Module 4 Economics Written Assignment
By Editorial Team Last updated: Feb 06, 2023
For this assignment, you will compare the characteristics of two important healthcare products – insulin and aspirin. Answer the following questions (roughly 2 pages total, not including any graphs you might include). Please number each answer to coordinate with the appropriate question. Submit your answers in a Word document once complete.
This paper should be 2 pages, double-spaced, 12 pt Times New Roman font, 1-inch margins with APA citation format. You are to use your course texts, It should be well written and organized, include a reference list when appropriate (in APA format
- Provide a short description of each product.
- How would you describe the demand for each product? Is demand elastic/inelastic? Is it a necessity/luxury? Does it have complements / substitutes?
- For each product, identify one factor that might shift demand for the product. Explain briefly how the factor influences demand for the product.
- For each product, identify at least one fixed cost of production. Explain why it is considered a fixed cost.
- For each product, identify at least one variable cost of production. Explain why it is considered a variable cost.
- For each product, identify one factor that might shift the supply of this product? Explain briefly how this factor influences supply of the product.
- Microeconomics OpenStax Textbook, Chapter 7
- Video: Accounting Costs vs Economic Costs (3:50) - in this video, explicit and implicit costs and revenues are defined. The importance of opportunity costs and economic profits are examined.
- Video: Short Run vs Long Run Production (1:21) - this video explains the difference between the short run and the long run in economics.
- Video: Producer Theory, Profits (5:06) - in this video, production is examined, including increasing, constant and decreasing returns to scale.
- Video: Fixed and Variable Costs (4:34) - the concepts of fixed and variable costs are introduced in this video.
- Video: Cost Curves (5:12) - in this video, the relationship between production levels and costs is analyzed. The full range of cost curves is introduced and explained.
- Lesson: Production Decisions and Economic Profit - this fairly large set of videos walks through the various costs concepts and the profit maximizing output decision of a firm in both the short and the long run.
- Video: Do We Really Need All Those Diagrams? (5:59) - this video explores the connections between production processes, costs, price and profits.
- Article: Pizzanomics - in this article, the costs, revenues and profit in two real pizza joints are presented.
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