...ECO 561 WEEK 3 LEARNING TEAM DELIVERABLE A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=eco-561-week-3-learning-team-deliverable Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ECO 561 Week 3 Learning Team Deliverable Learning Team Deliverable As future business managers or entrepreneurs, the classification and types of marketstructure, upsurge the team’s interest. Thus, this week’s team deliverable focuses on pure monopoly, monopolistic competitive markets, oligopoly, and pure competition. In economics, market structure refers to the number of firms producing identical products or services. In a pure monopoly there is only one! The team pinpointed some key terms that helped us differentiate this type of market from the other three structures. A“single seller” monopoly is one where a single firm is the sole producer of a good or service. A “no close substitutes” is a company that sales a product and there is nothing in the market the can be used as a substitute, therefore everyone have only one place to go to buy the produce. The “price maker” is when a firm has control over the quantity supplied; consequently they will have control over the price of the product they are producing. The “blocked entry” limits competitors from entering a market due to certain barriers such as economic or legal, things such as patents or licenses (McConnell, Brue & Flynn, 2009).A monopoly exists when there is only one supplier...
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...A++PAPER;http://www.homeworkproviders.com/shop/eco-561-week-4-complete/ ECO 561 WEEK 4 COMPLETE You will apply economic principles presented in Weeks One through Three in this week’s assignment. Your assignment will be reviewed by your facilitator in week five and should be revised as necessary based on feedback as the first part of the final assignment in week six. Select a new, realistic good or service for an existing industry. Write the economic analysis section of a business proposal. This will include statements about the market structure and the elasticity of demand for the good or service, based on text book principles. You need to create hypothetical data, based on similar real world products to estimate fixed and variable costs. Required Elements: Identify market structure Identify elasticity of the product Include rationale for the following questions: How will pricing relate to elasticity of your product? How will changes in the quantity supplied as a result of your pricing decisions affect marginal cost and marginal revenue? Besides your pricing decisions, what are your suggested nonpricing strategies? What nonpricing strategies will you use to increase barriers to entry? How could changes in your business operations alter the mix of fixed and variable costs in line with your strategy? No more than 1400 words Your proposal is consistent with APA guidelines Click the Assignment Files tab to submit your assignment. 2- Prepare...
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...A++PAPER;http://www.homeworkproviders.com/shop/eco-561-week-3-learning-team-deliverable/ ECO 561 WEEK 3 LEARNING TEAM DELIVERABLE ECO 561 Week 3 Learning Team Deliverable Learning Team Deliverable As future business managers or entrepreneurs, the classification and types of marketstructure, upsurge the team’s interest. Thus, this week’s team deliverable focuses on pure monopoly, monopolistic competitive markets, oligopoly, and pure competition. In economics, market structure refers to the number of firms producing identical products or services. In a pure monopoly there is only one! The team pinpointed some key terms that helped us differentiate this type of market from the other three structures. A“single seller” monopoly is one where a single firm is the sole producer of a good or service. A "no close substitutes" is a company that sales a product and there is nothing in the market the can be used as a substitute, therefore everyone have only one place to go to buy the produce. The "price maker" is when a firm has control over the quantity supplied; consequently they will have control over the price of the product they are producing. The "blocked entry" limits competitors from entering a market due to certain barriers such as economic or legal, things such as patents or licenses (McConnell, Brue & Flynn, 2009).A monopoly exists when there is only one supplier of a good, with no close substitutes; the smaller the number of firm in this industry, and the larger...
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...Guillermo Furniture Store Scenario Accounting 561 University of Phoenix Introduction The business climate has changed dramatically for Guillermo Furniture over the last 10-15 years. The market share that was once seen in Sonora Mexico has now shrunk and has increased competition. The company must look to reduce cost while at the same time making a profit. The company has several options and ideas on the table, but Guillermo needs to look at the financial documentation to make sound business decisions. Guillermo Furniture has not done the best job of looking at the data and creating a business and production plan for the company. With increased competition and also the influx of machine cut furniture, the market for his product has been reduced over the years. The company must decide soon to keep things as they are, or spend the money needed to buy the appropriate machinery to produce the high quality products they desire. Although the machinery will be expensive from the start, they would eventually pay for themselves over time on the amount of labor saved. There has also seemed to be a lack of budgets and performance reports in the decision-making process. The company could use these reports in many areas to keep the company making profit, as well as shift the company in the proper direction for the future. One thing that can be taken away from the current data is that the company produced over budget on its mid-grade products, while failing to meet the...
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...Business Recommendations Memo ECO/561 Business Recommendations Memo Team D International battery manufacturing company, Larson Inc, operating between the U.S. and Germany, is facing a competitive market requiring strategic business planning in how to best improve the overall growth and strength of the company. Concerns with the economic futures must be acknowledged to increase their profits (Larson Scenario, 2010). For Larson to grow, management must make projections based these specific conditions over the next few years that will benefit Larson’s production of batteries and distribute them in the global market. This discussion summarizes courses of action Larson Inc. must consider based on the possible economic future. Alternative Economic Futures Larson Inc. expects to go through economic changes in the next five years that will ultimately determine the economic viability of the company. Recession, recovery, and peaks are guaranteed during this time period. With these imminent economic futures, it is imperative that Larson Inc. instill measures which maximize profitability and productivity in both the American and German markets. The instances of interrupted growth in industry are usually associated with business cycles (McConnell, Brue, & Flynn, 2009). Larson may face several of these changes in the economy and possessing the ability to predict these and how to handle them is a process that must be studied...
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...Existing Business Proposal ECO/561 June 21, 2012 Dr. Jill Trask Business Proposal It is very significant to comprise a business plan in the shifting world business to stay ahead. The changes in the economy will create or shatter the business. In this paper Adnan will discuss the existing goods or services business proposal of Thomas Money Services Inc. The reason to have a business plan for the organization is to restore or generate more profits for the business. Elasticity of Demand and Market Structure Thomas Money Service Inc. (TMS) has been in business since 1940. TMS started out as an end user funding company giving way loans for domestic wants. The company prolonged over the next five years by granting business loans, business acquirement financing, and business real estate loans. In 1946 executive made a choice to expand into gear financing. This proved very lucrative for the company. With the end of the World War II, society experienced increased demand for construction and forestry equipment. In 1951, the equipment financing subsidiary, Future Growth Inc. (FGI) purchased and equipment manufacturing company, which vertically integrated the subsidiaries operations. TMS Inc has a monopolistic competition market; elasticity of demand is how much demand varies for manufactured goods in connection to a transformation in price. This transformation is measured as a percentage. For TMS Inc the elasticity is that it can offer the monetary support...
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...Thomas Gentry Thomas Money Service Inc. and FGI Finance Business Proposal Economics/561 Instructor William Kutza May 27, 2013 Business Proposal for Thomas Money Service Inc. The proposal recommendations to analyze the situation at Thomas Money Services Inc. and FGI Finance attributes and introduction a plan to improve existing goods and services. The recommendation suggests applications for increasing revenue, maximizing profits, achieving ideal production levels, determining fixed and variable costs, and identifying methods to reduce the costs. The business proposal will establish that it is in the best interest for both clients and consumers. The current economy has been declining which has driven Thomas Money Service Inc. to find other methods to stabilize their profits, reduce loss, and help to gain or maintain market share. Thomas Money Service Inc. has been hit by the slow economy and the decease in the homebuilding market. The business proposal model will help Thomas Money Services Inc. to put in place applications to increase revenue, profit maximization quantities and to establish a mix of pricing and non-price strategies with low marginal cost and revenue theories. These applications will offset the negative impact of the decease in the homebuilding market. The business proposal presents methods to overcoming barriers to entry in to the market, how to increase product differentiation, how to input applications that will show potential cost savings...
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...Team Deliverable ECO/561 April 15, 2014 Boris Higgins Team Deliverable During week 1 Team “A” was assigned to read chapters 1, 2, 3, and 6 of Economics. On April 7, 2014 they received a lecture from Mr. Higgins. From this Team “A” gained a better understanding of economics, marginal cost, marginal benefits, and consumer surplus. Before getting started Team “A” had to understand the meaning of economics. What they learned from both their lecture and readings is that economics is the study of how to use scarce resources to satisfy unlimited wants. They also learned about the basic needs of humans which are air, water, food, clothing, and shelter (McConnell, Brue, & Flynn, p. 3, 2009). However Team “A” learned that in today’s world the basic needs may not be enough to keep them happy. The reason for this is because humans now desire goods and services to accommodate their standard of living. In general humans want the next big thing. They may feel as though they need a flat screen TV, a fancy car, internet, cell phones, etc. Even though humans understand their basic needs, they still desire things that provide them with a comfortable lifestyle. To get a better understanding of marginal cost and marginal benefits, they had to first know their meaning. What they learned is that the marginal cost is about the value of what is given up to produce additional goods or services, and marginal benefit is about what humans are willing to give up to get one more good...
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...post and decided to post a response to this one too; the .U.S. Department of Commerce released fourth quarter real gross domestic product rates of 2014. According to the Bureau of Economic Analysis (2015), the value of produced goods and services in the U.S. increased 2.2 during this quarter (para. 1). This means that the production of goods adjusted for price changes for the period when the second estimate was released on February 27th. That is a 2.8 percent drop from 5.0 percent third quarter GDP results of 2014 (U.S. DOC, 2015, para. 1). As previously stated GDP measures the economy performance of the nation or country during a certain period of time (annual or quarterly). GDP measured in terms of dollars regard the total of all goods and services produced (McConnell, Brue, & Flynn, 2015); unfortunately, there are several shortcomings or limitations in measuring the total output or national welfare. The shortcomings of GDP measure both total output and total utility (McConnell, et al., 2015, p. 561); the total output shortcomings include non market activities (household production) such as homemaker services and parental childcare (Lee, n. d.; Toward, 2010). Non market activities are products and services that are produce by people and are not bought and sold on the market. Legal economic and illegal activities are underground activities, the second type of shortcoming of GDP. Underground activities consist of products or services purchased and sold to others and concealed...
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...Week 2 Deliverable/Reflection Team C ECO/561 July 23, 2014 Lisa Browning Upon reflecting on week two readings, videos, podcast, and simulation learning, Team C discussed identifying production levels to maximize profit, how to balance fixed and variable costs, and economic cost concepts in making business decisions. In this paper we will reflect on what they are and how these topics relate and applied in our business. We also will discuss what topics were challenging for us in week two. Opportunity cost was really clarified for us this week. We have heard the term many times. We have even studied it previously. The videos, examples and reading helped us become much more clear. We often evaulate the opportunity cost at work. Keri is in manufacturing. In her plant, there are two areas of production called rewind and press. We discussed how she often shifts staff from press to rewind as rewind tends to be behind schedule and press ahead of schedule. We discussed that she evaluates the fact that press will be sacrficed hours of run time to give more run time to rewind. She studies opportunity cost each day but did not realize just how much until reading this week. Her example of how she uses this economic concept helped us to relate it to the business world. When our business wants to get the right balance we learned how to balance fixed and variable costs. We looked at the cost analysis and the model to determine if the business is flexible...
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...Week 5 Learning Team C Reflection ECO/561 September 22, 2014 David Mozinski Week 5 Learning Team C Reflection This week’s material discussed more macroeconomics and the global economies. It ran the gamut from basic macroeconomic concepts all the way through understanding the causes and effects of financial crises. The objectives were to accurately project the effects of credit markets on the economy and global economic conditions regarding trade and specialization business decisions. Learning Team C will demonstrate their academic findings and discuss the areas of difficulty and how the material relates to their individual fields. Topics in Which We Felt Comfortable Primary comfort among the team was found in the arena of money creation, the money multiplier, lending, borrowing, and interest. Topics primarily focused on how commercial banks alter the money supply, either by creating money or altering its value. Recognizing that shifts of the money supply from one bank to another can have an impact on an institution ability to make loans as well. A collapse of single banks can have severe and long lasting negative effects on other banks and on the real economy (Lengnick and et. al., 2013). Although the majority of the team felt most fluent with similar topics, one team member felt different; noting that it was difficult to find solace with most of the topics, but identified that income and consumption was palatable. Most Difficult Learning Objectives This week...
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...Market Equilibration Erick T. Bertram ECO/561 May 19, 2011 Dr. David Booker Market Equilibration The market equilibration process occurs when the market can reach and maintain a balance between the supply and demand. It also includes what manufacturers take in consideration of what can help lead their firms so they can maximize profits with units sold and match what consumers are willing to spend on an item. This will lead to market equilibration. With family, finances must have equilibrium to maintain peace and happiness. Prior to planning vacations, making major purchases there are several options to consider. What should be done is assess the family finances. Families need to account for all income during each pay period. Then figure what is going out to pay monthly expenses like rent, electricity, water, credit cards, cable, cell phones, and include putting money into the family savings. This information will help to determine the families’ income so they can plan the next major purchase or family vacation. If planning a vacation there needs to be consideration for the total cost and what is available to spend. Some simple reasons to observe the law of demand, first is there a substitution effect can the family find a similar vacation at a lower price, and second is the real income effect, has there been a change in a families purchasing power. This is true in today’s current economy. When there is a change in determinants of demand in the family example; income...
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...Marketing Equilibrium Process Tracey Wilson ECO/561 January 14, 2013 Paul Palley Marketing Equilibrium Process The market equilibrium process is the manufactures ability to maintain a balance between supply and demand. The manufactures has strategically taken into consideration during their planning process how to maximize profits while maintaining the units needed to meet the cost that the consumer will pay above an item at a specific moment in time. In layman term, the market equilibrium process clarifies what happens when the consumers and sellers make decisions in a proficient market (McConnell, Brue, & Flynn, 2009). Therefore, it is important to understand economics, which is the study of scarce resources as it relates to human wants and how this process relates to making choices. The purpose of this paper is to describe the market equilibrium process as it relates to five basic economic concepts. The primary problem of economics entails that individuals must make choices among completing alternatives. Scarcity can never be eliminated, one must choose. “Scarce economic resources mean limited goods and services. Scarcity restricts options and demands choices” (McConnell, Brue, & Flynn, 2009). In life one must make choices, such as an individual’s decision to study an extra hour rather than going to dinner with a friend; therefore, the marginal benefit of studying exceeds its marginal cost. This is also a prime example of opportunity cost. Opportunity...
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...Economics for managerial decision making: Market structure Charles Brown Jr ECO/561 October 04, 2010 Frank Kingsland Economics for Managerial Decision Making: Market Structures Basis for the case study Each of the four cycles in this simulation relates specifically to the four market structures — monopoly, oligopoly, imperfect competition, and perfect competition. The learner plays the role of the newly appointed Chief Executive Officer of Quasar. As the CEO, the learner will approve decisions on the pricing of Neutron based on the cost and revenue structures for each market structure that Quasar transitions through. Cycle 1 – 2003 - Monopoly In this cycle, Quasar Computers introduces Neutron, the world's first all-optical portable notebook computer. This cycle is divided into three steps, each of which requires the learner to take a decision that will increase the profits for the firm. Decision points Step 1 - The price at which Neutron should be introduced to the market is ___2550_____? Step 2 - The advertising budget to be allocated and the price for Neutron is ____2,450___? Step 3 - The amount to be invested on internal processes improvements and the price for Neutron is _2200_____? Discussion question In spite of being a price-setter (a company that can set its own price), why would a monopoly player choose to pursue cost reduction and demand stimulation strategies? They would pursue a cost reduction and demand stimulation strategy by...
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...Week One Learning Team Assignment Yao Fu, LaTasha Gregory, Shanelle Grudzinski, Kimberly Mack ECO/561 September 16, 2013 Maria Hamideh Ramjerdi WEEK ONE LEARNING TEAM ASSIGNMENT Team member Kim feels comfortable with the information learned and has a clear understanding of the concepts introduced to this point. She has a better understanding of the management decisions made at the company where she works. Budgets and monies that are as well as are not, invested into training, research, and education, makes more sense to her. The law of diminishing marginal revenue that discusses and graphs input and output provided her with the greatest understanding. She can relate the number of hours worked to the increased quality of output and how the quality of output will decrease because one becomes less productive. Each area taught interrelated and added to the other areas of economics learned. The market equilibration process tied into the understanding of supply and demand when graphed help to understand visually the price point of intersection or equilibrium. She believes this process is the baseline for understanding curve shifts in equilibrium when a market price is affected by a change or constant in the supply and demand. Team member Shanelle believes that more work remains understand effectively and maximize profits considering the many variables for someone with no experience...
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