...Strayer University Professor Page ECO100 Assignment 1 Alcohol abuse is a major problem in today’s society. With a down an economy, there are more and more people turning to alcohol while actually helping the local package store to thrive. Economist may see it differently. They may see it as a way; first they will “Use Assumptions to Simplify”. (O'Sullivan, A., Sheffrin, S. M., & Perez, S. J. (2012)) Why are these people drinking? Is it because they struggle and worry how they are going to pay their bills, or is they are stressed out. Next they must “Isolate Variables – Ceteris Paribus.” That is they must find out the relationship between two variables (O'Sullivan, A., Sheffrin, S. M., & Perez, S. J. (2012)) like the down economy and the loss of jobs, with the number of people abusing alcohol. The third element of economic way of thinking involves “Thinking at the Margin”. Economists have to think about slight changes in one variable to see the outcome of the decision. (O'Sullivan, A., Sheffrin, S. M., & Perez, S. J. (2012)) For instance, if the price of the alcohol tax was raised significantly would it lead to less people abusing alcohol, or will it lead to more crime and bootlegging back from yesteryear. Finally, economists need to think about the last element. “Rational People Respond to Incentives” Economist tends to think that most people act rationally and act in their own self-interest. (O'Sullivan, A., Sheffrin, S. M., & Perez, S. J. (2012)) There...
Words: 919 - Pages: 4
...Dangote Group Dr. Teresa Hartnett ECO100 -Principles of Economics February 2, 2015 Dangote Group “The ultimate goal of the Dangote Group is to dominate every niche in which it operate. In order to achieve this goal; we acquired over 3000 new trucks, developed a strong distribution network and increased production capacity. Our strategy is to sell our products faster than our competitors and at uniform price.” Aliko Dangote, the riches black man in the world (2014). This article considers how pricing strategies can make a firm perform better than its competitors. The first thing the article takes into consideration is: Perceived value of the firm’s product. This is a factor which must be taken into consideration before setting a price for a product. The reason perceived value is a critical factor to consider in a product pricing strategy is because customers often associate low price with low quality. So before fixing a price for your product, you have to make sure you strike a balance between the price of your product and its perceived value. Product development cost: A firm should never price their product below its actual cost price. The actual product cost price is determined by the total cost of production including tax, divided by the total number of products produced. Economic trend is another unavoidable factor that can influence the pricings of your product. As an entrepreneurs, you have to know that economic factors such as taxation rate, labor cost, inflation...
Words: 381 - Pages: 2
...Pure Monopolies Todd Torres ECO100 Instructor: Robert Tocker December 12, 2012 "No firm is completely sheltered from rivals; all firms compete for consumer dollars. If that is so, then pure monopoly does not exist. Do you agree?" Fully explain your answer in a way that shows your understanding of “monopolies.” I do agree that a pure monopoly does not exist. I say this because no matter the product there are usually some competitors. There is the argument that nothing is like the original but it doesn’t take long for similar products to reach the market. Less expensive and similar products often do well because of the consumers desire to keep up with trends. Another reason to exclude the idea of a pure monopoly is the competition. If a truly pure monopoly did exist there wouldn’t be a need to change its product. Even if one company had a truly unique product it still had to compete with other products to distinguish itself as a better product. A company must compete with itself to keep coming up with new and better products to keep its loyal customers loyal. All markets are driven by its consumers. Just as companies have freedom of choice so does the consumer and it is this choice that, to me, makes it impossible to have a monopoly. Let me explain. No matter the product, if the consumer isn’t willing to pay the cost the company has set, it must adjust to the consumers’ demands, because of this dependence on the consumers’ choice I feel a pure monopoly doesn’t exist...
Words: 471 - Pages: 2
...THE INTERNATIONAL UNIVERSITY VNU-HCM [pic] SCHOOL OF BUSINESS (BA117IU) INTRODUCTION TO MICROECONOMICS COURSE GUIDELINE June 2015 CONTENT 1. COURSE STAFF 3 1.2. Communication with Staff 3 2. INFORMATION ABOUT THE COURSE 3 2.2. Teaching times and Locations 3 2.3. Units of Credit 3 2.4. Perquisite and Parallel courses 3 2.5. Relationship of this course to other course offerings 3 2.6. Approach to learning and teaching 4 3. COURSE OBJECTIVES AND OUTCOMES 4 3.2. Course objectives 4 3.3. Student learning and outcomes 4 3.4. Teaching Strategies 4 4. STUDENT RESPONSIBILITIES AND CONDUCT 5 4.1. Workload 5 4.2. Attendance 5 4.3. General Conduct and Behavior 5 4.4. Keeping informed 5 5. LEARNING ASSESSMENT 5 5.1. Assessment details 5 5.2. Assignment Submission Procedure 7 5.3. Late submission 7 5.4. Assignment Format 7 6. ACADEMIC HONESTY AND PLAGIARISM 7 7. STUDENT RESOURCES 8 7.1. Course Resources 8 8. COURSE SCHEDULE 9 COURSE STAFF Teaching Staff: Cao Minh Man PhD Room: A1-308 Phone: Email: cmman@hcmiu.edu.vn Consultant times: To be advised/ also by appointment Tutor: Room: Phone: Email: Consultant times: 1 Communication with Staff Student are advised to contact staff during consultant times, or by arranging an appointment INFORMATION ABOUT THE COURSE 2. Units of Credit UOC...
Words: 1521 - Pages: 7
...Markets and Economy rinciples of Economics – ECO100 March 6, 2011 Markets and the Economy Budget Deficits Each problem should have four clearly defined sections. The first section should contain essentially a statement of the problem. For example, “The economic way of thinking can shed some light on possible solutions to alcohol abuse. This paper will propose two policy options designed to reduce abuse.” Repeating and summarizing the question helps one keep in mind the problem to be solved and the exact tasks, propose two solutions. The second section should be an elaboration of the problem using economic thinking. For example, in the case of alcohol abuse, we might begin with “for the purposes of this paper the definition of alcohol abuse will be limited to the cases of excessive consumption of alcohol as a single event. In other words the discussion will not consider alcohol addictions, but only excessive consumption by the casual or social drinker. Additionally, for the purpose of the discussion it will be assumed that the abuse takes place in a setting in which there is potential for the behavior to have negative impacts on neighbors and the community. In other words there is a potential that private behavior by one person of group with have an adverse impact on others.” Once one has defined what one is going to be include in the behavior studied, then one can begin to define possible variables that may cause excess consumption...
Words: 1576 - Pages: 7
...Assignment: The Key Concepts in Economics Curing Chronic Homelessness ECO100 The topic I chose is about homelessness and the cure that is sweeping the nation. There are multiple types of homeless, some are short termed, often uncounted as they are able quickly recover from the reason which left them homeless in the first place. Some are considered chronically homeless, which can mean a couple things; the first is that the homeless person has gone without a steady home at least four times out of the last four years. But, this can also mean that they have a disability that has caused them to be homeless for more than a year. Unfortunately, we have seen constantly increasing numbers of homeless Veterans since the Vietnam War (Haggerty, 2015). Not only is it doing the exact opposite of everything we have been told is the correct way to handle homelessness, especially chronic homelessness, but it is proving to be far more successful than anyone could have ever dreamed (The Editorial Board, 2015)! No matter where you live, the signs of homelessness are there if you take the time to look for them.. They are the most obvious when you are within great city centers because there is an ease of access to assistance that comes with being close to major hubs. Nevertheless, even an hour outside of a major city where we have nothing but farmland and wild land as far as the eye can see, we still have the same problems, they are just harder to find. One good example is during the warm months...
Words: 1479 - Pages: 6
...The Fiscal and Monetary Policy and Economic Fluctuations XXXXXXXX Strayer University Principles of Economics, ECO100 Professor XXXX XXXXXXXX August 24, 2013 The U.S. Economic Situation: A 5 Year Comparison Compared to five years ago, the U.S. economic situation has improved. The real gross domestic product (GDP), a macroeconomic measurement used to “summarize the total production of [the] entire economy” (O’Sullivan, Sheffrin, & Perez, 2012), has shown positive growth since the bottom point of the recent recession that occurred in 2009. (See graph in Figure 1.) In fact, by 2012, growth in the U.S. GDP surpassed that of the 2007 pre-recession point. Conversely, the key economic indicators of interest rates, inflation, and unemployment were examined for the same time period, from 2007 to 2013, in an attempt to discover possible correlations between them. First, U.S. government security interest rates published by the U.S. Treasury reflect a steady reduction since the height of the recession in 2009. Specifically, in 2007, the average annual rate was 2.34 percent and in 2012 it was .017; a 99 percent decrease of 2.323 percent over this five year period. (See graph and table in Figure 2.) It is most important to reiterate that the vast majority of the reduction in government security interest rates occurred between 2009 and 2012, reflecting a correlation and possible Treasury reaction to the 2009 recession that is indicated in the previously discussed U...
Words: 1900 - Pages: 8
...Free eChapters (FALL 2012) eChapters offer students immediate access to the first few chapters of their textbooks while they are waiting for the print book to arrive. eChapters help students to keep up with required reading and assignments until they receive their course material, without having to pay expedited shipping costs. eChapters that are available from the publisher are attainable free of charge. How do students gain access to free eChapters? Not all courses or textbooks have eChapters available. For all courses where eChapters are available, the files are located in the student’s Blackboard course shell under the Student Center. Below is a list of courses with eChapters loaded into the course shells, giving students free access as of the first day of classes. * = eChapters are forthcoming Course ID ACC100 ACC206 ACC303 ACC304 ACC305 ACC306 Text Title Accounting Principles – 9th edition Accounting Principles – 9th edition Intermediate Accounting 14e Intermediate Accounting 14e Intermediate Accounting 14e Microcomputer Applications for Accounting Excel 2010 Microsoft® Excel 2010: A Case Approach, Complete, 1st Edition, copyright 2011 SOUTH WESTERN FEDERAL TAXATION 2012: COMPREHENSIVE, 36th ed. South-Western Federal Taxation 2013: Corporations, Partnerships, Estates and Trusts, 36th Edition Cost Accounting 13th 09 ed. Advanced Accounting 4th 10th ed. Auditing & Assurance Services 13th 10 ed. Core Concepts of Government and Not for Profit Accounting 2nd ed., 2011 ed ACC...
Words: 3676 - Pages: 15
...towards mastery in the practice of problem solving Assessments MODULE 4 Technology 1. You are the manager of 2 small stores with production functions q = K¼L¼ and a larger store with production function q = 2K¼L¼. You hire capital for $4, labour for $1. When you took over this role, your boss told you that Q = 24 was the profit maximizing output for this multi-plan firm: 24 = q1 + q2 + q3. Now, the price of labour rises to $4. Provide (i) Isoquant/Isocost diagrams, (ii) Total Cost and (iii) Marginal Cost diagrams. Illustrate the substitution effect (point a to b) and output effect (point b to c) on these diagrams. Explain why your firm uses less capital even when the price of labour increases. (September 2010) For the production function q = K2 + L2 (A) Demonstrate that the elasticity of substitution is negative. (B) Provide a labelled diagram showing the q = 100 isoquant (C) Briefly explain what a negative value means for σ 3. 4. A special production function is q = min( 80K, 4L1 + 2L2). Discuss the production process described by this function. Is this production function constant returns to scale? Five-year-old Jack has set up a hot chocolate stand outside his home. His customers like hot chocolate made in only one way, one unit of chocolate and 3 units of milk to go into each unit of hot chocolate. Jack’s mother, Naomi, provides him with heat, cups and cleaning free of charge. However, she charges him $0.25 for each unit of chocolate and $0.50 for each unit of milk. What...
Words: 50660 - Pages: 203
