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DQ1.Distinguish between explicit and implicit costs, and between normal and
economic profits.
DQ2.Briefly (in a few words) state the basic characteristics of pure competition,
pure monopoly, monopolistic competition, and oligopoly. Under which of these
market classifications does each of the following most accurately fit? (a) a
supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d)
the commercial bank in which you or your family has an account; (e) the
automobile industry. In each case justify your classification.
DQ3.Why do you think the resource demand curve slopes downward? What are
some determinants of resource demand?
Individual Assignment - Week Two Knowledge Check
Complete the Week Two Knowledge Check
Individual Assignment - Market Equilibration 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.
Write a paper, or create a PowerPoint presentation using a real world experience in
a free market (not government regulated) to describe a change that occurred in
supply or demand as a result of world events that led to the need for a move
between two equilibrium states. Explain the process of how that movement
occurred using behaviors of consumers and suppliers. Graph the movement
between the two
points as well.
Required Elements:
Include academic research to support your ideas
Consider the Law of demand and the determinants of demand
Consider the Law of supply and the determinants of supply
Describe Efficient markets theory
Explain Surplus and shortage
2
ECO 561 - Week 3 Learning Team Deliverable | ECO 561 - Week 3 - Quiz or
Knowledge Check | ECO 561 - Week 3- DQ 1 | ECO 561 - Week 3- DQ 2
ECO 561 - Week 4 - Business Proposal | ECO 561 - Week 4 Complete | ECO 561 - Week 4 - Learning Team Deliverable | ECO
561 - Week 4 - Quiz or Knowledge Check
Provide feedback to your peers on the proposals using the Business Proposal
Feedback Checklist. Include detailed, substantive comments.
Submit the completed checklists with comments to the corresponding students.
Submit a copy of the completed checklists with comments to your facilitator. Your
comments are evaluated based on how well they correspond with the economic
principles presented in Weeks One through Three.
Click the Assignment Files tab to submit your assignment.
Individual Assignment - Week Five Knowledge Check
Complete the Week Five Knowledge Check.
ECO 561 - Week 5 - DQ 1 | ECO 561 - Week 5 - DQ 2 | ECO 561 - Week 5 DQ 3 | ECO 561 - Week 5 - DQ 4 | ECO 561 - Week 5 - Peer Review | ECO 561
- Week 5 - Quiz or Knowledge Check
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