Ecn601 topic - Study guides, Class notes & Summaries

Topic 2DQ1 Feb9-11,2023 Explainasituationyouhaveobserved(orreadabout)inwhichafirmmadeadecisionconsideringirrelevantcostsordidnotconsiderrelevantcosts.Whatwastheoutcomeofthedecision,andwhatcouldhavebeendonedifferently?

Topic 4DQ2 Feb23-27,2023 Whatisthecorrelationbetween,andevidencebehind,marketconcentrationandpricelevels?Doyoufindanyrelationshipbetweenlackofcompetitionandothereconomicvariables?UseatleastonearticlefromTheWallStreetJournal,oranotherscholarlyreference,tosupportyourresponse.Whataretheethicalramificationsofmarketconcentration?

Topic1:FoundationsofEconomics-SupplyandDemand Topic1DQ1 Feb2-4,2023 Explainwhytheconsiderationofopportunitycostsmaybeveryrelevanttoafirm.Howcanopportunitycostsaffectabusinessdecision?Useanexampletosupportyouranswer. Topic1DQ2 Feb2-6, 2023 Thinkaboutagoodorserviceforwhichyoubelievetherehasbeenashiftindemandorsupply.Explainthereasonsbehind theshiftand howthat hasinfluencedtheequilibrium price.

Topic3DQ1 Feb16-18, 2023 Whatmarketstructurebestdescribestheenvironment withinwhichyourorganizationoperates?What challenges and opportunities would arise from higher and lower degrees of governmentintervention? Provide arationaleto supportyour selected marketstructure. Topic3DQ2 Feb16-20, 2023 How do firms contribute to the efficiency of the market economy in ways that networks ofindependentcontractorsdonot?Useyourorganization, oronewithwhichyouarefamiliar, toillustrate your response.

Topic3DQ1 Feb16-18, 2023 Whatmarketstructurebestdescribestheenvironment withinwhichyourorganizationoperates?What challenges and opportunities would arise from higher and lower degrees of governmentintervention? Provide arationaleto supportyour selected marketstructure.

Topic 8DQ1 Mar23-25,2023 GotoTheEconomistwebsiteandsearchfortheBigMacIndexforarecenttimeperiod.ComparethePurchasingPoweroftheUnitedStateswithanothercountry.Trytochooseacountrywithwhichyouarenotveryfamiliar.Whatdoesthisparitysayaboutthepotentialstandardoflivinginthecountryyouchose?Whatdoesitsayaboutthepotentialwagelevel?

Topic3DQ2 Feb16-20, 2023 How do firms contribute to the efficiency of the market economy in ways that networks ofindependentcontractorsdonot?Useyourorganization, oronewithwhichyouarefamiliar, toillustrate your response.

Topic 4DQ1 Feb23-25,2023 Identifyapersonaleconomicdecisionthatwasdrivenbyabehavioralbiasratherthanbypurerationalbehavior.Givenyourunderstandingofbehavioraleconomics,howwouldyourdecisiondiffertoday?

Topic5DQ1 Mar2-4, 2023 The order of play tends to matter in sequential games where rivals must predict best reply-responses and counter-responses in order to achieve a desired payoff. Discuss an instance inwhich you or your firm used game theory and explain why the relationship between the playerswas a strategic one. Did the use of a credible threat or commitment affect the outcome? Werethere any first-mover offast-secondstrategiesused?

Topic 7DQ2 Mar16-20,2023 Beginbylocatingascholarlyarticleregardingtheeffectsofincreasesonminimumwagesanddiscussitsfindings.Doesaminimumwageincreaseleadtoreductionsinemployment,oristheoveralleffectonemploymentnetpositive?Doyouagreeordisagreewiththeresultsofthestudy?Whatdoyouthinkareothervitalconsiderationsthatshouldbetakenintoaccountinthestudy?Discusshowconsciouscapitalismwouldapproachaminimumwageincrease.Provideexamplestosupportyourrationale.