ECO/365

PRINCIPLES OF MICROECONOMICS

The Latest Version A+ Study Guide

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ECO 365 Entire Course Link

https://uopcourses.com/category/eco-365/

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ECO 365 Week 1 Economic Definitions Worksheet

Complete the Economics Definitions Worksheet.

Click the Assignment Files tab to submit your assignment.

Economics - Definitions

Complete the following. Include your references using APA formatting.

Write the definition for each of the following:

1. Law of Demand

2. Law of Supply

3. Price Elasticity of Demand

4. Macroeconomics

5. Microeconomics

Identify 2 Products whose demand is price elastic.

Which of the following graphs best demonstrates the law of demand?

a) I

b) II

c) III

d) IV

Which of the following graphs best demonstrates the law of supply?

a) I

b) II

c) III

d) IV

References

ECO 365 Week 1 Challenging Concepts

Recall the readings and activities you have completed this week and describe the one or two points

that were least clear to you. What questions do you have that would help you understand these

points better?

ECO 365 Week 2 Microeconomics and the Laws of Supply and

Demand

Complete one of the following options:

Option 1:

Complete the Supply and Demand Simulation.

Write a 1,050- to 1,400-word paper summarizing the content of the simulation and

address the following:

Identify two microeconomics and two macroeconomics principles or concepts

from the simulation/video.

Explain why you have categorized these selected principles or concepts as

microeconomics or macroeconomics.

Identify at least one shift of the supply curve and one shift of the demand curve in

the simulation/video.

Explain what causes the shifts, and how each shift affects the price, quantity, and

decision making.

Include responses to the following:

How might you apply what you learned about supply and demand from the

simulation/video to your workplace or your understanding of a real-world product

with which you are familiar?

How do the concepts of microeconomics help you understand the factors that

affect shifts in supply and demand on equilibrium price and quantity?

How do the concepts of macroeconomics help you understand the factors that

affect shifts in supply and demand on the equilibrium price and quantity?

How does the price elasticity of demand affect a consumer's purchasing and the

firm's pricing strategy as it relates to the simulation/video?

Cite a minimum of 3 peer reviewed sources.

Click the Assignment Files tab to submit your assignment.

Option 2:

Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1

Khan Academy Videos.

Write a 1,050- to 1,400-word paper summarizing the content of the simulation and

address the following:

Identify two microeconomics and two macroeconomics principles or concepts

from the simulation/video.

Explain why you have categorized these selected principles or concepts as

microeconomics or macroeconomics.

Identify at least one shift of the supply curve and one shift of the demand curve in

the simulation/video.

Explain what causes the shifts, and how each shift affects the price, quantity, and

decision making.

Include responses to the following:

How might you apply what you learned about supply and demand from the

simulation/video to your workplace or your understanding of a real-world product

with which you are familiar?

How do the concepts of microeconomics help you understand the factors that

affect shifts in supply and demand on equilibrium price and quantity?

How do the concepts of macroeconomics help you understand the factors that

affect shifts in supply and demand on the equilibrium price and quantity?

How does the price elasticity of demand affect a consumer's purchasing and the

firm's pricing strategy as it relates to the simulation/video?

Cite a minimum of 3 peer reviewed sources.

Click the Assignment Files tab to submit your assignment.

ECO 365 Week 2 Challenging Concepts

Recall the readings and activities you have completed this week and describe the

one or two points that were least clear to you. What questions do you have that

would help you understand these points better?

ECO 365 Week 3 Current Market Conditions Competitive Analysis

Imagine you are part of a strategic planning group at a large corporation that is

considering the development of a new product. The marketing director has asked you to

do a competitive market analysis to determine the product's potential success. The

analysis will focus on your primary competitor in the product's market.

Select a product and a competitor that produces the same or similar product.

Write a 1,400- to 1,750-word paper analyzing current market conditions addressing all of

the following topics:

Describe the product and give a short history of the competitor that produces it

Define the market for your chosen product, including an analysis of its competitors,

and customers.

List the factors that affect demand, supply, and prices in the market in which the

competitor operates

Predict the price and income elasticity of demand for the product (either through a

web search or by using theory to predict the coefficients)

List the factors affecting fixed and variable costs, including the protential for

economies of scale and the marginal productivity of labor.

Make recommendations on how your organization can maximize their profit-making

potential and successfully compete in the new market. Consider the effect your

recommendations may have on marginal revenues and costs.

Use a minimum of 3 peer reviewed sources.

Format your paper consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment and Share your paper with

members of your team.

ECO 365 Week 3 Share Current Market Conditions Competitive

Analysis

Share your Current Market Conditions Competitive Analysis paper with members of your

team.

Recall the readings and activities you have completed this week and describe the one or

two points that were least clear to you. What questions do you have that would help you

understand these points better?

ECO 365 Week 4 Differentiating Between Market Structures

You will apply important microeconomics concepts toward the competitive strategies of an

organization that operates in the market in which the product you wrote about in Week 3 is

sold. You will evaluate the differences between market structures and identify competitive

strategies consistent with the market structure that best aligns with the market in which

your product is sold. You will assess how market structure positively and negatively

affects your ability to earn an economic profit over time and evaluate the effectiveness of

the organization's competitive strategies.

Select a product from the products each of you wrote about in Week 3.

Identify the market structure in which this product is sold. Using the definitions in your

readings, clearly indicate why you chose that particular market structure. Be sure to

explain why you did not select three of the four following market structures:

Oligopoly

Perfect competition

Monopoly

Monopolistic competition

Identify three or more competitive strategies that you can use to maximize your profits

over the long run. Evaluate the effectiveness of these strategies in the market structure

you identified. Consider the following:

Expected changes in supply and demand

Price elasticity of demand

Market structure

Government regulations

Make recommendations related to the strategies you might consider to maximize your

profits and consider the following:

What are the ethical implications of these strategies?

Does this strategy align with your own values?

Cite a minimum of 3 peer reviewed sources.

Write a 1,400- to 1,750-word paper.

Format consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

ECO 365 Week 5 Current Market Conditions Competitive Analysis -

Differentiating Between Market Structures

Create a 12- to 16-slide PowerPoint® presentation in which your team answers all of the

questions asked in Week 3 and Week 4. Additionally, your team will consider how any or

all of the following may impact your initial answers:

Whether it is possible that new foreign or domestic companies will enter the

market or that mergers will narrow the market and how that will affect market

structure, price elasticity of demand, pricing, and the sustainability of profits

Whether current and expected government policies and regulations, including

taxes and regulations are possible in the future

Recommend how you may deal with each of the previous points.

Cite a minimum of 3 peer reviewed sources.

Click the Assignment Files tab to submit your assignment.