discussion 1 post two replies
1. For this discussion, we will be looking at several interactive tutorials or quizzes that might help you and your classmates with any concepts or calculations that you are having difficulty with.
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Order Paper NowIf you are having difficulty with the numerical calculations covered in this module, try this interactive tutorial:
http://www.sambaker.com/econ/cost/cost.html
If you are having difficulty with some of the conceptual issues covered in this module, try the following interactive tutorial:
http://www.pearsoncustom.com/mct-comprehensive/asset.php?isbn=1269879944&id=12353
Note that you don’t need to look at both tutorials, just pick one or the other and share with your classmates whether you found it useful or not.
Then search the web and try to find at least one other tutorial on production costs (marginal costs, variable costs, total costs, etc.) that you find useful for this module. This could be a tutorial, a video lesson, an online practice quiz, etc. Share the link with your classmates and explain what you found useful about it. As a follow-up to your first post, try using one of the tutorials that your classmates found and share your thoughts.
Part 2
1. I actually looked at both numerical calculations and conceptual issues tutorials to try to get a little more comfortable. Both were able to help me understand a little more. The capital/labor ratio is an example of production function. According to Dr. Salas-Velasco (2011) “production refers to the transformation of inputs into outputs (or products). An input is a resource that a firm uses in its production process for the purpose of creating a good or service. A production function indicates the highest output (Q) that a firm can produce for every specified combination of inputs (physical relationship between inputs and output).”
In regards to the investment tax credit, its purpose is to stop the migration of automobile manufacturing facilities by means of producing more (highest output). Therefore, reducing the price of capital relative to labor. “Typically, we would expect total product to increase as more units of the variable resources are hired and combined with the fixed resources.” Beveridge (2003). In essence, production will be greater with the increase of resources, which in turn require more units of labor.
The statute of the investment tax credit would translate into a gain in employment which is beneficial to the Detroit area. As a representative of the automakers, my concern would be stability of the firm that consequently benefits economic growth.
2. here are multiple online tools that are helpful in understanding production costs. The Pearson interactive tutorials provided to the class along with the additional tools found on-line provide a baseline understanding of production cost concepts as well as helpful checks on learning.
Pearson Tutorial Provided for MOD 2
The Pearson tutorial provides a useful in-depth understanding of production costs. The tool breaks the topic up into multiple parts in an easy to understand manor. While reading the topics within the lesson, a student has the opportunity to make notes by clicking on the note links at the bottom or even check a term with which they might not be familiar. The student is able to save the notes and then print them out to be utilized later to help study or use to help inform an assignment. Additionally, Pearson has in stride checks on learning to make for sure students understand key principles before moving to the next topic. This is helpful so students do not get all the way to the end of the lesson and missed key points that are the foundation of the learning. Last, Pearson provides the ability to download PowerPoint slides by clicking on a link on the bottom left of the tool. The only challenge of these tools is the ability to ask questions or ask advanced questions on the topics. Overall, Pearson provides a quality tool that provides a base understanding along with interactive questions to check individual learning.
Additional Online Tutorials
After multiple searches on line, there were two key forms of tutorial that were helpful in proving a base understanding of production costs. The first is by means of slides or webpage which provide a written product that can also include questions that provide the student a check on learning. These tools are very similar to the Pearson tool. The next tool are videos provided by different outlets or individuals. The one I found most interesting was a series by Jacob Clifford. I found the short videos helpful because they provided me a base knowledge of the topic without having to scan through a lot of text. As a visual learner, the videos are more helpful to how I best learn. Also having an individual provide the instruction gave a more personal approach about the key topics of the lesson. Clifford brings a lot of energy to the topic and covers a lot of information in a short period. When trying to grasp a topic this can be a challenge, but the pause button or even going back to review the topic has been key to keeping up with the lesson. Below are the links to the topics of the video series.
Diminishing Marginal Returns (3.1)
Economies of Scale (3.2)
Part 1: Cost of Production –Microeconomics (3.3)
Part 2: Cost Curves (3.3)
Marginal Cost and Average Total Cost (3.4)
Overall there are many venues that facilitate instruction for Production and Costs. Pearson provided a quality tool that facilitates a base understanding with interactive questions to check individual learning while the videos online provide a more personal approach to instruction on the topic. Based upon how an individual best takes in information, either method provide a good tool to help guide learning.