BU 224

BU 224 Unit 10 Quiz1. Question : Media Cable, a typical utility based monopoly, provides cable service in a rural community. Table 1. shows the demand that Media Cable experiences at each price and Graph 1. depicts Media Cable’s demand curve. Why does such a monopoly face a downward sloping demand curve?Student Answer: (a) More people are going to want to pay the minimum price offered. If they are offering free cable then many people will

5 Other / Other Kaplan University / BU 224 01 Jun 2018

BU 224 Unit 10 Discussion 1Unit 10: Unit 10: Oligopolistic Markets and Monopolistically Competitive Markets - DiscussionTopic: Role of AdvertisingAssume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm.a.Describe the business and its likely main competitors.b.How would you

8 Other / Other Kaplan University / BU 224 01 Jun 2018

BU 224 Unit 9 Discussion 1Unit 9: Unit 9: Monopolies - DiscussionTopic: Real-World MonopoliesDescribe an example of a real-world industry or market that would be considered by economists to be a natural monopoly.1. What characteristics of the industry make it a monopoly?2. What is the impact of the monopoly power on its customers?3. Why might government want to regulate natural monopolies?4. How might such regulation be structured?

8 Other / Other Kaplan University / BU 224 01 Jun 2018

BU 224 Unit 8 Discussion 1BU 224 Unit 8 Discussion 1I do not think this would be my dream job. For the sake of this discussion, I am going to start a Lawn Care and Irrigation Business. The cost that I would incur would include but not be limited to the following:·Equipment·Professional and Licensing Costs·Marketing·Administration·Miscellaneous Cost·Transportation There is a lot of competition from franchises all the way down to the teen with a su

8 Other / Other Kaplan University / BU 224 01 Jun 2018

BU 224 Unit 7 Discussion 1Unit 7: Unit 7: Fixed Costs and Variable Costs - DiscussionTopic: Increase in Fixed Costs1. Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following:a. the firm's AFC (average fixed cost);b. the firm’s AVC (average variable cost);c. the firm’s ATC (average total cost); and,d. the firm’s MC (

8 Other / Other Kaplan University / BU 224 23 May 2018

BU 224 Unit 6 DiscussionUnit 6: Unit 6: Governmental Price Controls - DiscussionTopic: Prescription MedicationsCritically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from the chapter in this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer.a. In the first case, assume the medication is for a life-threatening illness for which your child has bee

8 Other / Other Kaplan University / BU 224 23 May 2018

BU 224 Unit 5 DiscussionUnit 5: Unit 5: Surplus - DiscussionTopic: Tailored Clothes1. Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also, assume that the tailor is prepared to sell that item of clothing for as little as $100. When you arrive at the tailor shop, the posted price for the item is $150. Discuss how this scenario relates to producer and consumer surplus and how

8 Other / Other Kaplan University / BU 224 23 May 2018

BU 224 Unit 4 DiscussionTopic: Diminishing Marginal Utility1. Pretend that you have just been surprised with a genuine email that says you have just been selected by your favorite pizza delivery company that every day for the next month you will receive your favorite pizza for lunch and another of that same favorite pizza for dinner, delivered to your home and ready to eat.a. Using the concept of diminishing marginal utility, discuss how e

8 Other / Other Kaplan University / BU 224 23 May 2018

BU 224 Unit 3 DiscussionUnit 3: Unit 3: Supply and Demand - DiscussionTopic: MarijuanaThere is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes or more extremely, for recreational purposes. Looking only at the economic impact (not moral implications) of such changes in the laws, discuss how the existing system of supply and demand for illegal marijuana will be changed with the new

8 Other / Other Kaplan University / BU 224 23 May 2018

BU 224 Unit 2 DiscussionUnit 2: Unit 2: Scarce Resources and Trade - DiscussionTopic: Scarcity SolutionsDo some research on the country of Ethiopia and discuss: a. Who in the Ethiopian society has the most difficult time dealing with scarcity? b. What do they need most? c. How can their society provide for their wants and needs? d. Why are they so impoverished? e. What can their governments

8 Other / Other Kaplan University / BU 224 23 May 2018