ECO 204 ASH Tutorial / Uoptutorial

1. ECO 204 ASH Tutorial / Uoptutorial For more course tutorials visit www.uoptutorial.com Get Ready to grant success at exam by shop at uoptutorial

2. ECO 204 ASH Tutorial / Uoptutorial ECO 204 ENTIRE COURSE ECO 204 Week 1 DQ 1 Elasticity of Demand • ECO 204 Week 1 DQ 1 Elasticity of Demand • ECO 204 Week 1 DQ 2 Marginal Utility • ECO 204 Week 2 DQ 1 Tax Credits and the Labor Market • ECO 204 Week 2 DQ 2 Reduction of Costs • ECO 204 Week 3 DQ 1 Perfect Competition • ECO 204 Week 3 DQ 2 Oligopoly/Monopolistic Competition • Elasticity of Demand: • Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result. However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides? What were taxicab drivers assuming about the elasticity of demand? Respond to at least two of your fellow students’ postings.

3. ECO 204 ASH Tutorial / Uoptutorial ECO 204 Week 1 DQ 2 Marginal Utility ECO 204 Week 2 DQ 1 Tax Credits and the Labor Market • Marginal Utility: • Suppose that you observe that total utility rises as more of an item is consumed. What can you say for certain about marginal utility? Can you say for sure that it is rising or falling or that it is positive or negative? When does the law of diminishing marginal utility set in and what does this illustrate about where you should stop consuming if you were eating at an all you can eat buffet? Respond to at least two of your fellow students’ postings • Tax Credits and the Labor Market: • Many states provide firms with an “investment tax credit” that effectively reduces the price of capital. In theory, these credits are designed to stimulate new investment and thus create jobs. Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market? Respond to at least two of your fellow students’ postings 

4. ECO 204 ASH Tutorial / Uoptutorial ECO 204 Week 2 DQ 2 Reduction of Costs ECO 204 Week 3 Assignment Manufacturing Industry Evaluation • Reduction of Costs: • In an effort to reduce their total costs, many companies are now replacing paychecks with payroll cards, which are stored-value cards onto which the companies can download employees’ wages and salaries electronically. If the only factor of production that a company varies in the short run is the number of hours worked by people on its payroll, would shifting from paychecks to payroll cards reduce the firm’s total fixed costs or its total variable costs? Explain your answer and respond to at least two of your fellow students’ postings. • Manufacturing Industry Evaluation: • Economists sometimes use concentration ratios to evaluate whether industries are oligopolies. In this assignment, you will make your own determination using the most recent data available. You will also discuss the merits and disadvantages of oligopolies in light of your research. • Go to the Concentration Ratios in Manufacturing page at the website of the U.S. Census Bureau, click on the PDF of the most recent Economic Census for Manufacturing (NAICS 31-33), and answer the following questions in a two to three page paper formatted according to APA style.

5. ECO 204 ASH Tutorial / Uoptutorial ECO 204 Week 3 DQ 1 Perfect Competition ECO 204 Week 3 DQ 2 Oligopoly • Perfect Competition: • A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium with firms operating at their minimum efficient scale. Why is a perfect competitive firm associated with efficiency for both consumers and businesses? Respond to at least two of your fellow students’ postings • Oligopoly/Monopolistic Competition. Which of the following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Make sure in your answer to relate it to the characteristics of the market structures. Explain your answer. If you are not sure, what information do you need to know to decide? Respond to at least two of your fellow students’ postings. • a. Athletic shoes • b. Restaurants

6. ECO 204 ASH Tutorial / Uoptutorial ECO 204 Week 4 DQ 1 Externalities ECO 204 Week 4 DQ 2 Tax Base • Externalities: • It has been proposed that toll collection on the Massachusetts Turnpike, a key commuter route into Boston from the west, be discontinued. Proponents argue that tolls have long ago paid for the cost of building the road; now they just provide cash for tax bureaucracy. A number of economists are opposing the repeal of tolls on the grounds that they serve to internalize externalities. • Tax Base: • Suppose a special tax was introduced that used the value of one’s automobile as the tax base. Each person would pay taxes equal to 10 percent of the value of his or her car. Would the tax be proportional, progressive, or regressive? What assumptions do you make in answering this question? Do you think the tax that was imposed either efficient or equitable? Respond to at least two of your fellow students’ postings.

7. ECO 204 ASH Tutorial / Uoptutorial ECO 204 Week 5 DQ 1 Comparative and Absolute Advantage ECO 204 Week 5 DQ 2 Equity versus Growth • Comparative and Absolute Advantage: • If you were President of the US and you were making decisions on trading, would you rather have a comparative or absolute advantage in trading? Can you have both a comparative and absolute advantage in trading? If so, what if at all would be the benefit for your country to trade with any other country? Respond to at least two of your fellow students’ postings • Equity versus Growth: • For a developing country to grow, it needs capital. The major source of capital in most countries is domestic saving, but the goal of stimulating domestic saving usually is in conflict with government policies aimed at reducing inequality in the distribution of income. Comment on this trade-off between equity and growth. How would you go about resolving the issue if you were the president of a small, poor country? Respond to at least two of your fellow students’ postings.

8. ECO 204 ASH Tutorial / Uoptutorial ECO 204 Week 5 Final Paper • Focus of the Final Paper • Review the following information pertaining to the potato chip industry and answer the questions below in a five to six double spaced page paper (not including title and reference pages). • In 2007, the potato chip industry in the Northwest was competitively structured and in long-run competitive equilibrium; firms were earning a normal rate of return and were competing in a monopolistically competitive market structure. In 2008, two smart lawyers quietly bought up all the firms and began operations as a monopoly called “Wonks.” To operate efficiently, Wonks hired a management consulting firm, which estimated a different long-run competitive equilibrium.