Eco 204 New (Principles of Microeconomics) Entire New Course Essay

1383 Words May 12th, 2015 6 Pages
ECO 204 NEW (Principles Of Microeconomics) Entire NEW Course
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WEEK 1 ECO 204 NEW Week 1 Quiz 1. Question : In economics, scarcity means that

Student Answer: there are not sufficient resources to produce everything that people want. poverty will always exist. a country can never feed all of its citizens. the price of a good may increase more rapidly than the general price level. there is not enough of a particular good for people to buy all they want at
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Determining where to set tuition pricing is an increasingly critical decision which administrators and university presidents must analyze when considering the university’s goals. Not only does the cost of tuition play a factor in student enrollment, it also provides a major revenue source to an institution. The question which universities must answer is, “What effect will raising or lowering the university’s tuition have on the total earned revenue? This paper investigates this question and reviews under what conditions a change in tuition prices will cause the revenue to rise, fall, or remain constant. Finally, applying a hypothetical tuition elasticity coefficient of demand for education value of -1.2, provides a tuition increase recommendation to the Nobody State University’s president and administration board based upon the university’s potential revenue impact.
ECO 204 NEW Week 2 DQ 1 Elasticity
Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:
• bottled water
• toothpaste
• cookie dough ice cream
• fresh green beans
• gasoline

In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.

ECO 204 NEW Week 2 DQ 2 Externalities
Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of

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