Eco 561 Week 1-6 (Assignments and Dqs) Complete Class Essay

2525 Words Jan 17th, 2016 11 Pages
ECO 561 WEEK 1-6 (ASSIGNMENTS AND DQS) COMPLETE CLASS
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ECO 561 WEEK 1-6 (ASSIGNMENTS AND DQS) COMPLETE CLASS
Week 1 Discussion Questions
Different products have different elasticities. Heart medication, for example, is inelastic and corn is elastic. All firms can increase the volume of goods or services sold by cutting prices; however, elastic products are much more price sensitive than inelastic products. Find a product that has not already been selected and describe the price elasticity. How much control might an organization have over pricing based on a product’s
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Prepare a 1- to 3-page paper detailing the findings of your discussion
Week 2 Discussion Questions
What marginal costs does University of Phoenix incur in offering one more ECO/561 class? What marginal revenues does University of Phoenix earn from each additional ECO/561 class? How would you expect this marginal analysis to affect the volume of classes University of Phoenix offers? Does University of Phoenix maximize profits? Businesses often decide between using automation and labor in production. An automotive environment may have high fixed costs and low variable costs, and an industry that utilizes manual labor for production will have low fixed costs and high variable costs. How would you describe the balance between the costs of automation, or fixed costs, and the costs of labor, or variable costs? How has technology changed the balance between automation and labor? What type of industry benefits the most from technological innovation? Choose an organization that has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization. How can the organization use technology to change this balance for an advantage? As a student, what opportunity costs do you confront by enrolling in University of Phoenix’s MBA program? Does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities? For your

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