Reference no: EM131158370
PART I
Directions: Please answer the questions below. Your response to each question must be at least one paragraph in length. Explain your thoughts with theory and examples where applicable.
1. What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?
2. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average total cost curve is rising, what is necessarily true of the marginal cost curve?
3. List and describe the characteristics of a perfectly competitive market.
4. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm sets its price below the current market price, what effect would this have on the market?
5. Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower production?
6. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?
PART II
Please read the article Credit and Liquidity Programs and the Balance Sheet (https://www.federalreserve.gov/monetarypolicy/bst.htm) on the Fed's website.
Write a paper that is at least two pages in length in which you identify the following:
1. The position of the federal open market committee.
2. The primary points articulated in the paper.
3. Whether you believe Krugman would agree or disagree with the positions noted in the paper.
Please review this module's required videos for more information on Krugman's position.
PART III: Reflection Essay
As you read about numerous topics this week including balance sheets and the Fed's policy, reflect on the past two years of your life in terms of microeconomics. Is there information on the website you would have found useful in personal decision making? If not, what would you have found useful? Write a reflection essay that is at least one page in length. You must cite at least one source.
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Explain important expenditure programs of federal government
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Identify assumptions on which your theory is based
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Channels of distribution and logistics
: In your own words, what is a distribution channel? What is the relationship between channels of distribution and logistics? How does geographical location affect your selection of distribution channels?
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Consider the various types of businesses
: Consider the various types of businesses below. Select three, and determine what approaches you would use to search for innovation opportunities for each business type
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How do explicit and implicit cost relate to opportunity cost
: What are opportunity costs? How do explicit and implicit costs relate to opportunity costs? List and describe the characteristics of a perfectly competitive market.
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Defenses to enforcement of contract
: At the end of 10 years, you refuse to pay your daughter the $500,000. She sues you for breach of contract. Will she win? In your answer, thoroughly discuss the 4 requirements for a valid contract and the 2 defenses to enforcement of that contract.
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Identify dead when teeth and bones of victim and available
: In 3-5 pages, including a title page and a reference page, discuss various methods of establishing the identity of a murder victim. In your discussion include an explanation of methods used to identify the dead when only teeth and bones of the vi..
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What techniques you used in dealing with each type
: The types of resistance your team exhibited and what techniques you used in dealing with each type. Give three examples. The eight steps you took, using Kotter's change management model, to engage your team in making the transition successful
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Elements of negligence
: Luckily, you're not hurt, just really embarrassed. Can Wal-Mart be held liable for negligence in this case? Discuss all 4 elements of negligence, and the defenses to a claim of negligence, in your answer.
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