2.2 Assignment: Totaling Costs Getting Started Production and cost are the fundamental building blocks on the supply side of the market. In this assignment you will learn how to calculate costs and construct cost schedules. Upon successful completion of this assignment, you will be able to: Describe the determinants of a firm’s output and costs in the long run. Use cost relationships to predict a firm’s profit-maximizing decisions. Resources Textbook:  Economics for Managers File: Ch05.ppt Media: Costs of Production Background Information In this assignment you will learn how to calculate costs and construct cost schedules for a small business. Instructions Review the rubric to make sure you understand the criteria for earning your grade. Read Chapter 5, “Production and Cost Analysis in the Short Run,” in  Economics for Managers . As you read, think about what it costs you to do some basic task. Download and review the  Ch05.ppt  PowerPoint file. View the media: Costs of Production . This lecture presentation covers output and costs in the short run, deriving long-run average cost and firm profit maximization. Assess data (in the table below) related to a small lawn mowing business. Angela hires students at $40 a day to mow lawns. Regardless of the number of students she hires, Angela leases five lawn mowers for $200 a day. The following table gives the daily output: Labor  (students per day)Total Product (lawns cut per day)0012024437049451146120 Write a one- to two-page paper that addresses the following. Be sure to show your calculations. Construct the average fixed cost, average variable cost, and average total cost schedules. Construct the marginal cost schedule. Check that the gap between total cost and total variable cost is the same at all output levels. Explain why this relationship is so important and demonstrate clear insightful and critical thinking. When you have completed your assignment, save a copy for yourself and submit a copy to our instructor by the end of the workshop. ========================================================== 2.3 Discussion: Economies of Scale Getting Started You will examine production and cost issues in the long run, where all inputs in a production process are variable, using a case study. Upon successful completion of this discussion, you will be able to: Interpret a long-run production function in which all inputs can be varied and possibly substituted for each other. Explain how production and cost analysis is used in management decision making. Resources Textbook:  Economics for Managers Video: COVID-19 Background Information This information and activity build on the short-run production and cost issues covered in the previous workshop. Instructions Review the rubric to make sure you understand the criteria for earning your grade. Read Chapter 6 and review Chapter 5 in  Economics for Managers.  As you read, think a.

1. 2.2 Assignment: Totaling Costs
Getting Started
Production and cost are the fundamental building blocks on the
supply side of the market. In this assignment you will learn how
to calculate costs and construct cost schedules.
Upon successful completion of this assignment, you will be able
to:
Describe the determinants of a firm’s output and costs in the
long run.
Use cost relationships to predict a firm’s profit-maximizing
decisions.
Resources
Textbook:
Economics for Managers
File: Ch05.ppt
Media: Costs of Production

2. Background Information
In this assignment you will learn how to calculate costs and
construct cost schedules for a small business.
Instructions
Review the rubric to make sure you understand the criteria for
earning your grade.
Read Chapter 5, “Production and Cost Analysis in the Short
Run,” in
Economics for Managers
. As you read, think about what it costs you to do some basic
task.
Download and review the
Ch05.ppt
PowerPoint file.
View the media:
Costs of Production
. This lecture presentation covers output and costs in the short
run, deriving long-run average cost and firm profit
maximization.
Assess data (in the table below) related to a small lawn mowing
business.
Angela hires students at $40 a day to mow lawns.

3. Regardless of the number of students she hires, Angela leases
five lawn mowers for $200 a day.
The following table gives the daily output:
Labor
(students per day)Total Product
(lawns cut per day)0012024437049451146120
Write a one- to two-page paper that addresses the following. Be
sure to show your calculations.
Construct the average fixed cost, average variable cost, and
average total cost schedules.
Construct the marginal cost schedule.
Check that the gap between total cost and total variable cost is
the same at all output levels. Explain why this relationship is so
important and demonstrate clear insightful and critical thinking.
When you have completed your assignment, save a copy for
yourself and submit a copy to our instructor by the end of the
workshop.
===============================================
===========

4. 2.3 Discussion: Economies of Scale
Getting Started
You will examine production and cost issues in the long run,
where all inputs in a production process are variable, using a
case study.
Upon successful completion of this discussion, you will be able
to:
Interpret a long-run production function in which all inputs can
be varied and possibly substituted for each other.
Explain how production and cost analysis is used in
management decision making.
Resources
Textbook:
Economics for Managers
Video: COVID-19

5. Background Information
This information and activity build on the short-run production
and cost issues covered in the previous workshop.
Instructions
Review the rubric to make sure you understand the criteria for
earning your grade.
Read Chapter 6 and review Chapter 5 in
Economics for Managers.
As you read, think about the goods and services that your
organization produces and what their production costs might be.
Utilizing the following link,
COVID-19
, explain how COVID-19 procedures have inhibited firms’
achievement of economies of scale, essentially hastening the
onset of diseconomies of scale. First, explain how attempts at
dealing with COVID-19 have resulted in less demand for a
cadre of services such as airline travel, restaurants, barber
shops, salons, and theme parks. Focus on the notion of “less
quantity of output” and how that would inhibit the achievement
of economies of scale. Secondly, explain what firms like the
above are doing trying to save their businesses as they deal with
the pandemic. Are these attempts at saving their businesses
being successful? What would it take to rebuild economies of
scale and the associated benefits? Explain.
Your initial response should be 400 to 600 words in length and
include two academic sources that are properly cited. It is due
by the end of the fourth day of the workshop.

6. Now conduct a critical analysis of a posting by two of your
classmates by the end of the workshop.
The topic of your discussion response should be your
classmate’s posting and should be written as if you were
reviewing his/her posting in an academic journal. Your
discussion response should, therefore, answer the following
questions as applicable:
Were your classmate's arguments articulate and logical? Were
the facts correct?
Was the interpretation your classmate provided reasonable and
consistent with experts in the field? Was your classmate
consistent with both the substance and intent of his/her
references?
The focus for your critical analysis is not whether or not you
agree with your classmate, but how well his/her position was
presented. Each response should be at least 200 words in length
and cite two academic sources. Please strive to make your
discussion responses ones that cause iron to sharpen iron.
https://www.strategy-business.com/blog/How-COVID-19-is-
reversing-economies-of-scale?gko=84025
====================================

7. 2.4 Assignment: Turnitin-Market Structure Organization
Getting Started
In this assignment you will learn about market structures (the
environments in which firms operate) and study the four
different market structures.
Upon successful completion of this assignment, you will be able
to:
Evaluate different market structures, including their similarities
and differences.
Categorize firms into the appropriate market structure.
Resources
Textbook:
Economics for Managers
Media: Perfect Competition
Media: Different Market Structures
Media: John Deere
Media: Chick-Fil-A

8. Media: Duke Energy
Media: Facebook
File: Market Structure Table.docx
Background Information
A study of market structure integrates the demand and pricing
materials with the production and cost issues from earlier
workshops.
Instructions
Review the rubric to make sure you understand the criteria for
earning your grade.
In
Economics for Managers
, read:
Chapter 7, pp. 170–178
Chapter 8, pp. 196–210
Chapter 9, pp. 230–237
Review the characteristics of the different market structures

9. presented in Table 7.1 of Chapter 7 in
Economics for Managers
.
View the following media:
Perfect Competition
Different Market Structures
Below are four companies operating in the United States today.
Using your knowledge of market structures, attempt to classify
each of the companies as either perfect competition,
monopolistic competition, oligopoly, or monopoly. Provide
rationale for each of your assessments and explain why you
chose one particular market structure over another. Additional
information is provided alongside each of the firms. Make sure
you discuss the level of pricing power they exercise in the
marketplace.
John Deere
Chick-Fil-A
Duke Energy
– Cincinnati, Ohio Service Area
Facebook

10. Download the
Market Structure Table.docx
file.
Using this file, evaluate each business:
Fill in each box for all four firms. In the last row of the table,
determine the market structure, or if it is a multi-divisional
structure, the market structure for each of its major units for
each of the four firms. Your answers should be thorough and
demonstrate clear, insightful critical thinking.
Immediately after the table, write a 400- to 600-word response
that compares and contrasts the four firms. How are the firms
the same and how do they differ? Provide a detailed response
that shows clear, insightful thinking in your determination of
the market structure of the firm.
Use proper spelling, grammar, and APA formatting. Cite at least
two sources for each of the four firms. These sources should be
scholarly, peer-reviewed, or from a reputable periodical on
business or the industry.
When you have completed your assignment, save a copy for
yourself and submit a copy to your instructor by the end of the
workshop. (Turnitin enabled).
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=============

11. 2.1 Assignment: Reading and Remediation
Getting Started
Viewing the videos and practicing using the practice Excel file
with its video can prepare you for the work needed on the
research report for one data set.
In order to successfully complete this exercise, you should be
able to:
Review videos about statistics fundamentals.
Practice with the Excel file provided.
Resources
File: WS2Practice
File: WS2Homework
Video: Central Tendency and Variability
Video: Z-Scores
Video: Z-Scores and the Normal Curve
Video: Histograms in Excel

12. Video: Pie Charts using a summary table in Excel
Video: Time Series
Video: Pareto Chart
Textbook:
OpenIntro Statistics
Background Information
Providing background and descriptive statistics is like a
literature review section of a dissertation. You review and
communicate the central tendency and variation elements to the
raw data. You present visual representations of the data to give
meaning to the raw data.
Instructions
Watch the following Excel remediation videos:
Histograms in Excel
Pie Chart using a summary table in Excel
Time Series
Pareto Chart

13. An optional supplementary textbook is the
OpenIntro Statistics
, and you can read the concepts there.
Use the lab file
WS2Practice
to practice the Excel skills (includes an Excel hands-on video
inside the spreadsheet as a link).
Use the file
WS2Homework
to demonstrate the Excel skills.
There are 60 points awarded for this exercise, 10 points for each
problem.
When you have completed your assignment, save a copy for
yourself and submit a copy to your instructor by the end of the
workshop.
===============================================
======
2.4 Assignment: Creating the Beginning Background Section
Getting Started
This week you will continue writing the background section for
your research report and demonstrate your ability to create and
interpret descriptive statistics (in tabular and graphical form)

14. using the data from the data set you have chosen.
In order to successfully complete this assignment, you should
be able to:
Write the background section for one data set demonstrating
your ability to create and interpret descriptive statistics (in
tabular and graphical form) using the data from the data set you
have chosen.
Resources
Your most recent research report
File: Research Report Patients
Background Information
This is one of the more detailed assignments in this course. You
will write a background literature review, detailed statistics,
and descriptive statistics in the form of tables and graphs for
the data set. Normal distributions and probability can also be
used as part of the descriptive statistics section, which the
example report did not show. See videos and practice files for
any remedial training on those topics.
Instructions

15. Review the rubric to make sure you understand the criteria for
earning your grade.
Be sure to use your most recent version of your research report.
Study the
Research Report Patients
file.
Fill out the "Information and Literature Review" section of the
Project Background including the literature review, descriptive
statistics, and graphs associated with the data set chosen to
write about. You are to demonstrate your ability to create and
interpret descriptive statistics (in tabular and graphical form)
using the data from the data set you have chosen.
When you have completed your assignment, save a copy for
yourself and submit a copy of your report by the end of the
workshop. Remember to keep the files since you will be adding
to the research report throughout the course.
===============================================
============
2.5 Assignment: Ethical Considerations
Getting Started
Ethical statements and a biblical framework are important to
add to your research report. Research reports must be reliable,

16. reproducible, and valid.
In order to successfully complete this assignment, you should
be able to:
Apply a biblical perspective to the background section of one
research report.
Resources
Article: Virtuous Leaders & Organizations
Your most recent Research Report
Background Information
Having sources to back up statements and raw data to back up
statistics goes a long way to making your research believable
and trusted. Doing a professional job on the background section
sets up the analysis and summary sections of the report.
Instructions
Review the rubric to make sure you understand the criteria for
earning your grade.
Be sure to use your most recent version of your research report.

17. Review the article
Virtuous Leaders & Organizations
from the Spring 2017 issue of
The DeVoe Report
to understand the virtuous business model.
Add two paragraphs to the research report just before the
Descriptive Statistics section. It is marked with the heading
Ethical Considerations from the Literature Review.
One paragraph in the report should explain how the three
sources required pertain to the research data set.
One paragraph in the report should explain how the Virtuous
Business Model can pertain to this research.
Apply a biblical framework using Scripture references that
match the research being done on the topic.
When you have completed your assignment, save a copy for
yourself and submit a copy of your template by the end of the
workshop. Remember to keep the files since you will be adding
to the research report throughout the course.
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==========