College Name: Southern New Hampshire University

Subject: Economics

Course Code: ECO 201

Title: MODULE 5 DISCUSSION

Question 40794: In a competitive market, there are many buyers and sellers. The goods offered are largely the same, and firms can freely enter or exit the market. Buyers and sellers are both price takers. The amount of output produced determines the revenue of a firm. Costs of production are an important factor in determining profitability of a company.
First, research a publicly traded U.S. company and share it in your initial post. This could be the company you selected for your project or a different firm. For this discussion, assume that the firm is competing in a perfectly competitive market.
Then, in your initial post, address the following:
• Identify 3 fixed costs and 3 variable costs for the firm.
• How would the firm you chose determine the profit maximizing quantity to produce?
• Why are fixed costs different in the short term versus the long term?
• Apply economic theory to explain when the firm you chose would decide to shut down in the short term or exit in the long-term referring to price considerations and the Average Variable Cost and Average Total Cost curves. Use examples from the textbook to support your explanation.
In your responses, comment on at least two posts from your peers. Based on your research, discuss with your peers how changes in costs impact the firms’ profitability

College Name: Southern New Hampshire University

Subject: Economics

Course Code: ECO 201

Title: MODULE 2 DISCUSSION

Question 40793: For this discussion, read the advice article by economist Emily Oster entitled “You’re dividing the chores wrong.” Oster argues for an approach to household chores that is informed by economic principles. She shows how family economic decisions can be like how businesses make production decisions.
In your initial post, consider how her advice might apply to division of labor or outsourcing of products in a business. Specifically, address the following:
• Research an example of a company that leverages comparative advantage. In other words, find and share an example where a firm either hires specialized workers or outsources production to increase output. The following is a partial list of examples to help your search:
o An accounting firm hiring bookkeepers to perform day-to-day tasks so that the CPA can focus on higher-order work
o An auto manufacturer purchasing the parts needed to assemble a vehicle from other firms
o A restaurant purchasing the ingredients for their recipes rather than growing them
o A clothes manufacturer outsourcing the cotton or fabric needed to produce clothes
• Using the production-possibility frontier (PPF) model as a reference, explain what the benefits of specialization and trade are for your selected company and for society. Be sure to highlight the changes in overall output and consumption created by trade.
In your responses, comment on the posts of at least two peers by drawing parallels between the example they shared in their initial post and how chores are divided in your household. Alternatively, you can compare their example to how tasks are assigned in your workplace to increase output.

College Name: Southern New Hampshire University

Subject: Economics

Course Code: ECO 201

Title: MODULE 1 DISCUSSION

Question 40781: In your initial post, begin by introducing yourself briefly, including your program of study and career interests. Then, address the following as part of your response:
• Imagine you own your own business and have to make daily decisions about how to allocate available resources such as input of production, time, purchasing decisions, and so forth. What role do you think microeconomics has in running a business?
• Which of the principles of economics outlined in your reading would you be more likely to apply when making business decisions? Provide at least two to three examples.
In your responses to your peers, comment on at least two posts that discuss a different economic principle than the one you chose. Draw connections between the different principles and the role of microeconomics in everyday life.