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SNHU ECO-201 Week 5

Another big week on deck in ECO-201.  Here is your list of resources to help get you through it! Milestone Three Resources: How to Write an Exemplary “Costs of Production” section (sample paper included) ***Make sure to use the link to the Excel Spreadsheet that can be found in the General Questions Discussion Board or in the Announcements*** Finding Market Share Data for Your Firm How to Write an Exemplary “Overall Market” section (sample paper included) Determining Market Structure for Milestone 3 Using the Four Firm Concentration Ratio to Determine Market Structure (flow chart included) How to Write an Exemplary “Recommendation” section Tips on Milestones Two and Three: Help With Using Financial Statements Milestone Three Guidelines and Rubric Milestone Three video The ECO YouTube Channel for recordings of webinars in previous terms How to Find What You Need from the Library for your Research Paper
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SNHU ECO-201 Week 4

It’s a really big week in ECO-201.  Have no fear, your resources for survival are here… Milestone Two Resources: How to use the spreadsheet to create a graph for the supply and demand section ***Use the link in the announcements of Brightspace or the General Questions Discussion Board to access the Excel spreadsheet that will help you create your required graphical representation of data*** Milestone Two Tips: How to Write an Exemplary Section on Supply and Demand (Example Included) Milestone Two Tips: Writing an Exemplary Section on Elasticity of Demand Milestone Two Tips on Critical Element “Price Elasticity of Demand: Pricing Decisions” Tips on Milestones Two and Three: Help With Using Financial Statements Milestone Two Tips to Get Started with Writing About Demand Milestone Two Tips to Get Started with Writing About Supply Milestone Two Rubric Milestone Two Video APA guidelines Historical Webinars on the  ECO YouTube Channel Homework 4 Resources: Sample Problem: Economic Profits Sa

SNHU ECO-201 Week 3

Price elasticity of demand is one of the most difficult concepts in microeconomics making this week feel more challenging than usual for many students.  Here are some resources to help you navigate week 3: Check this video out for an explanation of the 3 rd discussion to help avoid the commonly made mistakes! Other helpful resources on price elasticity of demand. Price Elasticity of Demand Video Price Elasticity of Gasoline Example Elasticity of Demand Explained Khan Academy Videos on Price Elasticity of Demand Mr. Clifford’s Explanation of PED and TR Test Helpful resources for Homework 3: Sample Problem: Substitutes Price Elasticity of Demand Sample Problems Thinking ahead to milestone two…this is a big assignment and it will serve you well if you can get an early start on it: Milestone Two Tips to Get Started with Writing About Demand Milestone Two Tips to Get Started with Writing About Supply Milestone Two Tips: How to Write an Exemplary Section on Supply and Demand (Example Inclu

SNHU ECO-201 Week 2

Week 2 is when the pace begins to pick up for this course.  Fortunately, there are a lot of resources available to help out and get you started! For assistance with Milestone One: Milestone One Tips on the Introduction Video Milestone One Tips on the History & Overview Video Microeconomics of Expedia Introduction Video Expedia History and Overview video Milestone One Sample Paper (Expedia) Milestone One Tips and Examples Final Project Guidelines and Rubric Listen to historical webinar recordings on the ECO YouTube Channel SNHU writing center For additional help with APA formatting: http://owl.english.purdue.edu/owl/resource/560/01/ Additional Library resource databases containing company information, background and history, financial statements, SEC reports, SWOT analyses, scholarly journal, trade publication, magazine, and newspaper articles (including the Wall Street Journal), and market reports, can be found on the Library’s Company Information research guide: http://libguides.s

Welcome to Week 1 of ECO-201!

To help you navigate week 1 I have complied a list of extra resources for you to peruse for week 1 or ECO-201. For assistance with the first discussion assignment: Video Introducing Discussion 1 Opportunity Cost Clip on YouTube Opportunity Cost Overview Opportunity Cost – And Pretty Little Mistakes For assistance with the first homework assignment (found within MyEconLab): YouTube Clip Introduction to the Production Possibilities Frontier PPF Sample Problem Opportunity Cost Sample Problem For help with selecting a firm for your final project (this same firm will be used for all milestone assignments): use these guidelines

Using the Four Firm Concentration Ratio to Determine Market Structure

Here is one more milestone three tip that I’d like to share in order to help you determine the market structure of your industry. Perfect Competition and Monopoly markets are very rare, so it is most likely that your firm operates in a monopolistically competitive industry or in an oligopolistic industry. How do you figure out which market fits your firm’s industry? A great way to do this is by utilizing the four firm concentration ratio. Suppose that the distribution of sales in an industry is as shown in the chart below (market share). You should have already found the market share data for your industry in a previous critical element, but if you are working out of order or skipped over that element, here are some tips on how to find the market share for your industry. What is the four-firm concentration ratio for this industry? To find this, we add up the market share percentage for the top 4 firms. Four firm concentration ratio = 20% + 18% + 12% + 10% = 60% If the top four firms m

Sample Problem: Calculating Marginal Cost

Melanie is a hairdresser and is able to provide haircuts for 8 people each day at a total cost of $50. If Melanie performed 9 haircuts it would cost her $60. What is the marginal cost of providing the 9 th haircut? To solve this problem, we first need to understand what marginal cost is and then figure out how to calculate it. Marginal cost is the additional cost to a firm of producing one more unit of a good or service. In this case, the problem is asking for the marginal cost of going from 8 haircuts to 9 haircuts. To calculate the marginal cost you take the cost of 9 haircuts and subtract the cost of providing 8 haircuts. $60 - $50 = $10. The marginal cost of providing the 9 th haircut is $10.