ECO 561 Week 1-6 (Assignments And Dqs) Complete Class

Week 1 Discussion Questions

Different products have different elasticities. Heart medication, for example, is inelastic and corn is elastic. All firms can increase the volume of goods or services sold by cutting prices; however, elastic products are much more price sensitive than inelastic products. Find a product that has not already been selected and describe the price elasticity. How much control might an organization have over pricing based on a product’s elasticity? Discuss this question in terms of elasticity.

All firms can increase the volume of goods or services sold by cutting prices. But the volume (quantity) of goods or services a firm sells differs from a firm’s revenues (price times quantity). Select your firm or a firm not previously discussed. What good or service does the firm sell? Is the price elasticity of demand elastic or inelastic for that good or service? How should the firm alter the price of the good or service to increase revenues?

According to the Federal Housing Finance Agency house price index, U.S. housing prices declined throughout 2008 and 2009. What are two demand determinants and two supply determinants that might explain the broad decline in house prices that occurred in those years? Is the market currently in equilibrium?

Movie theaters generally charge the same ticket price for all movies with evening show times, regardless of popularity. This pricing strategy causes surpluses (empty theater seats) for unpopular films and shortages (turning away prospective viewers) for popular films. How can movie theaters improve the pricing strategy to eliminate these inefficiencies? What is a disadvantage to your suggested approach?

ECO 561 Week 2 Individual Assignment Market Equilibration Process Paper and Presentation

Understanding how market equilibrium is maintained is essential for business managers. As a manager, it is important to understand how economic principles, and specifically supply and demand, are a part of your everyday business decisions.

For this assignment, relate the concepts of the market equilibrating process in the Weeks One and Two readings and learning activities to a prior real-world experience occurring in a free market. The experience does not necessarily have to be work related.

Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.

Consider the following components in your explanation:

· Law of demand and the determinants of demand

· Law of supply and the determinants of supply

· Efficient markets theory

· Surplus and shortage

Use University of Phoenix Material: Appendix A to create graphs illustrating the equilibrating process in price relation to the shift in supply and demand.

Deliver the content as a 350- to 500-word paper, plus 3- to 5 slide Microsoft® PowerPoint® presentation, or 2- to 3-minute video, or 1-page comic strip illustration.

Format your citations and references consistent with APA guidelines. Because this assignment is a personal reflection, use first-person pronouns when applicable.

Week 2 Reflection

Discuss this week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.

Prepare a 1- to 3-page paper detailing the findings of your discussion

Week 2 Discussion Questions

What marginal costs does University of Phoenix incur in offering one more ECO/561 class? What marginal revenues does University of Phoenix earn from each additional ECO/561 class? How would you expect this marginal analysis to affect the volume of classes University of Phoenix offers? Does University of Phoenix maximize profits?

Businesses often decide between using automation and labor in production. An automotive environment may have high fixed costs and low variable costs, and an industry that utilizes manual labor for production will have low fixed costs and high variable costs. How would you describe the balance between the costs of automation, or fixed costs, and the costs of labor, or variable costs? How has technology changed the balance between automation and labor? What type of industry benefits the most from technological innovation?

Choose an organization that has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization. How can the organization use technology to change this balance for an advantage?

As a student, what opportunity costs do you confront by enrolling in University of Phoenix’s MBA program? Does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities? For your organization, are opportunity costs fixed costs, variable costs, both, or neither?

Week 3 Learning Team Reflection

Prepare a 1- to 3-page paper detailing the findings of your discussion

Week 3 Discussion Questions

Innovation is often associated with the products the organization sells. However, innovation can be much more broadly interpreted in the organization. What other types of innovation could an organization employ to gain a competitive advantage and earn economic profits?

Complete the Economics for Managerial Decision Making: Market Structures simulation. In two of the four market structures, using price to compete is not an option. What can Quasar do to improve revenues in one of these structures? Select a company not selected by another student that has used this strategy. Describe the effects on the organization of using this strategy.

Identify an organization not previously selected and recommend methods to reduce costs. What effects do technologies have on costs? What are some lower-cost sources the organization can utilize to reduce costs? What considerations might cause a profit-maximizing firm to decide to forgo using lower-cost sources?

What market structure best characterizes the market in which University of Phoenix competes? How does this structure influence the university’s pricing strategy? How does University of Phoenix differentiate its product from that of its competitors? Has University of Phoenix erected nonprice barriers to entry in this market? Can University of Phoenix do more to create nonprice barriers to entry in this market?

Week 4 Business Proposal

This week, you may choose from two different assignment options. Each option requires you to apply economic principles presented in Weeks One through Three. Your assignment will be reviewed by your peers and by your facilitator.

Option 1: New Good or Service Business Proposal

Select a new good or service for an existing business or a business that you want to develop.

Write a 1,050- to 1,400-word business proposal for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service. You might need to create hypothetical data or collect real data to determine fixed and variable costs.

Include rationale for the following questions:

· How will you increase revenue?

· How will you determine the profit-maximizing quantity?

· How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?

· What is your suggested mix of pricing and nonpricing strategies? Explain your answer.

· Can you create or increase barriers to entry? If so, how?

· How will you increase product differentiation?

· Are there other ways to minimize costs for the product?

Format your business proposal consistent with APA guidelines.

Option 2: Existing Good or Service Business Proposal

Select an existing good or service from the Will Bury’s Price Elasticity, Incremental Costs, or Thomas Money Service Inc. scenarios, or select an existing business with which you are familiar.

Write a 1,050- to 1,400-word business proposal to improve an existing good or service for your chosen company. Include assumptions about the elasticity of demand and the market structure for the company’s good or service. Analyze data to determine fixed and variable costs.

Include rationale for the following questions:

· How will you increase revenue?

· How will you determine the profit-maximizing quantity?

· How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?

· What is your suggested mix of pricing and nonpricing strategies? Explain your answer.

· Can you create or increase barriers to entry? If so, how?

· How will you increase product differentiation?

· Are there other ways to minimize costs for the product?

Format your business proposal consistent with APA guidelines.

Week 4 Reflection

Prepare a 1- to 3-page paper detailing the findings of your discussion

Week 4 Discussion Questions

What is the relationship between business cycle and economic growth? Explain.

Economic growth, as measured by increases in real GDP per capita, is a goal for most countries. This is often interpreted as an increase in economic welfare for citizens. How would you evaluate this assertion? If there are reasons to dispute it, why is it a nearly universally recognized goal? Are there better methods for measuring economic welfare? How would you measure it?

What are some of the damaging effects deflation has on an economy? What would be a monetary policy prescription to reduce or eliminate deflation? How would deflation affect your business or a business you are familiar with?

Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions. Are recessions a necessary fact of macroeconomic life? If not, what would it take to eliminate them? If they are unavoidable, what types of business can benefit from them? How would a recession affect your firm?

Week 5 Learning Team Reflection

Prepare a 1- to 3-page paper detailing the findings of your discussion

Week 5 Discussion Questions

What new measures and tools has the Federal Reserve employed in the past 2 years that have not been employed in the past 2 decades?

What does the Federal Reserve take into account when establishing general and specific rates of interest? Describe the recent tools the Federal Reserve has used to influence the U.S. economy, and explain their effects. In your opinion, have these measures been effective or ineffective in addressing the major concern or concerns of the business cycle?

As seen during the financial crisis of the 1930s and in recent history, markets are globally interconnected. Aside from financial markets, different countries have different resources. Choose a country other than the country in which you currently reside which has not already been selected by another student, and research the ETU country data. Based on absolute advantage and comparative advantage, explain the effect of global economic conditions on the choices available to that country. Include the current exchange rate of the country’s monetary unit.

Money makes the world go round. Money is created through a series of transactions involving Central Banks, financial intermediaries, businesses, and consumers. A failure of the process to work may cause the economy to freeze. Central banks may alter different rates and terms to increase or decrease the supply of money. Intermediaries may or may not react to the actions of the central bank. Describe the process through which money is created. Explain how current events—events less than 90 days—have affected this process and the effect current events will have on the economy as a whole.

Week 6 Individual Assignment Final Proposal

Resource: Business Proposal and Peer Review feedback

Update your Week Four business proposal recommendations using the feedback provided by your peers and facilitator.

Add the following components to your proposal:

· Recommend appropriate pricing and nonpricing strategies for your new or existing good or service based on the projected economy’s stage in the business cycle and the prevailing projected economic conditions for one or more macroeconomic factors. Explain the evidence that supports these recommendations

· Describe planning or operating decisions for your new or existing good or service based on the economy’s stage in the business cycle and other economic conditions.

· Recommend an appropriate course for your new or existing good or service based on the projected credit markets.

· Describe how current credit market conditions affect your planning or operating decision for your good or service.

· Recommend business decisions based on estimates of evolving international economic conditions. Be sure to relate decisions to international trade and comparative advantage.

· Describe how the international economy affects your planning or operating decisions for the good or service.

· Make any additional recommendations you think are important based on evolving economic conditions.

Create a sales pitch of your specific recommendations for the good or service. Assume that you have 5–10 minutes to present your sales pitch. You may deliver the sales pitch as a video or Microsoft® PowerPoint® presentation. State the target audience for your sales pitch. Be prepared to answer any questions from your classmates.

Week 6 Reflection

Prepare a 1- to 3-page paper detailing the findings of your discussion

Discussion Questions

Based on your knowledge of strategy formation, how do the economic concepts in this course affect strategic planning?

Select a firm whose stock is publicly traded on a U.S. stock exchange. What strategic changes has this firm made over the past 18 months to respond to changing macroeconomic conditions? Were those strategic changes successful? Could the firm have made additional or better strategic choices?

Free trade initiatives argue against tariffs, quotas, and any other barriers to trade. However, the rush of imports from countries with a comparative advantage often meets with resistance from domestic industries threatened by those imports. As a manager who understands the arguments for free trade whose industry is threatened by cheaper imports, what is your opinion of this issue?

You were invited to speak about international business in a high school advanced placement class. After your talk, one of the students asks you, "Why do companies bother to set up operations overseas. They lose as often as they win. Isn’t the U.S. a large enough market for them?" What do you say to this group of environmentally conscious, intelligent teens? Please be aware that most large U.S. companies make more than HALF of their sales overseas to foreign consumers

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