Reference no: EM131407620
Ten Principles of Economics and How Markets Work
Students are introduced to the ten fundamental principles on which the study of economics is based. Throughout this course, the students will use these ten principles to better develop their understanding of economics and how society manages its scarce resources. Students will see how markets work using supply and demand for a good to determine both the quantity produced and the price at which the good sells. The concepts of equilibrium and elasticity are used to explain the sensitivity of quantity supplied and quantity demanded to changes in economic variables. Students will see how government policies impact prices and quantities in markets.
Assignment Steps
Resources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6.
Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.
Identify the fundamental lessons the Ten Principles of Economics teaches regarding:
• How people make decisions
• How people interact
• How the economy works as a whole
Explain the following to help the committee members understand how markets work:
• How society manages its scarce resources and benefits from economic interdependence.
• Why the demand curve slopes downward and the supply curve slopes upward.
o Where the point of equilibrium is and what does it determine?
• The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.
Format consistent with APA guidelines.
Find the expected number of defective bulbs
: A box of 10 flashbulbs contains 11defective bulb. A random sample of 2 bulbs is selected and tested. Let X be the random variable associated with the number of defective bulbs in the sample. Find the expected number of defective bulbs in the sampl..
|
Formulate this problem as a linear programme
: Formulate this problem as a linear programme. Use a graphical method to find an optimal solution. Use a suitable program to check your results.
|
Maximum area for the cattle
: Note that there is no fence along the river. If the farmer has 900 feet of fence, find the dimensions for the rectangular area that gives the maximum area for the cattle.
|
Statement that could be made about p value for given test
: Assuming normal populations and using the 0.025 level of significance, can we conclude that the new music theme is better than the old in terms of increasing the pulse rate of viewers? What is the most accurate statement that could be made about t..
|
How society benefits from economic interdependence
: How society manages its scarce resources and benefits from economic interdependence. Why the demand curve slopes downward and the supply curve slopes upward.
|
Formulate this problem as a linear programme
: If X1 costs €30 a kilogram and X2 costs r40 a kilogram, formulate this problem as a linear programme. Use a graphical method to find an optimal solution.
|
Which family traditionally pays for the event why
: Why the need for superstitions ("Something borrowed, something blue" and so on)? Which family traditionally pays for the event? Why? Has the wedding industry become a monster
|
Discuss the international marketing research process
: ADVANCED GLOBAL MARKETING 4 (AGM401) - Discuss the international marketing research process IKEA would need to follow with respect to introducing its brand and product offerings to Southern Africa Give examples for the various steps in the process ..
|
Find some figures to describe this growth
: Now forecast the future demand for electricity. How accurate are your results? What other factors should be taken into account? What are the implications of your findings?
|