ECO 561 MART T Your Future Our Mission--eco561mart.com

1. ECO 561 MART T Your Future Our Mission--eco561mart.com

2. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 1 Discussion Decision Making and Buyer Behavior FOR MORE CLASSES VISIT www.eco561mart.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?

3. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 2 Discussion Competition and the Invisible Hand FOR MORE CLASSES VISIT www.eco561mart.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:

4. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 3 Discussion Explaining the Imperfections FOR MORE CLASSES VISIT www.eco561mart.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. • 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.

5. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 4 Discussion Income Distribution and Labor Markets FOR MORE CLASSES VISIT www.eco561mart.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. • 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

6. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 5 Discussion Money Multiplier FOR MORE CLASSES VISIT www.eco561mart.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: 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?

7. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 5 Discussion Open Economy Activities FOR MORE CLASSES VISIT www.eco561mart.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. 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.

8. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 6 Discussion Economic Growth and Capital Flow FOR MORE CLASSES VISIT www.eco561mart.com 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.”

9. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561 Week 6 Discussion System Dynamics FOR MORE CLASSES VISIT www.eco561mart.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.

10. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 1 Assignment FOR MORE CLASSES VISIT www.eco561mart.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 be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:

11. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 2 Assignment FOR MORE CLASSES VISIT www.eco561mart.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:

12. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 3 Assignment FOR MORE CLASSES VISIT www.eco561mart.com ECO 561T Apply Week 3 Assignment 1) The essential feature that differentiates imperfectly competitive firms from perfectly competitive firms is that an imperfectly competitive firm: 2) If a firm faces a downward-sloping demand curve, then: 3) Given the demand curve it faces, if an imperfectly competitive firm wants to sell another unit of output, it must: 4) To sell an extra unit of output, a perfectly competitive firm ______, and an imperfectly competitive firm ______.

13. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 4 Assignment FOR MORE CLASSES VISIT www.eco561mart.com ECO 561T Apply Week 4 Assignment 1) The optimal amount of information to acquire before making a purchase is: 2) This graph illustrates the marginal costs and marginal benefits of acquiring information before making a major purchase. Suppose the marginal cost and marginal benefit curves were MC0 and MB0 several decades ago. However, because information about this product is now available online, the: 3) The free-rider problem occurs when: 4) Pat goes to the local electronics store to learn about high-end audio equipment.

14. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 5 Assignment FOR MORE CLASSES VISIT www.eco561mart.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. 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?

15. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 5 Think Like an Economist FOR MORE CLASSES VISIT www.eco561mart.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. 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.

16. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Apply Week 6 Assignment FOR MORE CLASSES VISIT www.eco561mart.com ECO 561T Apply Week 6 Assignment 1) Average labor productivity times the proportion of the population employed equals: 2) ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬A nation's standard of living, as measured by real GDP per person, increases: 3) If average labor productivity increases, real GDP per person: 4) Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?

17. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Entire Course FOR MORE CLASSES VISIT www.eco561mart.com ECO 561 Week 1 Discussion Decision Making and Buyer Behavior ECO 561 Week 2 Discussion Competition and the Invisible Hand ECO 561 Week 3 Discussion Explaining the Imperfections ECO 561 Week 4 Discussion Income Distribution and Labor Markets ECO 561 Week 5 Discussion Money Multiplier ECO 561 Week 5 Discussion Open Economy Activities ECO 561T Apply Week 5 Think Like an Economist ECO 561 Week 6 Discussion System Dynamics

18. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Week 1 Video Question FOR MORE CLASSES VISIT www.eco561mart.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) 0 0 1 5 2 9 3 12 4 14 5 15 2)The table below shows your total benefit measured in dollars from drinking different amounts of coffee each day.If each cup of coffee costs you $2.50,then how many cups of coffee should you drink each day? Number of cups of coffee per day Total benefit per day(in dollars) 0 0 1 5 2 9 3 12 4 14 5 15 3)The opportunity cost of an action is equal to:

19. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Week 2 Practice Knowledge Check FOR MORE CLASSES VISIT www.eco561mart.com ECO 561T Week 2 Practice Knowledge Check 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:

20. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Week 3 Practice Knowledge Check FOR MORE CLASSES VISIT www.eco561mart.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 ______ heuristic is the rule of thumb that estimates the frequency of an event by the ease with which it is possible to summon examples from memory 3)In traditional economic models the decision-maker often referred to as homo economicus is assumed to be

21. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Week 5 Practice Knowledge Check FOR MORE CLASSES VISIT www.eco561mart.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

22. ECO 561 MART T Your Future Our Mission--eco561mart.com ECO 561T Week 6 Practice Knowledge Check FOR MORE CLASSES VISIT www.eco561mart.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: 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)If Y/N equals $3,000/person and N/Pop equals 0.9,then real output per person is:

23. ECO 561 MART T Your Future Our Mission--eco561mart.com