The following information regarding the ten richest Americans was reported in a recent issue of
Ellison, L. J.
What is economics? What role does economics play in your personal and organizations decisions?
Give an example of the role of economics in decision making.
What is economics?
The branch of social science that deals with the production and distribution and
What is the difference between a movement along and shift of the demand curve? Show 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. Give a
What are some real-life examples of monopolistically competitive, oligopoly, and monopoly markets? How
do market prices differ between perfectly and imperfectly competitive markets? Will a monopoly always
produce at a profit-maximizing level of output? Ex
What is the law of diminishing marginal productivity? Give an example from your workplace of the
law of diminishing marginal productivity? Might diminishing marginal productivity impact the
The law of diminishing marginal productivity states that t
What conditions exist when economic profits are maximized? What is the difference between economic and
accounting profits? How could you graphically illustrate economic profits made by a perfectly competitive
firm; monopolist; and firm competing in a mono
ECO/365 Version 4
School of Business
ECO/365 Version 4
Principles of Microeconomics
Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill.
All electronic materials are available on the student website.
What is an externality? Provide examples. How does an externality affect the market outcome? Is it possible
for a governments solution to a market failure to actually worsen the failure? Explain your answer.
What is an externality?
The definition of exter
A statistics professor asked students in a class their ages. On the basis of this information, the
professor states that the average age of all the students in the university is 24 years. This is an
Since a sample is a subset of the population, the sample mean
is always smaller than the mean of the population
is always larger than the mean of the population
must be equal to the mean of the population
can be larger, smaller, or equal to th
In a sample of 400 students in a university, 80, or 20%, are Business majors. Based on the above
information, the school's paper reported that "20% of all the students at the university are
Business majors." This report is an example of
The average age in a sample of 190 students at City College is 22. As a result of this sample, it can
be concluded that the average age of all the students at City College
must be more than 22, since the population is always larger than the sample
The manager's statement that 40% of Daisy City's 2,000 homes are in violation of city codes is
an exactly correct statement
only an approximation, since it is based upon sample information
obviously wrong, since it is based upon a study of only 2
refers to the process of drawing inferences about the sample based on the characteristics of
is the same as descriptive statistics
is the process of drawing inferences about the population based on the informa