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ECO 365 Final Exam Guide (New, 2019)
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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, May 2019)
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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.
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:
20 State what type of business combination is occurring in the
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
__________________.
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
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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? Explain your answer.
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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.
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
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Structures Presentation (Mayo Clinic)
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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.
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
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Structures Presentation (New Syllabus),Starbucks

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your choice.
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.
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
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Structures Presentation (New), Apple Company
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your choice.

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.
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.
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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 GUIDE Introduction Education--eco365guide.com

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