Principles of Microeconomics Essay

WEEK 1ECO 204 bracing workweek 1 Quiz1.Question In economics, scarcity means thatStudent Answer in that respect ar not sufficient resources to produce everything that the great unwashed want. poverty will always exist.a democracy can never feed all of its citizens.the price of a good may increase more rapidly than the general price level. there is not enough of a particular good for people to buy all they want at the prevailing price.Points Received1 of 1Comments2.Question If beans are small goods, a decrease in income willStudent Answercause beans to sell at a lower price.increase the convergenceion of beans.shift the stick hold of writhe for beans to the left.shift the demand curve for beans to the right. orbit the supply curve in a clockwise manner.Points Received1 of 1CommentsECO 204 tender Week 1 DQ 1 Circular Flow DiagramExplain how the circular flow diagram mentions to the present-day(prenominal) economicsituation. Using the circular flow diagram, explicate a wa y that your family interacts in the factor foodstuffplace and a way that it interacts in the products grocery.ECO 204 impertinently Week 1 DQ 2 Supply and Demand give way how the law of demand applies to a recent purchase that you made. follow how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your closing to purchase the item?WEEK 2ECO 204 NEW Week 2 Raise or turn down TuitionNobody State University TuitionUniversities mustiness constantly weigh culture pricing in relation to the cost of providing quality educational services. Determining where to set tuition pricing is an increasingly lively decision which administrators and university presidents must analyze when considering the universitys goals. Not only does the cost of tuition play a factor in student enrollment, it also provides a major revenue source to an institution. The question which universities must answer is, What effect wil l raising or lowering the universitys tuition have on the total earned revenue?This paper investigates this question and reviews under what conditions a change in tuition prices will cause the revenue to rise, fall, or remain constant. Finally, applying a hypothetical tuition fictileity coefficient of demand for education value of -1.2, provides a tuition increase recommendation to the Nobody State Universitys president and administration board based upon the universitys potential revenue impact.ECO 204 NEW Week 2 DQ 1 Elasticity prove the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic bottled watertoothpastecookie dough ice creamfresh green beans natural gasIn your compendium, please make sure to explain your reasoning and advert your answers to the characteristics of the determinants of the price elasticity of demand.ECO 204 NEW Week 2 DQ 2 ExternalitiesExplain the difference between a positive and negati ve externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get concern with externalities to bring some market efficiency? What solutions need to be provided for your examples?WEEK 3ECO 204 NEW Week 3 Quiz1.Question When the borderline product curve is declining because ofStudent Answer increasing returns, the marginal cost curve is rising. diminishing returns, the marginal cost curve is rising. diminishing returns, the marginal cost curve is falling. diminishing returns, the marginal cost curve is constant. increasing returns, the marginal cost curve is falling.Points Received1 of 1Comments2.Question A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain isStudent Answer horizontally integrated.vertically integrated.a monopoly.an imperfect competitor.a conglomerate.Points Received1 of 1CommentsECO 204 NEW Week 3 DQ 1 myopic and Long RunLets assume that you own a fast food eating house and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?ECO 204 NEW Week 3 DQ 2 Fixed and Variable CostsAfter reading Chapter 8 in the text and viewing the required video for this week, Fixed, variable, and marginal cost,address the following in your initial post First, find out several different fixed costs and variable costs associated with operating an automobile. Next, assume that you would like to transit from Los Angeles to New York City by every car or plane. Which costs would you take into account in making your decision, fixed costs, variable costs or both? Make sure to explain your analysis in the decision that you have to make.WEEK 4ECO 204 NEW Week 4 Quiz1.Question every but which one of the following are true of monopolistic competition?Student Answer MR = MCPMCAR = MRThe demand curve the firm faces slopes downward.Entry is easy.Points Received1 of 1Comments2.Question At the particular of long-run equilibrium for a perfectly competitive firm,Student Answer economic profits are zero.TR TC.TR TC.P = AVC.normal profits are zero.Points Received1 of 1CommentsECO 204 NEW Week 4 DQ 1 Market StructuresExplain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an example for each of the market structures listed and how it relates to the particular characteristics.ECO 204 NEW Week 4 DQ 2 Barriers to EntryAnalyze the major barriers for debut and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will all ow the government to become involved to protect consumers?WEEK 5ECO 204 NEW Week 5 DQ 1 TransfersWhy would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective? serve to at least two of your classmates ECO 204 NEW Week 5 DQ 2 Tariffs and QuotasWho gains and who loses from a tariff? How do the effects of tariffs differ from the effects of quotas? If you were a small country, what would you rather utilize?ECO 204 NEW Week 5 Final PaperImportance of Economic Market StructuresBefore an organization or investor makes a strategical decision to enter a product in todays economy, a thorough market analysis is vital to fully comprehend the domestic and international demand, current suppliers, entry and exit barriers present, and cost of employment for the product or service being provided. The culmination of this investigation identifies the market structure the product resides in, associated potential long-run profitability, cost efficiency, survivability, and incentives for future entrepreneurs. This paper will describe the characteristics of four such market structures perfect competition, monopolistic competition, oligopoly, monopoly while providing an illustrative example of each. The paper further describes the competitive pressures with high entry barriers, preferred selling and buying markets, projected reaction to price changes for elastic and inelastic goods, government incumbrance and the expected effect of international trade on economic markets. Understanding how a product and associated production firm fits into an economic market structure is vital to investors as it impacts the firms motivations, opportunities and business strategies.A successful economic analyst identifies the attributes of the applicable market structure, then using the known market assumptions predicts the unvoiced and explicit costs of production and projected market outcomes. However, in or der to accurately classify the proper market structure, the economic analyst must first be aware of the defining attributes of each market. The paper next describesthe characteristics of a perfect competition, monopolistic competition, oligopoly, and monopoly market structure.