Trident Eco201 modules

1. Explain what happens toprice and quantity of coffeewhen the following events occur:

a. A scientific study shows that coffee contains some antioxidants.

b. Coffee plants from major producing countries are affected by drought. (fun fact: a coffee bean is a misnomer for the seed of a coffee plant)

c. The price of donuts increases.

d. In order to protect growers that have better working conditions for workers (referred to as Fair Trade), a price floor on coffee is implemented.

For each event, you must specify how it effects either demand, quantity demanded, supply, or quantity demanded. It is also important to demonstrate how the change will affect the market demand or supply curve. Also, be sure to state any assumption you are making regarding the relationship of the event and coffee.

e.g. Price of tea decrease.

Assume that tea is a substitute to coffee. If tea is cheaper, then the consumer will increase quantity demanded of tea. If consumers buy more tea, then there will be a decreased demand for coffee. This event causes a shift of the demand curve to the left. The shift will cause price and quantity of coffee to decrease.

2. Suppose Mr. Dash drinks 2 cups of coffee everyday no matter what the price. What kind of elasticity does it have?

3. Suppose that when the price of coffee increases by 30%, the percentage change in quantity demanded by consumer is reduced by 10%. Calculate the elasticity.

4. Based on your answer to #3, What happens to total revenue when the price of coffee is increased. Why?

Recall from the powerpoint presentation:

Inelastic goods (goods in which consumers are less responsive to changes in price): e < 1

Elastic goods (goods in which consumers are more responsive to changes in price): e >1

In this course, we use the absolute value of elasticity. It is always a calculated value of -1 due to the law of demand.

Case Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Pleas be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4-5 pages double spaced and typed.

The following items will be assessed in particular:

Your ability to understand an application of supply and demand.

Some in-text references to the modular background material (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

Module 3 acse

Module 3 -Case

The case assignment focuses on several concepts from the labor market including marginal production, total production, and wage determination. These terms are important in determining how many workers will be hired by a firm.

Write a 4-5 page paper that’s addresses the following questions:

1. Discuss two factors that would increase demand for labor. (Hint: Recall thatthe demand for factors of production or resources is called a derived demand)

2. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.

3. Numerical Problems. Answer the two questions below.

a. Take a look at the numerical example on page 76 of the online text (click here). What would be the marginal production at a level of 20 workers? Calculate. What can be said about the total production of cars as more workers are added (Hint: use the economic concept from the chapter in your answer)?

b. Using you answer from (a) and using the information below:

1. Each worker costs the firm $4,000 per month.2. Each acre of land costs the firm $1,000 per month.3. Each machine costs the firm $600 per month.

-Each worker costs the firm $4,000 per month.

-Price of the output (car) is $20,000

Should the firm move from the 15th to the 20th worker? In other words, should the firm hire 20 workers. Why? (Hint: You need to calculate the cost of total workers and the marginal revenue product (MRP = price of output * marginal product of labor)).

Case Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Pleas be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4-5 pages double spaced and typed.

The following items will be assessed in particular:

Your ability to understand marginal productivity and how firms make decisions.

Some in-text references to the modular background material (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

In this assignment, please review the reference material:

In a 4-5 page essay, address the following questions:

1. Give a brief summary of economic costs.

2. Suppose a firm is operating at the minimum point of its short-run average total cost curve, so that marginal cost equals average total cost. Under what circumstances would it choose to alter the size of its plant? Explain.

3. In the short-run, why might a firm still operate even when there is a loss?

4. Suppose a firm is producing 1,000 units of output (Q). Its average fixed costs are $100. Its average variable costs are $50. What is the total cost (TC) of producing 1,000 units of output (Q)? It the price (P) of the good is $200, what is total revenue? What is total profit?

Case Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Pleas be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4-5 pages double spaced and typed.

The following items will be assessed in particular:

Your ability to understand the relationship between costs and production.

Some in-text references to the modular background material (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

Module 4 SLP

Profits and Your Franchise Firm

In this module, we have explored the costs of production which have a direct impact on the profit of your firm. Please write an essay that addresses the following questions.

1. How do firms benefit from economies of scale?

2. What might be some potential disadvantages of being part of a large corporation?

3. Suppose business is booming at your firm. It is contemplating adding more capital, but the day supervisor suggests simply hiring more workers. How should you decide which alternative to pursue?

SLP Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2-3 pages double spaced and typed

The following items will be assessed in particular:

Your ability to explain how different economies vary in production.

Some in-text references to the modular background readings (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references.

Trident Eco201 module 5 slp and case

Competition and Market Power

Review the following questions and prepare a four to five page paper on the following questions:

1. Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.

2. Which of the following is (are) most likely to be produced under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.

3. Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?

4.This module focused on four types of firms:

(a) perfectly competitive

(b) monopoly

(c) monopolistic competitive

(d) oligopoly

Which of the above firms would most likely have zero economic profit in the long run (can be more than one type)? Explain.

Case Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Pleas be sure to cite all sources within the text and provide a reference list at the end of the paper.

Length: 4-5 pages double spaced and typed.

The following items will be assessed in particular:

Your ability to understand the differences between perfect and imperfect competition.

Some in-text references to the modular background material (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references including the case readings.

SLP 5

Market Structure

Some firms have a large share of the market while others are just starting. A firm can often create a brand name which gives them market power. Market power is defined as the ability to raise proces without losing all demand. Since you are analyzing franchise firms, we can conclude that the a brand name is somewhat established. Write a 2-3 page paper about the following issues:

1. What type of market do you think your franchise operates (perfectly competitive, monopoly, monopolistically competitive, oligopoly)? What are the specific characteristics that make it this type of firm?

2. What type of competition does your firm face? Who are some competitors? (even if you said your firm is a monopoly, think of some subsitutes)

3. How do you think your firm can increase its market power?

SLP Assignment Expectations:

Use concepts from the modular background readings as well as any good quality resources you can find from the cyberlibrary or other internet search engines. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 2-3 pages double spaced and typed

The following items will be assessed in particular:

Your ability to understand an application of imperfect competition.

Some in-text references to the modular background readings (APA formatting not required).

The essay should address each element of the assignment. Remember to support your answers with solid references.