Identify one substantive topic in the course that you will use in your job in the future. Specify the topic, your job, and how you will use this knowledge to make better decisions.Looking back at the analytical tools you used throughout the course, name one specific instance when you could use one of these tools to better understand your organization, the market, or the environment in which your employer operates.Topics Discussed are: Module 1 – BackgroundSUPPLY AND DEMANDRequired ReadingFor a simple introduction to the concepts of supply and demand, take a look at these animated videos from Professors Alex Tabarrok and Tyler Cowen of George Mason University. These videos will give you the basics of both the demand and supply curves:Tabarrok, A. & Cowen, T. (2015) The demand curve. Marginal Revolution University. https://www.youtube.com/watch?v=kUPm2tMCbGETabarrok, A. & Cowen, T. (2015) The supply curve. Marginal Revolution University. https://www.youtube.com/watch?v=nKvrbOq1OfINow go slightly deeper into these topics and read Chapters 1 and 3 from the following book. Donâ??t worry, these chapters are short and will give you an introduction to the main topics of this module: Stengel, D. (2012). Managerial Economics Principles. Flat World Education. http://saylordotorg.github.io/text_principles-of-managerial-economics/Finally, read Chapters 3 and 5 of the following book to get a more detailed overview of the concepts for this module. Pay special attention to the â??Self-Check Questionsâ? at the end of each section, which include the solutions. Before submitting the Case Assignment, it is best to test your knowledge of the concepts with the practice questions in this book:Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents /6i8iXmBj@10.174:UfIHC0qu@6/Introduction-to-Demand-and-SupModule 2 – BackgroundPRODUCTION AND COSTSRequired ReadingTo start off this module, watch the following videos which will give you an introduction to some of the main concepts for this module. Pay special attention to the discussion about fixed versus variable costs and accounting versus economic profit:Clifford, J., & Hill. J. (2016). Revenues, profits, and price. CrashCourse. https://www.youtube.com/watch?v=UWImfFax8EwThe following book will give you a relatively simple introduction to the key concepts covered in the module. In addition to the concepts, make sure to go carefully through the numerical examples. Read Chapter 7 of the following book (use the â??Contentsâ? tab to navigate though Sections 7.1, 7.2., and 7.3):Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents/6i8iXmBj@11.2:75YRzeYw@8/Introduction-to-Cost-and-IndusNow go to this slightly more advanced book chapter that will cover the concepts from this module from the point of view of a business manager. Pay special attention to the tables and numerical examples:Marburger, D. R., & Peterson, R. (2013). Chapter 4: What your cost accountant canâ??t measure: The economic theory of production and costs. Economic Decision Making Using Cost Data: A Manager’s Guide. New York, NY: Business Expert Press. [EBSCO eBook Collection. Note: to find the book enter only the title of the book in the library search engine]Optional ReadingBeveridge, T. M. (2013). Chapter 5: Production, costs, and revenues. A Primer on Microeconomics. New York, N.Y.: Business Expert Press. [EBSCO eBook Collection]Module 3 – BackgroundMARKET STRUCTURE AND GAME THEORYRequired ReadingTo start with, take a look at this short animated video that will introduce you to the basics of market structure:McGlasson, M. (2009). Episode 25: Market structures. https://www.youtube.com/watch?v=9Hxy-TuX9fs&list=PLr6g_xbkz_0u_cINHBVW1ZuEpozKk2XGxNow read Chapters 9 and 10 from the following book for more detail on these topics. In particular, pay attention to the numerical examples and the â??Self-Check Questionsâ? at the end of each section.Taylor, T. (2014) Microeconomics. OpenStax College. http://cnx.org/contents/6i8iXmBj@10.174:WXgRcPaN@10/Introduction-to-a-Monopoly Finally, read this slightly more advanced chapter. Pay special attention to the sections at the end on game theory and the â??Policy Response to Oligopolyâ? section that covers the Herfindahl index: Beveridge, T. M. (2013). Chapter 8: Between perfect competition and monopoly. A Primer on Microeconomics. [New York, N.Y.] [222 East 46th Street, New York, NY 10017]: Business Expert Press.
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