Define the concept of elasticity. Explain how a higher price and a lower price affect consumers and producers. Share how the changes of price for an elastic good and an inelastic good you use regularly has affected your purchasing and lifestyle.
Millennials are renting offices sharing costs to reduce their overhead expenditures and overall efficiency. What are the disadvantages and advantages of economies of scales? Give examples of your local establishments that use shared locations to decrease costs, i.e., Taco Bell and KFC. Include a minimum of one reference.
Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go to a …
The USA has had a significant current account deficit for several decades now. Explain why this may be the case for the last two decades and explain the consequences for the USA of this current account deficit.
Describe two forms of private spending that represent consumption. The national income accounts include tuition as part of the consumer spending. In your opinion, are the resources you devote to your education a form of consumption or a form of investment. Explain.
Many factors affect the demand for a product, which is a concern for management and the decision-making process. To correctly assess the demand for their products, managers must determine the effect of all relevant variables. Select a particular industry or product and define the following variables: Inferior versus normal …
Compare and contrast the characteristics of monopolistically competitive, monopolistic, and perfectly competitive markets.Provide an organization that is an example of each and discuss how changes in their pricing affect your purchase decisions.
The idea that transactions in a marketplace work like an invisible hand is to some extent the idea that when a person chooses to buy an item at a given price, they are happy with the deal. There is no coercion. If the person really does not like the deal, they simply walk away. This …
Direct and indirect price discrimination within the context of a hypothetical scenario. Read More »
Describe two forms of private spending that represent consumption. The national income accounts include tuition as part of the consumer spending. In your opinion, are the resources you devote to your education a form of consumption or a form of investment. Explain.
The focus of this discussion is on understanding the differences between economies of scale and economies of scope. What are the key differences? Use these concepts to determine whether gains from economies of scale or gains from economies of scope were the principal reason behind a merger or acquisition. Also …
The differences between economies of scale and economies of scope. Read More »
