ECO 561 Enthusiastic Study / snaptutorial.com

1. ECO 561 Week 1 Discussion Decision Making and Buyer Behavior For more classes visit www.snaptutorial.com ECO 561 Week 1 Discussion Decision Making and Buyer Behavior Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Monday Respond to the following in a minimum of 175 words: • People may make bad decisions because they fail to compare the relevant costs and benefits. Do you agree? Provide an example of when you made a bad decision, and an example of when you made a good decision. Did you compare the relevant costs and benefits? • Discuss an example of behavior you have observed that could be described as “smart for one but dumb for all.” Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses.

2. ************************************* ECO 561 Week 2 Discussion Competition and the Invisible Hand For more classes visit www.snaptutorial.com ECO 561 Week 2 Discussion Competition and the Invisible Hand Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Respond to the following in a minimum of 175 words: • Read the following statement and discuss if you agree or disagree, and your rationale: If the demand of illegal drugs is inelastic, increased arrests of illegal-drug sellers will increase total expenditures on illegal drugs. • Discuss at least 2 reasons for the change in this scenario: Early suppliers of more fuel-efficient cars were able to charge premium prices for them, but that ability faded as other suppliers adopted similar technologies.

3. Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. ************************************* ECO 561 Week 3 Discussion Explaining the Imperfections For more classes visit www.snaptutorial.com ECO 561 Week 3 Discussion Explaining the Imperfections Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Respond to the following in a minimum of 175 words: • Explain why monopoly sellers usually offer discount prices to buyers who are willing to mail in a rebate coupon or endure some other type of inconvenience.

4. • Discuss why traditional economic models find it difficult to explain why people would pay to attend weight-loss camps that restrict their daily calorie intake. ************************************* ECO 561 Week 4 Discussion Income Distribution and Labor Markets For more classes visit www.snaptutorial.com ECO 561 Week 4 Discussion Income Distribution and Labor Markets Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Respond to the following in a minimum of 175 words: • Discuss at least two self-interested reasons that a top earner might favor policies to redistribute income.

5. • Discuss why the supply curve of labor for any specific occupation is likely to be upward-sloping, even if, for the economy as a whole, people work fewer hours when wage rates increase. Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. ************************************* ECO 561 Week 5 Discussion Money Multiplier For more classes visit www.snaptutorial.com ECO 561 Week 5 Discussion Money Multiplier Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Watch the Money Multiplier:

6. Money Multiplier Transcript Respond to the following in a minimum of 175 words: This video explains the multiplier effect. How does the multiplier facilitate the creation of money? Note: Be careful you do not confuse the monetary multiplier with the “multiplier effect” that is associated with gross domestic product (GDP) and is also referred to as the spending multiplier or the GDP multiplier. Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. ************************************* ECO 561 Week 5 Discussion Open Economy Activities For more classes visit www.snaptutorial.com ECO 561 Week 5 Discussion Open Economy Activities Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

7. Due Thursday One standard that corporations use to evaluate their performance against their competitors is the set of rankings developed by Fortune magazine. These include the Fortune 500, the 100 Best Companies to Work For, and other lists. The public also uses these rankings to decide to what companies they should give their business Respond to the following in a minimum of 175 words: • Discuss who gains and who loses when an economy opens for trade. • Explain what determines exchange rates in the short and long run. Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. ************************************* ECO 561 Week 6 Discussion Economic Growth and Capital Flow For more classes visit www.snaptutorial.com

8. ECO 561 Week 6 Discussion Economic Growth and Capital Flow Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Respond to the following in a minimum of 175 words: • Discuss the following statement from Principles of Economics: “Because the environment is fragile and natural resources are finite, ultimately economic growth must come to an end.” • Explain why, in any period, a country’s net capital inflows equal its trade deficit? Include examples. Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. ************************************* ECO 561 Week 6 Discussion System Dynamics For more classes visit

9. www.snaptutorial.com ECO 561 Week 6 Discussion System Dynamics Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. Due Thursday Watch “System Dynamics” from the University Library. Respond to the following in a minimum of 175 words: Jackson uses a visual aid to show the circular flow model of the economy. How would you describe the creation of novelty? Due Monday Reply to at least 2 of your classmates. Be constructive and professional in your responses. ************************************* ECO 561T Apply Week 1 Assignment For more classes visit

10. www.snaptutorial.com ECO 561T Apply Week 1 Assignment 1) For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is: 2) Refer to the accompanying table below. The marginal cost of the 4th unit of activity is: 3) Refer to the accompanying table below. The average cost of 5 units of activity is: 4) Suppose the most you would Larry maximizes his economic surplus by attending: 19) Refer to the accompanying figure. If the price is $4 today and there is no change in either supply or demand, one would expect the price in the future to be: 20) Refer to the accompanying figure. At a price of $3, there will be:

11. ************************************* ECO 561T Apply Week 2 Assignment For more classes visit www.snaptutorial.com ECO 561T Apply Week 2 Assignment 1) If the price elasticity of demand for pineapples is 0.75, then a 4 percent increase in the price of pineapples will lead to a: 2) Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15 percent fewer sodas. The price elasticity of demand for sodas from the campus vending machines, therefore, is: 3) Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any price higher than P will lie on the ______ part of the demand curve, and any price lower than P will lie on the ______ part of the demand curve.

12. 4) A demand curve that is drawn as a vertical line has a price elasticity of demand equal to: 22) Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ___________ and the long-run elasticity as being ____________. ************************************* ECO 561T Apply Week 3 Assignment For more classes visit www.snaptutorial.com ECO 561T Apply Week 3 Assignment 6) A price setter is a firm that: 7) In many cities in the United States, a single firm provides electricity. Those firms are: 8) A pure monopoly exists when:

13. 9) If a firm functions in an oligopoly, it is: 10) An imperfectly competitive firm faces a demand curve that is: : one offers 10 percent off a pair of jeans that costs $100, and the other offers 50 percent off a pair of sunglasses that costs $20. Using either coupon requires driving to the shopping mall across town. According to the Weber-Fechner law, which coupon will people tend to perceive as being more valuable? ************************************* ECO 561T Apply Week 4 Assignment For more classes visit www.snaptutorial.com ECO 561T Apply Week 4 Assignment 1) The 6) Suppose Mo is considering whether to see Zombie Revenge III at her local movie theater. Tickets cost $12 each, but Mo isn’t

14. If supply shifts from S0 to S1 and demand shifts from D0 to D1, then ************************************* ECO 561T Apply Week 5 Assignment For more classes visit www.snaptutorial.com ECO 561T Apply Week 5 Assignment 1) The following graph is the production possibility curve for a three- person economy, with workers Janna, Drew, and Karl. The slope of the PPC between points X and Y is determined by _____ opportunity cost.

15. 2) Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries? 3) The following 18) There ************************************* ECO 561T Apply Week 5 Think Like an Economist For more classes visit www.snaptutorial.com Apply: Think Like an Economist Assignment Instructions The accompanying table shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.

16. Complete the following: • Calculate the total value of donations raised by three employees, and explain the method you used to make this calculation. • Calculate the total labor cost with four employees, and explain the method you used to make this calculation. • Analyze the relationship between average benefits and average costs by filling in the blanks in the following statement: o If the President • Determine when the net benefit of hiring fundraisers is the largest. Please Show your Work: ************************************* ECO 561T Apply Week 6 Assignment For more classes visit www.snaptutorial.com ECO 561T Apply Week 6 Assignment

17. 1) Average labor productivity times the proportion of the population employed equals: 2) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬A : ************************************* ECO 561T Entire Course For more classes visit www.snaptutorial.com ECO 561 Week 1 Discussion Decision Making and Buyer Behavior ECO 561 Week 5 Discussion Money Multiplier ECO 561T Apply Week 3 Assignment ECO 561T Apply Week 4 Assignment ECO 561T Apply Week 5 Assignment ECO 561T Apply Week 6 Assignment

18. ECO 561T Week 1 Video Question ECO 561T Week 2 Practice Knowledge Check ECO 561T Week 3 Practice Knowledge Check ECO 561T Week 5 Practice Knowledge Check ECO 561T Week 6 Practice Knowledge Check ************************************* ECO 561T Week 1 Video Question For more classes visit www.snaptutorial.com ECO 561T Week 1 Video Question 1)The table below shows your total benefit measured in dollars from drinking different amounts of coffee each day.what’s your marginal benefit from a second cup of coffee? Number of cups of coffee per day Total benefit per day(in dollars)

19. 0 0 1 5 2 9 3 12 4 14 9)An increase in demand is represented by a: ************************************* ECO 561T Week 2 Practice Knowledge Check For more classes visit www.snaptutorial.com ECO 561T Week 2 Practice Knowledge Check

20. 1)If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then the price elasticity of demand is equal to: 2)If 20 percent increase in the price of a good leads to a 60 percent decrease in the quantity demanded, then what is the price elasticity of demand? 3)When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is: 4)Suppose the company 23)Assume that all firms in this industry have *************************************

21. ECO 561T Week 3 Practice Knowledge Check For more classes visit www.snaptutorial.com ECO 561T Week 3 Practice Knowledge Check 1)If people use the representative heuristic they assume that something is ___ likely to belong to a category the more it shares characteristics thought to be representative of membership in that category 2)The ______ 15)According to the Weber fechner law the perceived 72)The Weber-Fechner law is the relationship according to which the perceived change in any stimulus:

22. ************************************* ECO 561T Week 5 Practice Knowledge Check For more classes visit www.snaptutorial.com ECO 561T Week 5 Practice Knowledge Check 1)An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the opportunity cost for Ricardo to produce one computer? 2)An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the most of each good that can be produced each day if each worker fully specializes according to his/her comparative advantage?

23. 3)An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one TV? ************************************* ECO 561T Week 6 Practice Knowledge Check For more classes visit www.snaptutorial.com ECO 561T Week 6 Practice Knowledge Check 1)How is real output per person calculated? 2)Y/POP=Y/N xN/POP is an:

24. 3)The most important factor for long run economic growth is: 4)If the share of the population employed is unchanged and real output per person increases by 20 percent,then it means that: 5)In the last 50years,the share of population employed in the U.S. has increased because: 6 in the country with: 17)If average labor productivity in two countries is the same, average living standards will be lower in the country with: 18)If 50 percent of the population in a country *************************************