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Category: Business and Industry
Date Submitted: 12/11/2011 09:19 PM
Course Prefix and Number: | ECO 561 Version 5 |
Course Title: | Economics |
Course Schedule: | 02/21/11-03/28/11 |
Week Two: Cost Concepts
Identify production level to maximize profits.
Explain how to balance fixed and variable costs.
Apply economic cost concepts in making business decisions.
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Week Two | |
Individual Assignment: Week Two Quiz | 2 |
Individual Assignment: Market Equilibration Process Paper | 8 |
Learning Team Assignment: Learning Team Reflection | 3 |
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Week Two
Cost Concepts
Identify production level to maximize profits.
Explain how to balance fixed and variable costs.
Apply economic cost concepts in making business decisions.
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Course Assignments
1. Readings
Read Ch. 8–9 & 12–13 of Economics.
Read University of Phoenix Material: Opportunity Cost located on your student website.
Nongraded Activities and Preparation
Listen to the Week Two podcast.
Complete the Economics for Managerial Decision Making: Cost and Revenue Curves simulation located on your student website.
Complete the Incremental Costs Scenario activity located on your student website.
Individual Assignment: Week Two Quiz
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* Complete the Week Two Quiz located on your student website.
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Individual Assignment: Market Equilibrating Process Paper
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* 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.
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* 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.
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Explain the market...