ECO 365 Principles Of Microeconomics Entire Course
This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
This undergraduate-level course is 5 weeks.
ECO 365 Mergers & Joint Ventures Team c
ECO 365 Week 1 Knowledge Check
Price elasticity of demand is the
In general, the greater the elasticity, the
The price elasticity of supply is the
The distinction between demand and the quantity demanded is best made by saying that
The U.S. Postal Service printed 150,000 sheets of stamps depicting Bill Pickett, but
recalled them when the USPS realized the image on the stamp was Bill’s brother, Ben,
instead. They were unable to recall 183 sheets that had already been sold. The effect of
this recall was to
Given that diesel cars get much better gas mileage than the typical car, an increase in the
price of gasoline would be expected to
Price Quantity Quantity
Per peck in pecks in pecks
$1 22 6
$2 18 3
$3 14 0
$4 10 0
$5 6 0
Economics is the study of how
To engage in economic reasoning, one must compare
Countries such as Brazil, India, and Moldova–well-known sources of donors–have
banned buying and selling organs. This legal action comes at the risk of driving trade
underground. What idea does this story best illustrate?
The law of demand states that the quantity demanded of a good is inversely related to the
price of that good. Therefore, as the price of a good goes
ECO 365 Week 2 Knowledge Check
(1) A perfectly competitive firm will be profitable if price at the profit-maximizing quantity is
(2) In a perfectly competitive market,
The demand for clothing increases. As a result, the price of clothing increases above the
minimum average cost of producing it. In the long run, if the clothing industry is perfectly
competitive and is a constant-cost industry,
If the long-run market supply curve is perfectly elastic, an increase in demand will cause
the final equilibrium to be at
Number of workers Total Output
The Correct Answer is: C.
Refer to the table shown. Diminishing marginal productivity begins when the
A production table can be used to determine
Mr. Woodard’s cabinet shop is experiencing rapid growth in sales. As sales have
increased, Mr. Woodard 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?
Number of Marginal Product of
Refer to the table shown. A firm would be
to hire between
ECO 365 week 2 Individual Assignment Supply and Demand Simulation
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
ECO 365 week 2 Learning Team Reflection Production and Cost Analysis
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.
ECO 365 Week 3 Knowledge Check
In a monopolistically competitive market,
Strategic decision making is most important in
The general monitoring problem implies that
Lazy monopolists are characterized by the tendency to
Judgment by performance means that the competitiveness of a market is determined by
Consumers tend to accept the market restrictions imposed by suppliers because
The fact that U.S. managers’ salaries are about four times higher than those of
comparable managers in Japan, where banks control firms more closely, is probably
ECO 365 Wk 3 Starbucks Current Market Conditions Team C
ECO 365 Week 4 Knowledge Check
What do economists mean when they say there is “market failure”?
If a market has no externalities, marginal private costs
Economists generally call the effect of an agreement on others that is not taken into
account by the parties making the agreement
The size performance improvements sought by those pursuing horizontal mergers is
A company buys another company in the same supply chain, but either in front of it or
behind it in the supply chain. This is called
Sony and Toshiba become partners in a microprocessor manufacturing company. This is
If two companies share ownership in a venture and agree on a formal management
structure including members of both companies, this is called a
Two companies come together to take on a project that has an explicit time cycle and
ending point. The most efficient form of acquisition of this project is
The more elastic the supply and the demand curves are, the
Assuming a binding price floor, the more elastic the supply and demand curves are, the
ECO 365 week 4 Individual Assignment Differentiating Between Market Structures Table
ECO 365 week 4 Learning Team Reflection Public Policy in Economics
ECO 365 Week 5 Knowledge Check
What problem do economists see with free trade areas such as NAFTA and the European
A group of countries that allows free trade among its members and puts up common
barriers against all other countries’ goods is called
Mexico has a comparative advantage in producing corn
Workers in education, health care, and government sectors have
In the United States globalization has
World trade declined in the 1930s. Which of the following is the best explanation of that
As a country develops economically, what changes usually take place in the goods it
When a U.S. company establishes a call center in India that answers its customer service
calls, the United States is
ECO 365 Wk 5 Competitive Strategies & Government Policies Team C – ( New )
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