ECO_561_Final_Exam_Solution_Tutorial_ECO 2023

DQ1.What is the definition of economics (distinguish between microeconomics and macroeconomics). What is the role of economic theory in economics? DQ is the difference between a command system and a market system? DQ3.There are several determinants of demand or the "other things," besides price, which affect demand. Can you provide a few examples? ECO_561_Final_Exam_Solution_Tutorial_ECO 2023 DQ4.Different products have different elasticity's. Heart medication, for example is inelastic; and corn is elastic. Find a product and describe its price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity? Individual Assignment - Week One Knowledge Check Complete the Week One Knowledge Check. DQ1.Distinguish between explicit and implicit costs, and between normal and economic profits. DQ2.Briefly (in a few words) state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification. DQ3.Why do you think the resource demand curve slopes downward? What are some determinants of resource demand?... Continues...