ECO 365 COMPLETE CLASS

ECO 365 COMPLETE CLASS

ECO 365 Principles Of Microeconomics

Week 1 Individual Assignment Article Analysis Paper

Using the rEsourceElectronic Reserve Readings (ERR) for ECO365, the Course Web Links, University Library, Internet, and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050-1,400-word paper in which you:

Define Economics

Define Microeconomics

Define Law of Supply

Define Law of Demand

Identify the factors that lead to a change in supply and a change in demand

Analyze the basis for the trends in consumption patterns as discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.  Or to say it differently, make sure to utilize the terms you just defined as tools by which you analyze the article.

Week 2 Individual Assignment Supply & Demand Simulation

summarize the Supply and Demand Simulation make sure to address the following:

a). What causes the changes in supply and demand in the simulation?

b). How do shifts in supply and demand affect your decision making?

c). List four key points from the reading assignments that were emphasized in the simulation

d). How can you apply what you learned about the concepts of supply and demand from the simulation to your workplace?

e). Determine how price elasticity of demand affects the decision making of the consumer and of the organization

f). Summarize our results of the assessment.

Week 2 Learning Team Organization Industry Overview

Prepare a 1,050 – 1,750-word organization/industry overview of your selected organization or industry.  Be sure to include:

History of the organization

Identification of the Market in which it operates

The role of government regulations

Current issues facing the company or industry.

Week 3 Learning Team Current Market Conditions Paper

Prepare a 1400 – 1750 word paper analyzing the current market conditions of the organization/industry you selected during Week One.  Address the following topics in your analysis:

Market Structure

Impact of new companies entering the market

Prices

Productivity (consider law of diminishing marginal utility)

Cost structure

Wages & Benefits

Fixed and Variable Costs

Price elasticity of demand

Competitors

Supply and demand analysis

Impact of government regulations

Week 4 Individual Assignment Difference between Market Structures Simulation

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.

Complete the University of Phoenix Material: Differentiating Between Market Structures Table located on the student website. Compare the various characteristics of the market structures by completing the table.

Write a 1,050 – 1,400-word paper

Select an industry. Identify an organization in that industry. 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.

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.

Format your paper consistent with APA guidelines.

Week 4 Learning Team Market Trends Paper

Write a paper of no more than 1,750 words in which you describe market trends your organization or industry will face. Explain your conclusions. Address how each of the following will or will not change, and why:

Market structure

Effect of new companies entering the market

Prices

Technology

Productivity: Consider the law of diminishing marginal productivity

Cost structure

Wages and benefits

Fixed and variable costs

Price elasticity of demand

Competitors

Supply and demand analysis

Effect of government regulations

Format your paper consistent with APA guidelines.

Week 5 Final Project Paper

Discussion Questions

• What is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm’s pricing decisions? How does the availability of substitutes affect price elasticity of demand? Provide examples.


• What is the difference 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.


• What is economics? What role does economics play in your personal and organizations decisions? Give an example of the role of economics in decision making.


• What is the difference 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.


• What is average productivity? What is marginal productivity? Explain the relationship between marginal and average productivity. What would happen to marginal and average productivity if a technological innovation is introduced to the production process?


• What is the law of diminishing marginal productivity? Give an example from your workplace of the law of diminishing marginal productivity? Might diminishing marginal productivity impact the costs?


• Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income?


• What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so.


• What conditions exist when economic profits are maximized? What is the difference between economic and accounting profits? How could you graphically illustrate economic profits made by a perfectly competitive firm; monopolist; and firm competing in a monopolistic competitive market?


• 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 level of output? Explain your answer.


• What is an externality? Provide examples. How does an externality affect the market outcome? Is it possible for a government’s solution to a market failure to actually worsen the failure? Explain your answer.


• What are the differences among horizontal, vertical, and conglomerate mergers? What does the U.S. government hope to achieve through the use of its antitrust policy? How do the resolutions of the IBM®, AT&T®, and Microsoft® antitrust cases differ? How does international competition affect domestic antirust policy?


• What is the cost/benefit approach that a typical economist takes to analyze regulations? What are the goals of taxation? How are economic policies impacted by politics, and how politics make a positive or a negative contribution to economic policy? How does antitrust policy and regulation affect economic welfare?


• What are the impacts of innovation and technology on the cost of production? How does technology affect market structure and real-world competition? Which market structure is best suited for technological innovation? Explain your answer. How has technological innovations affected your organization?


• What factors influence a firm’s competitive strategies? How does global economic competition impact the price elasticity in the domestic market and decisions related to the strategy a firm uses to compete? Why do most economists oppose trade restrictions? Who have been the winners and losers as a result of NAFTA? Explain your answer.


• How do you define social diversity and business ethics? How has a more diversified labor force affected the corporate structure and the economy? What are some potential roadblocks, ethical or otherwise, in promoting a diverse workplace? Explain your answer.


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ECO 365 COMPLETE CLASS