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Eco 561 Team Discussion

In: Business and Management

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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. She works in the renewable fuels industry and missed estimated variable costs can mean the difference between whether that company finishes the year profitable or nonprofit. As a middle manager for the company, she previously looked at many factors that relate to economics but had never fully put the pieces of the economic puzzle together. For instance, she often viewed pricing and cost...

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