HIS 204 New Ver Week 4 Quiz

 This document of HIS 204 New Ver Week 4 Quiz consists of:


 1. The

Economics - General Economics
 Circular Flow Diagram . Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

 Supply and Demand . Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?

 Elasticity . Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:

 a. bottled water

 b. toothpaste

 c. cookie dough ice cream

 d. fresh green beans

 e. gasoline

 In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.

 Externalities . Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your examples?

 Raise or Lower Tuition? You have been hired by Nobody State University (NSU) as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years, so they have hired you to help them in their last attempt to find an appropriate solution so that the university can survive.

 Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition.

 Assess a raise in tuition and if it will necessarily result in more revenue.

 Describe the conditions under which revenue will (a) rise, (b) fall, or (c) remain the same.

 Explain the process of revenue at NSU, focusing on the relationship between the increased revenue from students enrolling at NSU despite the higher tuition and the lost revenue from possible lower enrollment.

 If the true price elasticity were (-1.2), discuss what you would suggest the university do to expand revenue.

 Using what you have learned in this course, explain how you would resolve this problem if you were the President of NSU.

 In a three- to five-page paper (not including title and reference pages), provide subheadings or separate paragraphs for each of the questions listed to help focus your paper for the executives that have requested it. Support your paper with at least two academic sources from the Ashford Library.

 You are required to format your paper according to APA style guidelines.

 Short and Long Run . Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?

 Fixed and Variable Costs . After reading Chapter 8 in the text and viewing the required video for this week, Fixed, variable, and marginal cost , address the following in your initial post:

 a. First, describe several different fixed cos

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