Reflection Question

  • 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 – Background

SUPPLY AND DEMAND

Required Reading

For 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=kUPm2tMCbGE

Tabarrok, A. & Cowen, T. (2015) The supply curve. Marginal Revolution University. https://www.youtube.com/watch?v=nKvrbOq1OfI

Now go slightly deeper into these topics and read Chapters 1 and 3 from the following book. Don’t worry, these chapters are short and will give you an introduction to the main topics of this module:

Image result for Managerial Economics Principles stengel 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 “Self-Check Questions” 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:

https://open.umn.edu/opentextbooks/Images/1938168240.pngTaylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents /6i8iXmBj@10.174:UfIHC0qu@6/Introduction-to-Demand-and-Sup

Module 2 – Background

PRODUCTION AND COSTS

Required Reading

To 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=UWImfFax8Ew

The 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 “Contents” tab to navigate though Sections 7.1, 7.2., and 7.3):

https://open.umn.edu/opentextbooks/Images/1938168240.png

Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents/6i8iXmBj@11.2:75YRzeYw@8/Introduction-to-Cost-and-Indus

Now 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:

http://www.businessexpertpress.com/files/imagecache/bep-title-cover-lg/images/covers/9781606495124_0.jpgMarburger, D. R., & Peterson, R. (2013). Chapter 4: What your cost accountant can’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 Reading

Beveridge, 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 – Background

MARKET STRUCTURE AND GAME THEORY

Required Reading

To 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_cINHBVW1ZuEpozKk2XGx

Now 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 “Self-Check Questions” at the end of each section.

https://open.umn.edu/opentextbooks/Images/1938168240.pngTaylor, 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 “Policy Response to Oligopoly” section that covers the Herfindahl index:

Image result for A Primer on Microeconomics A Primer on Microeconomics     BeveridgeBeveridge, 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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Module 4 – Background

ECONOMICS OF ORGANIZATION AND STRATEGY

Required Reading

To start off this module, take a look at the following video for a relatively comprehensive overview of several concepts from this module. This video is a little longer than previous videos you’ve watched for this class, but covers very useful information such as vertical and horizontal integration strategies as well as conglomerate (diversification) strategy:

Holden, P. (2011). Business integration – vertical, horizontal and conglomerate. St. Lawrence College. https://www.youtube.com/watch?v=gG9xNElFzRk

Now delve a little deeper into this subject with the following chapter that will reinforce what you’ve learned in the video plus some important additional concepts such as transaction costs:

Image result for Managerial Economics Principles stengelStengel, D. (2012). Economics of Organization. Managerial Economics Principles. Flat World Education http://saylordotorg.github.io/text_principles-of-managerial-economics/s05-economics-of-organization.html

Now read the following chapter for more detail on the concepts of vertical integration and horizontal integration. Also covered in this chapter is diversification strategy, also known as conglomerate strategy. Pay attention to the discussion of related versus unrelated diversification:

Image result for "Strategic Management: Evaluation and Execution"

Ketchon, D. & Short, J. (2012). Chapter 8: Selecting corporate-level strategies. Strategic Management: Evaluation and Execution. Flat World Education. https://saylordotorg.github.io/text_mastering-strategic-management/s12-selecting-corporate-level-stra.html

Rubric Name: Reflective Discussion Rubric v1

Criteria

Reviews prior learning (past experiences inside and outside of the classroom) in depth to reveal significantly changed perspectives about educational and life experiences, which provide foundation for expanded knowledge, growth, and maturity over time.

Reviews prior learning (past experiences inside and outside of the classroom) in depth, revealing fully clarified meanings or indicating broader perspectives about educational or life events.

Reviews prior learning (past experiences inside and outside of the classroom) with some depth, revealing slightly clarified meanings or indicating a somewhat broader perspective about educational or life events.

Reviews prior learning (past experiences inside and outside of the classroom) at a surface level, without revealing clarified meaning or indicating a broader perspective about educational or life events.

Submits one initial response early in the session; two or more thoughtful peer responses early in the session; and more than two peer responses closer to the end of the session.

Submits at least one initial response early in the session; and at least two peer responses closer to the end of the session.

Submits at least one initial response early in the session; and/or does not submit at least two peer responses closer to the end of the session.

Submits at least one peer response during session; but does not submit an initial response early in the session.

Posts elicit peer responses and reflections from other learners; responses build upon and integrate multiple views from other learners to broaden the scope of the discussion.

Posts elicit responses and reflections from other learners; responses build upon the ideas of other learners to broaden the scope of the discussion.

Posts do not elicit responses and reflections from other learners and/or responses do not build upon the ideas of other learners to broaden the scope of the discussion.

Posts were too brief to elicit responses and reflections from other learners and/or responses do not build upon the ideas of other learners to broaden the scope of the discussion.

Post(s) and responses show evidence of knowledge and understanding of course content and applicability to professional practice, and include other resources that extendlearning.

Post(s) and responses show evidence of knowledge and understanding of course content and applicability to professional practice.

Post(s) and responses show little evidence of knowledge and/or understanding of course content and applicability to professional practice.

Post(s) and responses show no evidence of knowledge and understanding of course content or applicability to professional practice.

Demonstrates mastery conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are logically presented with appropriate rationale.

Demonstrates considerable proficiency conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are presented with necessary rationale.

Demonstrates partial proficiency conceptualizing the problem; viewpoints and assumptions of experts are analyzed, synthesized, and evaluated; and conclusions are somewhat consistent with the analysis and findings.

Demonstrates limited or poor proficiency conceptualizing the problem; viewpoints and assumptions of experts are not analyzed, synthesized, and evaluated; and conclusions are either absent or poorly conceived and supported.

Overall Score

 

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