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<strong>ECO</strong> <strong>561</strong> <strong>Final</strong> <strong>Exam</strong><br />
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get course questions with 100% correct answers<br />
<strong>ECO</strong> <strong>561</strong> Week 1<br />
<strong>ECO</strong> <strong>561</strong> Week 1 Complete:<br />
DQ1.What is the definition of economics (distinguish between microeconomics<br />
and macroeconomics). What is the role of economic theory in economics?<br />
DQ2.what is the difference between a command system and a market system?<br />
DQ3.There are several determinants of demand or the "other things," besides<br />
price, which affect demand. Can you provide a few examples?<br />
DQ4.Different products have different elasticity's. Heart medication, for example<br />
is inelastic; and corn is elastic. Find a product and describe its price elasticity<br />
and income elasticity. How much control might an organization have over pricing<br />
based on a product's elasticity?<br />
Individual Assignment - Week One Knowledge Check<br />
Complete the Week One Knowledge Check.<br />
<strong>ECO</strong> <strong>561</strong> Week 1 DQ 1 | <strong>ECO</strong> <strong>561</strong> Week 1 DQ 2 | <strong>ECO</strong> <strong>561</strong> Week 1 DQ 3 | <strong>ECO</strong> <strong>561</strong><br />
Week 1 DQ 4 | <strong>ECO</strong> <strong>561</strong> Week 1 Quiz or Knowledge Check<br />
<strong>ECO</strong> <strong>561</strong> Week 2<br />
<strong>ECO</strong> <strong>561</strong> Week 2 Complete:
DQ1.Distinguish between explicit and implicit costs, and between normal and<br />
economic profits.<br />
DQ2.Briefly (in a few words) state the basic characteristics of pure competition,<br />
pure monopoly, monopolistic competition, and oligopoly. Under which of these<br />
market classifications does each of the following most accurately fit? (a) a<br />
supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm;<br />
(d) the commercial bank in which you or your family has an account; (e) the<br />
automobile industry. In each case justify your classification.<br />
DQ3.Why do you think the resource demand curve slopes downward? What are<br />
some determinants of resource demand?<br />
Individual Assignment - Week Two Knowledge Check<br />
Complete the Week Two Knowledge Check<br />
Individual Assignment - Market Equilibration Process Paper<br />
Equilibration is the process of moving between two equilibrium points as a result<br />
of some change in supply or demand. Understanding how market equilibrium is<br />
sought following such a change is essential for business managers. It is<br />
important to understand how economic principles, and specifically supply,<br />
demand, and their determents are a part of your everyday business decisions.<br />
Write a paper, or create a PowerPoint presentation using a real world experience<br />
in a free market (not government regulated) to describe a change that occurred in<br />
supply or demand as a result of world events that led to the need for a move<br />
between two equilibrium states. Explain the process of how that movement<br />
occurred using behaviors of consumers and suppliers. Graph the movement<br />
between the two<br />
points as well.<br />
Required Elements:<br />
• Include academic research to support your ideas<br />
• Consider the Law of demand and the determinants of demand<br />
• Consider the Law of supply and the determinants of supply<br />
• Describe Efficient markets theory<br />
• Explain Surplus and shortage<br />
• Deliver the content in no more than a 700-word paper, OR 7- to 10- slide<br />
Microsoft PowerPoint presentation (Please choose one of these choices, not<br />
both)
• Use University of Phoenix Material: Appendix A to create graphs illustrating the<br />
movement between the two equilibrium points and include this in the body of the<br />
assignment.<br />
• Your assignment is consistent with APA guidelines.<br />
<strong>ECO</strong> <strong>561</strong> Week 2 DQ 1 | <strong>ECO</strong> <strong>561</strong> Week 2 DQ 2 | <strong>ECO</strong> <strong>561</strong> Week 2 DQ 3 | <strong>ECO</strong> <strong>561</strong><br />
Week 2 Market Equilibration Process Paper | <strong>ECO</strong> <strong>561</strong> Week 2 Quiz or Knowledge<br />
Check<br />
<strong>ECO</strong> <strong>561</strong> Week 3<br />
<strong>ECO</strong> <strong>561</strong> Week 3 Complete:<br />
DQ1.How was De Beers able to control the world price of diamonds over the past<br />
several decades even though it produced only 50 percent of the diamonds? What<br />
factors ended its monopoly? What is its new strategy for earning economic<br />
profit, rather than just normal profit?<br />
DQ2.Why is there so much advertising in monopolistic competition and<br />
oligopoly? How does such advertising help consumers and promote efficiency?<br />
Why might it be excessive at times?<br />
Individual Assignment - Week Three Knowledge Check<br />
Complete the Week Three Knowledge Check.<br />
<strong>ECO</strong> <strong>561</strong> Week 3 DQ 1 | <strong>ECO</strong> <strong>561</strong> Week 3 DQ 2 | <strong>ECO</strong> <strong>561</strong> Week 3 Quiz or<br />
Knowledge Check<br />
<strong>ECO</strong> <strong>561</strong> Week 4 Complete:<br />
<strong>ECO</strong> <strong>561</strong> Week 4<br />
Individual Assignment - Business Proposal<br />
You will apply economic principles presented in Weeks One through Three in this<br />
week's assignment. Your assignment will be reviewed by your peers and by your<br />
facilitator in week five and should be revised as necessary based on feedback as<br />
the first part of the final assignment in
week six.<br />
Select a new, realistic good or service for an existing industry.<br />
Write the economic analysis section of a business proposal. This will include<br />
statements about the market structure and the elasticity of demand for the good<br />
or service, based on text book principles. You need to create hypothetical data,<br />
based on similar real world products to estimate fixed and variable costs.<br />
Required Elements:<br />
• Identify market structure<br />
• Identify elasticity of the product<br />
• Include rationale for the following questions:<br />
• How will pricing relate to elasticity of your product?<br />
• How will changes in the quantity supplied as a result of your pricing decisions<br />
affect marginal cost and marginal revenue?<br />
• Besides your pricing decisions, what are your suggested nonpricing strategies?<br />
What nonpricing strategies will you use to increase barriers to entry?<br />
• How could changes in your business operations alter the mix of fixed and<br />
variable costs in line with your strategy?<br />
• No more than 1400 words<br />
• Your proposal is consistent with APA guidelines<br />
Click the Assignment Files tab to submit your assignment<br />
Individual Assignment - Week Four Knowledge Check<br />
Complete the Week Four Knowledge Check.<br />
<strong>ECO</strong> <strong>561</strong> Week 4 Business Proposal | <strong>ECO</strong> <strong>561</strong> Week 4 Quiz or Knowledge Check<br />
<strong>ECO</strong> <strong>561</strong> Week 5<br />
<strong>ECO</strong> <strong>561</strong> Week 5 Complete:<br />
DQ1.Briefly describe the multiplier effect. The multiplier effect is based on two<br />
facts - what are they?
DQ2.What backs the money supply in the United States?<br />
DQ3.After you have a chance to read the chapter, I look forward to hearing from<br />
you on what interested you the most?<br />
DQ4.How do mortgage backed securities work? Why did banks think that selling<br />
mortgage backed securities would relieve them of the risks involved with<br />
mortgage lending? How did the banks indirectly come to once again be exposed<br />
to mortgage lending risk? What happened to bank reserves during the mortgage<br />
debt crisis? How did the Fed respond?<br />
Learning Team Assignment - Peer Review<br />
Resource: Business Proposal Feedback Checklist.<br />
Choose two business proposals from members of your Learning Team.<br />
Provide feedback to your peers on the proposals using the Business Proposal<br />
Feedback Checklist. Include detailed, substantive comments.<br />
Submit the completed checklists with comments to the corresponding students.<br />
Submit a copy of the completed checklists with comments to your facilitator.<br />
Your comments are evaluated based on how well they correspond with the<br />
economic principles presented in Weeks One<br />
through Three.<br />
Click the Assignment Files tab to submit your assignment.<br />
Individual Assignment - Week Five Knowledge Check<br />
Complete the Week Five Knowledge Check.<br />
<strong>ECO</strong> <strong>561</strong> Week 5 DQ 1 | <strong>ECO</strong> <strong>561</strong> Week 5 DQ 2 | <strong>ECO</strong> <strong>561</strong> Week 5 DQ 3 | <strong>ECO</strong> <strong>561</strong><br />
Week 5 DQ 4 | <strong>ECO</strong> <strong>561</strong> Week 5 Peer Review | <strong>ECO</strong> <strong>561</strong> Week 5 Quiz or Knowledge<br />
Check<br />
<strong>ECO</strong> <strong>561</strong> Week 6<br />
<strong>ECO</strong> <strong>561</strong> Week 6 Complete:<br />
DQ1.Is growth sustainable? Yes, say proponents of growth.<br />
DQ2.What are the four supply factors of economic growth? What is the demand<br />
factor? What is the efficiency factor?
Individual Assignment - Week Six Knowledge Check<br />
Complete the Week Six Knowledge Check.<br />
Individual Assignment - <strong>Final</strong> Proposal<br />
Resource: Business Proposal and Peer Review feedback.<br />
Revise your Week Four business proposal using the feedback provided by your<br />
peers and facilitator as necessary. In addition to your week four paper, the<br />
second part of your paper will use the revised information to recommend<br />
appropriate pricing and non pricing strategies for your new or existing good or<br />
service based on the projected economy's stage in the business cycle and the<br />
prevailing projected economic conditions for one or more macroeconomic<br />
factors. Explain the<br />
evidence that supports these recommendations.<br />
Required Elements:<br />
• Describe the current global economic conditions and their effect on local<br />
macroeconomic indicators for your good or service.<br />
• Describe the local economy's stage in the business cycle.<br />
• Describe how current credit market conditions affect your planning or<br />
operating decision for your good or service.<br />
• No more than 2100 words (in addition to the 1400 word paper completed in week<br />
four, an additional three pages at most is needed)<br />
Click the Assignment Files tab to submit your assignment.<br />
<strong>ECO</strong> <strong>561</strong> Week 6 DQ 1 | <strong>ECO</strong> <strong>561</strong> Week 6 DQ 2 | <strong>ECO</strong> <strong>561</strong> Week 6 <strong>Final</strong> Proposal |<br />
<strong>ECO</strong> <strong>561</strong> Week 6 Quiz or Knowledge Check | <strong>ECO</strong> <strong>561</strong> Week 6 <strong>Final</strong> <strong>Exam</strong><br />
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