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ECO 561 - Week 1 - Complete
DQ1.What is the definition of economics (distinguish between microeconomics and macroeconomics). What is the role of economic theory in economics?   DQ2.what is the difference between a com..
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ECO 561 - Week 1 - DQ 1
What is the definition of economics (distinguish between microeconomics and macroeconomics). What is the role of economic theory in economics? ..
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ECO 561 - Week 1 - DQ 2
what is the difference between a command system and a market system? ..
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ECO 561 - Week 1 - DQ 3
There are several determinants of demand or the "other things," besides price, which affect demand.  Can you provide a few examples? ..
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ECO 561 - Week 1 - DQ 4
Different products have different elasticity's. Heart medication, for example is inelastic; and corn is elastic. Find a product and describe its price elasticity and income elasticity. How much contro..
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ECO 561 - Week 1 - Quiz or Knowledge Check
1. Revenue increases when A. producer surplus increases B. producer surplus decreases C. consumer surplus increases D. consumer surplus decreases   2. An increase in the price o..
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