Eco 365 Week 4 Knowledge Check 1. What do economists mean when they say there is "market failure"? Correct answer: Free Markets yield results that economists do not consider socially optimal 2. If a market has no externalities‚ marginal private costsBottom of Form Correct Answer: equal marginal social costs 3. Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement Correct Answer: an externality 4. The size performance
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Week 2 Assignment Topic | Answer | What factor caused movement along the supply curve in the simulation? | By decreasing the availability of the units to 28%‚ there was a surplus of 550 units available. | Please include the graph of a movement along the supply curve. Refer to our textbook please. | | What factor caused shift of the supply curve in the simulation? | The higher the price of the rental unit‚ the more the supply increased. This caused a movement along the supply line to curve
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Week Three Team Activites ECO/365 Team Activity One Learning Team B feels that there are government programs that do assist in their local towns to attract more business and bring in employees. Our local towns are developing programs to manage solid waste activities‚ tax incentives‚ and low interest loans that will increase business and bring in new employees and retain employees. Many cities and towns offer tax incentives for companies to relocate to their area. They offer these
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For a firm to shut down in the short run‚ the average variable cost can avoid paying by shutting down exceed the price it would get for selling the good (Colander‚ pg. 328). At a certain point to continue producing and selling goods would get higher than the fixed costs of not producing the goods or service. As the text mentions‚ automakers will continue to produce at a loss because the labor is a fixed cost due to union agreements. These agreements state that the workers will get paid if they are
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ECO/365– Principles of Microeconomics– Final Exam Study Guide 2012 Remember to check out ACCNerd.com for the latest updates! 1) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent‚ other things being equal‚ the elasticity of demand for movie tickets is about: A. 0.0 B. 0.4 C. 0.6 D. 2.5 2) A basic difference between microeconomics and macroeconomics is that microeconomics A. focuses on the choices of individual consumers‚ while macroeconomics
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Kudler Fine Foods ECO/365 Kudler Fine Foods Kudler Fine Foods (KFF) is a specialty gourmet store established in 1998 in La Jolla‚ Ca by Kathy Kudler. Kudler has since opened two additional stores in Del Mar and Encinitas. Kathy Kudler is requesting a market analysis‚ a review of competitive strategies and recommendations based on the results to maximize profits. The consultation will cover marketplace competition while defining the strengths and weaknesses of KFF. Positive and negative points
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Laws of Supply and Demand Derrick Laron Gibson ECO/365 August 7‚ 2014 University of Phoenix Laws of Supply and Demand Your author has been given the responsibility of completing the demand and supply simulation and then discussing his thoughts on several questions presented before him. These questions deal heavily on microeconomics and macroeconomics with regards to managing approximately 3000 two bedroom apartments and their rentals. Your author will now address the questions as they were
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Running head: ARTICLE ANALYSIS PAPER Article Analysis Paper Name Eco 365‚ University of Phoenix Introduction During the early developmental years of life children are prone to varies eating habits that have adverse consequences when they are consuming too many of the wrong food groups. These youngsters find themselves eating more‚ exercising less‚ constantly tired‚ bored‚ and overweight. Many families are frequent fast food diners instead of enjoying a nutritious home
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Name Differentiating Between Market Structures in Kudler Date ECO/365 Instructor Differentiating Between Market Structures in Kudler Kudler Fine Foods is the brain child of Kathy Kudler. She envisioned a one stop gourmet food store and has grown to three locations to date. She continues to maintain direct control over large bulk purchase order items‚ stringent customer service policies‚ and hiring. The following is a discussion of how the organization competes in the marketplace and
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Differentiating Between Market Structures ECO/365 March 9‚ 2015 Introduction The concept of market structures and competitive strategies are important when attempting to compete in any market. Understanding what market structure your product falls under can help companies develop better competitive strategies and identify potential for loss and gains. The athletic footwear industry in the United States is highly profitable and continuously growing. In this paper I will identify market
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