Week 3 Learning Team Reflection
Learning Team D Week 3 Reflection
ECO 561
August 25, 2014
Learning Team D discussed the objectives for week 3. Each Team Member posted a response in regards to topics they felt comfortable with, any topics they struggled with, and how the topics relate to their field. The areas we discussed were: Production Costs and Revenues, Monopolistic Competition, Innovation and Technology, Determinant of Supply, and the Regulation of Monopoly. The following is a compilation of Learning Team D’s opinions of the objectives.
Production Costs and Revenue
Marginal Production Costs and Revenues are areas that are common in many types of businesses and markets. Throughout my limited years of experience, I have become aware and intimate with managing costs and revenues through driving production though efficiency and productivity. Both of these figures are influenced by the supply and demand curves through market prices as well as through material supply costs. The idea is to keep costs covered through production as early as possible in order to maximize profit through the revenue brought in via market demand and prices. Where the Average Total Revenue and the Average Total Costs equal out, is the breakeven point for production, meaning that overhead and supply costs are met at that point and producing more products will help yield more profit in general.
Monopolistic Competition
Our text describes monopolistic competition is characterized by the following:
· Relatively large number of sellers
· differentiated products promoted by heavy advertisements
· easy entry and exit from industry
Monopolistic competitive industries are much more competitive than they are monopolistic. Monopolistic competition is derived of moderately large firms, as monopolistic competition involves:
· small market share
· void of collusion
· independent action
Monopolistic firms so not utilize standardized products, and instead use product differentiation. This is achieved through variation
ECO 561
August 25, 2014
Learning Team D discussed the objectives for week 3. Each Team Member posted a response in regards to topics they felt comfortable with, any topics they struggled with, and how the topics relate to their field. The areas we discussed were: Production Costs and Revenues, Monopolistic Competition, Innovation and Technology, Determinant of Supply, and the Regulation of Monopoly. The following is a compilation of Learning Team D’s opinions of the objectives.
Production Costs and Revenue
Marginal Production Costs and Revenues are areas that are common in many types of businesses and markets. Throughout my limited years of experience, I have become aware and intimate with managing costs and revenues through driving production though efficiency and productivity. Both of these figures are influenced by the supply and demand curves through market prices as well as through material supply costs. The idea is to keep costs covered through production as early as possible in order to maximize profit through the revenue brought in via market demand and prices. Where the Average Total Revenue and the Average Total Costs equal out, is the breakeven point for production, meaning that overhead and supply costs are met at that point and producing more products will help yield more profit in general.
Monopolistic Competition
Our text describes monopolistic competition is characterized by the following:
· Relatively large number of sellers
· differentiated products promoted by heavy advertisements
· easy entry and exit from industry
Monopolistic competitive industries are much more competitive than they are monopolistic. Monopolistic competition is derived of moderately large firms, as monopolistic competition involves:
· small market share
· void of collusion
· independent action
Monopolistic firms so not utilize standardized products, and instead use product differentiation. This is achieved through variation