

The demand and supply schedules for sunscreen at a small beach are
shown below.
Market for Sunscreen
Price (dollars per bottle)
Quantity of Sunscreen Demanded (bottles)
Quantity of Sunscreen Supplied (bottles)
$35
1,000
8,500
30
2,000
7,000
25
3,000
5,500
20
4,000
4,000

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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 IndividualAssignment 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 Practice: Market Dynamics
and Efficiency Quiz
ECO 365 Week 2 Practice: Market Dynamics and Efficiency Quiz
Complete the Week 2 Market Dynamics and Efficiency Quiz in
The monthly demand and supply schedules for new cars at a large
California dealership are shown in the table below.
Market for New Cars
Price (dollars)
Quantity of Cars Demanded
Quantity of Cars Supplied
$30,000
0

250
25,000
100
225
20,000
200
200
15,000
300
175
10,000
400
150
If the dealership is currently charging $25,000 for a new car, at the
end of the month there will be:
a shortage of 125 cars.
a surplus of 5,000 cars.
a surplus of 125 cars.
a shortage of 5,000 cars.

neither a surplus nor a shortage; the market will be in equilibrium.
The demand and supply schedules for sunscreen at a small beach are
shown below.
Market for Sunscreen
Price (dollars per bottle)
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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 3 Apply: Elasticity and
Consumer Choice Homework
ECO 365 Week 3 Apply: Elasticity and Consumer Choice Homework
Review the Week 3 Elasticity and Consumer Choice Quiz in
preparation for this assignment.
Complete the Week 3 Elasticity and Consumer Choice Homework in
Note: You have only one attempt available to complete assignments.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after the due date.
Which of the following scenarios would lead to a decrease in the
demand for labor at Stephanie’s earring shop?
Labor productivity increases.

§ The cost of capital (a substitute for labor) decreases.
§ The price of earrings increases.
§ The wage rate increases.
Which of the following scenarios would lead to an increase in the
demand for mixers at Henry’s bread bakery?
The market price of mixers decreases.
§ The productivity of mixers decreases.
§ The wage rate of labor (a substitute for capital) decreases.
§ The market price of bread increases.
Henry bakes loaves of bread, which he sells for $4 each. He is
considering purchasing additional mixers (capital) for his bakery.
Each additional mixer has the productivity described below. Fill in the
“Marginal Product,” “Total Revenue,” and “Marginal Revenue
Product” columns. Assume this is a perfectly competitive market.
Instructions: Enter your answers as a whole number.
Henry’s Bakery and Revenues
Capital (mixers) Total Product (loaves of bread) Marginal
Product (loaves of bread) Price (dollars) Total Revenue (dollars)
Marginal Revenue Product (dollars)
0 0 — $4 $0 —
1 8 8 4 32 $ 32
2 20 12 4 80 48

3 28 8 4 112 32
4 34 6 4 136 24
5 38 4 4 152 16
6 40 2 4 160 8
7 41 1 4 164 4
The marginal revenue product schedule is
rev: 06_21_2018
Multiple Choice
§ upsloping.
§ the same whether the firm is selling in a purely competitive or
imperfectly competitive market.
§ the firm’s resource demand schedule.
§ the firm’s resource supply schedule.
Marginal product is
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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.
*******************************************************

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.
*******************************************************
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.
*******************************************************
ECO 365 Week 3 Practice: Elasticity and
Consumer Choice Quiz
ECO 365 Week 3 Practice: Elasticity and Consumer Choice Quiz
Complete the Week 3 Elasticity and Consumer Choice Quiz in

Which of the following scenarios would lead to a decrease in the
demand for labor at Stephanie’s earring shop?
Labor productivity increases.
The cost of capital (a substitute for labor) decreases.
The price of earrings increases.
The wage rate increases.
Which of the following scenarios would lead to an increase in the
demand for mixers at Henry’s bread bakery?
The market price of mixers decreases.
The productivity of mixers decreases.
The wage rate of labor (a substitute for capital) decreases.
The market price of bread increases.
Henry bakes loaves of bread, which he sells for $4 each. He is
considering purchasing additional mixers (capital) for his bakery.
Each additional mixer has the productivity described below. Fill in the
“Marginal Product,” “Total Revenue,” and “Marginal Revenue
Product” columns. Assume this is a perfectly competitive market.
Instructions: Enter your answers as a whole number.
Henry’s Bakery and Revenues

Capital (mixers) Total Product (loaves of bread) Marginal
Product (loaves of bread) Price (dollars) Total Revenue (dollars)
Marginal Revenue Product (dollars)
0 0 — $4 $0 —
1 8 8 4 32 $ 32
2 20 12 4 80 48
3 28 8 4 112 32
4 34 6 4 136 24
5 38 4 4 152 16
6 40 2 4 160 8
7 41 1 4 164 4
The marginal revenue product schedule is
Multiple Choice
upsloping.
the same whether the firm is selling in a purely competitive or
imperfectly competitive market.
the firm’s resource demand schedule.
the firm’s resource supply schedule.
Marginal product is
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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
*******************************************************
ECO 365 Week 4 Differentiating Between
Market Structures Presentation (Mayo Clinic)
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
*******************************************************

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