16 Apr Week 1 forumOpportunity CostProvide your own defin
Week 1 forumOpportunity CostProvide your own definition of opportunity cost. Discuss what the opportunity cost ofattending college is for you, noting that the concepts of opportunity costs andexplicit monetary costs are not the same.Week 2 forumMarket EquilibriumWhy is it important that prices are flexible in our economy?Do you think the government should control the level of prices for productsthat are really important, ie. gasoline?Week 3 forumPrice DiscriminationDiscuss the pricing policy of price discrimination. Provide the economic reasoning for movietheaters, airlines, and many other businesses to charge customers differentprices based on time of the day, age, and purchase dates. Why?Provide an example of a price discrimination for a good orservice that you considered unfair. Do you still believe that thediscrimination is unjustifiable?Week 4 forumUtilityAn important law in economics is the Law of DiminishingMarginal Utility. Discuss what this lawis and provide an example of diminishingmarginal utility you’ve encountered recently.Week 5 forumThe Law ofDiminishing ReturnsAnother important law in economics is the law of marginalreturns or the law of increasing costs. Discuss in terms of your study inthis course, how might you know that you are at a point of diminishing returns,or where more study will not benefit you like it did before? Can you identifyany of the costs discussed in this lesson in your decision about how much studyis enough?Week 6 forumProfits and the ShutDown DecisionWhy might a profitable motel shut down in the long run ifthe land on which it is located becomes extremely valuable due to surroundingeconomic development? What kinds of costs are involved in making a decision toshut down?Week 7 forumPricing andCompetitionHow would a low-cost price leader enforce its leadershipthrough implied threats to a rival? How does a firm become a low cost priceleader? Discuss the specific type of market structure that implied threatstrategy can be adapted.Week 8 forumCourse ReflectionWe’ve covered quite a bit of ground over the last severalweeks and I hope you all now have a better understanding of microeconomics. Forthis week’s discussion, I’d like you to reflect on what you’ve learned andanswer the following questions:Did you find the subject to be more applicable to youreveryday life than you expected?What surprised you the most of the content in this course?
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