Category Archives: ECO 365 (updated)

HRM 420 All Assignments updated

HRM 420 All Assignments updated

HRM 420 Week 1 Alternative Dispute Resolution MindMap (2 Papers) updated

 

HRM 420 Week 1 Assignment Privacy Concerns Scenario updated

 

HRM 420 Week 2 Assignment Recruitment and Selection Strategy updated

 

HRM 420 Week 3 Discrimination and Harassment Case Study Analysis (2 Papers) updated

 

HRM 420 Week 4 Assignment Stress Reduction Plan (2 PPT) updated

 

HRM 420 Week 4 Assignment Workplace Safety Plan Worksheet updated

 

HRM 420 Week 5 Assignment Crisis Management Plan (2 PPT) updated

 

HRM 420 Week 5 Workplace Violence Protection Plan Outline (2 Papers) updated

 

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ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics (2 Papers) updated

ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics (2 Papers) updated

You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.
Write a 1,050-word analysis that includes the following:
§  The impact the theory of consumer choice has on:
§  Demand curves
§  Higher wages
§  Higher interest rates
§  The role asymmetric information has in many economic transactions
§  The Condorcet Paradox and Arrow’s Impossibility Theorem in the political economy
§  People not being rational in behavior economics
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
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ECO 365 Week 4 Team Assignment The Economics of Labor Markets updated

ECO 365 Week 4 Team Assignment The Economics of Labor Markets updated

Select an organization your team is familiar with or an organization where a team member works.
Develop a 15- to 20-slide Microsoft® PowerPoint® presentation to be presented to the CEO’s executive committee that addresses how your chosen organization determines what quantity of labor to demand and what events could shift the demand and supply of that labor.
Explain the following in your presentation:
§  How your organization’s production function is related to its marginal product of labor
§  How your organization’s marginal product of labor is related to the value of its marginal product
§  How your organization’s marginal product is related to its demand for labor
§  Examples of events that could shift the demand or supply of labor and why they do so
§  Reasons a worker’s wages might be above the level that balances supply and demand
§  An analysis of the impact that government policies addressing income inequity and poverty could have on labor demand or supply
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
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ECO 365 Week 3 Current Market Conditions Competitive Analysis updated

ECO 365 Week 3 Current Market Conditions Competitive Analysis updated

You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.
Select your organization and a product produced by that organization from Industry Week.
Write a 2,100-word analysis of the current market conditions facing your product, making sure that you address the following topics:
§  Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
§  Analyze any comparative advantages and international trade opportunities.
§  Explain the factors that will affect demand, supply, and prices of that product.
§  Examine factors that will affect Total Revenue, including but not limited to:
§  Price elasticity of demand
§  Factors that influence productivity
§  Various measures of costs, including opportunity costs
§  Externalities and government public policy and their effect on marginal revenue and marginal cost
§  Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.
Use a minimum of 3 peer-reviewed sources from the University Library.
Format your paper consistent with APA guidelines.
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ECO 365 Week 2 Team Assignment Markets and the Economics of the Public Sector (2 Papers) updated

ECO 365 Week 2 Team Assignment Markets and the Economics of the Public Sector (2 Papers) updated

You have been assigned to a team that has the responsibility of preparing a paper consisting of 1,750 words for the governor’s next economic conference. Your paper should address the following:
§  Explain why equilibrium of supply and demand is desirable.
§  Explain the following concepts using the concept of consumer and producer surplus:
§  Efficiency of markets
§  Costs of taxation
§  Benefits of international trade
§  Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
§  Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Cite a minimum of 3 peer-reviewed sources, not including your textbook.
Format consistent with APA guidelines.
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ECO 365 Final Exam Guide (New, 2017) updated

ECO 365 Final Exam Guide (New, 2017) updated

1 During the winter break, Sam decides to go for a skiing vacation in Aspen instead of taking piano lessons. The opportunity cost of the skiing vacation is the:
cost of accommodation and food in Aspen.
value of piano lessons.
cost of buying a piano.
amount paid to the skiing instructor.

2 Which of the following is an example of a negative externality?
Smith reducing the consumption of imported wine following an increase in the price of imported wine
Phoebe refusing to contribute to the building of a children’s park in her neighborhood
Christina accepting a payment in cash rather than in check for her laundry services
Tom playing music loudly in his room, disturbing his roommate who has an exam the next day

3.A perfectly competitive firm sells 10 units of Good X at a price of $2 per unit. It incurs a fixed cost of $5 and a variable cost of $40 to produce the good. Which of the following is true?
The firm should operate in the short run but shut down in the long run.
The marginal cost of the good is $4.
The average revenue of the firm is $20.
The firm should shut down.

4.Squeeze Inc. sells orange juice in a market where there are a large number of consumers and sellers. New firms can enter the market easily and also exit whenever they want to. It sells 40 bottles in a month at a price of $4 per bottle and incurs a cost of $5 per bottle. The average revenue of the firm:
will be less than the marginal revenue.
is $2, which is less than the market price.
will be greater than the marginal revenue.
is $4, which is equal to the marginal revenue.

5.Which of the following is a difference between liberalism and libertarianism?
• Libertarians believe that equality of opportunities is more important than the equality of incomes, while liberals believe in policies that equalize the distribution of income.
• Libertarians argue that the government should maximize total utility, while liberals argue that the average utility of members of society should be maximized.
• Libertarians believe that the government should redistribute income from the rich to the poor, while the liberals believe that the government should not redistribute income.
• Libertarians emphasize the importance of the maximin criterion, while liberals emphasize the importance of an egalitarian society.

6.Bryan is trying to decide whether he should give up his job as a software programmer and invest in a start-up. Bryan earns an annual salary of $80,000 and has a saving of $50,000. The start-up would require an initial investment of $600,000. Bryan plans to take a loan from Trust Bank, a local commercial bank, which charges an interest rate of 5 percent on loans and provides an interest of 7 percent on savings deposits. Which of the following is true in this case?
• The 7 percent interest that Bryan could have earned on his savings will be included in the calculation of his economic profit.
• Bryan should invest in the start-up as he has to pay a lower interest rate on loans than he receives on his savings deposits.
• Bryan should not invest in the start-up as his economic profit is lower than his accounting profit.
• The interest rate of 5 percent on loans is a part of the implicit cost of setting up the start-up and will be included in the calculation of his accounting profit.

7.Color Mate Inc., a company that produces interior and wall paints, dumps its chemical waste in a river. Which of the following is likely to be true in this case?
• The social cost of the company is lower than the private cost, and the equilibrium quantity of paints produced is less than the social optimum.
• The social cost of the company is higher than the private cost, and the equilibrium quantity of paints produced is larger than the social optimum.
• The social cost of the company is higher than the private cost, and the equilibrium quantity of paints produced is less than the social optimum.
• The social cost of the company is lower than the private cost, and the equilibrium quantity of paints produced is larger than the social optimum.

8.Scarcity occurs because of:
• the limited supply of resources.
• overutilization of labor.
• the excess of quantity supplied over quantity demanded.
• limited human needs and wants.

9.The exhibit given below shows the demand curve for Good X, labeled D. At a price of $6 per unit, the quantity demanded of Good X is 5 units. A decrease in price to $4 per unit increases the quantity demanded to 8 units. Assuming that a decrease in price leads to updated consumers buying the good, what is the consumer surplus received by the updated consumers in the market?
• $3
• $10
• $2
• $13

10.Given an increase in the market demand for its product, a firm decides to hire an additional worker. The amount of output produced by 25 workers is 80 units. The marginal product of the 26th worker is 15 units. After the 26th worker is hired, the total output would increase to _____.
• 1,200 units
• 6 units
• 15 units
• 95 units

11.Suppose both Monica and Edith grow roses and make guns. If Monica devotes 10 hours to growing roses, she grows 16 roses, and if she devotes 10 hours to making guns, she produces 4 guns. If Edith divides her 10 hours equally, she produces 12 roses and 6 guns. Identify the correct statement.
• Edith has an absolute advantage in both growing roses and making guns.
• Monica has an absolute advantage in growing roses, and Edith has an absolute advantage in making guns.
• Monica has an absolute advantage in both growing roses and making guns.
• Monica has an absolute advantage in making guns, and Edith has an absolute advantage in growing roses.

12.Penelope has recently started a printing business in Duluth. She had to pay a fee to obtain a trade license from the Minnesota government and took a loan from the local bank to purchase inkjet printers, laser printers, and screen printers. She employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet dancer who used to earn an average of $50,000 a year. Penelope’s implicit cost of running the business is:
• $72,000 per annum.
• the amount she used to earn as a ballet dancer.
• the interest she has to pay on the loan.

• the fee paid to the government.

13.A sudden increase in the demand for air conditioners increased the earnings of the workers employed in air conditioner-manufacturing firms and attracted workers from other sectors. Which of the following will be true in the market for workers employed in air conditioner-manufacturing firms?
• There will be a leftward shift of the labor supply curve, leading to an increase in the equilibrium wage and a decrease in employment.
• There will be a rightward shift of the labor supply curve, leading to an increase in the equilibrium wage and employment.
• There will be a rightward shift of the labor supply curve, leading to a decrease in the equilibrium wage and an increase in employment.
• There will be a leftward shift of the labor supply curve, leading to a decrease in the equilibrium wage and employment.

14.Moonlife LLC. observed that its total revenue is proportional to the quantity of good sold. It is likely that Moonlife LLC. is a:
• perfectly competitive firm.
• monopolistic competitor.
• monopoly.
• monopsony.

15.The Rhodes and Samson families, with annual incomes of $100,000 and $120,000, respectively, live in a society where the primary objective of the government is to maximize the sum of the utility attained by everyone in the society. Which of the following is likely to be true in such a society?
• The government will redistribute income between the two families in such a way that the welfare of the Rhodes family improves.
• The government will redistribute income between the two families in such a way that both the families will have the same level of post-tax income.
• The government will tax the Rhodes family and provide income transfers to the Samson family to maximize total utility.
• The government will tax the Samson family and provide income transfers to the Rhodes family, but there will exist an inequality of income between the two families.

16.Which of the following reflects the law of demand?
• Jonathan, a coffee drinker, switching to green tea after a fall in the price of green tea
• John purchasing a bigger apartment after an increase in his salary
• Jacques purchasing 4 bottles of lemonade instead of 3 when its price decreased from $12 to $10 per bottle
• Jimmy’s demand for donuts decreasing from 4 per week to 2 per week after its price decreased from $1 to $0.5 per donut

17.Adrianne and Joanna love watching plays on Broadway. Adrianne values a play at $85, and Joanna values it as $82. When the price of tickets increased from $80 to $83 following the imposition of a tax, Joanna stopped watching plays on Broadway, while Adrianne continued to buy tickets. Identify the correct statement.

The deadweight loss is $3.

The decrease in Adrianne’s consumer surplus is equal to the deadweight loss.

Total consumer surplus decreased by less than the tax revenue.

The decrease in Adrianne’s surplus is equal to the tax revenue.

18 The exhibit given below shows the market for wheat in Zenetia. At a price of p, the profit-18.maximizing quantity for a wheat producer is _____.
Q
between Q and Q’
Q”
Q1

19.The exhibit given below shows Melanie’s budget constraint for two goods, wine and cheese. The slope of the budget constraint equals:
• 2
• 3/2
• 2/3
• 3

20.Liz starts driving rashly after buying insurance. This is an example of a(n):
• negative externality.
• free-rider problem.
• common-resource problem.
• moral-hazard problem.

21.The exhibit given below shows the demand curve for and the supply curve of laptops, D and S1. The government decides to impose a price ceiling on the price of laptops. At the same time, the price of inverter boards that provide power to backlight lamps inside laptop screens increases. Identify the correct statement.
• A price of P2 will be binding in this market.
• At a price ceiling of P1, the quantity demand and supplied in the market will be Q2.
• The government should set the price ceiling at P1 to eliminate shortage.
• A price ceiling above P3 will eliminate shortage in the market.

22.The state government of Dalmatia noticed that whenever its baseball team played a match in any of the local stadiums, the prices of tickets became too high. It decided to impose a price ceiling on the ticket prices. The exhibit given below shows the demand curve for and the supply curve of baseball game tickets in Dalmatia. If the government were to impose a binding price ceiling, it should set the price at:
• $120 per ticket, which would give rise to a shortage of 10,000 tickets.
• $120 per ticket, which would give rise to a surplus of 20,000 tickets.
• $80 per ticket, which would give rise to a shortage of 16,000 tickets.
• $80 per ticket, which would give rise to a surplus of 8,000 tickets.

23.Which of the following is an example of adverse selection?
• Patrick uses the service of a mechanic to inspect the condition of a second-hand Dodge he is interested in buying.
• Harry refuses to buy health insurance at high premiums because he feels that he is in good health.
• Thomas refuses to pay for the construction of a swimming pool in his neighborhood that will be open to the public free of cost.
• When the National Museum increased its entry fee, there wa

24.Mike sells navel oranges in a market where there are a lot of other sellers and faces a perfectly elastic demand curve for oranges. He hires 10 workers in a perfectly competitive market to help him with picking oranges. Given this information, it can be said that:
• the demand for workers is a positive function of the prevailing market wage rate.
• the demand curve for orange pickers is vertical.
• Mike can employ only 10 workers as the supply of workers is fixed in a perfectly competitive labor market.
• Mike cannot bargain with the workers over their wage rates

25.Suppose Timothy consumes two goods, soda and chips. The slope of his indifference curve for these two goods reflects:

the relative price of soda.

the total utility he gets from the consumption of the two goods.

the relative price of chips.

the rate at which he is willing to substitute one good for the other.

26.The exhibit given below shows the supply curve of printing machines. At a price of $400 per machine, the producer surplus is:

27.Recent political unrest has caused many citizens of Serria to flee the country. This is likely to:

shift the labor demand curve in Serria to the left.

increase labor employment in Serria.

shift the labor supply curve in Serria to the right.

increase the equilibrium wage rate in the labor market in Serria.

28.Suppose both Ross and Vivian produce butter and cheese. When Ross works for 10 hours a day, he produces 6 pounds of butter and 24 pounds of cheese. When Vivian works for the same hours, she produces 20 pounds of cheese and 40 pounds of butter. Ross’s opportunity cost of producing a pound of butter is:

5 pounds of cheese.

1/4 pounds of cheese.

18 pounds of cheese.

4 pounds of cheese.
29. Paula wants to buy 3 packs of frozen yoghurt when it is priced at $2 per pack. When the price increases to $3.50 per pack, she wants to buy 2 packs. This reflects the:
• maximization of marginal utility by Paula.
• law of diminishing marginal utility.
• law of demand.
• maximization of total utility by Paula.

30. The table given below shows three buyers’ willingness to pay for an antique necklace. At a market price of $25,000, the total consumer surplus in the market is _____.
$30,000
$6,000
$26,000
$7,000

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ECO 365 Week 1 Ten Principles of Economics and How Markets Work (3 Papers) updated

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ECO 365 Week 1 Ten Principles of Economics and How Markets Work (3 Papers) updated

As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.
Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for all your information.
Identify the fundamental lessons the Ten Principles of Economics teach about:
§  How people make decisions
§  How people interact
§  How the economy as a whole works
Explain the following to help the committee members understand how markets work:
How society manages its scarce resources and benefits from economic interdependence
§  Why the demand curve slopes downward and the supply curve slopes upward
§  Where is the point of equilibrium and what does it determine?
§  The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices
Format consistent with APA guidelines.
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ECO 365 All Assignments With Final Exam updated

ECO 365 All Assignments With Final Exam updated

ECO 365 Final Exam Guide (New, 2017)

ECO 365 Week 1 Ten Principles of Economics and How Markets Work (3 Papers)

ECO 365 Week 2 Team Assignment Markets and the Economics of the Public Sector (2 Papers)

ECO 365 Week 3 Current Market Conditions Competitive Analysis

ECO 365 Week 4 Team Assignment The Economics of Labor Markets

ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics (2 Papers)

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ECO 365 Week 5 Knowledge Check updated

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1. What problem do economists see with free trade areas such as NAFTA and the European Union?

A. They tend to lead to free trade rather than fair trade.

B. They can lead to regional trading blocs then restrict trade.

C. They lead to globalization.

D. They encourage countries to rely on others rather than being self-sufficient.

2. A group of countries that allows free trade among its members and puts up common barriers against all other countries’ goods is called

A. a tariff-free zone

B. a most-favored nation agreement

C. an autarky

D. a free trade association          

3. Mexico has a comparative advantage in producing corn

A. if its opportunity cost of producing corn is higher than the opportunity cost in other countries

B. if its opportunity cost of producing corn is the same as the opportunity cost in other countries

C. if its opportunity cost of producing corn is lower than opportunity cost in other countries

D. regardless of the opportunity cost in other countries

4. Workers in education, health care, and government sectors have

A. seen their incomes fall just like in manufacturing

B. been mostly hurt from globalization

C. benefited from globalization in terms of lower consumer prices

D. been hurt because the sector has been shrinking

5. In the United States globalization has

A. played a significant role in growing income disparity because some sectors have benefited and others have not

B. played little role in growing income disparity because all Americans are consumers who have enjoyed lower prices

C. played a significant role in growing income disparity because foreign workers’ incomes have risen

D. played little role in growing income disparity because while some jobs were lost, the gain in jobs balanced out those that were lost

6. Most economists

A. oppose free trade

B. favor free trade

C. have no opinion on free trade

D. would prefer to have no trade with other nations

7. World trade declined in the 1930s. Which of the following is the best explanation of that decline?

A. World income shrank and trade restrictions increased.

B. World income shrank, but there were few changes in trade restrictions

C. Trade restrictions increased, but there was little change in world income

D. The incomes of most nations increased, allowing them to become more self-sufficient.

8. As a country develops economically, what changes usually take place in the goods it exports?

A. There is little change because comparative advantage does not change.

B. Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.

C. Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.

D. Exports go from being diversified to being specialized in whatever the country finds to be its comparative advantage.

9. When a U.S. company establishes a call center in India that answers its customer service calls, the United States is

A. outsourcing, a form of importing services

B. outsourcing, a form of exporting services

C. insourcing, a form of importing services

D. insources, a form of exporting services

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ECO 365 Week 5 DQ 4 updated

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Globalization involves more than the ability to trade with different countries. I wanted to share with you this article regarding the updated 10 year Visa agreement between China and the U.S. In order to travel between the U.S. and China, you must get a travel document amended to your passport that states you are eligible to do so. Previously this visa was only valid for up to one year. Now they are valid for 10 years. The attached article states that 7.3 million Chinese people will come to the U.S. contributing 85 billion per year to the U.S. economy. Chinese people who have disposable income like to shop and they like brands! They come to the U.S ad contribute to our economy through the tourism industry.

http://usa.chinadaily.com.cn/us/2015-02/04/content_19484864.htm

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