ECO 204

Who gains and who loses from a tariff? How do the effects of tariffs differ from the effects of quotas? If you were a small country, what would you rather utilize?

3 Other / Other Other / ECO 204 13 Oct 2014

Why would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective?

5 Other / Other Other / ECO 204 13 Oct 2014

1. Question : When P = AR = MR = AC = MC, Student Answer: economic profits are positive. economic profits are zero. economic profits are negative. normal profits are zero. normal profits are negative. Points Received: 1 of 1 Comments: Question 2. Question : At the other end of the market continuum from perfect competition is Student Answer: the corporation. oligopo

5 Other / Other Other / ECO 204 13 Oct 2014

Analyze the major barriers for entry and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved to protect consumers?

5 Other / Other Other / ECO 204 13 Oct 2014

Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sure to relate an example for each of the market structures listed and how it relates to the particular characteristics.a

5 Other / Other Other / ECO 204 13 Oct 2014

1. Question : Which of the following always decreases as output increases? Student Answer: Fixed cost Average cost Average fixed cost Marginal cost Total cost Points Received: 1 of 1 Comments: Question 2. Question : The change in total cost due to producing one more unit of output is called the Student Answer: long-run average cost. short-run average cost.

5 Other / Other Other / ECO 204 13 Oct 2014

After reading Chapter 8 in the text and viewing the required video for this week, Fixed, variable, and marginal cost, address the following in your initial post: • First, describe several different fixed costs and variable costs associated with operating an automobile. • Next, assume that you would like to travel from Los Angeles to New York City by either car or plane. Which costs would you take into account in making your dec

5 Other / Other Other / ECO 204 13 Oct 2014

Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?

5 Other / Other Other / ECO 204 13 Oct 2014

Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples?

5 Other / Other Other / ECO 204 13 Oct 2014

Elasticity Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic: o bottled water o toothpaste o cookie dough ice cream o fresh green beans o gasoline In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand. a

5 Other / Other Other / ECO 204 13 Oct 2014