ECO 204 Week 5 Final Paper Market Structure

ECO 204 Week 5 Final Paper Market Structure

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Focus of the Final Paper

 

Market Structures

In an eight- to ten-page paper, describe each market structure discussed in the course (perfect competition, monopolistic

competition, oligopoly, monopoly), provide a real-life example of each market, and respond to the following for each

market structure:

  1. Indicate how high entry barriers into a market will influence:
  2. Long-run profitability of the firms
  3. Cost efficiency of the firms in the industry
  4. Likelihood that some inefficient firms will survive
  5. Incentive of entrepreneurs to develop substitutes for the product supplied by the firms
  6. Are competitive pressures present in markets with high barriers to entry? Explain.
  7. Describe which market structure you would prefer for selling products. Explain why and support your answer

with the characteristics of that market.

  1. Describe which market structure you would prefer for buying products. Explain why and support your answer

with the characteristics of that market.

  1. How does each market structure respond to price changes of the products that they sell? Explain whether each

market structure will be selling elastic or inelastic products, and how this will affect the market price charged.

  1. How does the role of the government affect each market structure’s ability to price their products?
  2. How does international trade affect each market structure?

Your paper will need to include a title page, reference page, and in-text citations that are formatted in accordance with

APA style as outlined in the Ashford Writing Center. Also, your content should be eight to ten pages, which does not

include your reference or title page. You will need to include five academic sources from the Ashford University Library

to include in your paper as part of your research to support your work and analysis.

Writing the Final Paper

The Final Paper:

  1. Must be eight to ten double-spaced pages in length, and formatted according to APA style as outlined in the

Ashford Writing Center.

ECO204: Principles of Microeconomics

Online

11

  1. Must include a title page with the following:
  2. Title of paper
  3. Student’s name
  4. Course name and number
  5. Instructor’s name
  6. Date submitted
  7. Must begin with an introductory paragraph that has a succinct thesis statement.
  8. Must address the topic of the paper with critical thought.
  9. Must end with a conclusion that reaffirms your thesis.
  10. Must use at least five scholarly sources from the Ashford University Library.
  11. Must document all sources in APA style, as outlined in the Ashford Writing Center.
  12. Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
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ECO 204 Week 5 DQ 2 Tariffs and Quotas

ECO 204 Week 5 DQ 2 Tariffs and Quotas

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DQ 2

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?

Guided Response: Review the discussion board posts of your classmates. Note their analysis of those who gain and lose from a tariff. Respond to at least two of your classmates. Compare your classmates’ analyses on using tariffs vs. quotas by comparing to your own. Which is better?

ECO 204 Week 5 DQ 1 Transfers

ECO 204 Week 5 DQ 1 Transfers

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DQ 1

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 4 DQ 2 Barriers to Entry

ECO 204 Week 4 DQ 2 Barriers to Entry

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DQ 2

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?

Guided Response: Review the discussion board posts of your classmates. Do you agree or disagree with their reasons on whether or not government should get involved when it comes to monopolies? Respond to at least two classmates. Compare and contrast your posts and comment on barriers to enter a market and analysis of government’s relationship with monopolies.

ECO 204 Week 4 DQ 1 Market Structures

ECO 204 Week 4 DQ 1 Market Structures

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DQ 1

 

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.

Guided Response: Review the discussion board posts of your classmates. Analyze the difference between market structures. Compare your response to those of your classmates. Respond to at least two of your classmates. Discuss the way profits vary based on market structure.

ECO 204 Week 3 Quiz

ECO 204 Week 3 Quiz

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1. An example of a horizontally integrated firm is one that (Points : 1)

owns several plants, each handling a different stage of production.
produces a variety of goods and sells them in widely disparate markets.
owns several plants, each manufacturing the same product.
owns several plants in the same state.
uses highly automated assembly line techniques.

2. Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? (Points : 1)

$50,000
$30,000
$20,000
The amount cannot be determined from the information given.

3. Technical efficiency is (Points : 1)

using the least-cost method of production.
the method of production that minimizes physical usage of inputs according to some specific rule.
the process of turning inputs into outputs.
the process of minimizing output with a given level of inputs.
the method of production that uses the least labor per unit of capital.

4. Accounting profit is defined as (Points : 1)

total simplicit costs.
total monetary costs.
total opportunity costs.
total sales(implicit costs + explicit costs).
total sales(explicit costs – implicit costs).

5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1)

marginal costs are less than average variable cost but greater than average cost.
fixed costs have increased.
output is declining.
marginal costs have increased.

6. A vertically integrated firm might own (Points : 1)

a ski factory, an Alpine resort hotel, and an emergency medical center.
several plants that manufacture different qualities of skis.
a ski factory, a cigar manufacturer, and a carpet factory.
several plants in different countries that manufacture skis.

7. The short run is (Points : 1)

less than six months.
more than six months, but less than a year.
in the short run, some productive resources may be fixed although some other resources may be varied.
the period of time in which all the productive resources can be varied.
the period of time in which all the inputs are fixed.

8. Which of the following is most likely to be an implicit cost of production? (Points : 1)

Wages paid to skilled workers
Payments for inputs purchased from other companies
Interest paid on a loan
Rental income from real property
Rental income not received from use of a self-owned piece of land

9. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called (Points : 1)

technical efficiency.
economic efficiency.
a production function.
a time and motion study.
supply and demand.

10. What is one thing that entrepreneurs do NOT do? (Points : 1)

They identify consumer demands.
They establish supply and demand.
They organize production.
They allocate resources.
They acquire assets.

ECO 204 Week 3 Quiz

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1. An example of a horizontally integrated firm is one that (Points : 1)

owns several plants, each handling a different stage of production.
produces a variety of goods and sells them in widely disparate markets.
owns several plants, each manufacturing the same product.
owns several plants in the same state.
uses highly automated assembly line techniques.

2. Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? (Points : 1)

$50,000
$30,000
$20,000
The amount cannot be determined from the information given.

3. Technical efficiency is (Points : 1)

using the least-cost method of production.
the method of production that minimizes physical usage of inputs according to some specific rule.
the process of turning inputs into outputs.
the process of minimizing output with a given level of inputs.
the method of production that uses the least labor per unit of capital.

4. Accounting profit is defined as (Points : 1)

total simplicit costs.
total monetary costs.
total opportunity costs.
total sales(implicit costs + explicit costs).
total sales(explicit costs – implicit costs).

5. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1)

marginal costs are less than average variable cost but greater than average cost.
fixed costs have increased.
output is declining.
marginal costs have increased.

6. A vertically integrated firm might own (Points : 1)

a ski factory, an Alpine resort hotel, and an emergency medical center.
several plants that manufacture different qualities of skis.
a ski factory, a cigar manufacturer, and a carpet factory.
several plants in different countries that manufacture skis.

7. The short run is (Points : 1)

less than six months.
more than six months, but less than a year.
in the short run, some productive resources may be fixed although some other resources may be varied.
the period of time in which all the productive resources can be varied.
the period of time in which all the inputs are fixed.

8. Which of the following is most likely to be an implicit cost of production? (Points : 1)

Wages paid to skilled workers
Payments for inputs purchased from other companies
Interest paid on a loan
Rental income from real property
Rental income not received from use of a self-owned piece of land

9. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called (Points : 1)

technical efficiency.
economic efficiency.
a production function.
a time and motion study.
supply and demand.

10. What is one thing that entrepreneurs do NOT do? (Points : 1)

They identify consumer demands.
They establish supply and demand.
They organize production.
They allocate resources.
They acquire assets.

ECO 204 Week 3 DQ 2 Fixed and Variable Costs

ECO 204 Week 3 DQ 2 Fixed and Variable Costs

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DQ 2

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:

  1. First, describe several different fixed costs and variable costs associated with operating an automobile.
  2. 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.

Guided Response: Review the discussion board posts of your classmates. Analyze the difference in your answer to your peers in response to the different costs that are discussed. Respond to at least two of your classmates. Discuss the different types of costs like fixed, variable, or both.