University of Phoenix ECO 365 Principles Of Microeconomics Study Guides and Answers
University of Phoenix ECO 365
Principles Of Microeconomics Study Guides and Answers
This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
Fundamentals of Microeconomics
Differentiate between macroeconomics and microeconomics.
Analyze the effect of changes in supply and demand on the equilibrium price and quantity.
Determine how elasticities affect pricing and purchasing decisions.
Production and Cost Analysis
Describe the relationship between the number of inputs and the law of diminishing marginal productivity.
Analyze the relationship between productivity and the cost of production.
Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.
Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential.
Compare various market structures and their characteristics.
Evaluate the effectiveness of competitive strategies within market structures.
Determine profit-maximizing strategies based on market structure analysis.
Public Policy in Economics
Analyze the effect of externalities on market outcomes.
Differentiate among horizontal, vertical, and conglomerate mergers.
Analyze the effect of government interventions, taxation, and regulations on economic behavior.
Determine the effect of global competition on an organization’s strategies for maximizing profits.
Analyze the effect of global competition on the relationship between management and labor.
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