ECO 561 Week 2 Complete
DQ1.Distinguish between explicit and implicit
costs, and between normal and economic profits.
DQ2.Briefly (in a few words) state the basic characteristics
of pure competition, pure monopoly, monopolistic competition, and
oligopoly. Under which of these market classifications does each of the
following most accurately fit? (a) a supermarket in your hometown; (b)
the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which
you or your family has an account; (e) the automobile industry. In each
case justify your classification.
DQ3.Why do you think the resource demand curve
slopes downward? What are some determinants of resource demand?
Complete
the Week Two Knowledge Check
Equilibration
is the process of moving between two equilibrium points as a result of some
change in supply or demand. Understanding how market equilibrium is sought
following such a change is essential for business managers. It is important to
understand how economic principles, and specifically supply, demand, and their
determents are a part of your everyday business decisions.
Write
a paper, or create a PowerPoint presentation using a real world experience in a
free market (not government regulated) to describe a change that occurred in
supply or demand as a result of world events that led to the need for a move
between two equilibrium states. Explain the process of how that movement
occurred using behaviors of consumers and suppliers. Graph the movement between
the two
points
as well.
Required
Elements:
• Include academic research
to support your ideas
• Consider the Law of
demand and the determinants of demand
• Consider the Law of
supply and the determinants of supply
• Describe Efficient
markets theory
• Explain Surplus and
shortage
• Deliver the content in no
more than a 700-word paper, OR 7- to 10- slide Microsoft PowerPoint
presentation (Please choose one of these choices, not both)
• Use University of Phoenix
Material: Appendix A to create graphs illustrating the movement between the two
equilibrium points and include this in the body of the assignment.
• Your assignment is
consistent with APA guidelines.
Click the Assignment Files
tab to submit your assignment.
Complete
the Learning Team Deliverable.
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