Overview Economic Practices for Managers This course addresses the fundamental economic principles of decision making, including opportunity costs, factors of production, and competitive and comparative advantage. Risk and uncertainty are also analyzed. In addition, students would apply sustainable business principles in a rapidly changing economic and social environment. The course approaches these topics from the perspective of a practicing manager.Module ReadingsComplete the following readings early in the module:
In the context of your business, these questions will help you analyze the operations within your company from an economic perspective and make decisions on how to make the best use of your company’s scarce resources. It will help you decide what goods and services should be produced and which ones you must forgo, which needs should be satisfied, and how much of the limited resources will be used to satisfy those needs.
Consider the last product or service you purchased for more than $50, excluding gasoline.
Turned-in on time, Grading criteria followed All assignment qualifications addressed correctly, Grading Criteria followed, Include Question followed by the answer Reference Page Included Cover page Included, Paragraphs Indented, Running-head included, main heading should be centered; all new paragraphs should be indented; paper should be right ragged, not right justified; references, should always go on a standalone page. abstracts are not usually indented; acronyms should be spelled out when using them for the first time, for example HR. references as listed are APA standard. When you submit your papers through turnitin.com, your overall similarity index score should not be exceedingly high, with ten to fifteen percent being the maximum, Please make sure your APA formatting of citations. I have provided the APA resource cite for you. https://owl.english.purdue.edu/owl/resource/560/01, Please work on using literature within the span of the last 5 years, keep in mind there should not be any one, two, or three sentence paragraphs
Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation
Apply APA standards to citation of sources.
Assignment: Effects of Price Changes Grading Criteria & Maximum Points
Explained the short- and long-term adjustment in behavior if the price of a product or service costing more than $50 went up by 10% overnight. 32pts.
Recommended an alternative product if you decide not to buy this product again. 24pts.
Analyzed who will be more sensitive to price changes in what kind of products.24pts.
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. 20pts.
Total: 100pts.
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