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Week Review, Eco 561

In: Business and Management

Submitted By terrastefan
Words 1651
Pages 7
Learning Team Deliverable: Week 2

Emily Gumataotao, Pamela Hernandez, Mark Sanschargrin, Terra Stefan

ECO/561

February 10, 2014

Peter Oburu

Cost Concepts – Pure Competition; Demand for Resources; Identify Production Level to Maximize Profits (Chapters 9, 12)

Topics comfortable Team member Terra felt comfortable with the purely competitive concepts. She felt they came natural for her because she has been in the retail business for over 20 years. Team member Mark felt comfortable with learning the topic of the Four Basic Market Models consisting of the Pure Competition, Monopolistic Competition, Oligopoly, and Pure Monopoly structures. Team member Pamela felt comfortable with the definition of purely competitive concepts and how they relate to a certain type of industry for example agriculture. Team member Emily felt comfortable with the idea of pure competition and the fact that each market no matter how big or small is purely competitive.
Topics struggled

Team member Mark struggled with the two methods to determine the level of profit maximization, the Total Revenue Total Cost approach as well as the Marginal Revenue Marginal Cost approach. The MR=MC rule seemed unclear in that the more marginal revenue should overcome the costs in all ranges of production. The topic became a little clearer with the cost and revenue curve simulation. Team member Pamela struggled with the charts and few real life examples to better understand the concepts of economics and how it relates to the business world. Team member Terra struggles with the fact that after really understanding the purely competitive concept that there really isn’t any businesses that actually fall into the category, the closet industry is produce being grown by a farmer. Team member Emily felt that although she currently holds a job in supply, she...

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