Microeconomics Discussion Questions Wk 2

This is due by tomorrow Saturday at 7:00 pm Eastern Time. Total word count should be a minimum of 960 words in answers to the questions.

Microeconomics Discussion Questions Week 2 

Please answer each of the following 8 questions in a minimum of 120 word count. Use in text citations and provide references, if any other source is used as reference, please also provide where it was retrieved from. Thank you.

1. What is marginal productivity? Compare it with average productivity. In a particular industry you are familiar with, compare its marginal productivity from average productivity. What would happen if a technological innovation is introduced in that industry’s production process? Please explain your answers.

2. How do you differentiate economics from accounting. Illustrate your differentiation.

Resource:   Colander, D. C. (2013). Microeconomics Chapter 11: Production and Cost Analysis I, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin

1. How does technology affect the productivity and cost of the industry you currently work for or you are familiar with? How do the technical and economically efficient concepts shape the long-run average total-cost curve of this industry? 

    

2. Assume that you have the qualities of an entrepreneur and given a chance to create your own  firm, what will it be and how would you characterize your role in the production process?

Resource:

Colander, D. C. (2013). Microeconomics Chapter 12: Production and Cost Analysis II, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin

Please watch the videos, which is the resource to answer the following questions. Thanks.

1. Explain the concept of modular manufacturing. What are the steps involved in Production Planning and Cost Management?

   Resource:

   http://digital.films.com/PortalViewVideo.aspx?xtid=10839&loid=20400

    

    

    

2. How does LP (Lean Production) correct the inefficient processes to improve productivity and quality?

Resource:   http://digital.films.com/PortalViewVideo.aspx?xtid=10839&loid=20399

1. Show the relationship of MC(Marginal Cost) to ATC (Average Total Cost). Explain why the 2 curves intersect at its minimum point.

    

   Resource:  https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-margin-rev/v/marginal-cost-and-average-total-cost

    

2. What happens when MR (Marginal Revenue) is below the ATC(Average Total Cost) ? 

    

   Resource:   https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-margin-rev/v/marginal-revenue-below-average-total-cost