08 Jun Question Week 1 “Demand and Supply” Please respond to the following
Question
Week 1
“Demand and Supply” Please respond to the following
Discuss one (1) recent price change that you have noticed while visiting your local supermarket. Speculate on whether or not the price change that you identified was a result of a change in either supply or demand. Provide a rationale for your response.
week 2
“Elasticity” Please respond to the following:
Identify two (2) elastic and two (2) inelastic goods that you have purchased in the last month and explain the main reason why you identified them as such.
week 3
“Production Costs” Please respond to the following:
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant, and explain the changes to each of these costs given the increased demand.
week 4
“Perfect Competition” Please respond to the following:
Examine a perfectly competitive firm that you have recently purchased a product from, focusing specifically on how the firm operates relative to the characteristics of the market.
week 5
“Owning the Market” Please respond to the following:
Identify a company in your local or generalized area that you would classify as a monopoly. Explain the key reasons why you classified the company as a monopoly, and state how the company operates relative to at least two (2) characteristics of that particular market.
week 6
“GDP” Please respond to the following:
In view of the weak economy of the last several years, explain which of the four (4) components of GDP had, or is having, the greatest positive impact in our economy. Use the following historical tables to support your response.
Go to the Bureau of Economic Analysis at www.bea.gov Navigate on the home page to where it states “National,” then select “Gross Domestic Product”. Next, select “GDP and the National Income and Product Account (NIPA) Historical Tables”. The direct Web address is http://bea.gov/national/index.htm#gdp
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