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2.  ECO 561 Week 1 Individual Assignment Market Equilibrating Process Paper  ECO 561 Week 1 DQ 1  ECO 561 Week 1 DQ 2  ECO 561 Week 1 Knowledge Check (Quiz)  ECO 561 Week 2 Individual Assignment Market Equilibration Process PaperECO 561 Week 2 Learning Team Reflection  ECO 561 Week 2 Knowledge Check (Quiz)  ECO 561 Week 2 DQ 1  ECO 561 Week 2 DQ 2  ECO 561 Week 3 Learning Team Reflection

3.  1) Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased. Based on this information you can conclude that A. the supply of clothing has grown faster than the demand for clothing B. demand for clothing has grown faster than the supply of clothing C. the supply of and demand for clothing have grown by the same proportion D. there is no way to determine what has happened to supply and demand with this information 2) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to: A. raise their price and reduce their quantity supplied B. raise their price and increase their quantity supplied C. lower their price and reduce their quantity supplied

4.  1) In a market economy the distribution of output will be determined primarily by: A. a social consensus as to what distribution of income is most equitable. B. consumer needs and preferences. C. the quantities and prices of the resources that households supply. D. government regulations that provide a minimum income for all. 2) In a competitive market economy firms will select the least-cost production technique because: A. "dollar voting" by consumers mandates such a choice. B. such choices will result in the full employment of available resources. C. to do so will maximize the firms' profits. D. this will prevent new firms from entering the industry. 3) A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the: A. more inelastic the demand for the product. B. more elastic the supply curve. C. larger the elasticity of demand coefficient. D. more elastic the demand for the product.

5.  What kinds of changes in underlying conditions can cause the supply and demand curves to shift? Give examples and explain the direction in which the curves shift.

6.  What is price elasticity? Give examples of five products whose demand is price elastic, and five products whose demand is price inelastic and elaborate on the choices you make.

7.  We have another paper on Market Equilibration Process Paper with different course description which could be found on this link  http://www.eco561mart.com/ECO-561-Week-2-Individual-Assignment- Market-Equilibration-Process-Paper http://www.eco561mart.com/ECO-561-Week-2-Individual-Assignment- Market-Equilibration-Process-Paper  Market Equilibrating Process Paper  Write a 700- to 1,050-word paper in which you relate the concepts in this week's readings to a prior real world experience. The experience does not necessarily have to be work experience. One note; these word count figures are meant to be a guideline, but feel free to exceed this if you find it is necessary to adequately provide relevant details and clarify important points.

8.  1. Revenue increases when  2. An increase in the price of an inelastic good  3. Price elasticity of demand increases when  4. The purpose of a market in a market system is to  5. By specializing in the production of one good, a company is able to benefit from economics of scale which increases its revenue. Which of the following is an attribute of specialization?  6. The market system promotes progress by  7. Productive efficiency is achieved when  8. The market is asid to be in equilibrium when

9.  Cost is a big issue with every company, and changing the technology is the biggest cost for most companies, how your company was able to cope with this problem and maintain the level of profit in a very competitive market?  http://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment- Market-Equilibrating-Process-Paper http://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment- Market-Equilibrating-Process-Paper  Equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand. Understanding how market equilibrium is sought following such a change is essential for business managers. It is important to understand how economic principles, and specifically supply, demand

10.  Among the types of costs faced by a firm (short-run costs, fixed and variable, as well as long-run costs), how can technology help firms to lower their costs? What are some specific examples of how firms have used technology to lower costs?

11.  We have another paper on Market Equilibration Process Paper with different course description which could be found on this link  http://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment- Market-Equilibrating-Process-Paper http://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment- Market-Equilibrating-Process-Paper  Equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand. Understanding how market equilibrium is sought following such a change is essential for business managers. It is important to understand how economic principles, and specifically supply, demand, and their determents are a part of your everyday business decisions.

12.  1. Purely competitve firms increase total revenue by  2. What are two ways for a competitve firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses?  3. Suppose that a firm determines that its marginal revenue is greater than its marginal cost, it would be better to  4. It is profitable for a firm to continue employing additional resources as long as  5. As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitve, marginal revenue product also falls because

13.  Learning Team Assignment: Learning Team Project Product Pricing Component  Select an organization with which you are familiar or in which you are interested that provides a private good or service. You will want to focus on the same firm or organization as you work on each Learning Team Project assignment in this class as you build the final paper due Week 6.Examples of good firms to use as a subject include Southwest Airlines (a very successful airline), Ford (they have not declared bankruptcy), Pulte (a successful homebuilder with a historical track record), Whirlpool (their performance is very dependent on the economy), Caterpillar, Microsoft, Apple Computer, etc.  1. Describe the utility of that good or service to the immediate consumer (which may or may not be another organization) and the consumer needs that the product or service meets.

14.  Do you think that competition can be counted on to discipline the industrial business firms of a modern economy? Explain.  Write a 1,050- to 1,400- word paper where you explain the following in the context of the simulation. One note; these word count figures are meant to be a guideline, but feel free to exceed this if you find it is necessary to adequately provide relevant details and clarify important points.

15.  In your industry, would you support regulation or deregulation and why or why not?

16.  1. A purely- or perfectly-competitive firm would be characterized by which of the following?  2. For a purely-competitive firm, price must be  3. What will excessive or economic profits induce for a firm in any industry structure?  4. A pure-monopoly firm’s demand curve is also the market demand curve. This kind of firm may successfully engage in price discrimination to increase its total profit if it  5. Oligopolies are characterized by a small number of firms where the top three firms hold the majority of the market. If in an oligopoly market, firm A ia almost twice as big as firm B and firm C then

17.  Learning Team Assignment: Market Structures Simulation  Write a 1,050- to 1,400- word paper where you explain the following in the context of the simulation. One note; these word count figures are meant to be a guideline, but feel free to exceed this if you find it is necessary to adequately provide relevant details and clarify important points.  Create a solution using strategic variables available to you to sustain the economic profits the firm can earn.

18.  How does the Federal Reserve's monetary policy affect your industry's, or company's growth?

19.  How would you evaluate monetary policy today? Is monetary policy contradictory with fiscal policy? Why or Why not? Support your analysis with examples.

20.  1. Business cycles occur when output  2. Which of these statements best describes a complete individual buisness cycle?  3. During the buisness cycle, the period between the point at which output reaches a high and the point at which it reaches a low is called  4. Which of the following equals the market value of all final goods and services produced in an economy, stated in the prices of a specific base year?

21.  1. Learning Team Assignment: Learning Team Project Macroeconomic Forecast Outline: Prepare a brief outline of the Week 5 Learning Team Project Macroeconomic Forecast Component in which you answer the following questions:  1. What are the economic indicators for which you will be providing forecasts?  2. It is important to evaluate the historical relationship between variables in order to explain how one indicator or variable may impact another. With this in mind, what sources will you use to obtain historical data for the economic indicators that you have selected?

22.  How does the Federal Reserve's monetary policy affect your industry's, or company's growth?

23.  How would you evaluate monetary policy today? Is monetary policy contradictory with fiscal policy? Why or Why not? Support your analysis with examples.

24.  Learning Team Assignment: Learning Team Project Macroeconomic Forecast Component  Include the following in this paper;  Identify a list of five economic indicators which will be the subject of this paper. In addition to real GDP, the unemployment rate, and the inflation rate, focus on at least two of the following :  · A key interest rate (I suggest the 10-year Treasury rate)  · Housing starts  · Oil prices  · Auto sales

25.  How much has the growth in international trade impacted your company, or industry? Has the devaluation of the U.S. dollar impacted your company, or industry? Explain

26.  Learning Team Assignment: International Paper  · Resources: The data compiled from the University of Phoenix Material – Big Drive Auto in Week Four (or the material from your own organization in which you faculty member has approved)  · Write a 700- to 1,050- word paper addressing the following issues in the context of the scenario:  o Identify and justify the macroeconomic measures of output and prices which you have selected for Big Drive Auto’s planning.  o What are the relationships between the organization’s data and the macroeconomic measures you have selected?

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