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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 (New, Dec 2015)

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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 substitutes for a
competitive firm’s product. 5). The best example of positive
externality is: • Alcoholic beverages • Pollution • Education •
Roller coaster rides 6). The theory that quantity supplied and
price are positively related, other things constant, is referred to as the
law of: • supply • profit maximization • opportunity cost •
demand 7). A reduction in the supply of labor will cause wages

to: • Decrease and employment to decrease. • Increase and
employment to increase. • Decrease and employment to increase. •
Increase and employment to decrease. 8). Other things held
constant in a competitive labor market, if workers negotiate a contract
in which the employer agrees to pay an hourly of $17.85 while the
market equilibrium hour rate is $16.50, the: • Quantity of
workers demanded will exceed the quantity of workers supplied. •
Quantity of workers supplied will exceed the quantity of
workers demanded. • Supply of labor will decrease until the
equilibrium wage rate is $17.85. • Demand for labor will increase
until the equilibrium wage rate is $17.85. 9). Alex is playing his
music at full volume in his dorm room. The other people living on his
floor found this to be a nuisance, but Alex doesn’t care. Alex’s music
playing is an example of: • Pareto externality • Positive externality
• Negative externality • Normative externality 10). Oligopoly is
probably the best market for technological change because: •
The typical oligopoly has the funds to carry out research and
development and believe that its competitors are innovating, which
motivates it to conduct research and development. • The typical
oligopoly lacks the funds to carry out research and development and
therefore will use basic research from universities. • Research and
development occurs only if government subsidizes such activity, and
government tends to subsidize oligopolies. • The typical oligopoly
keeps price very close to average total cost because it fears the entry
of new rivals if its profits are excessively high. 11). A perfectly
competitive firm facing a price of $50 decides to produce 500
widgets. Its marginal cost of producing the last widget is $50. If the
firm’s goal is to maximize profit, it should: •Produce more widgets •
Produce fewer widgets • Continue producing 500 widgets •
Shut down 12). Graphically, a change in price causes: • the
demand curve to shift. • both supply and demand to shift. • a
movement along a given supply curve, not a shift. • the supply
curve to shift. 13). In 1997, the federal government reinstated a 10
percent excise tax on airline tickets. The industry tried to pass on the
full 10 percent ticket tax to consumers but was able to boost fares by
only 4 percent. From this you can conclude that the: • Supply of
airline tickets is perfectly inelastic. • Supply elasticity of airline

tickets is less than infinity. • Demand elasticity for airline tickets
is greater than zero in absolute value. • Demand for airline tickets is
perfectly inelastic. 14). In 2011, the Department of Justice sued
AT&T to block its merger with the cell phone service provider T-
Mobile. To defend itself against the charge, AT&T argued that the: •
Combined company could raise prices, allowing it to survive in
a rapidly changing market. • Government had no authority to
block mergers in the telephone industry. • Government had
guaranteed it exclusive control of cell phone service. • Merger would
improve and expand cellular service to consumers. 15). The law of
diminishing marginal productivity implies that the marginal product
of a variable input: • Never declines • Always declines • Is
constant • Eventually declines 16). Suppose OPEC announces it will
increase production. Using supply and demand analysis to predict the
effect of increased production on equilibrium price and quantity, the
first step is to show the: • supply curve shifting to the right. •
demand curve shifting to the left. • demand curve shifting to
the right. • supply curve shifting to the left. 17). Many call centers
that provide telephone customer services for U.S. companies have
been established in India, but few or none have been established in
China. Why? • China is at a more advanced stage of economic
development than India. • China lacks the political infrastructure to
support call centers. • Indian labor costs are equal to Chinese labor
costs. • Chinese labor lacks the specific language skills needed to
make call centers profitable in China. 18). Suppose people freely
choose to spend 40 percent of their income on health care, but then
the government decides to tax 40 percent of that person’s income to
provide the same level of coverage as before. What can be said about
deadweight loss in each case? • There is no difference because the
total spending remains the same and the health care purchased
remains the same. • Taxing income results in less deadweight loss
because government knows better what health care coverage is good
for society. • Taxing income results in deadweight loss, and
purchasing health care on one’s own doesn’t result in deadweight
loss. • There is no difference between goods that are purchased in the
market in either case. 19). At one time, sea lions were depleting the
stock of steelhead trout. One idea to scare sea lions away from the

Washington coast was to launch fake killer whales, which are
predators of sea lions. The cost of making the first whale is $16,000
($5,000 for materials and $11,000 for the mold). The mold can be
reused to make additional whales, and so additional whales cost
$5,000 each. Based on these numbers, the production of fake killer
whales exhibits: • Diminishing marginal product • Decreasing
returns to scale •Constant returns to scale • Increasing returns to
scale 20). There are many restaurants in the city of Raleigh, each one
offering food and services that differ from those of its competitors.
There is also free entry of sellers into the market, and each seller
serves a very small fraction of the total number of meals served each
day. The restaurant industry in Raleigh is best characterized as: •
Perfectly competitive. • Monopolistically competitive. • A
pure monopoly. • An oligopoly. 21). Suppose foreign shrimp
prices drop by 32 percent and importers gain a 90 percent market
share. From this information, what would economists strongly suspect
about this industry? • Foreigners have a comparative advantage in
shrimping. • The large sales of foreigners indicate they are better
strategic business bargainers than Americans are. • Americans
have a comparative advantage in shrimping. • Foreign sellers
probably are colluding on price to maximize profits. 22). For a
monopolist, the price of a product: • Is less than the marginal
revenue. • Exceeds the marginal revenue. • Equals the marginal cost.
• Equals the marginal revenue. 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 of why few economists agreed with Perot? •
Although economics predicted that unemployment would rise,
the increased profits of corporations would raise stock prices enough
to compensate for the lost jobs. • Economists did not believe any jobs
would be lost in the United States. • Although economists believed
that in some areas the United States would lose jobs, they expected
the United States would gain jobs in other areas. • Economics
believed that the U.S. unemployment would rise. 24). Mr.
Woodward’s cabinet shop is experiencing rapid growth in sales. As
sales have increased, Mr. Woodward has found it necessary to hire

more workers. However, he has observed that doubling the number of
workers has less than doubled his output. What is the likely
explanation? • The law of demand • The law of diminishing
marginal productivity • The law of supply • The law of
diminishing marginal utility 25). Price elasticity of demand is the: •
Change in the quantity of a good demanded divided by the
change in the price of that good. • Percentage change in price of
that good divided by the percentage change in the quantity of that
good demanded. • Percentage change in quantity of a good
demanded divided by the percentage change in the price of that good.
• Change in the price of a good divided by the change in the
quantity of that good demanded. 26). Which of the following
statements is true about a downward-sloping demand curve that is a
straight line? • The slope remains the same, but elasticity falls as
you move down the demand curve. • The slope remains the same,
but elasticity rises as you move down the demand curve. • The
slope and the elasticity fall as you move down the demand curve. •
The slope and elasticity are the same at all points. 27). Strategic
decision making is most important in: •Monopolistically competitive
markets. • Monopolistic markets. • Oligopolistic markets. •
Competitive markets. 28). Cartels are organizations that: •
Encourage price wars. • Keep markets contestable. •Use
predatory pricing to monopolize industries. •Coordinate the output
and pricing decisions of a group of firms. 29). Microeconomics and
macroeconomics are: • Interrelated because what happens in the
economy as a whole is based on individual decisions. • Interrelated
because both are often taught by the same instructors. • Not related
because they are taught separately. • Virtually identical, though one
is much more difficult than the other. 30). Microeconomics is the
study of: • a firm's pricing policies • inflation • unemployment •
business cycles
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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?

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 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
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
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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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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
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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
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)
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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.
Format consistent with APA guidelines. Click the Assignment Files
tab to submit your assignment
==============================================
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?
Explain your answer.
==============================================
ECO 365 Week 3 Learning Team Reflection Summary
Market Structure
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discussion.
==============================================
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.
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.
Price elasticity of demand
Technological innovation

The relationship between the amount of labor & capital employed and
the law of diminishing marginal productivity
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.
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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
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.
Format consistent with APA guidelines.
PowerPoint® Presentation:
Create a 12-15 slide Microsoft® PowerPoint® presentation including
detailed speaker notes.
Video
Create a 3-5 minute video
==============================================
Structures Presentation (Mayo Clinic)
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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.
or you may select a new organization. Your selected organization
must be submitted for instructor approval.

this market structure differentiates from the other alternatives.
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
Related Tutorials
==============================================
Structures Presentation (New Syllabus),Starbucks

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of your choice.
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.
or you may select a new organization.
Your selected organization must be submitted for instructor approval.
this market structure differentiates
from the other alternatives.
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
==============================================
Structures Presentation (New), Apple Company
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of your choice.

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.
or you may select a new organization.
Your selected organization must be submitted for instructor approval.
Clearly indicate why the market structure was decided upon,
and how this market structure differentiates from the other
alternatives.
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
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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? Explain your
answer.
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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:
Option 1: Differentiating Between Market Structures in Kudler
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 Week 4 Learning Team Reflection Public Policy
in Economics
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discussion.
==============================================

ECO 365 GUIDE Inspiring Innovation--eco365guide.com

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