BU 224 Entire Course of Purdue University Global

1. BU 224 Entire Course of Purdue University Global | Just Question Answer Get help BU 224 Entire Course of Purdue University Global. We provide assignment, homework, discussions and case studies help for all subjects of Purdue University Global for Session 2018-2019. We are providing BU 224 Homework help, Study material, Notes, Documents, and BU 224 Write ups to the students of Purdue University Global. Just question answer is one of the best assignment helper of Advanced Studies in Microeconomics (BU 224). Provides: -

2. Purdue University Global Course Help Purdue University Global Coursework Help Purdue University Global Courses BU 224 Week 1 Discussion 1 | Assignment Help | Purdue University Global Topic: Critical Thinking Should I buy this thing or that thing? Should I spend more of my time doing this thing, or doing that thing? Should I save more money for the future, or should I spend it now on things I “need”? As a business executive, should I raise prices a little higher, keep prices the same, or lower prices? As a business executive, should I produce more now, keep production at the same level, or reduce output? As a business executive, should I buy out a competitor, or not?

3. All these questions, in one way, or another, are economic decisions because economics deals with decisions that everyone makes. To appreciate the complexity of economic decisions, it is important to utilize critical thinking skills in your analysis. Please view the following videos below. First, watch the Career Services Overview video. Here is a link to the PDF transcript. Then, watch the Critical Thinking video. Here is a link to the PDF transcript. After you have viewed the Critical Thinking video, using the STAR approach that is explained in the video, discuss the following questions: a. Think of the last two major things you bought. Why did you buy them? What were your opportunity costs in making the purchase? What would have been the opportunity cost, if you had NOT made the purchase? (Not all opportunity costs are measured in money.) b. Did those selling them to you provide the goods because they cared about your needs? What was their REAL motivation? c. When you go to work, why do you “sell” your labor to that organization? Do you really care what the owner of the organization really wants? d. Finally, discuss how you see critical thinking playing a part in your studies during this course? Visit details/63328/bu-224-week-1-discussion-1-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution-

4. BU 224 Week 1 Assignment Help | Purdue University Global Assignment Details Download your Assignment Template, instructions and grading rubric document from Course Documents. You will find this in the "Course Resources" module in the left navigation area which is located under your Digital Book. Select the “Load More” button at the bottom of the list to view all the available documents. Look for the document entitled: Unit 1 Assignment Template Before you submit your Assignment, you should save your work on your computer in the location that you will remember, using the naming convention specified in the Assignment template. Make sure your Assignment is in the appropriate format (Word, Excel®, PowerPoint, or other), then, when you are ready, submit to the Unit 1 Assignment Dropbox. Visit details/63329/bu-224-week-1-assignment-help-purdue-university-global Answer: - https://www.justquestionanswer.com/homework-solution-

5. BU 224 Week 2 Discussion | Assignment Help | Purdue University Global Previous Next Topic: Scarcity Solutions Do some research on the country of Ethiopia and discuss: a. Who in the Ethiopian society has the most difficult time dealing with scarcity? b. What do they need most? c. How can their society provide for their wants and needs? d. Why are they so impoverished? e. What can their governments do to help, or hinder their country's development? f. Could Ethiopia become an excellent producer and exporter of goods? How would Ethiopia compare with Japan? Japan is a country relatively POOR in natural resources, yet it is an economic world powerhouse. What are the differences between the two countries? Visit details/63330/bu-224-week-2-discussion-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution-

6. BU 224 Week 3 Discussion | Assignment Help | Purdue University Global Topic: Marijuana There is much discussion in the press about several states moving to legalize marijuana, either for only medical purposes or more extremely, for recreational purposes. Looking only at the economic impact (not moral implications) of such changes in the laws, discuss how the existing system of supply and demand for illegal marijuana will be changed with the new legalization. a. What will happen to exist supply avenues? b. Will legalization significantly change demand? How? c. Would one expect prices to change significantly? How? d. What would be the costs and benefits to governments, both in changes in enforcement requirements and in potential tax revenue?

7. Visit details/63331/bu-224-week-3-discussion-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 2 Assignment Help | Purdue University Global Assignment Details It is strongly recommended that you complete this Learning Activity after completing all the unit readings and before beginning your Assignment. This will help you practice important concepts related to skills needed for the Assignment. Assignment 1. How much does international trade affect you personally? Look at any 10 items around your home that you have purchased in the last year. Where were they made? How many were made in America, compared to how many were foreign made? What things does America export to other countries? What things does America import from other countries? How does what you have learned about Comparative Advantage affect this trade? 2. Currently there is a lot of talk among politicians about imposing tariffs on foreign made products imported into the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. What is a tariff? Who ultimately pays the tariff? Who gets the proceeds from the tariffs? What is the money used for? Discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of tariffs

8. on imports to the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. 3 In considering the foreign trade issue, discuss how the background, education and cultures of the people in the U.S. and the cultures in each trading country affect their understanding of the importance of foreign trade. Discuss the importance of your ability to understand and accept multiple cultural differences in a global context. What recommendations would you suggest to increase American understanding and acceptance of foreign cultures? Read details/63332/bu-224-week-2-assignment-help-purdue-university-global More: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 3 Assignment Help | Purdue University Global Learning Activity It is strongly recommended that you complete this Learning Activity after completing all the unit readings and before beginning your Assignment. This will help you practice important concepts related to skills needed for the Assignment.

9. Assignment Demand and Supply AB224-1: Examine how various supply and demand scenarios affect the way prices and quantities are set by market interactions in perfectly competitive markets. Questions 1. In ancient days a tribe of natives on the mythical continent of Atlantis was able to produce two commodities to eat. They could harvest fish from the sea and they could grow a form of wild oats. Table 1.a. and Graph 1.a. both show the maximum annual output combinations of fish and wild oats that could be produced by the natives of Atlantis. a. Could the Atlantis tribe have produced800 bushels of wild oats and 5,000 kilograms of fish at the same time? Explain your answer. Where would this point lie relative to the production possibility frontier? Read details/63333/bu-224-week-3-assignment-help-purdue-university-global More: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 4 Discussion | Assignment Help | Purdue University Global Topic: Diminishing Marginal Utility

10. 1. Pretend that you have just been surprised with a genuine email that says you have just been selected by your favorite pizza delivery company that every day for the next month you will receive your favorite pizza for lunch and another of that same favorite pizza for dinner delivered to your home and ready to eat. a. Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning. b. What about your excitement on the 10th day? c. What about your excitement on the 30th day? Now, pretend that your favorite national brand gasoline company informs you that you have won as much as you want free gasoline, as much as you want, from any of their gas stations, anywhere in the country every day for a year. . Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning a. What about your excitement on the 10th day? b. What about your excitement on the 30th day? Again, considering the concept of utility, what makes these two scenarios different?

11. Visit details/63460/bu-224-week-4-discussion-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 4 Assignment Help | Purdue University Global Assignment Details Questions 1. Jane has been working all day, missing both her breakfast and lunch. Finally able to leave work, after being required to work a couple of hour’s overtime, she is starving. Jane has $20 in her pocket, so she stops at a local fast food restaurant and orders a grilled chicken sandwich (somewhat healthy) and fries (not so healthy). As she sits down to eat them, a Kaplan University student approaches her and tells her that she is doing a research project for her microeconomics course, and would like to ask Jane a few quick questions. Jane agrees and the student asks what “score” (Marginal Utility) from 1 to 100 would she give as her satisfaction level with the 1st sandwich and the 1st fries? After eating that order, Jane is still hungry and orders a second chicken sandwich

12. and other fries. Again, the student asks Jane to give her new scores. Since Jane has not eaten all day, she is hungry enough to order a third round of food and again gives “scores” to the inquisitive student. Below is the Kaplan student’s completed experiment tally sheet of Jane’s marginal utility “scores” and the calculation of her marginal utility per dollar, given that each sandwich costs $4.00 and each order of fries costs $2.00, along with her budget of $20. The student filled in the shaded cells based on Jane’s responses then computed the values in the remaining cells. Using this information, answer the following questions: Read details/63461/bu-224-week-4-assignment-help-purdue-university-global More: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 5 Discussion | Assignment Help | Purdue University Global Topic: Tailored Clothes 1. Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. When you arrive at the tailor shop, the posted price for the item is $150. Discuss how this scenario relates to producer and consumer surplus and how such surpluses, if any, affect buying and manufacturing decisions. 2. Discuss any recent purchases you have made and for which you feel that a similar rationale seemed to be at work.

13. Visit details/63936/bu-224-week-5-discussion-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 5 Assignment Help | Purdue University Global Assignment Details Learning Activity It is strongly recommended that you complete this Learning Activity after completing all the unit readings and before beginning your Assignment. This will help you practice important concepts related to skills needed for the Assignment. Assignment Download your Assignment Template, instructions and grading rubric document from Course Documents. You will find this in the "Course Resources" module in the left navigation area which is located under your Digital Book. Select the “Load

14. More” button at the bottom of the list to view all the available documents. Look for the document entitled: Unit 5 Assignment Template Before you submit your Assignment, you should save your work on your computer in a location that you will remember, using the naming convention specified in the Assignment template. Visit details/63937/bu-224-week-5-assignment-help-purdue-university-global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 6 Discussion | Assignment Help | Purdue University Global Topic: Prescription Medications Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from the chapter in this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer. 1. In the first case, assume the medication is for a life-threatening illness for which your child has been diagnosed. 2. In a second case, assume the medication is for improved quality of life issues, such as achieving a healthy weight.

15. 3. What are the impacts that the pharmaceutical company that makes the medications in question will experience? How will that affect the pharmaceutical company’s production decisions? What about its decisions to conduct further research into new drugs? Visit details/63938/bu-224-week-6-discussion-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 6 Assignment Help | Purdue University Global Assignment Details It is strongly recommended that you complete this Learning Activity after completing all the unit readings and before beginning your Assignment. This will help you practice important concepts related to skills needed for the Assignment. Assignment

16. Download your Assignment Template, instructions and grading rubric document from Course Documents. You will find this in the "Course Resources" module in the left navigation area which is located under your Digital Book. Select the “Load More” button at the bottom of the list to view all the available documents. Look for the document entitled: Unit 6 Assignment Template Before you submit your Assignment, you should save your work on your computer in a location that you will remember, using the naming convention specified in the Assignment template. Visit details/63939/bu-224-week-6-assignment-help-purdue-university-global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 7 Discussion | Assignment Help | Purdue University Global Topic: Increase in Fixed Costs 1. Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following? a. the firm's AFC (average fixed cost); b. the firm’s AVC (average variable cost);

17. c. the firm’s ATC (average total cost); and, d. the firm’s MC (marginal cost)? 2. What changes, if any, is there likely to be in these same cost CURVES? Visit details/63940/bu-224-week-7-discussion-assignment-help-purdue-university- global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 7 Assignment Help | Purdue University Global Assignment Details Download your Assignment Template, instructions and grading rubric document from Course Documents. You will find this in the "Course Resources" module in the left navigation area which is located under your Digital Book. Select the “Load More” button at the bottom of the list to view all the available documents. Look for the document entitled: Unit 7 Assignment Template

18. Before you submit your Assignment, you should save your work on your computer in the location that you will remember, using the naming convention specified in the Assignment template. Make sure your Assignment is in the appropriate format Visit details/63941/bu-224-week-7-assignment-help-purdue-university-global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 8 Discussion | Assignment Help | Purdue University Topic: Your Own Business Assume that you are going to start a small business of your own. Describe the business and discuss the following: a)What costs you would incur; b)What competition you might experience; c)How you would determine the price you would sell your product; and, d)How much product you would produce?

19. Visit details/63942/bu-224-week-8-discussion-assignment-help-purdue-university Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 8 Assignment Help | Purdue University Global Assignment Details Learning Activity It is strongly recommended that you complete this Learning Activity after completing all the unit readings and before beginning your Assignment. This will help you practice important concepts related to skills needed for the Assignment. Assignment Download your Assignment Template, instructions and grading rubric document from Course Documents. You will find this in the "Course Resources" module in the left navigation area which is located under your Digital Book. Select the “Load More” button at the bottom of the list to view all the available documents. Look for the document entitled:

20. Unit 8 Assignment Template Before you submit your Assignment, you should save your work on your computer in a location that you will remember, using the naming convention specified in the Assignment template. Visit details/63943/bu-224-week-8-assignment-help-purdue-university-global Answer: - https://www.justquestionanswer.com/homework-solution- BU 224 Week 10 Final Exam | Assignment Help | Purdue University Global Question 1 Governmental pricing regulation of a monopoly should strive to accomplish which of the following? Options: a) Setting a legal price ceiling equal to the monopoly’s lowest average variable cost. b) Setting a legal price ceiling equal to the monopoly’s lowest average total cost. c) Setting a legal price ceiling below the monopoly’s lowest average total cost.

21. d) Setting a legal price ceiling below the monopoly’s lowest average variable cost. e) Setting a legal price ceiling above the monopoly’s lowest average total cost. Question 2 For a monopoly, what is the price effect? Options: a) The change in total revenue caused by the new customers now paying the old price. b) The change in marginal revenue caused by the new customers now paying the new price. c) The change in total revenue caused by the new customers now paying the new price. d) The change in total revenue caused by old customers now paying the new price. e) The change in marginal revenue caused by old customers now paying the new price.

22. Question 3 Table 2 shows Media Cable’s demand table, total revenue, and marginal revenue at each price. What is the price effect of reducing the price from $100 to $80? Table 2 Price Amount Demanded Total Revenue Marginal Revenue $160 0 $0 n/a $130 90 $11,700 $130.00 $100 200 $20,000 $75.45 $80 350 $28,000 $53.33 $40 600 $24,000 -$16.00

23. $0 850 $0 -$96.00 Options: a) $4,000 b) -$20,000 c) $28,000 d) -$4,000 e) $12,000 Question 4 Media Cable, a typical utility-based monopoly, provides cable service in a rural community. Table 1 shows the demand that Media Cable experiences at each price and Graph 1 depicts Media Cable’s demand curve. Why does such a monopoly face a downward sloping demand curve? Table 1

24. Price Amount Demanded $160 0 $130 100 $100 200 $80 400 $40 600 $0 850 Graph 1 Options: a) More people are going to want to pay the minimum price offered. If they are offering free cable then many people will want to take advantage of that. b) More people are willing to pay for cable as the price of cable service decreases.

25. c) Because the price Media Cable expects to receive for its output will not remain constant as output increases. d) Because fewer people are willing to pay a higher price. More people are willing to pay a lower price but Media Cable is less willing to provide the service at the lower price. e) Because Media Cable is the only producer of cable in this market, so its demand curve is the market demand curve for the entire industry. Question 5 Table 2 shows Media Cable’s demand table, total revenue, and marginal revenue at each price. What is the quantity effect of reducing the price from $100 to $80? Table 2 Price Amount Demanded Total Revenue Marginal Revenue $160 0 $0 n/a $130 90 $11,700 $130.00 $100 200 $20,000 $75.45

26. $80 350 $28,000 $53.33 $40 600 $24,000 -$16.00 $0 850 $0 -$96.00 Options: a) $4,000 b) -$20,000 c) $28,000 d) -$4,000 e) $12,000 Read details/63736/bu-224-week-10-final-exam-assignment-help-purdue-university- global More: - https://www.justquestionanswer.com/homework-solution-