Question Week 1 DQ 1 Circular Flow Diagram. Explain how the circular flow di

Week 1

DQ 1

Circular Flow Diagram. Explain how the circular flow diagram relates to the current

economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

Guided Response: Review the discussion board posts of your classmates. Respond to at least two of your

classmates and comment on their descriptions of the circular flow diagram and factors of production. Discuss how circular flow relates to current economic situations.

DQ 2

Supply and Demand. Analyze how the law of demand applies to a recent purchase that

you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?

Guided Response: Review the discussion board posts of your classmates. Note their analysis of a recent purchase and respond to at least two of your classmates. In your responses, discuss the effects of a price change and how it might alter your decision to make a purchase, according to the determinants of supply or demand.

Quiz

1. 1. Due Day 6. Week One Quiz. Complete the quiz on the assigned readings for the week.

Week 2

DQ 1

Elasticity. Analyze the determinants of the price elasticity of demand and determine if

each of the following products are elastic or inelastic:

a. bottled water

b. toothpaste

c. cookie dough ice cream

d. fresh green beans

e. gasoline

In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.

Guided Response: Review the discussion board posts of your classmates. Note their responses to the determinants of price elasticity of demand. Respond to at least two of your classmates. Discuss with your peers the characteristics of an inelastic versus elastic good.

DQ 2

Externalities. Explain the difference between a positive and negative externality. In your

analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your xamples?

Guided Response: Review the discussion board posts of your classmates. What are some of the key differences between positive and negative externality? Respond to at least two of your classmates. Analyze the solutions your classmates offered and compare them to your own. Provide advice to your classmates’ solutions for making the market more efficient.

Week 2

Assignment

1. Due by Day 7. Raise or Lower Tuition?Suppose that, in an attempt to raise more revenue, Nobody State

University increases its tuition. Will this necessarily result in more revenue? Under what conditions will revenue

(a) rise, (b) fall, or (c) remain the same? Explain this process, focusing on the relationship between the increased revenue from students enrolling at NSU despite the higher tuition and the lost revenue from possible lower enrollment. If the true price elasticity were -1.2, what would you suggest the university do to expand revenue? If you were the president of NSU, how would you tackle this problem based on what you have learned in this course?

Your paper will need to include a title page, reference page, and in-text citations that are formatted in accordance with APA style as outlined in the Ashford Writing Center. Also, your content should be three to five pages, which does not include your reference or title page. You will need to include two to three academic sources from the Ashford University Library to include in your paper as part of your research to support your work and analysis

Week 3

DQ 1

Short and Long Run. Let’s assume that you own a fast food restaurant and you are faced

with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?

Guided Response: Review the discussion board posts of your classmates. Discuss the difference between short run and long run with relation to costs. Respond to at least two of your classmates. Discuss how short run and long run vary in a firm.

DQ 2

Fixed and Variable Costs. After reading Chapter 8 in the text and viewing the required

video for this week,Fixed, variable, and marginal cost, address the following in your initial post:

a. First, describe several different fixed costs and variable costs associated with operating an automobile.

b. Next, assume that you would like to travel from Los Angeles to New York City by either car or plane.

Which costs would you take into account in making your decision, fixed costs, variable costs or both?

Make sure to explain your analysis in the decision that you have to make.

Guided Response: Review the discussion board posts of your classmates. Analyze the difference in your answer to your peers in response to the different costs that are discussed. Respond to at least two of your classmates. Discuss the different types of costs like fixed, variable, or both.

Quiz

1. 1. Due Day 6. Week Three Quiz. Complete the quiz on the assigned readings for the week.

Week 4

DQ 1

Market Structures. Explain the most important characteristic in perfect competition,

monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an example for each of the market structures listed and how it relates to the particular characteristics.

Guided Response: Review the discussion board posts of your classmates. Analyze the difference between market structures. Compare your response to those of your classmates. Respond to at least two

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