Grand Canyon ECN 360 Module 1, 2, 3 and 4 DQ (2015)

Module 1 DQ 1

Is price elasticity of demand at GCU elastic or inelastic? What could you do to find out?
Module 1 DQ 2

Most managers and executives believe their firm has an opportunity to take advantage of economies of scale; however, many firms do not. Slect one of the questions below and respond.

How could you determine if your firm has economies of scale?
What type(s) of firms typically have economies of scale? Which do not?

Module 2 DQ 1

The long-run equilibrium for a perfectly competitive firm is zero-profit equilibrium. Does this mean that owners of these firms have no income? Explain.
Module 2 DQ 2

How does the price and level of output for a monopolist differ from that of a purely competitive firm? Is this due to differences in the cost of doing business? Do these differences provide a rationale for anti-trust legislation? Explain.

Module 3 DQ 1

There are estimates that as many as 4,000 pizzerias open every year in the U.S. and just as many close. Why does this continue to happen?

Module 3 DQ 2

The manufacturers of R.C. Cola, with 2.1% market share in the soft drink industry, recently launched a new advertising campaign describing their brand as a “hip alternative” to “corporate colas” like Coke and Pepsi. Why don’t they simply try and gain market share by cutting price? What property of oligopoly markets explains this type of behavior?

Module 4 DQ 1

Why would the manufacturers of autos resist attempts to establish higher fuel efficiency standards? How would their costs, sales, and profits be affected?

Module 4 DQ 2

Select one of the cases below and discuss what would happen to marginal physical product and why:

More secretaries are hired in an office.
More professors are hired to teach economics.
More construction workers are hired to construct an office building.

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