ECO 365 Week 1 Discussion Question 1
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What is economics? What role does economics play in your personal and organizational decisions? Provide an example of the role of economics in decision making.
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ECO 365 Week 1 Discussion Question 2
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Identify a recent purchase in which the price of the product was an important consideration in the decision-making process related to purchasing the product. What other factors affected your decision? How important was your income as a factor? How important was the price of other goods as a factor?
ECO 365 Week 2 Discussion Question 1
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What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions? Provide an example from your workplace.
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ECO 365 Week 2 Individual Assignment Supply and Demand Simulation
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Complete the Supply and Demand Simulation located on the student website.
Write 700 - 1,050-word paper of no more than 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.
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