Describe a situation in which you experienced the law

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Reference no: EM133499749

Question

1. Instructions
Describe a situation in which you experienced the law of diminishing marginal returns. How did this affect you?

Your journal entry must be at least 200 words in length. No references or citations are necessary.

Question 2. Instructions
Identify a time when you saw a price that was "too good to be true." Using the economic theory you learned in this unit, justify why the firm set the price below its average total cost of production.

Your journal entry must be at least 200 words in length. No references or citations are necessary.

Question 3. Instructions
Identify a business you visited in the past month. Thinking back to your visit and using it as a source of information, hypothesize the market structure for the firm you visited by explaining why you think the firm would or would not meet each of the characteristics of market structures.

Your journal entry must be at least 200 words in length. No references or citations are necessary.

Question 4. Instructions
Suppose a firm uses sugar in a product that you purchase. The firm vertically integrates by purchasing sugar farms that produce the sugar organically and in a way that makes it also sustainable for the environment. How would that influence your demand for that product? What other purpose than profitability might cause the firm to make this decision to vertically integrate in this way?

Your journal entry must be at least 200 words in length. No references or citations are necessary.

Question 5. Instructions
Identify a skill that you learned in this course, and explain how you can apply it to increase success in your career in a real-world scenario.

Reference no: EM133499749

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