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W1 DQ1

 

Responses to discussion questions are to reflect critical thought and be at least 250 to 300 words in length.





 

Why do 100% of management programs in the world [marketing, and accounting, IT, too, require graduates to take economics? Is it a. so they can complain when prices are too high, or b. to understand the economy from management’s point of view?

Explain.


4. a. What is economics?

b. What does the text author say the difference is between microeconomics and macroeconomics?

c. What is the difference between ‘talking about economics and studying economics’?

d. What role does economics play in your personal and organizational decisions?

[After finishing this, see Discussion/Course Materials for ‘instructor’s definition of macro’].

    

W1 DQ2 

Responses to discussion questions are to reflect critical thought and be at least 250 to 300 words in length.  
Using the course textbook would help you with the lessons, and help with preparing for the final in the course. 

1. The Law of Demand tends to be easy to understand. All else constant, if Price increases, consumers buy less.

The Law of Supply is trickier. It requires us to ‘think like suppliers’ or our employers.

Equilibrium is the Price where demand meets supply.

Please watch the following:  *** You may have to cut and paste these into Google, or: Search / Google: MJM Foodie Law of Demand; MJM Foodie Law of Supply; MJM Foodie Equilibrium.

http://www.youtube.com/watch?v=uXlZIn6W7Ew

http://www.youtube.com/watch?v=KccMcf_xOQU

http://www.youtube.com/watch?v=W5nHpAn6FvQ

 Give an example of:

a. the Law of Demand,

b. the Law of Supply.

c. In the rental market [choose one class to where you live or where you work] tell us ‘the equilibrium rental for a 2 bathroom, 2 bedroom apartment in a safe neighborhood close to great transportation. What is the rent for one of those apartments?

What would cause ‘an outward shift of demand’?

2.a. In the minimum wage market, who is the supplier and who is the demander of labor?

2.b. If the government raises the minimum wage, does the demand for minimum wage workers increase, decrease or stay the same?

Use the Law of Demand to answer 2.b.

  

W1 DQ 3

 

Post your response to the following discussion question by clicking Reply.

Responses to discussion questions are to reflect critical thought and be at least 250 to 300 words in length. 

Using the textbook will provide better answers than Wiki, etc. It will also help you with the final exam.

 

a. What is the difference between a movement along and a shift of the demand curve?

b. What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both?

c. Provide examples for each instance.

d. What is the role of supply [price and non-price factors] and demand [price and non-price factors] in decision making? 

Provide two real-world examples.

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W1 DQ4

Post your response to the following discussion question by clicking Reply.Responses to discussion questions are to reflect critical thought and be at least 250 to 300 words in length.

Using the textbook will help you when taking the final.

1. Price elasticity of demand is a complex idea. Watch the following:

http://www.youtube.com/watch?v=4oj_lnj6pXA  [You may have to drop this into Google. Or search: MJM Foodie Elasticity of Demand]

a. What does elasticity of demand mean?

b. Give two example of ‘elastic demand’.

c. Give two examples of ‘inelastic demand’.

2.  Explain why ‘the demand for gasoline is inelastic’.