ECO 415 Complete Class
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ECO 415 Week 1 DQ 1
Using the knowledge you gained from your survey of demand and supply in the lecture, evaluate the "Bead and Jewelry Market". Then perhaps give one explanation of the Jewelry store owner's actions that afternoon in the lecture.
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ECO 415 Week 1 DQ 2
Describe "Opportunity Cost" in your professional life, either at home or at work or your career. Why did you make the decision that you did, and what was the cost?
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ECO 415 Week 1 Individual Assignment Basic Concepts Paper
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Resource: Supply and Demand simulation located on your student website• Prepare a 1,050- to 1,400-word paper that discusses basic concepts in applied economics in the context of the simulation.
Answer the following questions in the paper:
How do changes in the business environment cause changes in supply and demand? Cite and explain at least two examples from the simulation.
o Why is marginal analysis important when making business decisions? How is marginal analysis used to respond to shifts in supply and demand? Cite and explain at least one example from the simulation.
o How did your team determine appropriate output levels in the simulation? Cite at least two examples. Were your team’s output decisions successful? If so, explain specifically how your decision making process led to financial...