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Ashford 2: – Week 1 (Apr 02 – Apr 08)
Overview
Assignment
Due Date
Format
Grading Percent
Post Your
Introduction
Day 1
Discussion
1
Circular Flow Diagram
Day 3 (1st post)
Discussion4
Supply and Demand
Day 3 (1st post)Discussion4
Week One
Quiz
Day 6
Quiz6
Note: The online classroom is designed to time students out after 90 minutes of inactivity. Because of this, we strongly suggest that you compose your work in a word processing program and copy and paste it into the discussion post when you are ready to submit it.
Learning Outcomes
This week students will:
- Describe the role of economic theory in economics.
- Analyze the mechanics of the Circular Flow Model.
- Explain how Supply and Demand interact to determine Market Equilibrium.
Introduction
In Week One, we are going to learn about the foundation of economics. We will learn that economics is the study of resources allocation in a given society to satisfy wants and needs of the people. The study of economics is that of unlimited wants with limited resources, which forces us to make choices. The four factors of production include; labor, land, capital and entrepreneurial ability. Key questions in economics are: What to produce? Who to produce it for? How and where do we produce the goods and services? This first week will discuss the supply and demand model, the factors that affect prices, and how prices will ration scarce goods and services. Economists use theories and models to make decisions and explain economic ideas and concepts.
Required Resources
Required Text
- Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc. This text is a Constellation™ course digital materials (CDM) title.
Chapter 1: Economics, Economic Methods, and Economic PolicyChapter 2: Markets, Governments, and Nations: The Organization of Economic ActivityChapter 3: Supply and Demand: The Basics of Economic Analysis
Recommended Resources
Articles
Bishop, J. A., & Yoo, J. H. (1985). “Health scare,” excise taxes and advertising ban in the cigarette demand and supply. Southern Economic
Journal
, 52(2), 402. Retrieved from ProQuest database.
Multimedia
- Baker, S. L. (2003). Supply and Demand. Economics Interactive Lecture. University of South Carolina, Arnold School of Public Health, Dept. of Health Services Policy and Management. Updated Monday, June 27, 2011 Retrieved January 26, 2013, from http://hspm.sph.sc.edu/courses/econ/SD/SD.html
- Khan Academy (Producer) (n.d.). Law of Demand. The Demand Curve [Video file]. Retrieved from https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand.
- Khan Academy (Producer). (n.d.). Law of Supply. The Supply Curve [Video file]. Retrieved from https://www.khanacademy.org/science/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/law-of-supply
Post Your Introduction
To post your introduction, go to this week’s Post Your Introduction link in the left navigation.
Post your introduction on the discussion forum titled, “Introductions” found in Week One. Respond to at least three of your classmates’ postings. In your introduction please address how this economics course relates to your current or future career.
Discussions
To participate in the following discussions, go to this week’s Discussion link in the left navigation.
- Circular Flow Diagram Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market. How does a change in your own income impact your circular flow? Guided Response: Review the discussion board posts of your classmates. Respond to at least two of your classmates and comment on their descriptions of the circular flow diagram and factors of production. Discuss how circular flow relates to current economic situations.
- Supply and Demand Review how the law of demand impacted a recent purchase that you had to make. Choose a product you have seen change in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item? Guided Response: Review the discussion board posts of your classmates. Note their answers and analysis of a recent purchase your peers have made. Respond to at least two of your classmates. Discuss with your classmates the effects of a price change and how it might alter your decision to make a purchase, according to the determinants of supply or demand.
Quiz To complete the following quiz, go to this week’s Quiz link in the left navigation.
Week One Quiz
This quiz consists of 10 questions. The amount of time the quiz will take to complete will vary by individual.
Ashford 3: – Week 2 (Apr 09 – Apr 15)
Overview
Elasticity
Day 3 (1st post)Discussion4
Externalities
Day 3 (1st post)Discussion4
Price Elasticity
Day 7
Journal2
Raise or Lower Tuition?
Day 7Assignment12 Note: The online classroom is designed to time students out after 90 minutes of inactivity. Because of this, we strongly suggest that you compose your work in a word processing program and copy and paste it into the discussion post when you are ready to submit it. Learning Outcomes This week students will:
- Analyze the relationship between Total Revenue and Price Elasticity of Demand.
- Discuss Price Elasticity of Demand and how it can be applied.
- Explain how Positive and Negative Externalities cause under and over-allocations of resources.
Introduction
In Week Two, we will learn about application of supply and demand. We will learn about price ceilings in which government imposed price controls require prices to be no higher than a certain price. Price Floors are government mandated price controls that require prices to be no lower than a certain level. Public goods can be consumed by many people at the same time without any alternatives and no restriction on quality or quantity. Government may determine certain goods are desired and they focus on working with the firm to promote and push the good to the public. This week also discusses the elasticity of demand and how it fluctuates. Lastly, we will look at utility and the difficulties in measuring it because it is so subjective.
Required Resources Required Text
- Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc. This text is a Constellation™ course digital materials (CDM) title.Chapter 4: Elasticity: The Measure of ResponsivenessChapter 5: Demand and Consumer ChoiceChapter 6: Market Failure and Government Intervention Policies
Recommended Resources Articles
- Bailey, M. J., Olson, M., & Wonnacott, P. (1980). The marginal utility of income does not increase: Borrowing, lending, and Friedman-savage gambles. The American Economic Review, 70(3), 372. Retrieved from ProQuest database.
- Beattie, B. R., & LaFrance, J. T. (2006). The law of demand versus diminishing marginal utility. Review of Agricultural Economics, 28(2), 262-271. Retrieved from EBSCOhost database.
Discussions To participate in the following discussions, go to this week’s Discussion link in the left navigation.
- Elasticity Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic: (a) bottled water, (b) toothpaste, (c) cookie dough ice cream, (d) fresh green beans, (e) gasoline. In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand. Guided Response: Review the discussion board posts of your classmates. Note their response to the determinants of price elasticity of demand. Respond to at least two of your classmates. Discuss with your peers the characteristics of an inelastic vs. elastic good.
- Externalities Explain the difference between a positive and negative externality and in your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What are solutions need to be provided for your examples? Guided Response: Review the discussion board posts of your classmates. What are some of the key differences between positive and negative externality? Respond to at least two of your classmates. Analyze your peer solutions and compare it to your own. Provide advice to your classmate’s solution to making the market more efficient.
Journal To complete the following journal entry, go to this week’s Journal link in the left navigation.
Price Elasticity Reflect on what you have learned about the price elasticity of demand. Describe different types of elastic and inelastic products that you have purchased in the past couple of months. In your analysis, make sure to evaluate the determinants of elasticity in the different types of goods that you have selected. As you reflect on this question, think about how stores are able to price their products when looking at the role of elasticity. Carefully review the
Grading Rubric
for the criteria that will be used to evaluate your journal entries.
Assignment
To complete the following assignment, go to this week’s Assignment link in the left navigation.
Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition. Will this necessarily result in more revenue? Under what conditions will revenue (a) rise, (b) fall, or (c) remain the same? Explain this process, focusing on the relationship between the increased revenue from students enrolling at NSU despite the higher tuition and the lost revenue from possible lower enrollment. If the true price elasticity were -1.2, what would you suggest the university do to expand revenue? If you were the President of NSU, how would you tackle this problem using what you have learned in this course? Your paper will need to include a properly APA formatted title page, reference page, and in-text citations. Also, your content should be 3-5 pages, which does not include your reference or title page. You will need to include 2-3 academic sources from the Ashford library to include in your paper as part of your research to support your work and analysis. Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment.
Ashford 4: – Week 3 (Apr 16 – Apr 22)
Overview AssignmentDue DateFormatGrading Percent
Short and Long Run
Day 3 (1st post)Discussion4
Fixed and Variable Costs
Day 3 (1st post)Discussion4
Week Three Quiz
Day 6Quiz6 Note: The online classroom is designed to time students out after 90 minutes of inactivity. Because of this, we strongly suggest that you compose your work in a word processing program and copy and paste it into the discussion post when you are ready to submit it. Learning Outcomes This week students will:
- Describe the distinctions between fixed and variable costs and among total, average, and marginal costs.
- Explain the difference between the short and long run in the cost of production in a business.
Introduction
In Week Three, we will learn about economic costs and how time plays an important role in a firm by affecting their ability to be profitable. We will look at terms such as explicit cost, implicit costs, short run and long run. In the short run, because at least one factor of production is fixed, output can be increased only by adding more variable factors. So we will learn about both fixed and variable costs. Fixed costs are business expenses that do not vary directly with the level of output. We will learn about average fixed costs and how they will decline continuously as output increases because total fixed costs are being spread over a higher level of production. Then we will learn about variable costs which are costs that vary directly with output.
Required Resources Required Text
- Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc. This text is a Constellation™ course digital materials (CDM) title.here
Chapter 7: Firms and ProductionChapter 8: Costs and Profits
Multimedia
- Khan Academy (n.d). Fixed, variable, and marginal cost. Retrieved from http://www.khanacademy.org/science/microeconomics/firm-economic-profit/average-costs-tutorial/v/fixed–variable–and-marginal-cost
Recommended Resources Articles
- Larson, B. (1991). A dilemma in the theory of short-run production and cost. Southern Economic Journal, 58(2), 465.Retrieved from EBSCOhost database
- Tamás Koltai. (2009). Robustness of a production schedule to inventory cost calculations. International Journal of Production Economics, 121(2), 494. Retrieved from ProQuest database.
Discussions To participate in the following discussions, go to this week’s Discussion link in the left navigation.
- Short and Long Run Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short and long run? Guided Response: Review the discussion board posts of your classmates. Discuss the difference between short and long run and its relation to costs. Respond to at least two of your classmates. Discuss how short run and long run vary in a firm.
- Fixed and Variable Costs After viewing the required video for this week, Fixed, variable, and marginal cost and after reading Chapter 8 in the text, answer these questions in your post. First, describe several different fixed costs and variable costs associated with operating an automobile. Now, let’s 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.
Quiz To complete the following quiz, go to this week’s Quiz link in the left navigation.
Week Three Quiz This quiz consists of 10 questions. The amount of time the quiz will take to complete will vary by individual.
Ashford 5: – Week 4 (Apr 23 – Apr 29)
Overview AssignmentDue DateFormatGrading PercentMarket StructuresDay 3 (1st post)Discussion4
Barriers to Entry
Day 3 (1st post)Discussion4
Week Four Quiz
Day 6Quiz6 Note: The online classroom is designed to time students out after 90 minutes of inactivity. Because of this, we strongly suggest that you compose your work in a word processing program and copy and paste it into the discussion post when you are ready to submit it. Learning Outcomes This week students will:
- Analyze the role of Perfect Competition and the efficiency of this particular market.
- Evaluate why a Monopolist might prefer to charge different prices in different markets.
- Analyze the barriers to entry and exit for each market structure: Perfect Competition, Monopoly, Monopolistic Competition, and Oligarchy.
- Explain why Monopolistic competitors charge a lower price compared to other markets.
Introduction
In Week Four, we will learn about the different market structures in economics and the characteristics that set themselves apart. We will begin by learning about perfect competition and the characteristics of this market structure and competitive pricing mechanisms. We will learn about how a perfectly competitive firm can maximize their profit when marginal cost equals marginal revenue. Characteristics of perfectly competitive firm states that a firm is a price taker, there are no or little barriers to industry entry or exit, and information is accessible to buyers and sellers. A monopoly occurs when a single firm is the sole provider of any given good or service. A monopolist is a price searcher; they have to know what price to set that the consumer will still have a demand for their product. A key characteristic of a monopolistically competitive industry is that they have a large amount of firms that sell differentiated products that are close substitutes. An oligopoly is when certain barriers to entry and horizontal mergers occur among firms with similar products or services.
Required Resources Required Text
- Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc. This text is a Constellation™ course digital materials (CDM) title.Chapter 9: Perfect CompetitionChapter 10: MonopolyChapter 11: Monopolistic Competition and Oligopoly
Recommended Resources Articles
- Shimomura, K., & Thisse, J. (2012). Competition among the Big and the Small. RAND Journal Of Economics, 43(2), 329-347. Retrieved from EBSCOhost database.
- Theilen, B. (2012). Product Differentiation and Competitive Pressure. Journal Of Economics (Zeitschrift Fur Nationalokonomie), 107(3), 257-266. Retrieved from Ashford Online Library.
Multimedia
- Khan Academy. (n.d.). Oligopolies and Monopolies. In Khan Academy. Retrieved January 26, 2013, from http://www.khanacademy.org/science/microeconomics/perfect-competition-topic/monopolistic-competition-oligop/v/oligopolies-and-monopolisitc-competition
Discussions To participate in the following discussions, go to this week’s Discussion link in the left navigation.
-
Market Structures
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies that relates 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.
- 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 have to get involved to protect consumers? Guided Response: Review the discussion board posts of your classmates. Do you agree or disagree with their reasons on if 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.
Quiz To complete the following quiz, go to this week’s Quiz link in the left navigation.
Week Four Quiz This quiz consists of 10 questions. The amount of time the quiz will take to complete
Ashford 6: – Week 5 (Apr 30 – May 06)
Overview AssignmentDue DateFormatGrading Percent
Government Failure
Day 3 (1st post)Discussion4
Tariffs and Quotas
Day 3 (1st post)Discussion4
Final Paper
: Market StructuresDay 7Assignment 27 Note: The online classroom is designed to time students out after 90 minutes of inactivity. Because of this, we strongly suggest that you compose your work in a word processing program and copy and paste it into the discussion post when you are ready to submit it. Learning Outcomes This week students will:
- Explain the relationship between market failure and government intervention.
- Evaluate the different market structures.
- Analyze the effects of tariffs and quotas on international trade.
Introduction
The final week focuses on market failure and the role of public policy in our economy. Market failures happen when a free market gives rise to too many or too few resources being directed to a specific form of an activity. Government has two basic ways of regulating business: through economics and through social regulation. Private goods are subject to the principle of rival consumption means that one person’s consumption of such a good reduces the amount available for another person to consume. Public goods can be consumed by many people at the same time without any alternatives and no restriction on quality or quantity. Additionally, this week looks at developing countries and the idea of poverty, inequality and income redistribution. Some of the issues with poverty stem from technology, education and even government interaction. In looking at a key to the standard of living, we can see the importance of increased productivity and how important it is for a nation to be active in investments, educational support and training programs.
Required Resources Required Text
- Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc. This text is a Constellation™ course digital materials (CDM) title.Chapter 12: Marginal Productivity Theory and Labor MarketsChapter 13: Poverty, Inequality, and Income Redistribution PoliciesChapter 14: Government Failure and Public ChoiceChapter 15: Global Trade and Exchange
Recommended Resources Articles
- Corporaton, C. B., & Peterson, E. B. (2012). Potential of Regional and Seasonal Requirements in US Regulation of Fresh Lemon Imports. World Economy, 35(8), 1022-1036. Retrieved from EBSCOhost database.
- Mandel, B. R. (2012). Why Is the U.S. Share of World Merchandise Exports Shrinking? Current Issues In Economics & Finance, 18(1), 1-11. Retrieved from EBSCOhost database.
Multimedia
- Khan Academy. Currency Exchange Introductions. Retrieved from http://www.khanacademy.org/science/core-finance/money-and-banking/currency-tutorial/v/currency-exchange-introduction
Discussions To participate in the following discussions, go to this week’s Discussion link in the left navigation.
- Government Failure Should the government intervene in every case in which an externality exists? In what situations might it be better not to intervene? Guided Response: Review the discussion board posts of your classmates. Do you agree or disagree with their reasons why government should intervene? Respond to at least two classmates. Compare and contrast your posts and comment on their rationales.
- 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?
Final Paper To complete the following final paper, go to this week’s Final Paper link in the left navigation.
Market Structure In an 8-10 page Final 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 questions for each market structure: 1) How will high entry barriers into a market influence the:
- Long-run profitability of the firms
- Cost efficiency of the firms in the industry
- Likelihood that some inefficient firms will survive
- Incentive of entrepreneurs to develop substitutes for the product supplied by the firms?
2) Are competitive pressures present in markets with high barriers to entry? Explain. 3) Describe which market structure you would prefer for selling products. Explain why and support your answer with the characteristics of that market. 4) Describe which market structure you would prefer for buying products. Explain why and support your answer with the characteristics of that market. 5) Does the government affect product pricing in each of the market structures? 6) How does international trade affect market structures? How does international trade affect each of the market structures? Your paper will need to include a properly APA formatted title page, reference page, and in-text citations. Also, your content should be 8-10 pages, which does not include your reference or title page. You will need to include at least five scholarly sources from the Ashford library to include in your paper as part of your research to support your work and analysis.
Writing the Final Paper
The Final Paper:
• Must be eight to ten double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide. • Must include a cover page that includes: – Title of paper – Student’s name – Course name and number – Instructor’s name – Date submitted • Must include an introductory paragraph with a succinct thesis statement. • Must address the topic of the paper with critical thought. • Must conclude with a restatement of the thesis and a conclusion paragraph. • Must use at least five scholarly resources. • Must use APA style as outlined in the approved APA style guide to document all sources. • Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide. Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment.
