Help For Your Introductory Economics Course

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://libguid...

Milestone One: Expedia Example.  For the accompanying video that explains this paper, please view on YouTube here and here . Microeconomic Analysis of Expedia Expedia Group is off to an excellent start in 2018. Reports from the first quarter show year-over-year growth rates of 15% in revenue, gross bookings, and room nights (Investors Overview, n.d.). As a consultant hired by Expedia Group I will be analyzing market and business data in order to make recommendations to ensure Expedia’s future success and sustainability in the market. This paper will provide a brief overview of the firm before diving into Expedia’s demand trends over the last 5 years, supply and demand conditions, and the price elasticity of demand for their products. A discussion of the costs of production will follow with an in depth look at variable costs, fixed costs, and the impact to profitability. The overall market section will include a discussion of the market share, barriers to entry, and market structur...

Part I: Critical Element “Purpose” In order to receive a score of proficient (100%) on Milestone One you’ll need to outline the purpose of your paper and state how it will inform the conclusion. The best way to do this is to view the Final Project Guidelines and Rubric , paying particular attention to the Prompt and Critical Elements that will be addressed in your paper. When you turn in your final paper, in order to earn a score of exemplary (100%) you’ll also need to use industry-specific language to establish expertise. I recommend trying to write Milestone One as if it were your final paper, so that you can benefit from the feedback before your final paper is due. Below is an example of an introduction that would receive an exemplary score for The Hershey Company. Please keep in mind the following points as you work on your introduction: -The text in italics indicates where the purpose of the paper is outlined. -The underlined text indicates how the conclusion will be informed....

This course was recently redesigned, but there used to be a discussion board topic each week in ECO-201. I thought some of you might benefit from seeing the discussion board topic that was previously used in this module. Below is the discussion board topic for week 2, which is followed up with an explanation. How often are you able to buy a ticket to the Super Bowl at face value? Consider the prices you would pay online or through a ticket scalper. How can the laws of supply and demand be used to explain this situation? How is the market for Super Bowl tickets different than other goods and services we purchase? What role do ticket scalpers play in this process? First let’s quickly define the following terms: Law of supply : The rule that, holding all else constant, increases in the price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied. Law of demand : The rule that, holding everything else constant, when the price of a product ...

Assume the world market for bananas is competitive and that the marginal cost of producing a case of bananas is $12.50 and the marginal benefit is $15. If one more case of bananas is produced and consumed, how will the economic surplus change? To answer this question, let’s first discuss what we mean by economic surplus. Economic surplus is the sum of consumer surplus and producer surplus. Consumer surplus is the difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays. In other words, consumer surplus measures the benefit to consumers. Producer surplus is the difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives. This means that producer surplus measures the benefit to producers from participating in a market (in this case, the market for bananas). This question also mentions a few other terms we need to understand. The marginal benefit is the ...

Which of the following would cause an increase in the demand for apples? Choice A: A decrease in consumer incomes (apples are a normal good). Choice B: A decrease in the price of apples. Choice C: An increase in the number of firms in the market. Choice D: An increase in the price of pears, a substitute for apples. Choice A is incorrect because a decrease in consumer incomes should cause a decrease in demand for apples, given that apples are a normal good. Choice A would be true if apples were an inferior good, meaning that when people have less money they buy more apples rather than some preferred alternative, which would increase demand for apples. Choice B is incorrect because a decrease in price of apples would be a movement along the demand curve, increasing the quantity demanded, but not increasing demand. The demand curve does not shift when the price changes, because the demand curve already is a representation of the quantity demanded at each price point. Choice C is incorrect...

Assume that the weather in Florida is exceptionally cold this year and has damaged the citrus crops, raising the costs for the companies that use a lot of oranges to produce orange juice. Indicate which of the following statements describing the resulting effects in the market for orange juice are true of false. #1. The demand for orange juice decreases. #2. The quantity of orange juice demanded decreases. #3. The supply of orange juice decreases. #4. The quantity of orange juice supplied decreases. When faced with a question like this, the first thing to determine is whether this problem deals with a change in supply or a change in demand. In this problem we are discussing the costs of production for orange juice producers. We don’t see any information mentioned about the consumers who purchase orange juice. This tells us two things: a change in the production costs leads to a shift in the supply curve , but the habits of consumers have not changed so there is no shift in the de...

The table below shows the demand schedule for four different types of consumers. There are 20,000 consumers total, and they are divided evenly through types A-D. What is the quantity demanded at a price of $10 for this good? To solve this problem, we first need to know how many consumers are in each group. Since there are 20,000 consumers total, and they are evenly divided between groups, there are 20,000 divided by 4 consumer types, which means there are 5000 consumers for each customer type. Moving on, we need to find out what the quantity demanded is at the market price of $10. How do we find that? First we look to the chart above and locate the line that has a market price of $10. Looking horizontally, we can see that at a price of $10, people who are type A will want to purchase 4 units each. We also must remember that there are 5000 people that are classified as type A. To calculate the quantity demanded we need to multiply the number of units demanded by the number of people dem...