Eco 365 Week 2 Complete Uop Exam Assignment

ECO 365 Week 2 Complete

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DQ 1. What is average productivity? What is marginal productivity? Explain the relationship between marginal and average productivity. What would happen to marginal and average productivity if a technological innovation is introduced to the production process? Provide an example.

DQ 2. What is the law of diminishing marginal productivity? Give an example from your workplace of the law of diminishing marginal productivity? How might diminishing marginal productivity impact the costs?

DQ 3. Why is the demand of labor a derived demand? Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee? What are some factors that determine the level of your income?

Individual Assignment

Complete the Supply and Demand Simulation located on the student website.

Write 700 - 1,050-word paper of no more than summarizing the content. Address the following:

· Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.

· Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?

· For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.

· How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?

· How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

· How do the concepts of macroeconomics help you...