...Eco-365 Differentiating between Market Structures Simulation Name: Date: Instructor: Characteristic | Perfect Competition | Monopoly | Monopolistic Competition | Oligopoly | Example | Dairy firms, Grocery Store | SKF | Nike | Wyeth | Product/service | Vegetables, milk etc | Bearings | Shoes, sports stuff | Pharmaceuticals, medicines | Entry Barriers | None-Low | High | Medium-High | High | Number of players | Many (over 1000) | Single | Few-Many | Few | Elasticity | >1 | <1 | <1 | Kinked demand therefore above price >1 and below price <1 | Economic Profit | NO | YES | YES | YES | Share of market | 0-1% | 80-100% | 15-20% | 40-60% | Firm Interdependency | None | None | Low | High | Price Discrimination | NO | Yes | Yes | Yes | Type of Product/service | Same | Unique | Differentiated | Homogenous/Differentiated | Collusion | Yes | No | No | Yes | Question11: There are numerous advantages of the supply and demand forces on the market and the way it operates. The most important is their market regulating utility, i.e. they help firms set a market clearing price, at which pay-off for both the seller and buyer can me maximized. They also help encourage competition as firms with better products can charge higher and thus make more profits. Although, this trend differs in different market structures but generally consumers are willing to pay more for better products. The biggest limitations of supple demand forces might be...
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...Running Head: Market Structures Differentiating between Market Structures Simulation University of Phoenix ECO 365 08/19/2013 There are many advantages of the supply and demand forces on the market and the way it operates. An important advantage is their market regulating utility. They help encourage competition and charge more and therefore make bigger overall profits. Consumers are willing to pay more for better products even though this trend differs in other market structures. One of the major limitations of supple demand forces is a socially undesirable outcome as in the case of a market structure that is characterized by monopoly. This is where one single firm will control all production resources and therefore has exploitative capabilities in the terms of pricing and promoting. One example can be that of an electric company that has a virtual monopoly over production resources of a specific region and charge whatever prices they want. Coca Cola Co. is ran in a beverage industry that is highly concentrated oligopolistic. They compete directly with another major company, Pepsi Co. These two companies hold over 98% of the beverage market in all of the United States. Both Coca Cola Co. and Pepsi Co. compete globally don’t have much competition knocking on either of their doors. Cadbury-Schwepps owns the remaining 2% of the US market share but it’s a struggle for them to try and expand share as well as getting more attention. Oligopolistic market...
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...This work includes ECO 365 Week 4 Learning Team Market Trends Paper Introduction When one dreams of beginning a flourishing business, they desire to make one that is fruitful, still impartial in the market in which they contend.All businessperson wishes his or her company to be the finest and wishes to make an empire that exceeds every anticipations. Unluckily, they annihilate all contenders looking for their own success.One such company is the mega-retailer, Wal-Mart. Business - General Business Imagine you are a team of outside investors who have been approached by Matt Grant to invest the $100,000 in financing he seeks for developing eight additional regional publications over the next five years, as explained in his Executive Summary. Resource: Case 1 about Matt Grant on pp. 474–481 in Entrepreneurship: Successfully Launching New Ventures Write a 1,400- to 1,750- word paper discussing the following: · Evaluate Matt’s business model. What assumptions has Matt made that appear to be valid? Which assumptions might not be valid? · What changes in the external and competitive environments could affect Matt’s business model? How likely is it that those changes might occur, and why? · What risks and rewards might Matt experience if he moved forward with his business plan? · Evaluate Matt’s decision about forming a corporation. What benefits or challenges would incorporation provide to Matt? Would a sole proprietorship...
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...This archive file includes ECO 365 Week 2 Learning Team Organization Industry Overview Introduction For many years, people across the United States has sought out ways in which to make money, and at the same time, provide for people a place where they can go and buy the necessities they need. Entrepreneurs from across theUnited Stateshad ideas that seemed logical, but in actuality were not. Stores, business, and companies have been built, only to last for a short time. Not every store or business built has been successful. Business - General Business Individual SDLC Value Paper Write a 700- to 1,050-word paper that explains the components of a formal SDLC process. · Includea discussion of the basic elements of the SDLC. · Identify types of employees involved in the SDLC process and their roles (project manager, system analyst, developer). Include a minimum of 2 references relevant to the assignment, in addition to the textbook. Format your paperconsistent withAPA guidelines. Individual Work-Related Project Analysis, Part I Writea 1,400- to 2,100-word paper that analyzes a work-related project using systems analysis for a selected business system at the departmental or divisional level from your workplace, an organization, or a case study (which doesn’t have to be a health care facility). · Includea discussion of the information-gathering techniques and design methods used...
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...ECO/365 WEEK 3 HOMEWORK 1. Sally is considering opening her own beauty salon. She anticipates the following costs/year: Furniture: | $20,000 | Equipment: | $14,000 | Rent: | $12,000 | Coloring products: | $6,000 | Styling products: | $4,000 | Additionally, Sally is withdrawing $34,000 from her savings account that pays 4% interest/year to purchase the furniture and equipment; she will quit her current job that pays $25,000 per year. She expects total revenues from the new business in the first year to be $70,000. Calculate the following: a. Explicit costs (list the items and amounts). * Furniture $20,000 * Equipment $14,000 * Rent $12,000 * Supplies $10,000 b. Implicit costs (list the items and amounts). * Interest that would have been earned from savings $1,360 * Lost salary $25,000 c. Accounting profit. $-56,000 d. Economic profit. -12,360 e. Given this first-year information only, should Sally open a salon? No, Sally is losing money but if she stayed in business long enough she could gain it back. 2. State whether the following decision is a short-run or long-run decision: a. ADM is deciding whether to install machinery that uses Human Machine Interface technology or 8-layer PCB prototype technology in its manufacturing plant. * Long run b. Wal-Mart hires additional seasonal workers during November and December. * Short run c. Bassett furniture manufacturers close all manufacturing...
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...Production and Cost Analysis Rasheeda Arthur, Sarah Fischer, Tera Ginnaty, Mike May, Shannon McMillan, Tiffany Sawyer, Tiffany Weiland ECO/365 Version 4 September 16, 2013 John Ilokwu Production and Cost Analysis Colander (2010) explains analyzing production and cost, and provides insight into how the abilities of market economies effect the organization of a society. In week two, Team C learned evaluating production and cost within a firm is a complex study involving several key focus points. The team learned it is essential to understand the relationship between inputs and the law of diminishing marginal productivity. Another key point discussed in week two focused on the relationship between production and productivity inside a firm. It is also significant to note the price of inputs has a large effect on the supply curve. In addition, it is important to recognize marginal revenue and costs directly tie to output volumes. Through research, teammates determined each focus point provides insight into a firm’s operations as it relates to production and cost (Colander, 2010). The Law of Diminishing Marginal Productivity The law of diminishing marginal productivity recognizes a company cannot change inputs at the same time or to change the quantity of inputs. Rather, changing the level of one or more inputs while leaving the others static is a more realistic process of adjusting productivity. However, recognizing this process...
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...of spa and wellness and exploring brave, new directions. It is gratifying to see a healthy dose of healthy travel in several of the trends; bold new ideas in mainstays like aromatherapy and hot springs take hold; and the development of new models for classic destination spas. It is also rewarding to watch trends in technology, beauty and fitness shape how we will live (and look)—and even take note of how the industry will help people address dying, illness and major life changes. And finally, there is a trend we forecasted in 2013 that continues to capture our imagination: mindfulness. We feel strongly that it is important to watch how this is evolving, and you’ll see a short synopsis of this “über trend” in the report. Spafinder Wellness 365™’s Trends Forecast reports on what is happening in our industry, but we also strive to present a true forecast of what lies ahead. Some ideas are still on the horizon, but we think you’ll see much more about them in the not-too-distant future! I’d like to thank Spafinder Wellness, Inc.®’s new Chief Brand Officer Mia Kyricos, who has joined our trend-tracking team, as well as thank our research and editorial teams, led by Beth McGroarty, for their many contributions in making this report so robust. Together, we remain passionate about the spa and...
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...Week One Article Analysis ECO/365 January 16, 2012 Week One Article Analysis David Colander defines economics as "the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society” (Colander, 2010, p. 4). Coordination in this definition refers to production content, method, recipients, and even quantity. To think like an economist one must analyze every situation by comparing the costs and benefits and make any decisions based on those findings (Colander, 2010). The study of microeconomics zeroes in on the individual and analyzes how economic forces affect the choices he or she makes. Economic forces will ensure that what people want and will pay to get will match what is available. This is the concept of supply and demand. If the prices are such that people are not willing to pay it to obtain an item or service, they will choose to buy less of it, not buy it, or buy a substitute. This is the working of the law of demand. The price affects both supply and demand. When prices increase, the demand decreases, and when prices decrease, the demand increases. In the law of supply, however, if prices increase, individuals and companies will increase the supply because the opportunity cost of not producing the product rises with the price (Colander, 2010). There are factors other than price that can lead to changes in supply as well as changes in demand. These could be government...
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...Drew LeBlanc Eco/365 May 19, 2014 Week 4 Paper Facilitator: MICHAEL BLAKLEY The fitness industry is a billion dollar industry that only increases each year with the demand from its consumers. Everyone wants to live a healthier life style and in that regards need to find a way to do so. Regular gyms are becoming a thing of the past simply because it is the same routine over a long length of time that looses the interest of its clients very quickly. Being able to give the people what they want is always a hard thing to do, but what is even harder is keeping the people interested over the long run. Finding the right model is the biggest thing as a business you can do to optimize your success rate. Fitness will always way heavily on people because in the long run of life people want to live longer. Taking into account the busy lives of the normal person in the 21st century the time where you can take two hours at the gym is just no-existent. People want a fast and effective way to reach their fitness goals in a time frame that shows quick results. The more people have to do for themselves the less likely they will stick with it. Not everyone can afford personal training, but want that kind of attention to push them through the days they do not want to work out. In 2000 Greg Glassman took all of the data he possessed and developed a new revolutionary workout routine that was fast and effective (Crossfit, 2000). In a small garage in Southern California is where Crossfit was...
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...ECO/365 Principles of Microeconomics Professor Alex Gialanella December 9, 2013 Good APA compliant cover In this paper I am going discuss the simulation I viewed in Week 2, which is about a city called Atlantis. It is a well maintained and has everything to offer its residents/tenants a decent number of parks, close to highways, clean litter free sidewalks and a low crime rate. The GoodLife Management is the property management firm that handles seven apartment complexes in the city of Atlantis. They have over 2,000 two-bedroom apartments and only a 28% vacancy rate, it’s very essential to use the supply and demand curve to determine the equilibrium in the market. It is also important to understand movements along the shift of the demand and the supply curves to determine how the equilibrium is established after the shift in curves. Supply and Demand are the most used words in the world of economics today, according to Colander , D. (2010). Supply and demand is a critical part of microeconomic and macroeconomics and it assist in determining the economy. This is an excellent, clear intro – good level setting and use of reference As for the principles of microeconomic shown in the simulation is supply and demand. In the simulation they wanted to lower the cost of rent in order to lower the percentage of vacant apartments to 15%. This would raise the revenue for the management firm, at one point the employment rate, population and housing demand...
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...ECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. Week One: Fundamentals of Microeconomics Objective: Differentiate between macroeconomics and microeconomics. 1. Macroeconomics is the study of individual choice and how that choice is influenced by economic forces the study of the pricing policies of firms and the purchasing decisions of households the study of aggregate economic relationships an analysis of economic reality that proceeds from the parts to the whole 2. The invisible hand theorem comes from microeconomics macroeconomics sociology political science Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. 3. The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes up, the quantity demanded goes up up, the quantity demanded goes down down, the quantity demanded goes down down, the quantity demanded...
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...The Negative and Positive Ecological Impacts of Technology Introduction In today's society more people are working longer hours and utilizing more technology in their everyday life. As a result of these longer hours and increased use of technology, more energy is being consumed. (Hayden and Shandra 575) The impact that this is having on the environment is substantial in both negative and positive ways. It is hard to deny the benefits modern technology has produced for the world, in industry and in everyday life. With more and more technological breakthroughs, there have been many positive ecological impacts. However, it is also hard to deny that there are considerable negative impacts as well. Supporters of a work reduction scheme maintain that the reduction in hours will have a positive effect on the environment and the raw materials that are used on a daily basis. (Hayden and Shandra 576) Though the argument that a reduction in hours will result in a better quality of life is largely agreed upon, the theory that a reduction in hours will reduce the negative impacts on the environment is still one of contention as there is no concrete evidence to back it up. (Hayden and Shandra 576) To counter this theory, there are those who argue that a reduction in hours will not result in a redution in damage to the environment. Each year, technology is making advances in producing low energy products that will reduce the damage to the environment. It is argued that with these advances...
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...Week-4 Kudler Fine Foods Lawrence Callahan ECO-365 July 31, 2013 Dan Ershadi e I | Kudler Fine Foods is an upscale / specialty gourmet grocery food store catering to high end clientele who are seeking the finer things in life. They opened their doors in June of 1998 and currently have three locations in the San Diego area (La Jolla, Del Mar and Encinitas). Each is about the same size with approximately 8,000 square feet of retail space, each providing the same products. Kudler’s is more expensive than a traditional grocery store, but plan to service a more refined customer found in more upscale areas. They specialize in (All of which are special that Kudler’s uniquely provides): * Baked goods that are baked fresh daily using only organic ingredients. * Fresh produce, if they don’t have what you want they will order it with over 350 varieties. * Fresh meat and seafood (Organic only). The Pacific Ocean is nearby so why not take advantage of it. * Cheeses and dairy products, offering 250 varieties of cheeses (Weekend cheese tasting is planned for the future). * Wine, offering extensive collections of domestic and imported wines and have recently employs a wine steward in each of their three stores to assist customers with becoming better versed in wine tasting. Their mission is to “be the premiere gourmet grocery store for those savvy shoppers who are searching for the finest meats, produce, cheeses and wine” (Source: Kudler Virtual Organization)...
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...and my little lectures associated with each conference. You must use the textbook and the Course Content readings with dependence on the text first, and the articles second. Every discussion requires that you demonstrate your reading of assigned material, so please attend to them. The lectures are designed to expand your understanding of the policy problem for the week and I embed them as a part of the discussion. You do not need to address my postings, but if they stimulate ideas, please do. Please note reference format for Stenzel in each conference below, and the other readings. Except for Chapter 1, he is the editor, not the author of the chapter. He does not claim authorship of Chapter 1 but you may cite him. I have written each of the references in the proper APA format. Do not reinvent the wheel. Use my references when you prepare references for your conferences. Yes, all academic writing follows APA, including the conferences. My reasoning? Practice makes perfect. Periodically APA changes its style manual. And periodically I check it. If you see something, let me know. Please note that during the first week of class we introduce ourselves and read my lecture on academic integrity. I will say that most students have no issues with academic writing, and I do use the class as an opportunity for students to work on their writing skills, if needed. Conference 1 (We start the Stenzel text conference 2) Policy: If the CIO is to be valued as a strategic actor, how can he...
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