Week 1 N 2 Reflection

Topics: Supply and demand, Marginal cost, Explanation Pages: 2 (417 words) Published: June 18, 2013
Wk1 & Wk2 Team Reflection
ECO 561
Instructor:
June 5, 2013

Team Reflection
This week the team discussion included how well we did on the weekly quiz for weeks one and two. We determined that, even though we may have done well on the quizzes, there are many areas that we are not so familiar with. In week one we each missed one question on the quiz, however, we all agreed that we would benefit from a better understanding in the following week one areas: Market Equilibrium, Efficient Allocation, Changes in Supply, Demand and Equilibrium, Price Elasticity. The week two quiz was a bit more challenging and we all missed multiple questions. We all agree that we would benefit from a better understanding in the following areas: Marginal Cost, Rule for employing Resources, Demand as a Derived Demand, Imperfect Product Market Competition and Average Total Cost. Additionally, there were some formulas that weren’t exactly clear in their use when it came to applying them to the word problems. We feel we could benefit from a quick explanation of the relationships between the multiple equations. For example, when certain variables increase how are related variables changed.

The team enjoyed the scenarios, podcasts and videos much more than the reading. We gained a much greater understanding watching the comics and lectures on the topics. The information is explained in chapters, but the concept is better understood with a live application. We really enjoyed the Price of Elasticity of Demand scenario. The example was clear and it really helped explain why the pizza shop revenue reduced and demonstrated the formula to understand the impacts of elasticity. Vanessa can relate to the comic anytime she see the elasticity of demand and think through the example as it applies to the issue at hand. Additional information was needed to see the material in bullet form; again the lengthy chapters of material became wordy and difficult to...
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