ECO 365 Week 1 DQS DQ 1 What is economics? Do not repeat what the text says; put it in your own words. Why do we care? How will understanding economics help you in your personal life, and in your business life? Give some specific examples. DQ 2 What is the difference between a movement along and shift of the demand curve? Show the impact on the equilibrium price and quantity that result 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 both supply and demand in decision making. DQ 3 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 firmÂ’s pricing decisions? How does the availability of substitutes affect price elasticity of demand? Provide some examples. ECO 365 Week 2 Individual Assignment Supply and Demand Simulation Complete the Supply and Demand Simulation located on the student website. Write 700 â€“ 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 consumerÂ’s purchasing and the firmÂ’s pricing strategy. Format your paper consistent with APA guidelines. ECO 365 Week 2 DQS DQ 1 What is average productivity? What is marginal productivity? What is the law of diminishing marginal productivity? How might diminishing marginal productivity impact the costs? What would happen to marginal and average productivity if a technological innovation is introduced to the production process? Provide an example. DQ 2 In a production environment, what is the difference between Fixed Costs and Variable Costs? Why do we care about the difference? What happens to Fixed and Variable Costs if we automate the production process? DQ 3 In the Labor market, what constitutes the Demand for labor, and what is the Supply of Labor? 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? ECO 365 Week 3 Learning Team Assignment Current Market Conditions Competitive Analysis 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 productÂ’s potential success. The analysis will focus on your primary competitor in the productÂ’s market. Select a potential competitive organization and a product in that organization. Write a 1,400 Â– 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. ECO 365 Week 3 DQS DQ 1 Briefly describe each of the four market structures. How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so. If you work in a government organization, pick a private company you are familiar with. Government is by definition a monopoly, and so not very interesting in this context. DQ 2 What is the difference between economic and accounting profits? What conditions exist when economic profits are maximized? DQ 3 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. ECO 365 Week 4 Individual Assignment Differentiating Between Market Structures 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 Structures located on the student website and select one option to complete the assignment. In either case, paste the Market Structure Table (in the Materials Tab) into your paper and submit them both as a single document. ECO 365 Week 4 DQS DQ 1 What is an externality? Are they always negative? Provide examples. How does an externality affect the market outcome? What is a Market Failure? Is it possible for a governmentÂ’s solution to a market failure to actually worsen the failure? Explain your answer. DQ 2 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 IBMÂ®, AT&TÂ®, and MicrosoftÂ® antitrust cases differ? How does international competition affect domestic antirust policy? DQ 3 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? ECO 365 Week 5 Learning Team Assignment Competitive Strategies and Government Policies Management has recognized the effect of changes in the real-world competitive environment and government policies on other industries and anticipates similar events occurring in their industry, so they ask you for a report considering the following points. Write 1,400 Â– 1,750-word paper of no more than in which you describe how each of the following are or potentially will affect your industry or one with which you are familiar: New companies entering the market, mergers, and globalization, on pricing and the sustainability of profits: Identify the type of merger activity in your industry or one with which you are familiarÂ–horizontal, vertical, or conglomerateÂ–and explain why you made that choice. Current and expected government policies and regulations, including taxes and regulations in place to address issues related to externalities Global competition on the decisions made by management with regards to change in labor demand, supply, relations, unions, and rules and regulations in your chosen industry Recommend how the industry you chose may respond to each of the previous points. Format your paper consistent with APA guidelines. ECO 365 Week 5 DQS DQ 1 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 have technological innovations affected your organization? DQ 2 What factors influence a firmÂ’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. DQ 3 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.