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Production and costs are the primary building components on the supply side of the market. From the previous week we know that consumer behavior forms the basis for the demand curves. This week we will look at how production behavior by firms is behind the supply curve. A critical part of production decisions is profit. Many people think of profit in the terms of accounting profit, i.e., the difference between revenues from sales and the cost of production. However, when managers make production decisions they also look at economic profit that, unlike accounting profit, takes into consideration the costs of foregoing an investment in another activity (referred to as opportunity costs). For the first part of this week's discussion complete the following task by Wednesday and then respond to at least one of your classmates' posting by Sunday:
When we talked about production and costs we need to recognize that managers face more decisions in the long run. Why? Because it is possible changes can occur in the combinations of inputs used in the production process. Because of the possibilities of these changes long run decisions are focused on minimizing the costs of production. An important consideration in minimizing these costs is the strategy of economies of scale defined as creating a lower unit cost by implementing a larger scale of production. This means that the average costs of production are lowered as the production is at larger output levels. For the second part of this discussion complete the following task by Friday and then respond to at least one of your classmates' posting by Sunday:
What recent evidence about Medicare Advantage HMOs can you find? Are they growing? Are they saving money? Do enrollees seem to like the care they get? Is the quality of care good?
According to Kohlberg’s theory of moral development, when do humans begin to think about the feelings of other people and begin to see the world through other people’s eyes?
What is the golden rule savings rate? How does it depend on the depreciation rate and the marginal product of captial? If the current savings rate is below the golden rule savings rate, should the economy increase the savings rate? Why?
Assume a perfectly competitive firm is currently producing 5,000 units of output and is earning $15,000 in total revenue. The marginal cost of the 5,000th unit of output is $3. The corresponding average total cost is $3.50 and total fixed costs equal..
Economists note that in the US the Government's monthly data on inflation and unemployment "overstates" the inflation rate (i.e. reports inflation higher that what it rcaUy is) and "understates" the unemployment rate (i.e., reports unemployment lower..
Let us imagine you are a consultant who has just been hired by a small business owner as an industry specialist. For this discussion you will identify one specific small business that you own, know the owner well or frequent as a customer. As the bus..
When evaluating potential distribution partners, what are the most important attributes to evaluate? Discuss their relevance for different product categories.
What does it mean to begin to think like an economic naturalist? Now that you are becoming an economic naturalist from this point on,, discuss the key variables economists use to view their world and tell what each one represents? According to the au..
Given the difficulties which the regulation of public utilities faces that would it not is better to nationalize public utilities as several European countries have done.
The length of pregnancies are normally distributed with a mean of 268 days and a standard deviation of 15 days. What fraction of pregnancies fall within ±10 days from the mean length of pregnancies? What middle interval (of days) includes 0.95 fracti..
where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizing ticket..
How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made l..
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