ECO365 Week 3 individual assignment UOP economics

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Course Design Guide

ECO/365 Version 4

Course Design Guide

School of Business

ECO/365 Version 4

Principles of Microeconomics

Course Description

This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.

Policies

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents:

· University policies : You must be logged into the student website to view this document.

· Instructor policies: This document is posted in the Course Materials forum.

University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.

Course Materials

Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill.

All electronic materials are available on the student website.

*Week One: Fundamentals of Microeconomics*
	*Details*	*Due*	*Points*
Objectives	1.1 Differentiate between macroeconomics and microeconomics. 1.2 Analyze the effect of changes in supply and demand on the equilibrium price and quantity. 1.3 Determine how elasticities affect pricing and purchasing decisions.
Reading	Read Ch. 1 of Economics.
Reading	Read Ch. 4 of Economics.
Reading	Read Ch. 5 of Economics.
Reading	Read Ch. 6 of Economics.
Reading	Read Ch. 7 of Economics.
Reading	Read this week’s Electronic Reserve Readings.
Participation and Discussion Questions	Participate in class discussion and provide classroom assessment. Respond to two weekly discussion questions.	CA due on Monday Two DQ responses due by Friday	4
Nongraded Activities and Preparation Article Analysis	Research the University Library and Internet, and select a recent news article concerning trends in consumption patterns of a specific product, such as gasoline, oil, grain, or coffee. The following article which is located in the Electronic Reserve Readings on the student website is an example of trends in consumption patterns: Note. Do not use this article for your assignment. Hauser, C. (2011, August 24). Sales of new homes fell again in July. The New York Times. p. 6. Retrieved from EBSCOhost. Write a 700 – 1,050-word paper in which you do the following: Analyze the basis for the trends in consumption patterns, as discussed in the article you selected. · Consider the utility derived from a product or service mentioned in the article. · Describe what has occurred to change the demand for the product or service and its market and equilibrium prices. Assume that supply remains the same. · Describe what has occurred to change the supply of the product or service and its market and equilibrium prices. Assume that demand remains the same. · In your opinion, is demand for this product or service price elastic or inelastic? What does this imply about how consumers respond to changes in the price of this product or service? Support your determination of the price elasticity of demand with a reference. Post this assignment in your individual forum. Format your paper consistent with APA guidelines.	Monday

*Week Two: Production and Cost Analysis*
	*Details*	*Due*	*Points*
Objectives	1.4 Describe the relationship between the number of inputs and the law of diminishing marginal productivity. 1.5 Analyze the relationship between productivity and the cost of production. 1.6 Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. 1.7 Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential.
Reading	Read Ch. 12 of Economics.
Reading	Read Ch. 13 of Economics.
Reading	Read Ch. 19 of Economics.
Reading	Read Ch. 19W of Economics.
Reading	Read Ch. 20 of Economics.
Participation and Discussion Questions	Participate in class discussion and provide classroom assessment. Respond to weekly discussion questions.	CA due on Monday Two DQ responses due by Friday	4
Individual Supply and Demand Simulation	Complete the Supply and Demand Simulation located on the student website. Write a 800 - 1,200-word paper summarizing the content. Address the following: · Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. · Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts? · For each shift, analyze how it would affect the equilibrium price, quantity, and decision making. · How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar? · How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? · How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? · Relating to the simulation, explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy. Format your paper consistent with APA guidelines.	Monday	13
Learning Team Reflection Production and Cost Analysis	Discuss this week’s objectives with your team. Include the topics you feel comfortable with, any topics you struggled with, and how the topics relate to your field. Prepare a 350- to 1,050- word paper detailing the findings of your discussion.	Monday	3

*Week Three: Market Structure*
	*Details*	*Due*	*Points*
Objectives	1.8 Compare various market structures and their characteristics. 1.9 Evaluate the effectiveness of competitive strategies within market structures. 1.10 Determine profit-maximizing strategies based on market structure analysis.
Reading	Read Ch. 3 of Economics.
Reading	Read Ch. 14 of Economics.
Reading	Read Ch. 15 of Economics.
Reading	Read Ch. 16 of Economics.
Participation and Discussion Questions	Participate in class discussion and provide classroom assessment. Respond to weekly discussion questions.	CA due on Monday Two DQ responses due by Friday	4
Learning Team Current Market Conditions Competitive Analysis	Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market. Select a competitive organization and a product in that organization. Write a 1,400 – 1,750-word paper analyzing the current market conditions. Address the following topics: · A short history of the organization and a description of their product · Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers. · Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements. · Price elasticity of demand · Technological innovation · The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity · Cost structure · Factors affecting variable costs, including productivity and others that change the supply of and demand for labor · Factors affecting fixed costs Make recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs. Obtain instructor approval for your organization and product. Format your paper consistent with APA guidelines.	Monday	12

*Week Four: Public Policy in Economics*
	*Details*	*Due*	*Points*
Objectives	1.11 Analyze the effect of externalities on market outcomes. 1.12 Differentiate among horizontal, vertical, and conglomerate mergers. 1.13 Analyze the effect of government interventions, taxation, and regulations on economic behavior.
Reading	Read Ch. 8 of Economics.
Reading	Read Ch. 18 of Economics.
Reading	Read Ch. 21 of Economics.
Reading	Read Ch. 21W of Economics.
Participation and Discussion Questions	Participate in class discussion and provide classroom assessment. Respond to weekly discussion questions.	CA due on Monday Two DQ responses due by Friday	4
Individual Differentiating Between Market Structures	This is a two part assignment. For the first part of the assignment, you will choose from the following two options: · Option 1: Differentiating Between Market Structures in Kudler · Option 2: Differentiating Between Market Structures in an Organization of Your Choice Read the instructions in the University of Phoenix Material: Differentiating Between Market Structures located on the student website and select one option to complete the assignment. The second part of the assignment is the market structures table, which is also located on the student website. One real life company is to be provided for each market structure, and the appropriate information provided per the table headings.	Monday	18
Learning Team Reflection Current Event Article	Research a current event that relates to the weekly course objectives and discussion questions for the week. Write a summary of the article in APA format with appropriate citations. Explain how the current event applies weekly objectives and concepts discussed in the week’s Discussion Questions. Include a title page that indicates that each member of the team has substantively participated in the discussions. Submit your summary and discussion in a 2 to 3 page paper.	Monday	4

*Week Five: Global Competition*
	*Details*	*Due*	*Points*
Objectives	1.14 Determine the effect of global competition on an organization’s strategies for maximizing profits. 1.15 Analyze the effect of global competition on the relationship between management and labor.
Reading	Read Ch. 2 of Economics.
Reading	Read Ch. 9 of Economics.
Reading	Read Ch. 17 of Economics.
Reading	Read Ch. 22 of Economics.
Reading	Read Ch. 23 of Economics.
Participation and Discussion Questions	Participate in class discussion and provide classroom assessment. Respond to weekly discussion questions.	CA due on Monday Two DQ responses due by Friday	4
Individual Final Examination	Resource: Economics Click the link to the Final Examination on the student website available from the end of Week Four through the end of Week Five. Complete the Final Examination. You have one attempt to complete the exam, which is timed and must be completed in 3 hours. Results are auto-graded and sent to your instructor.	Monday	15
Learning Team Competitive Strategies and Government Policies	Management has recognized the effect of changes in the real-world competitive environment and government policies on other industries and anticipates similar events occurring in their industry, so they ask you for a report considering the following points. Write 1,400 – 1,750-word paper in which you describe how each of the following are or potentially will affect your industry or one with which you are familiar: · New companies entering the market, mergers, and globalization, on pricing and the sustainability of profits: Identify the type of merger activity in your industry or one with which you are familiar–horizontal, vertical, or conglomerate–and explain why you made that choice. · Current and expected government policies and regulations, including taxes and regulations in place to address issues related to externalities · Global competition on the decisions made by management with regards to change in labor demand, supply, relations, unions, and rules and regulations in your chosen industry Recommend how the industry you chose may respond to each of the previous points. Obtain instructor approval for your industry selection. Format your paper consistent with APA guidelines.	Monday	15