Scarcity is the starting point for studying economics. Resources are limited while human wants are unlimited.
Scarcity is the starting point for studying economics. Resources are limited while human wants are unlimited. Prior to beginning work on this discussion, read Chelsea Follett’s article, Are Humans Prepared to Overcome Resource Scarcity in the Future? (Links to an external site.), as well as Chapter 1 Section 1.2 in your textbook, and respond to the following:
Explain what resources are.
Evaluate why current resource scarcity is problematic.
What future problems would result from scarce resources?
Do you agree or disagree, and why, with Chelsea Follett about overcoming future resource scarcity?
Recommend how to overcome present and future resource scarcity.
Your initial post should be a minimum of 300 words.
DQ2 Coke Versus Pepsi [WLO: 4] [CLOs: 1, 2, 3]
A change in quantity demanded (or a movement along the demand curve) is caused by a change in its own price while a change in demand (or a shift of the demand curve) is caused by a change in nonprice determinants that include changes in consumers’ income, taste or preference, price of other goods, expected future price, etcetera. Respond to the following:
If Coke’s price increases, what will happen to the demand or quantity demanded for Pepsi, all other things being equal?
Explain whether it is a movement along the demand curve or a shift of the demand curve.
If Coca-Cola develops a new technology that makes Coke tastier, what will happen to the supply curve and demand curve for Coke?
Is the demand (curve or schedule) for Coke or Pepsi seasonally different?
What is the relationship between Coke and Pepsi? Do they have the same demand curve or are they different? Explain your reasoning.
Your initial post should be a minimum of 300 words.
ECO204 Principles of Microeconomics
Week 2 Discussion
DQ1 The Price Elasticity of Demand [WLOs: 1, 2] [CLOs: 1, 2, 3]
The price elasticity of demand is people’s responsiveness of quantity demanded (or consumption) when there is a change in price.
Respond to the following:
Identify the determinants of the price elasticity of demand. Explain each one.
Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.
Distinguish between a necessity and a luxury.
How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?
Your initial post should be a minimum of 300 words.
DQ2 Externalities [WLO: 4] [CLOs: 1, 2, 4, 6, 7]
Externalities are costs or benefits associated with consumption or production that are not incurred by the consumer or producer and are therefore not reflected in market prices. The cost or benefit of an externality remains external when falling to parties other than the buyer or seller.
Respond to the following:
Describe some differences between a positive externality and a negative externality.
Provide one example of a positive externality and a negative externality, respectively. Explain your reasoning.
How could you solve your examples of externalities to attain market efficiency?
Does the government need to intervene with externalities to effect market efficiency?
Your initial post should be a minimum of 300 words.
ECO204 Principles of Microeconomics
Week 3 Discussion
DQ1 Production in the Short Run [WLOs: 1, 2] [CLOs: 1, 2, 3]
Sarah owns a bakery that has four ovens, one full-time exempt administrative employee, and eight part-time hourly bakers.
Based on this information, respond to the following:
Distinguish between the short run and the long run. What will differentiate the short run and the long run?
Describe fixed inputs and variable inputs. Which inputs are fixed and which are variable in Sarah’s bakery?
Why would marginal productivity decline after a certain level of production?
How can this problem of diminishing returns or marginal productivity be reduced or removed?
Your initial post should be a minimum of 300 words.
DQ2 Long-Run Average Cost and Economies of Scale [WLOs: 3, 4] [CLOs: 1, 2, 3]
Prior to beginning work on this discussion, read David Trainer’s article, Sysco Feasts on Economies of Scale for Strong Competitive Advantage (Links to an external site.), as well as Chapter 8 in your textbook, and respond to the following:
How can the long-run average cost (LRAC) curve be derived from the short-run average total cost (SRATC) curve?
Describe economies of scale and diseconomies of scale.
What are the determinants of economies of scale and diseconomies of scale, respectively?
Using a real-world company (other than Sysco), explain the causes of economies of scale for your company.
How would economies of scale help your company compete in its industry?
Your initial post should be a minimum of 300 words.
ECO204 Principles of Microeconomics
Week 4 Discussion
DQ1 The Ethics of Big Data [WLO: 1] [CLOs: 4, 5]
Prior to beginning work on this discussion, read Ellen Martin’s article, The Ethics of Big Data (Links to an external site.).
Based on the article’s content, respond to the following:
Describe the microeconomic principles being used. What is the impact for demand?
Evaluate the different market structures that big data benefits the least and the most from.
While data collection may benefit the business community, discuss the concerns for consumers as big data proliferates.
Your initial post should be a minimum of 300 words.
DQ2 Barriers to Entry [WLO: 3] [CLOs: 1, 4, 5, 6, 7]
Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Adminstration (FDA) approval of drugs.
What purposes do barriers to entry created by the government serve?
What are other barriers to entry in the pharmaceutical industry?
Should drug patents be extended to 20 years after FDA approval?
Explain what would be the costs and benefits from this extension.
Your initial post should be a minimum of 300 words.
ECO204 Principles of Microeconomics
Week 5 Discussion
DQ1 Demand for Labor and Minimum Wage [WLOs: 1, 2] [CLOs: 1, 2, 3, 4]
Prior to beginning work on this discussion, read Jared Bernstein’s article, Amazon’s Raise: Unequivocally Good News (Links to an external site.).
Based on the article’s information and Chapter 12 in your textbook, respond to the following:
Why is the demand for labor called a derived demand?
In the labor market, what are the firm’s demand curve for labor and the workers’ supply curve of labor?
How is a firm’s wage normally determined in the labor market?
How could Amazon decide to raise its minimum wage to $15 per hour, despite the federal minimum wage being fixed at $7.25 per hour?
What are positive and negative effects of Amazon raising its minimum wage to $15 per hour on its employees, total revenue, and other companies and their employees?
Your initial post should be a minimum of 300 words.
DQ2 Public Choice and Rent Seeking [WLOs: 4, 5] [CLOs: 1, 4, 6, 7]
Prior to beginning work on this discussion, read Tim Worstall’s article, One Benefit of Nancy MacLean’s Democracy in Chains – Public Choice and Rent Seeking Popularised (Links to an external site.).
Based on the article’s information and Chapter 14 in your textbook, especially Sections 14.1 and 14.2, respond to the following:
What is the public choice idea or theory?
Explain what rent seeking is.
How can you combine the ideas of public choice and rent seeking?
Choose one real-world example of combining public choice and rent seeking to evaluate.
Your initial post should be a minimum of 300 words.
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