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ECO 204 Entire Course (New)

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Circular Flow Diagram. Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

Supply and Demand. Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?

Elasticity. Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:

a. bottled water

b. toothpaste

c. cookie dough ice cream

d. fresh green beans

e. gasoline


ECO 204 Week 2 Raise or Lower Tuition (New)

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Raise or Lower Tuition?You have been hired by Nobody State University (NSU) as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years, so they have hired you to help them in their last attempt to find an appropriate solution so that the university can survive.

Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition.

Assess a raise in tuition and if it will necessarily result in more revenue.

Describe the conditions under which revenue will (a) rise, (b) fall, or (c) remain the same.


ECO 204 Week 5 Final Paper (New)

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Focus of the Final Paper

Market Structures

You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions that will help the mayor understand the structures of many of the businesses in his city:

1. Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.

2. Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market.