Module 15 Discussion Forum
Forum Instructions
In a post below, respond to the following prompt, which assesses the following outcomes:- Course SLO 1: Identify the basic economic principles that serve as the foundation of economic analysis
- Course SLO 2: Understand the interaction of supply and demand in determining prices and the role of prices in coordinating economic activity
- Course SLO 6: Discuss the basic theories behind consumer and producer behavior
- Module SLO: 15.1.1 - Analyze the impact of both imperfect information and asymmetric information
- Module SLO: 15.1.3 - Identify ways to reduce the risk of imperfect information;
- Module SLO: 15.1.4 - Explain how imperfect information can affect price, quantity, and quality
Then, you must respond to 2 of your classmates' posts. After you post a response, you will be able to see other responses. You are not required to post more than required, but feel free to respond to other posts and engage with your classmates.
Your [first] post is due on [day of week] by [time] CST. Your response to another student is due on
[day of week] by [time] CST. [Adjust for number of posts required.]
Your response should be at least [length requirement in words, sentences, or paragraphs] long. This includes responses to other students' posts. [Include previous sentence if necessary.] A simple “I agree” or “Yes” or “LOL” will not count. Please think about the questions and your peers' responses and reply thoughtfully and courteously, according to netiquette rules. Use good English grammar, correct punctuation, and complete sentences. While the posts will mostly be judged by their thoughtfulness and completeness, I reserve the right to take off points for grammatical errors, especially if they interfere with the clarity of the post. [Edit as needed.]
Prompt
Section 1 introduces the concept of asymmetric information - where one participant in a market knows more about a good than another. We may also run into situations where a seller does not know everything about the good they are attempting to sell. For this discussion, your task is to:- Pick a good and explain how asymmetric or imperfect information could impact the price and confidence of a buyer or seller.
- In your response to two peers, either
- Identify how the risk of imperfect information might be reduced OR;
- Explain how a seller might give assurance to a buyer regarding the quality of a product and what affect that might have. Consider:
- What if the seller thinks it is a high-quality item?
- What if the seller is not entirely sure about the quality of the item?
- Identify how the risk of imperfect information might be reduced OR;
Details:
A forum for
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interaction. Questions should be thought provoking and encourage detailed analysis of module topics. Include a rubric.
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