FOR WEEK 2 ECO 365 What is the relationship between productivity and the cost of production? The relationship between productivity and the cost of production is your cost per day or per hour compared to your productivity. By examine these two things together. The productivity which is your output for the amount of hours worked compared to the total cost of a certain item – you will be able to reach a “break even analysis” showing you how much you need to a make minus the total coast to make
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Week Two Summary Eco/365 Week Two Summary Week Two has been an interesting‚ yet exciting‚ week for Learning Team B. The topic of week two was production and cost analysis. Students were required to analyze the relationship between productivity and the cost of production. Week two also had students analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. Through the two discussion questions for week two students were able to take the information
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ECO 365 - Week 2 Discussion Question Answers DQ 1: Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income? The concept of derived demand occurs when the demand of product exists due to demand of another product. In this case‚ demand of a labor is a form of derived demand‚ because the amount of labor hired will
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Supply and Demand ECO/365 February 16‚ 2015 Eugene Kaufman Supply and Demand Understanding supply and demand is easy‚ but understanding how they affect the decisions made on what price to charge and when to charge is the challenging part. The shift in the demand curve and the shift in the supply curve‚ gives you a better idea of how to use the information given. Microeconomics versus Macroeconomics Microeconomics is the study of individual choice and how that choice is influenced by the economic
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Week 2 Assignment Topic | Answer | What factor caused movement along the supply curve in the simulation? | By decreasing the availability of the units to 28%‚ there was a surplus of 550 units available. | Please include the graph of a movement along the supply curve. Refer to our textbook please. | | What factor caused shift of the supply curve in the simulation? | The higher the price of the rental unit‚ the more the supply increased. This caused a movement along the supply line to curve
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For a firm to shut down in the short run‚ the average variable cost can avoid paying by shutting down exceed the price it would get for selling the good (Colander‚ pg. 328). At a certain point to continue producing and selling goods would get higher than the fixed costs of not producing the goods or service. As the text mentions‚ automakers will continue to produce at a loss because the labor is a fixed cost due to union agreements. These agreements state that the workers will get paid if they are
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Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics Copyright © 2011‚ 2008‚ 2007‚ 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories‚ concepts‚ terminology‚ and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Faculty and
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Article analysis: Pump Prices and Oil Prices: A Tale of Two Different Directions By Ernest Guillen University of Phoenix ECO/365 Ver.4 Principles of Microeconomics Instructor: Dr. Christina Espinoza-Alguera Abstract: The following article is regarding what is most important to everyone around us regarding the pricing for gasoline at the pumps. This is a topic that concerns most people on this planet‚ why are the prices for gasoline so high and is it regarding the greed of
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Oil ECO/365 - Principles of Microeconomics Oil In today’s economy many trends in consumption patterns can determine where the supply and demands are needed. In the article “East Bay Oil Exports Have Become Huge Business‚” by Glantz (2012)‚ it touches on the subject of trends and consumption of oil. Many people are aware; however forget that there is a whole lot of oil around us that can be used. This paper will discuss and address the utilities derived‚ the change that demand for the product
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Running head: ARTICLE ANALYSIS PAPER Article Analysis Paper Name Eco 365‚ University of Phoenix Introduction During the early developmental years of life children are prone to varies eating habits that have adverse consequences when they are consuming too many of the wrong food groups. These youngsters find themselves eating more‚ exercising less‚ constantly tired‚ bored‚ and overweight. Many families are frequent fast food diners instead of enjoying a nutritious home
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