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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.

16 State what type of business combination is occurring in the 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:

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 __________________.

28 State what type of business combination is occurring in the 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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ECO 365 Week 1 Discussion Question 2

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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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ECO 365 Week 2 Discussion Question 1

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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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ECO 365 Week 2 Discussion Question 2

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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.

Format your paper consistent with APA guidelines.

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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).

Prepare a 350- to 1,050- word paper detailing the findings of your 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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ECO 365 Week 3 Discussion Question 1

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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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ECO 365 Week 3 Discussion Question 2

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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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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 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.

Format your paper consistent with APA guidelines.

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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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ECO 365 Week 4 Differentiating Between Market Structures Presentation (Mayo Clinic)

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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

Related Tutorials

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ECO 365 Week 4 Differentiating Between Market Structures Presentation (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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ECO 365 Week 4 Differentiating Between Market Structures Presentation (New), Apple Company

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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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ECO 365 Week 4 Discussion Question 1

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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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ECO 365 Week 4 Discussion Question 2

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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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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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