Econ 312 principles of economics week 1 discussions and quiz devry

ECON 312 Principles of Economics

Don't use plagiarized sources. Get Your Custom Essay on
Econ 312 principles of economics week 1 discussions and quiz devry
Just from $13/Page
Order Essay
Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?


Week 1


Week 1 Discussion Opportunity Cost (Graded)

Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school. What alternatives did you consider? How did you arrive at your final decision? Did you implicitly weigh marginal cost and marginal benefit? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis? How can we use PPC analysis to examine what we do?



Week 1 Quiz Set 1

(TCO 1) The general concern of economics is with the study of the

(TCO 1) The term scarcity in economics refers to the fact that

(TCO 1) Are the goods that businesses offer for “free” to consumers also free to society?

(TCO 1) Which is considered to be an economic resource by economists?

(TCO 1) If an economy is producing at a point inside a production possibilities curve, then

(TCO 1) Which would not be characteristic of a capitalist economy?

(TCO 1) The term dollar votes means

(TCO 1) The circular flow model

(TCO 1) In a market system, well-defined property rights are important because they

(TCO 1) Which is necessary to make a trade in a barter economy?

(TCO 1) Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favorite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. What is the opportunity cost of Tammie’s trip to the concert? Show your calculations

(TCO 1) Identify some intrinsic qualities of capitalist and command economic systems. Identify two countries that practice each.


Week 1 Quiz Set 2

(TCO 2) A demand curve

(TCO 2) In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by

(TCO 2) Which of the following is most likely to be an inferior good?

(TCO 2) The demand curve for a product might shift as the result of a change in

(TCO 2) The supply curve shows the relationship between

(TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will

(TCO 2) If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then

(TCO 2) If quantity demanded is completely unresponsive to price

(TCO 2) The state legislature has cut Gigantic State University’s appropriations. GSU’s Board of Regents decides to increase tuition fees to compensate for the loss of revenue. The board is assuming that the

(TCO 2) The more time consumers have to adjust to a change in price

(TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?

(TCO 2) Suppose the price of widgets rises from $7 to $9 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our Guarantees

At, we always work diligently to provide our customers with high-quality nursing assignment help services. We ensure that all papers by our writers possess 100% originality. We also guarantee all students of 100% privacy and confidentiality when working with us.

Money-Back Guarantee

At, our mission is to provide quality services to all students. We, therefore, guarantee money-backs for the rare occasions of satisfaction. Your satisfaction is our goal.

Read more

Zero-Plagiarism Guarantee

All our nursing assignment help services are 100% original. Each of our professional writers develops custom papers from scratch to reduce the chances of plagiarism. In addition to this, we always run completed papers through advanced anti-plagiarism checkers for 100% originality.

Read more

Free Revision Policy

Our free revision guarantee is a courtesy service by to ensure that we achieve 100% customer satisfaction rates. In case you feel unsatisfied with the outcome of your paper, you can always request for free unlimited revisions. We recommend a revision request within 14 days after the delivery date for short papers and 30 for dissertations.

Read more

Privacy Policy also guarantee 100 privacy and confidentiality. We do not share any of our customers’ personal details with third parties. We have also fitted our websites with security features to ensure secure connections. Our security features also prevent damages that might occur through attacks by outsiders.

Read more

Fair-Cooperation Guarantee

By ordering a paper through My Rest Lab, you agree to receive nursing assignment help services offered by our nursing assignment writers. Our assignment help experts will always endear to provide quality services as promised. We always expect maximum cooperation from our students to help us achieve our mission and vision.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages