2.2 Assignment: Totaling Costs

 

  1. Review the Ch05.ppt PowerPoint file.
  2. View the media: Costs of Production(https://tpi.bb.pearsoncmg.com/tpi/UserConsent?TPITOKEN=C6344480BEBD497ADF258734613645ED). This lecture presentation covers output and costs in the short run, deriving long-run average cost and firm profit maximization.
  3. Assess data (in the table below) related to a small lawn mowing business.
    1. Angela hires students at $40 a day to mow lawns.
    2. Regardless of the number of students she hires, Angela leases five lawn mowers for $200 a day.
    3. The following table gives the daily output(see attached file)
  4. Write a one- to two-page paper that addresses the following. Be sure to show your calculations.
    1. Construct the average fixed cost, average variable cost, and average total cost schedules.
    2. Construct the marginal cost schedule.
    3. Check that the gap between total cost and total variable cost is the same at all output levels. Explain why this relationship is so important and demonstrate clear insightful and critical thinking.

     

2.3 Discussion: Economies of Scale

 

  1. Utilizing the following link, COVID-19(https://www.strategy-business.com/blog/How-COVID-19-is-reversing-economies-of-scale?gko=84025), explain how COVID-19 procedures have inhibited firms’ achievement of economies of scale, essentially hastening the onset of diseconomies of scale. First, explain how attempts at dealing with COVID-19 have resulted in less demand for a cadre of services such as airline travel, restaurants, barber shops, salons, and theme parks. Focus on the notion of “less quantity of output” and how that would inhibit the achievement of economies of scale. Secondly, explain what firms like the above are doing trying to save their businesses as they deal with the pandemic. Are these attempts at saving their businesses being successful? What would it take to rebuild economies of scale and the associated benefits? Explain.
  2. Your initial response should be 400 to 600 words in length and include two academic sources that are properly cited.  It is due by the end of the fourth day of the workshop.
  3. Now conduct a critical analysis of a posting by two of your classmates by the end of the workshop.
    1. The topic of your discussion response should be your classmate’s posting and should be written as if you were reviewing his/her posting in an academic journal. Your discussion response should, therefore, answer the following questions as applicable:
      1. Were your classmate’s arguments articulate and logical? Were the facts correct?
      2. Was the interpretation your classmate provided reasonable and consistent with experts in the field? Was your classmate consistent with both the substance and intent of his/her references?
    2. The focus for your critical analysis is not whether or not you agree with your classmate, but how well his/her position was presented. Each response should be at least 200 words in length and cite two academic sources.  Please strive to make your discussion responses ones that cause iron to sharpen iron.

 

2.4 Assignment: Turnitin-Market Structure Organization

 

  1. View the following media:
    1. Perfect Competition(https://media.pearsoncmg.com/pls/products/coco/intro_economics_ap/1256910732/presentations/bu_ie_08_splash.html?fromLms=true)
    2. Different Market Structures(https://media.pearsoncmg.com/pls/products/coco/intro_economics_ap/1256910732/presentations/bu_ie_09_splash.html?fromLms=true)
  2. Below are four companies operating in the United States today. Using your knowledge of market structures, attempt to classify each of the companies as either perfect competition, monopolistic competition, oligopoly, or monopoly. Provide rationale for each of your assessments and explain why you chose one particular market structure over another. Additional information is provided alongside each of the firms. Make sure you discuss the level of pricing power they exercise in the marketplace.
    1. John Deere(https://www.deere.com/en/index.html)
    2. Chick-Fil-A (https://www.chick-fil-a.com/)
    3. Duke Energy – Cincinnati, Ohio Service Area (https://www.duke-energy.com/home)
    4. Facebook (https://www.facebook.com/business)
  3. Download the Market Structure Table.docx file.(attached)
  4. Using this file, evaluate each business:
    1. Fill in each box for all four firms. In the last row of the table, determine the market structure, or if it is a multi-divisional structure, the market structure for each of its major units for each of the four firms. Your answers should be thorough and demonstrate clear, insightful critical thinking.
    2. Immediately after the table, write a 400- to 600-word response that compares and contrasts the four firms. How are the firms the same and how do they differ? Provide a detailed response that shows clear, insightful thinking in your determination of the market structure of the firm.
  5. Use proper spelling, grammar, and APA formatting. Cite at least two sources for each of the four firms.  These sources should be scholarly, peer-reviewed, or from a reputable periodical on business or the industry.
  6. When you have completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop. (Turnitin enabled).

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