Week 3 discussion
PRICES; CONCEPTS OF COST
Before posting, review the Discussion Activity Overview
under Introduction & Resources.
Multimedia post (up to 10 points) – Prices under Different
Market Structures: Create a short 1-2 minute slide presentation with a voice
narration or a video using any technology you are comfortable with to discuss
market structures and their impact on price-setting.
How are prices determined under perfect competition? Think
about a firm that you have done business with recently. To what industry does
this firm belong? For example, McDonald’s is a firm in the fast food industry.
What market structure would this industry fall under? What are the names of
other firms in this industry? Is it monopolistic competition, oligopoly,
monopoly, or perfect competition? How does market structure affect the firm’s
ability to set the price for its products?
Concepts of Cost (up to 5 points) – What are the differences
between economic and accounting concepts of cost? How would you manage the
costs associated with a value-creation activity? How do costs of operations
relate to the strategy of the organization?
MyEconLab (MEL) Activity Post (up to 5 points) – Make a
high-quality response to a classmate’s MEL Activity post or complete your
choice of one of the available Week 3: MyEconLab Activities for the week
(recommended), and post a short summary along with one or more ideas on how to
apply the principles explained in the selected Activity. Include the word
“Activity” along with the topic of the MEL Activity in the first
sentence.
ScholarMatic: Explanation & Answer
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