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1/27

CO 561 MART Teaching ffect

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2/27

CO 561 ntire Course

• ECO 561 Wee 1 !ndividual Assignment Maret E"uili#rating $rocess $a%er

• ECO 561 Wee 1 &' 1

• ECO 561 Wee 1 &' (

•ECO 561 Wee 1 )no*ledge Chec +'ui,-

• ECO 561 Wee ( !ndividual Assignment Maret E"uili#ration $rocess $a%erECO 561 Wee ( .earning Team Reflection

• ECO 561 Wee ( )no*ledge Chec +'ui,-

• ECO 561 Wee ( &' 1

• ECO 561 Wee ( &' (

• ECO 561 Wee .earning Team Reflection

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3/27

CO 561 0inal am 2uide +

3 W-

• 1- 4u%%ose that in the clothing maret %roduction costs have fallen #ut the e"uili#rium %rice and "uantity %urchased have #oth increased 7ased on this information you can conclude that A the su%%ly of clothing has gro*n faster than the demand for clothing 7 demand for clothing has gro*n faster than the su%%ly of clothing C the su%%ly of and demand for clothing have gro*n #y the same %ro%ortion & there is no *ay to determine *hat has ha%%ened to su%%ly and demand *ith this information (- Camille8s Creations and 9ulia8s 9e*els #oth sell #eads in a com%etitive maret !f at the maret %rice of :5 #oth are running out of #eads to sell +they can8t ee%

u% *ith the "uantity demanded at that %rice- then *e *ould e%ect #oth Camille8s and 9ulia8s to; A raise their %rice and reduce their"uantity su%%lied 7 raise their %rice and increase their "uantity su%%lied C lo*er their %rice and reduce their "uantity su%%lied

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4/27

CO 561 0inal am 2uide +<

O$-

• 1- !n a maret economy the distri#ution of out%ut *ill #e determined %rimarily #y; A a social consensus as to *hat distri#ution of income is most e"uita#le 7 consumer needs and %references C the"uantities and %rices of the resources that households su%%ly & government regulations that %rovide a minimum income for all (- !n a com%etitive maret economy firms *ill select the least=cost %roduction techni"ue #ecause; A >dollar voting> #y consumers mandates such a choice 7 such choices *ill result in the full em%loymentof availa#le resources C to do so *ill maimi,e the firms8 %rofits& this *ill %revent ne* firms from entering the industry - A left*

ard shift in the su%%ly curve of %roduct ? *ill increase e"uili#rium%rice to a greater etent the; A more inelastic the demand for the%roduct 7 more elastic the su%%ly curve C larger the elasticity ofdemand coefficient & more elastic the demand for the %roduct

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5/27

CO 561 Wee 1 &' 1 +


6/27

CO 561 Wee 1 &' ( +


7/27

CO 561 Wee 1 !ndividual Assignment Maret

"uili#rating $rocess $a%er

• We have another %a%er on Maret E"uili#ration $rocess $a%er *ith different course descri%tion *hich could #e found on this lin

• htt%;//***eco561martcom/ECO=561=Wee=(=!ndividual=Assignmen

t=Maret=E"uili#ration=$rocess=$a%er•

Maret E"uili#rating $rocess $a%er• Write a BB= to 1B5B=*ord %a%er in *hich you relate the conce%ts i

n this *ee8s readings to a %rior real *orld e%erience The e%erience does not necessarily have to #e *or e%erience One note these *ord count figures are meant to #e a guideline #ut feel free to

eceed this if you find it is necessary to ade"uately %rovide relevant details and clarify im%ortant %oints

http://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment-Market-Equilibrating-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment-Market-Equilibrating-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-2-Individual-Assignment-Market-Equilibration-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-2-Individual-Assignment-Market-Equilibration-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-2-Individual-Assignment-Market-Equilibration-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-2-Individual-Assignment-Market-Equilibration-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment-Market-Equilibrating-Process-Paperhttp://www.eco561mart.com/ECO-561-Week-1-Individual-Assignment-Market-Equilibrating-Process-Paper


8/27

CO 561 Wee 1 )no*ledge Chec +'ui,-

• 1 Revenue increases *hen

• ( An increase in the %rice of an inelastic good

• $rice elasticity of demand increases *hen

• D The %ur%ose of a maret in a maret system is to

• 5 7y s%eciali,ing in the %roduction of one good a com%any is a#leto #enefit from economics of scale *hich increases its revenue Which of the follo*ing is an attri#ute of s%eciali,ation@

• 6 The maret system %romotes %rogress #y

• $roductive efficiency is achieved *hen

• The maret is asid to #e in e"uili#rium *hen

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9/27

CO 561 Wee ( &' 1 +


10/27

CO 561 Wee ( &' ( +


11/27

CO 561 Wee ( !ndividual Assignment Maret

"uili#ration $rocess $a%er

• We have another %a%er on Maret E"uili#ration $rocess $a%er *ith different course descri%tion *hich could #e found on this lin

• htt%;//***eco561martcom/ECO=561=Wee=1=!ndividual=Assignmen

t=Maret=E"uili#rating=$rocess=$a%er•

E"uili#ration is the %rocess of moving #et*een t*o e"uili#rium %oints as a result of some change in su%%ly or demand


12/27

CO 561 Wee ( )no*ledge Chec +'ui,-

• 1 $urely com%etitve firms increase total revenue #y

• ( What are t*o *ays for a com%etitve firm to determine the o%timal level of %roduction that is the level of %roduction that *ill maimi,e %rofit or minimi,e losses@

•

4u%%ose that a firm determines that its marginal revenue is greater than its marginal cost it *ould #e #etter to

• D !t is %rofita#le for a firm to continue em%loying additional resources as long as

• 5 As additional units are %roduced the marginal revenue %roduct

falls for all firms #ecause marginal %roduct decreases 0or firms o%erating in industries that are not %erfectly com%etitve marginal revenue %roduct also falls #ecause



13/27

CO 561 Wee ( Team Assignment .earning Te

am $roFect $roduct $ricing Com%onent +A%%l

e-

• .earning Team Assignment; .earning Team $roFect $roduct $ricingCom%onent

• 4elect an organi,ation *ith *hich you are familiar or in *hich youare interested that %rovides a %rivate good or service Gou *ill *ant to focus on the same firm or organi,ation as you *or on each .earning Team $roFect assignment in this class as you #uild the final%a%er due Wee 6Eam%les of good firms to use as a su#Fect include 4outh*est Airlines +a very successful airline- 0ord +they have not declared #anru%tcy- $ulte +a successful home#uilder *ith a historical trac record- Whirl%ool +their %erformance is very de%enden

t on the economy- Cater%illar Microsoft A%%le Com%uter etc• 1 &escri#e the utility of that good or service to the immediate con

sumer +*hich may or may not #e another organi,ation- and the consumer needs that the %roduct or service meets

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14/27

CO 561 Wee &' 1 +


15/27

CO 561 Wee &' ( +


16/27

CO 561 Wee )no*ledge Chec +'ui,-

• 1 A %urely= or %erfectly=com%etitive firm *ould #e characteri,ed #y *hich of the follo*ing@

• ( 0or a %urely=com%etitive firm %rice must #e

• What *ill ecessive or economic %rofits induce for a firm in any i

ndustry structure@• D A %ure=mono%oly firmHs demand curve is also the maret deman

d curve This ind of firm may successfully engage in %rice discrimination to increase its total %rofit if it

• 5 Oligo%olies are characteri,ed #y a small num#er of firms *here

the to% three firms hold the maFority of the maret !f in an oligo%oly maret firm A ia almost t*ice as #ig as firm 7 and firm C then



17/27

CO 561 Wee Team Assignment Maret 4truc

tures 4imulation +A%%le-

• .earning Team Assignment; Maret 4tructures 4imulation

• Write a 1B5B= to 1DBB= *ord %a%er *here you e%lain the follo*ing in the contet of the simulation One note these *ord count figures are meant to #e a guideline #ut feel free to eceed this if you find it is necessary to ade"uately %rovide relevant details and clarifyim%ortant %oints

• Create a solution using strategic varia#les availa#le to you to sustain the economic %rofits the firm can earn

http://www.eco561mart.com/ECO-561-Week-3-Team-Assignment-Market-Structures-Simulation-(Apple)http://www.eco561mart.com/ECO-561-Week-3-Team-Assignment-Market-Structures-Simulation-(Apple)http://www.eco561mart.com/ECO-561-Week-3-Team-Assignment-Market-Structures-Simulation-(Apple)http://www.eco561mart.com/ECO-561-Week-3-Team-Assignment-Market-Structures-Simulation-(Apple)


18/27

CO 561 Wee D &' 1 +


19/27

CO 561 Wee D &' ( +


20/27

CO 561 Wee D )no*ledge Chec +'ui,-

• 1 7usiness cycles occur *hen out%ut

• ( Which of these statements #est descri#es a com%leteindividual #uisness cycle@

• &uring the #uisness cycle the %eriod #et*een the %oint at *hich out%ut reaches a high and the %oint at *hich it reaches a lo* is called

• D Which of the follo*ing e"uals the maret value of all f

inal goods and services %roduced in an economy statedin the %rices of a s%ecific #ase year@



21/27

CO 561 Wee D .earning Team $roFect Macroe

conomic 0orecast Outline +A%%le-

• 1 .earning Team Assignment; .earning Team $roFect Macroeconomic 0orecast Outline; $re%are a #rief outlineof the Wee 5 .earning Team $roFect Macroeconomic 0o

recast Com%onent in *hich you ans*er the follo*ing "uestions;

• 1 What are the economic indicators for *hich you *ill #e %roviding forecasts@

•

( !t is im%ortant to evaluate the historical relationshi%#et*een varia#les in order to e%lain ho* one indicatoror varia#le may im%act another With this in mind *hatsources *ill you use to o#tain historical data for the economic indicators that you have selected@

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22/27

CO 561 Wee 5 &' 1 +


23/27

CO 561 Wee 5 &' ( +


24/27

CO 561 Wee 5 .earning Team $roFect Macro

economic 0orecast Com%onent +A%%le-

• .earning Team Assignment; .earning Team $roFect Macroeconomic 0orecast Com%onent

• !nclude the follo*ing in this %a%er

•!dentify a list of five economic indicators *hich *ill #e the su#Fect of this %a%er !n addition to real 2&$ the unem%loyment rate and the inflation rate focus on at leastt*o of the follo*ing ;

•

J A ey interest rate +! suggest the 1B=year Treasury rate-

• J Iousing starts

• J Oil %rices

•

J Auto sales

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25/27

CO 561 Wee 6 &' 1 +


26/27

CO 561 Wee 6 Team Assignment +0inal- +A%%

le-

• .earning Team Assignment; !nternational $a%er

• J Resources; The data com%iled from the


27/27

CO 561 MART Teaching ffect

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ECO 561 MART Teaching Effectively Eco561martdotcom