ECO 204 Principles of Microeconomics, Ashford

ECO 204 Principles of
Microeconomics

ECO 204 Week 1 DQ 1 Circular Flow Diagram
Circular Flow Diagram. Explain how the circular flow diagram relates to the
current economic situation. Using the circular flow diagram, explain a way that
your family interacts in the factor market and a way that it interacts in the
products market.

ECO 204 Week 1 DQ 2 Supply and Demand
Supply and Demand.
Analyze how the law of demand applies to a recent purchase that you made.
Describe how the product has changed in price and explain whether the price
change is due to supply or demand. Did the change in price affect your decision
to purchase the item?

ECO 204 Week 1Quiz

ECO 204 Week 2 DQ 1 Elasticity
Elasticity.
Analyze the determinants of the price elasticity of demand and determine if
each of the following products are elastic or inelastic:
a. bottled water
b. toothpaste
c. cookie dough ice cream
d. fresh green beans
e. gasoline
In your analysis, please make
sure to explain your reasoning and relate your answers to the characteristics
of the determinants of the price elasticity of demand.

ECO 204 Week 2 DQ 2 Externalities
Externalities.
Explain the difference between a positive and negative externality. In your
analysis, make sure to provide an example of each type of externality. Why does
the government need to get involved with externalities to bring about market
efficiency? What solutions need to be provided for your examples?

ECO 204 Week 2 Raise or Lower Tuition

Raise or Lower
Tuition?You have been hired
by Nobody State University (NSU) as a consultant to help the university with
how to increase their total revenue. The university has been struggling in
recent years, so they have hired you to help them in their last attempt to find
an appropriate solution so that the university can survive.
Raise or Lower Tuition? Suppose
that, in an attempt to raise more revenue, Nobody State University increases
its tuition.
Assess a raise in tuition and if
it will necessarily result in more revenue.
Describe the conditions under
which revenue will (a) rise, (b) fall, or (c) remain the same.
Explain the process of revenue
at NSU, focusing on the relationship between the increased revenue from
students enrolling at NSU despite the higher tuition and the lost revenue from
possible lower enrollment.
If the true price elasticity
were (-1.2), discuss what you would suggest the university do to expand
revenue.
Using what you have learned in
this course, explain how you would resolve this problem if you were the
President of NSU.
In a three- to five-page paper
(not including title and reference pages), provide subheadings or separate
paragraphs for each of the questions listed to help focus your paper for the
executives that have requested it. Support your paper with at least two academic
sources from the Ashford Library.
You are required to format your
paper according to APA style guidelines.

ECO 204 Week 3 DQ 1 Short and Long Run

Short and Long Run. Let’s assume that you own a fast food restaurant and
you are faced with many customers each day eating in the restaurant without any
tables. Describe the difference between the short run and long run in the
example to bringing about more tables for the customers. How is the restaurant
able to differentiate between the short run and long run?

ECO 204 Week 3 DQ 2 Fixed and Variable Costs
Fixed and Variable Costs. After reading Chapter 8 in the text and viewing the
required video for this week,Fixed, variable, and marginal cost,
address the following in your initial post:
a. First, describe several
different fixed costs and variable costs associated with operating an
automobile.
b. Next, assume that you would
like to travel from Los Angeles to New York City by either car or plane. Which
costs would you take into account in making your decision, fixed costs,
variable costs or both? Make sure to explain your analysis in the decision that
you have to make.

ECO 204 Week 3 Quiz
ECO 204 Week 4 DQ 1 Market Structures
Market Structures. Explain the most important characteristic in perfect
competition, monopolistic competition, oligopoly, and monopolies and relate the
characteristic to how these firms can make profits in the short run. In your
analysis, make sure to relate an example for each of the market structures
listed and how it relates to the particular characteristics.

ECO 204 Week 4 DQ 2 Barriers to Entry
Barriers to Entry. Analyze the major barriers for entry and exit into the
airline industry. Explain how each barrier can foster either monopoly or
oligopoly. What barriers, if any, do you feel give rise to monopoly that will
allow the government to become involved to protect consumers?

ECO 204 Week 4 Quiz
ECO 204 Week 5 DQ 1 Transfers
Transfers. Why would cash transfers typically be preferred by
recipients over in-kind transfers? What are the pros and cons of each from a
government perspective? Respond to at least two of your classmates.

ECO 204 Week 5 DQ 2 Tariffs and Quotas
Tariffs and Quotas. Who gains and who loses from a tariff? How do the
effects of tariffs differ from the effects of quotas? If you were a small
country, what would you rather utilize?

ECO 204 Week 5 Final Paper
Focus of the Final Paper
Market Structures
You have been hired as a
consultant by your local mayor to look at the various market structures. Your
role is to provide analysis and answers to these important questions that will
help the mayor understand the structures of many of the businesses in his city:
1. Describe each market
structure discussed in the course (perfect competition, monopolistic
competition, oligopoly, and monopoly) and discuss two of the market
characteristics of each market structure.
2. Identify one real-life
example of a market structure in your local city and relate your example to
each of the characteristics of the market.
3. Describe how high entry
barriers into a market will influence long-run profitability of the firms.
4. Explain the competitive
pressures that are present in markets with high barriers to entry.
5. Explain the price elasticity
of demand in each market structure and its effect on pricing of its products in
each market.
6. Describe how the role of the
government affects each market structure’s ability to price its products.
7. Discuss the effect of
international trade on each market structure.
Your paper will need to include
a title page, a reference page, and in-text citations properly formatted
according to the APA style guide. Also, your content should be eight to ten
pages, which does not include your reference or title page. You will need to
include at least five scholarly sources from the Ashford Library in your paper
as part of your research to support your analysis.