04 Jun Question week 1 “What Is Economics and Principles of Economics” Please respond to the following:
Question
week 1
“What Is Economics and Principles of Economics” Please respond to the following:
Identify a recent purchase that you made and determine how scarcity influenced your purchase decision.
Explain two (2) ways in which you applied the use of marginal cost and benefit to your decision to pursue a college degree.
week 2
“Demand and Supply and Elasticity” Please respond to the following:
Discuss one (1) recent price change that you have noticed while visiting your local supermarket. Determine whether or not the price change that you identified was a result of a change in either supply or demand.
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 and Perfect Competition” 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.
Examine a perfectly competitive firm that you have recently purchased a product from, focusing specifically on how it relates to the characteristics of the market.
WEEK 4
“Monopoly and Market Entry and Monopolistic Competition” Please respond to the following:
Identify a company in your local area that you would classify as a monopoly. Explain why you classified the company as a monopoly, and state how the company relates to at least two characteristics of that particular market.
From the e-Activity article, explain your position on whether or not Apple is stifling competition and monopolizing the tablet market. Examine the type of market structure within which Apple operates. Support your answer by relating to each of the characteristics described in Chapter 8 of your textbook.
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