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ECO 365 Assignment Week Apply The Fundamentals of Economics Homework(100% Correct) (Feb, 2019) FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Week Apply: The Fundamentals of Economics Homework Review the Week The Fundamentals of Economics Quiz in preparation for this assignment Complete the Week The Fundamentals of Economics Homework in McGraw-Hill Connect® These are randomized questions Note: You have only one attempt available to complete assignments Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date The opportunity cost of an action is always equal to: the things you could have done instead of the action you chose to undertake the time you give up to undertake the action the money you give up to undertake the action the next-best alternative for the resources used to undertake the action ============================================== ECO 365 Assignment Week Practice The Fundamentals of Economic Quiz (100% Correct) (Feb, 2019) FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Week Practice The Fundamentals of Economic Quiz Complete the Week The Fundamentals of Economics Quiz in McGraw-Hill Connect® These are randomized questions Note: You have unlimited attempts available to complete practice assignments The highest scored attempt will be recorded These assignments have earlier due dates, so plan accordingly Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date The opportunity cost of an action is always equal to: the nextbest alternative for the resources used to undertake the action the things you could have done instead of the action you chose to undertake the time you give up to undertake the action the money you give up to undertake the action The fish in the ocean are what type of market resource? Land Capital Entrepreneurial ability Labor Which of the following scenarios most accurately reflects the concept of scarcity? The steak Henry did not buy because he is a vegetarian The Smith Household produces an average of three bags of trash a week Sienna enjoys viewing flowers in the city garden during her walk ============================================== ECO 365 Assignment Week Apply Market Dynamics and Efficiency Homework FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Apply Market Dynamics and Efficiency Homework Note: You have only one attempt available to complete assignments Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date The demand and supply schedules for sunscreen at a small beach are shown below Market for Sunscreen Price (dollars per bottle) Quantity of Sunscreen Demanded (bottles) Quantity of Sunscreen Supplied (bottles) $35 1,000 8,500 30 2,000 7,000 25 3,000 5,500 20 4,000 4,000 15 5,000 2,500 10 6,000 1,000 Instructions: Enter your answers as a whole number If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied? Qd = bottles Qs = bottles In this case, there would be upward pressure on the price What is the equilibrium price and quantity in the market for sunscreen? P = Q = bottles The market for ice cream bars on a hot day at the local beach is summarized in the table below Market for Ice Cream Bars Price (dollars) Quantity of Ice Cream Bars Demanded Quantity of Ice Cream Bars Supplied $1.40 310 100 1.60 280 140 1.80 250 180 2.00 220 220 2.20 190 260 2.40 160 300 2.60 130 340 Instructions: Enter your answer as a whole number Determine whether there is a surplus or a shortage at a price of $1.80 per ice cream bar, and determine the size of the surplus or shortage There is a shortage in a market for a product when Multiple Choice the current price is lower than the equilibrium price quantity demanded is lower than quantity supplied demand is less than supply supply is less than demand Assume that the graphs show a competitive market for the product stated in the question Select the graph above that best shows the change in the market for leather coats when leather coats become more fashionable among young consumers Multiple Choice graph (1) graph (2) graph (3) graph (4) Use the following graph for the milk market to answer the question below There would be excess production of milk whenever the price is Multiple Choice greater than $1.50 per gallon greater but not less than $2.00 per gallon less but not greater than $2.00 per gallon less than $1.50 per gallon Where there are spillover (or external) benefits from having a particular product in a society, the government can make the quantity of the product approach the socially optimal level by doing the following except Multiple Choice providing the product itself taxing the sellers of the product subsidizing the buyers of the product subsidizing the sellers of the product If some activity creates external benefits as well as private benefits, then economic theory suggests that the activity ought to be Multiple Choice subsidized prohibited taxed left alone ============================================== ECO 365 Assignment Week Practice Market Dynamics and Efficiency Quiz FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Practice Market Dynamics and Efficiency Quiz Note: You have unlimited attempts available to complete practice assignments The highest scored attempt will be recorded These assignments have earlier due dates, so plan accordingly Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date The monthly demand and supply schedules for new cars at a large California dealership are shown in the table below Market for New Cars Price (dollars) Quantity of Cars Demanded Quantity of Cars Supplied $30,000 250 25,000 100 225 20,000 200 200 15,000 300 175 10,000 400 150 If the dealership is currently charging $25,000 for a new car, at the end of the month there will be: a shortage of 125 cars a surplus of 5,000 cars a surplus of 125 cars a shortage of 5,000 cars neither a surplus nor a shortage; the market will be in equilibrium The demand and supply schedules for sunscreen at a small beach are shown below Market for Sunscreen Price (dollars per bottle) Quantity of Sunscreen Demanded (bottles) Quantity of Sunscreen Supplied (bottles) $35 1,000 8,500 30 2,000 7,000 25 3,000 5,500 20 4,000 4,000 15 5,000 2,500 10 6,000 1,000 Instructions: Enter your answers as a whole number If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied? Qd = Qs = In this case, there would be upward pressure on the price What is the equilibrium price and quantity in the market for sunscreen? P = Q = Use the following graph for the milk market to answer the question below There would be excess production of milk whenever the price is Multiple Choice greater than $1.50 per gallon greater but not less than $2.00 per gallon less than $1.50 per gallon less but not greater than $2.00 per gallon nonrivalry and large negative externalities nonexcludability and production at rising marginal cost nonrivalry and nonexcludability If the consumption of a product or service involves external benefits, then the government can improve efficiency in the market by Multiple Choice imposing a ive tax to for an overallocation of resources providing a subsidy to for an overallocation of resources imposing a ive tax to for an underallocation of resources providing a subsidy to for an underallocation of resources If one person’s consumption of a good does not preclude another’s consumption, the good is said to be Multiple Choice excludable nonrival in consumption rival in consumption nonexcludable ============================================== ECO 365 Assignment Week Apply: Elasticity and Consumer Choice Homework FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Apply: Elasticity and Consumer Choice Homework Review the Assignment Week Elasticity and Consumer Choice Quiz in preparation for this assignment Complete the Assignment Week Elasticity and Consumer Choice Homework in McGraw-Hill Connect® These are randomized questions Note: You have only one attempt available to complete assignments Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop? Labor productivity increases The cost of capital (a substitute for labor) decreases The price of earrings increases The wage rate increases Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery? The market price of mixers decreases The productivity of mixers decreases The wage rate of labor (a substitute for capital) decreases The market price of bread increases Henry bakes loaves of bread, which he sells for $4 each He is considering purchasing additional mixers (capital) for his bakery Each additional mixer has the productivity described below Fill in the “Marginal Product,” “Total Revenue,” and “Marginal Revenue Product” columns Assume this is a perfectly competitive market Instructions: Enter your answers as a whole number Henry’s Bakery and Revenues Capital (mixers) Total Product (loaves of bread) Marginal Product (loaves of bread) Price (dollars) Total Revenue (dollars) Marginal Revenue Product (dollars) 0 — $4 $0 — 8 32 $ 32 20 12 80 48 28 112 32 34 136 24 38 4 152 16 40 160 41 164 The marginal revenue product schedule is rev: 06_21_2018 Multiple Choice upsloping the same whether the firm is selling in a purely competitive or imperfectly competitive market the firm’s resource demand schedule the firm’s resource supply schedule Marginal product is rev: Superman comic books in the table below Batman Comics, Superman Comics, and Tom’s Marginal Utility per Dollar Batman Comic Books Superman Comic Books Quantity Marginal Utility per Dollar Quantity Marginal Utility per Dollar — — 40 29 28 17 20 5 -10 -20 -4 Suppose Tom has $5 to spend on Batman and Superman comic books (nothing else matters to Tom) If Tom wants to maximize his utility, how many of each should he buy? Now suppose Tom has $10 to spend on Batman and Superman comic books (nothing else matters to Tom) If Tom wants to maximize his utility, how many of each should he buy? ============================================== ECO 365 Assignment Week Practice Elasticity and Consumer Choice Quiz FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Practice: Elasticity and Consumer Choice Quiz Note: You have unlimited attempts available to complete practice assignments The highest scored attempt will be recorded These assignments have earlier due dates, so plan accordingly Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop? Labor productivity increases The cost of capital (a substitute for labor) decreases The price of earrings increases The wage rate increases Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery? The market price of mixers decreases The productivity of mixers decreases The wage rate of labor (a substitute for capital) decreases The market price of bread increases Henry bakes loaves of bread, which he sells for $4 each He is considering purchasing additional mixers (capital) for his bakery Each additional mixer has the productivity described below Fill in the “Marginal Product,” “Total Revenue,” and “Marginal Revenue Product” columns Assume this is a perfectly competitive market Instructions: Enter your answers as a whole number Henry’s Bakery and Revenues Capital (mixers) Total Product (loaves of bread) Marginal Product (loaves of bread) Price (dollars) Total Revenue (dollars) Marginal Revenue Product (dollars) 0 — $4 $0 — 8 32 $ 32 20 12 80 48 28 112 32 34 136 24 38 4 152 16 40 160 41 164 The marginal revenue product schedule is Multiple Choice upsloping the same whether the firm is selling in a purely competitive or imperfectly competitive market the firm’s resource demand schedule the firm’s resource supply schedule If a 10% increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are rev: 05_14_2018 Multiple Choice unrelated inferior complements substitutes The decision-making process followed by consumers to maximize utility assumes that rev: 04_09_2018 Multiple Choice consumers are unable to rank their preferences consumers have unlimited incomes consumers not know how much marginal utility they obtain from consuming additional units of various products consumers behave rationally, attempting to maximize their satisfaction ============================================== ECO 365 Assignment Week Apply The Microeconomics of Product Markets Homework FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Apply: The Microeconomics of Product Markets Homework Review the Assignment Week The Microeconomics of Product Markets Quiz in preparation for this assignment Note: You have only one attempt available to complete assignments Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date Materials The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner Cheeseburger Production Costs Quantity(burgers per hour) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) — — — 10 $1.00 $6.60 $1.00 20 0.70 3.50 0.40 30 0.70 2.57 0.70 40 0.78 2.18 1.00 50 0.88 2.00 1.30 60 1.07 2.00 2.00 70 1.34 2.14 3.00 80 1.74 2.44 4.50 90 2.23 2.86 6.20 100 2.81 3.37 8.00 At a quantity of 40 cheeseburgers per hour, the average total cost of production is falling and the marginal cost of cheeseburger production is rising At a quantity of 60 cheeseburgers per hour, the average variable cost of production is rising and the average total cost of cheeseburger production is at a minimum A business owner makes 50 items by hand in 40 hours She could have earned $20 an hour working for someone else Her total explicit costs are $200 If each item she makes sells for $15, her economic profit equals: Instructions: Enter your answer as a whole number If you are entering a negative number be sure to include a negative sign (-) in front of that number A young Thomas Edison produces and sells 20 light bulbs aAssignment Week in his dorm room The parts for each light bulb cost $2.00 If corn farmers are currently generating losses, then we would expect that in the long run the market rev: 06_26_2018 Multiple Choice supply curve will shift to the left demand curve will shift to the right supply curve will shift to the right demand curve will shift to the left Monopolistic competition is characterized by firms rev: 05_15_2018 Multiple Choice producing differentiated products making economic profits in the long run producing where price equals marginal cost producing at optimal productive efficiency ============================================== ECO 365 Assignment Week Practice The Microeconomics of Product Markets Quiz FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Practice: The Microeconomics of Product Markets Quiz Note: You have unlimited attempts available to complete practice assignments The highest scored attempt will be recorded These assignments have earlier due dates, so plan accordingly Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner Cheeseburger Production Costs Quantity(burgers per hour) Average Variable Cost (dollars) Average Total Cost (dollars) Marginal Cost (dollars) — — — 10 $1.00 $6.60 $1.00 20 0.70 3.50 0.40 30 0.70 2.57 0.70 40 0.78 2.18 1.00 50 0.88 2.00 1.30 60 1.07 2.00 2.00 70 1.34 2.14 3.00 80 1.74 2.44 4.50 90 2.23 2.86 6.20 100 2.81 3.37 8.00 At a quantity of 40 cheeseburgers per hour, the average total cost of production is falling and the marginal cost of cheeseburger production is rising At a quantity of 60 cheeseburgers per hour, the average variable cost of production is rising and the average total cost of cheeseburger production is at a minimum A business owner makes 50 items by hand in 40 hours She could have earned $20 an hour working for someone else Her total explicit costs are $200 If each item she makes sells for $15, her economic profit equals: Instructions: Enter your answer as a whole number If you are entering a negative number be sure to include a negative sign (-) in front of that number A young Thomas Edison produces and sells 20 light bulbs aAssignment Week in his dorm room The parts for each light bulb cost $2.00 He sells each light bulb for $5.00 General Electric offers Thomas an executive job that pays $50.00 aAssignment Week If corn farmers are currently generating losses, then we would expect that in the long run the market rev: 06_26_2018 Multiple Choice supply curve will shift to the left demand curve will shift to the right supply curve will shift to the right demand curve will shift to the left Monopolistic competition is characterized by firms rev: 05_15_2018 Multiple Choice producing differentiated products making economic profits in the long run producing where price equals marginal cost producing at optimal productive efficiency ============================================== ECO 365 Assignment Week Apply The Microeconomics of Resource Markets and Trade Homework FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Apply: The Microeconomics of Resource Markets and Trade Homework Note: You have only one attempt available to complete assignments Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop? Labor productivity increases The cost of capital (a substitute for labor) decreases The price of earrings increases The wage rate increases Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery? The market price of mixers decreases The productivity of mixers decreases The wage rate of labor (a substitute for capital) decreases The market price of bread increases Instructions: Enter your answers as a whole number Henry’s Bakery and Revenues Capital (mixers) Total Product (loaves of bread) Marginal Product (loaves of bread) Price (dollars) Total Revenue (dollars) Marginal Revenue Product (dollars) 0 — $4 $0 — 8 32 $ 32 20 12 80 48 28 112 32 34 136 24 38 4 152 16 40 160 41 164 The marginal revenue product schedule is rev: 06_21_2018 Multiple Choice upsloping the same whether the firm is selling in a purely competitive or imperfectly competitive market the firm’s resource demand schedule the firm’s resource supply schedule Marginal product is rev: 06_21_2018 Multiple Choice the output of the least skilled worker the amount an additional worker adds to the firm’s total output the amount any given worker contributes to the firm’s total revenue 06_20_2018 Multiple Choice can produce either 40 units of rye or 20 units of eggs cannot produce both 20 units of rye and units of eggs cannot produce both 20 units of rye and 10 units of eggs can produce both 40 units of rye and 20 units of eggs ============================================== ECO 365 Assignment Week Practice The Microeconomics of Resource Markets and Trade Quiz FOR MORE CLASSES VISIT www.eco365guide.com ECO 365 Assignment Week Practice: The Microeconomics of Resource Markets and Trade Quiz Note: You have unlimited attempts available to complete practice assignments The highest scored attempt will be recorded These assignments have earlier due dates, so plan accordingly Grades must be transferred manually to eCampus by your instructor Don’t worry, this might happen after the due date Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop? Labor productivity increases The cost of capital (a substitute for labor) decreases The price of earrings increases The wage rate increases Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery? The market price of mixers decreases The productivity of mixers decreases The wage rate of labor (a substitute for capital) decreases The market price of bread increases Instructions: Enter your answers as a whole number Henry’s Bakery and Revenues Capital (mixers) Total Product (loaves of bread) Marginal Product (loaves of bread) Price (dollars) Total Revenue (dollars) Marginal Revenue Product (dollars) 0 — $4 $0 — 8 32 $ 32 20 12 80 48 28 112 32 34 136 24 38 4 152 16 40 160 41 164 The marginal revenue product schedule is rev: 06_21_2018 Multiple Choice upsloping the same whether the firm is selling in a purely competitive or imperfectly competitive market the firm’s resource demand schedule the firm’s resource supply schedule Marginal product is rev: 06_21_2018 Multiple Choice the output of the least skilled worker the amount an additional worker adds to the firm’s total output the amount any given worker contributes to the firm’s total revenue 06_20_2018 Multiple Choice can produce either 40 units of rye or 20 units of eggs cannot produce both 20 units of rye and units of eggs cannot produce both 20 units of rye and 10 units of eggs can produce both 40 units of rye and 20 units of eggs ==============================================