ECO365 Week 1 Discussion s

Question: #7979

ECO 365 Week 1 DQs

ECO 365 Week 1 DQ 1
In your opinion, why is economics a social science? How does economics influence your personal and professional decisions? Using examples, identify the marginal benefits and marginal costs of some decision(s) that you may have faced recently and how a different set of incentives may have altered your decision(s).
ECO 365 Week 1 DQ 2
What is the difference between a movement along and shift of the demand curve?
Describe the impact on the equilibrium price and quantity that results from; (1) an increase in demand, (2) an increase in supply, (3) an increase in both supply and demand. For each situation, give an example and why each would have an impact on the equilibrium price and quantity.
ECO 365 Week 1 DQ 3
In your own words, what is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue. Also, in your own opinion, how does the availability of substitutes affect price elasticity of demand? Please use examples when justifying your examples.

Solution: #7977

ECO365 Week 1 Discussion s

ECO 365 Week 1 DQs ECO 365 Week 1 DQ 1 In your opinion, why is economics a social science? How does economics influence your personal and professional decisions? Using examples, identify the marginal benefits and marginal costs of some decision(s) that you may ha...