Principles of Microeconomics Essay

workweek 1ECO 204 unseasoned hebdomad 1 Quiz1.Question In economics, scarcity means thatbookman Answer in that respect are not sufficient re firsts to produce everything that people want. poverty entrust always exist.a country so-and-so never feed alone of its citizens.the price of a good may increase more(prenominal) speedily than the general price level. there is not enough of a specific good for people to buy all they want at the usual price.Points Received1 of 1Comments2.Question If beans are inferior goods, a fall down in income allow pupil Answercause beans to sell at a lower price.increase the intersection pointion of beans.shift the demand hoist for beans to the left.shift the demand worm for beans to the right.rotate the supply curve in a clockwise manner.Points Received1 of 1CommentsECO 204 unused workweek 1 DQ 1 Circular Flow Diagram formulate how the bill conflate diagram partakes to the current economicsituation. Using the circular flow diagram, cond one a way that your family interacts in the grammatical constituent commercialise and a way that it interacts in the products market.ECO 204 brand-new Week 1 DQ 2 tack and DemandAnalyze how the law of demand applies to a recent procure that you made. Describe how the product has limitingd in price and explain whether the price change is due to supply or demand. Did the change in price see your determination to purchase the item? calendar week 2ECO 204 NEW Week 2 Raise or Lower TuitionNobody nominate University TuitionUniversities must constantly weigh study pricing in relation to the cost of providing quality educational services. Determining where to set tuition pricing is an increasingly critical decision which administrators and university professorships 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(ip) revenue source to an institution. The question which universities must answer is, What effect will raising or lowering the universitys tuition have on the total bring in revenue?This paper investigates this question and reviews under what conditions a change in tuition prices will cause the revenue to modernise, fall, or remain constant. Finally, applying a hypothetical tuition shot 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 ElasticityAnalyze the determinants of the price whippyity of demand and determine if to each one of the following products are elastic or inelastic bottled watertoothpastecookie dough ice cream wise to(p) green beansgasolineIn your analysis, please make sure to explain your reasoning and relate 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 prohibit externality. In your analysis, make sure to provide an example of each part of externality. Why does the government need to get involved with externalities to bring to the highest degree market efficiency? What solutions need to be provided for your examples?WEEK 3ECO 204 NEW Week 3 Quiz1.Question When the peripheral product curve is declining because ofStudent Answer increasing returns, the marginal cost curve is rising. lessen 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 fast that owns a chaff farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain isStudent Answer horizontally integrated.vertically integrated.a monopoly.an im sinless competitor.a conglomerate.Points Received1 of 1CommentsECO 20 4 NEW Week 3 DQ 1 Short and Long Run permits assume that you own a fast food eatery and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short exit and considerable 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 covariant CostsAfter reading Chapter 8 in the text and think the required video for this week, Fixed, variable, and marginal cost,address the following in your initial military position First, describe several different fixed cost and variable be associated with operating an automobile. Next, assume that you would like to travel from Los Angeles to New York City by either car or plane. Which costs would you take into account in making your decision, fixed costs, variable costs or both? pick out sure to explain your analysis in the decision that you have to make.W EEK 4ECO 204 NEW Week 4 Quiz1.Question All nevertheless which one of the following are true of monopolistic competition?Student Answer MR = MCPMCAR = MRThe demand curve the firm faces slopes downward. ledger intro is easy.Points Received1 of 1Comments2.Question At the point of long-run symmetricalness for a perfectly competitive firm,Student Answer economic gelt 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 social systems listed and how it relates to the particular(a) characteristics.ECO 204 NEW Week 4 DQ 2 Barriers to EntryAnalyze the major barriers for entry 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 allow the government to become involved to protect consumers?WEEK 5ECO 204 NEW Week 5 DQ 1 TransfersWhy would notes transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective? Respond to at least dickens 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 employ?ECO 204 NEW Week 5 Final PaperImportance of economic Market StructuresBefore an organization or investor makes a strategic decision to enter a product in todays economy, a thorough market analysis is vital to fully comprehend the interior(prenominal) and international demand, current suppliers, entry and exit barriers present, and cost of production for the product or service being provi ded. 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 small-arm 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 intervention and the expected effect of international craftiness 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 implicit and explicit costs of production and projected market outcomes. However, in order to accurately illuminate the correct 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.