Economics 312 devry final exam

TCO 7 You are trying to get a job as a recruiter for an HR department for a large multinational company. One of the things you are asked in your interview is to describe the following types of recruiting methods, explain when you would most likely use each of them i. What would you say if the methods were online recruiting, job fairs, and employment agencies? TCO 12 Describe three types of flexible benefits programs and state the one you would recommend be implemented.

Economics 312 devry final exam

Economics 312 devry final exam

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?

What motivated the producers of all the individual products in the store to make them and offer them for sale? How did the producers decide on the best combinations of resources to use?

Who made those resources available, and why? How does the market determine who will get the goods and services? Who decides whether these particular products should continue to be produced and offered for sale?

How do these decisions differ between capitalist and socialist systems? Week 2 discussion Demand, Supply, and Market Equilibrium Think about a product that you have purchased recently e. Explain how the law of demand affected your purchase.

What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product.

Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically? Price Elasticity of Demand Think of another good that you have purchased recently or you could continue with the good you selected in TDA I.

If the price of this item increases, how would this affect the quantity of the good that you consume? Is the Demand for this good Price elastic or Price inelastic? Justify your classification by talking about the determinants of elasticity as they apply to this product.

Say price is on the rise for this product and you are the manager of a store, would you be thrilled to be selling this product? Under what circumstances would you want to own a business that sells this product? In other words, how does an increase in price for this good affect your Total Revenue?

Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product. Your business is making a loss because total revenue is less than total costs.

What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide include--state the product you are selling, the price of the product, the quantity of the product you produce, fixed costs, total cost, figure out total revenue, total and average variable costs.

Economics 312 devry final exam

Then go ahead and make your decision. Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be.

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