Reference no: EM133681078

Assignment

Academic engagement through active participation in instructional activities related to the course objectives is paramount to your success in this course and future courses. Through interaction with your instructor and classmates, you will explore the course material and be provided with the best opportunity for objective and competency mastery. To begin this class, review the course objectives for each Topic, and then answer the following questions as this will help guide your instructor for course instruction.

A. Which weekly objectives do you have prior knowledge of and to what extent?

B. Which weekly objectives do you have no prior knowledge of?

C. What course-related topics would you like to discuss with your instructor and classmates? What questions or concerns do you have about this course?

Objectives

Topic I

A. Evaluate opportunity costs and the importance of economic decision making.

B. Explain the role of supply and demand within the economy.

C. Differentiate between movements along, and shifts in, supply and demand curves.

D. Explain elasticities and their applications.

Topic II

A. Explain the production costs of the firm.

B. Use and apply marginal analysis in the firm's decision making.

C. Explain how firms make investment, shutdown, or exit decisions.

Topic III

A. Explain how firms in different market structures operate.

B. Identify the relationship between the theory of the firm and the market.

C. Explain the various ways government impacts and influences markets.

Topic IV

A. Analyze market structures and positions to inform economic decisions.

B. Compare direct and indirect price discrimination.

C. Evaluate the impact of behavioral factors on economic decisions.

Topic V

A. Examine the role and value of game theory in strategic business and economic decision making.

B. Evaluate the role of game theory in determining outcomes for various business problems.

Topic VI

A. Examine business and environmental factors that lead to uncertainty, creating create risks that affect decision making by firms and individuals.

B. Assess and use tools that contribute to decision making under uncertainty.

C. Evaluate how moral hazard and adverse selection affect decision making.

Topic VII

A. Analyze how firms make hiring decisions and how equilibrium wages are determined in the labor market.

B. Analyze imperfections in the labor market and how they affect wages and employment.

C. Determine how to structure incentives, such as wages or other compensations, to maximize employee effort and align workers' objectives with those of the firm.

D. Determine the effects of moral hazard and the principal-agent problem on the employee and employer relationship.

Topic VIII

A. Explain how differences in opportunity costs benefit trade through comparative advantage.

B. Explain how exchange rates are determined.

C. Explain the relationship between capital flows, exchange rates, and asset prices.

D. Articulate how exchange rates affect firms and customers.