3.1 Assignment: Reading and Remediation

Getting Started

Viewing the videos and practicing using the practice Excel file with its video can prepare you for the work needed on the research report for the data set.

In order to successfully complete this exercise, you should be able to:

• Review videos about statistics fundamentals.
• Practice with the Excel file provided.

Resources

• Video: Correlation and Regression
• Video: Scatterplot and Simple Linear Progression
• Textbook: OpenIntro Statistics
• File: WS3Practice
• File: WS3Homework

Background Information

Providing background and descriptive statistics is like a literature review section of a dissertation. You review and communicate the central tendency and variation elements to the raw data. You present visual representations of the data to give meaning to the raw data.

Instructions

1. Watch the following video on correlation and regression:
2. Watch the Excel remediation video on scatterplots and simple linear regression: Scatterplot Regression.
3. An optional supplementary textbook is OpenIntro Statistics, and you can read the concepts there.
4. Use the lab file WS3Practice file to practice the Excel skills (includes an Excel hands-on video inside the spreadsheet as a link).
5. Use the file WS3Homework to demonstrate the Excel skills. Each of the six problems is worth 10 points, for a total of 60 points possible for this assignment.
6. When you have completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop.

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3.4 Assignment: Simple Linear Regression and Graphs

Getting Started

After the prior activities the analysis section can be written for your research report. Since there are three analyses to perform, this is a partial assignment for the analysis section.

In order to successfully complete this assignment, you should be able to:

• Write part of the analysis section for a data set.

Resources

• File: Research Report Patients
• Your most recent research report

Background Information

This is one of the more detailed assignments in this course. You will write your first analysis for the report. 

Instructions

1. Review the rubric to make sure you understand the criteria for earning your grade.
2. Study the Research Report Patients file.
3. In your report, fill out the first analysis section, including any statistics and graphs and interpretation on the analysis.
4. When you have completed your assignment, save a copy for yourself and submit a copy of the research report to your instructor by the end of the workshop.

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3.2 Discussion: Price Discrimination and P.E. of Demand

Getting Started

You will learn how knowledge of price elasticity enables managers to strategically set prices to discriminate or charge different prices to different groups. This knowledge will allow you to maximize your profitability by optimizing price structures. It will also enable you to predict the types of issues that are typically experienced with each strategy and therefore be better prepared to respond.

Upon successful completion of this discussion, you will be able to:

• Illustrate a strategy using the theories of price discrimination.
• Predict the outcomes on consumers and the business of various pricing strategies.

Resources

• Textbook: Economics for Managers
• File: Ch10.ppt

Background Information

This assignment will build on assignments in earlier workshops to help you analyze how differences in demand and elasticity lead managers to develop various pricing strategies.

Instructions

1. Review the rubric to make sure you understand the criteria for earning your grade.
2. Read Chapter 10 in Economics for Managers. As you read, think about the ways pricing could be improved on the goods or services that your organization produces.
3. Download and review the Ch10.ppt PowerPoint file.
4. Navigate to the threaded discussion below and make a post that responds to the following:
   1. Firms in various industries use a cadre of techniques to legally “discriminate” on pricing. In fact, firms never use the term “price discrimination.” They often refer to it as “price differentiation” or some other verbiage or technique. Below are five means of legally “differentiating” on price. Choose one of the examples and explain how they legally “discriminate” on pricing. What is their justification for such? Cite at least two credible sources to validate your points.
      1. Airline industry discriminating on duration prior to flight
      2. Pharmaceutical industry discriminating from one country to another
      3. Retailers using coupons, often sent electronically to “special customers”
      4. Fast food restaurants discriminating based on the age of the buyer
      5. Loyalty discounts used by a host of retailers, including grocery and drug stores
5. Your initial post should be 400 to 600 words in length and include two academic sources that are properly cited. It is due by the end of the fourth day of the workshop.
6. Now conduct a critical analysis of a posting by two of your classmates by the end of the workshop.
   1. The topic of your discussion response should be your classmate’s posting and should be written as if you were reviewing his/her posting in an academic journal. Your discussion response should, therefore, answer the following questions as applicable:
      1. Were your classmate’s arguments articulate and logical? Were the facts correct?
      2. Was the interpretation your classmate provided reasonable and consistent with experts in the field? Was your classmate consistent with both the substance and intent of his/her references?
   2. The focus for your critical analysis is not whether or not you agree with your classmate, but how well his/her position was presented. Each response should be at least 200 words in length and cite two academic sources.  Please strive to make your discussion responses ones that cause iron to sharpen iron.

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3.3 Assignment: GDP Application

Getting Started

Just as you needed the background of demand, supply, and markets to comprehend the impact of microeconomic variables on managers’ competitive strategies, you need a background to understand the variables that influence the overall level of economic activity. The most closely watched measure of economic activity is gross domestic product (GDP), which is the market value of all currently produced final goods and services within a country in a given period of time by domestic and foreign-supplied resources.

Upon successful completion of this assignment, you will be able to:

• Solve for the economic growth rate of a given year.
• Analyze changes in the gross domestic product (GDP) over a given period of time.

Resources

• Textbook: Economics for Managers
• File: Ch11.ppt
• Media: Bureau of Economic Analysis

Background Information

In this assignment you will explore how to calculate the rates of real GDP and labor productivity.

Instructions

1. Review the rubric to make sure you understand the criteria for earning your grade.
2. Read Chapter 11 in Economics for Managers. As you read, think about how you might try to measure the economic output of a city, state, or even a country.
3. Download and review the Ch11.ppt PowerPoint file.
4. In a two-page paper, address the following:
   1. Access the Bureau of Economic Analysis release for Real GDP for the second quarter of 2020, the quarter in which the pandemic-related shutdowns reached their peak. Examining the bar graph on page one of the link, what stands out in the second quarter of 2020 relative to previous quarters? Examining page four of the link, which sectors of the economy appear to have been hit the hardest? Explain why these sectors were hit so hard and the effects of such events on the local, regional, and national economies. Choose some of these services from your local area. Any evidence they have experienced similar tumultuous effects? Share the information with your course mates.
5. When you have completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop.

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3.4 Discussion: Aggregate Expenditure Model

Getting Started

The aggregate model used in macroeconomic analysis provides an outline for managers to examine changes in the macro-environment. This model helps managers understand the immense amount of macroeconomic data released by the government and other sources.

Upon successful completion of this discussion, you will be able to:

• Illustrate the spending decisions of the different sectors of the economy using the aggregate expenditure model.

Resources

• Textbook: Economics for Managers

Background Information

The article at the beginning of Chapter 12 describes the slow recovery of the U.S. economy since the 2007-2009 recession. The article covers changes in all sectors of the economy.

Instructions

1. Review the rubric to make sure you understand the criteria for earning your grade.
2. Read the following information from the US Federal Reserve “Beige Book” for September 2, 2020. As you read, think about how spending by consumers, companies, and the government may affect each other.

Overall Economic Activity
Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic. Manufacturing rose in most Districts, which coincided with increased activity at ports and among transportation and distribution firms. Consumer spending continued to pick up, sparked by strong vehicle sales and some improvements in tourism and retail sectors. But many Districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels. Commercial construction was down widely, and commercial real estate remained in contraction. Conversely, residential construction was a bright spot, showing growth and resilience in many Districts. Residential real estate sales were also notably higher, with prices continuing to rise along with demand and a shortage of inventory. In the banking sector, overall loan demand increased slightly, led by solid residential mortgage activity. Agricultural conditions continued to suffer from low prices, and energy activity was subdued at low levels, with little expectation of near-term improvement for either sector. While the overall outlook among contacts was modestly optimistic, a few Districts noted some pessimism. Continued uncertainty and volatility related to the pandemic, and its negative effect on consumer and business activity, was a theme echoed across the country.
Employment and Wages
Employment increased overall among Districts, with gains in manufacturing cited most often. However, some Districts also reported slowing job growth and increased hiring volatility, particularly in service industries, with rising instances of furloughed workers being laid off permanently as demand remained soft. Firms continued to experience difficulty finding necessary labor, a matter compounded by day care availability, as well as uncertainty over the coming school year and jobless benefits. Wages were flat to slightly higher in most Districts, with greater pressure cited among lower-paying positions. Some firms also rescinded previous pay cuts. Others, however, have looked to roll back hazard pay for high-exposure jobs, though some have chosen not to do so for staff morale and recruitment purposes.
Prices
Price pressures increased since the last report but remained modest. While input prices generally rose faster than selling prices, they were moderate overall. Notable exceptions included inputs experiencing demand surges or supply-chain disruptions, such as structural lumber, for which prices spiked. Several Districts also reported that costs for personal protective equipment and inputs to it remained elevated. Freight transportation rates rose in several Districts due to a resurgence in demand. In contrast, contacts in multiple Districts cited weak demand or lack of pricing power as a factor behind slower growth in retail or other selling prices.

1. Navigate to the threaded discussion below and make a post that answers the following:
   1. Based on the above information from the Federal Reserve, explain where you believe the country is at this point in the Business Cycle – peak, recession, trough, or recovery. Explain your rationale for such a description.
   2. Relative to the Aggregate Supply and Demand Model for the US, explain in your own words where you believe aggregate supply and aggregate demand are relative to a desired “equilibrium” for the economy.
   3. What might explain some of the “price pressure” alluded to in the Federal Reserve information. Is it demand driven, supply-driven, or both?
   4. The Federal Reserve’s narrative hints at a strong housing market, and consequently, much higher lumber prices.  Research some credible sites to glean why the housing market could be so strong in the midst of a pandemic and explain with sound narrative.
2. Your initial post should be 400 to 600 words in length and include two academic sources that are properly cited. It is due by the end of the fourth day of the workshop.
3. Now conduct a critical analysis of a posting by two of your classmates by the end of the workshop. The topic of your discussion response should be your classmate’s posting and should be written as if you were reviewing his/her posting in an academic journal. Your discussion response should, therefore, answer the following questions as applicable:
   1. Were your classmate’s arguments articulate and logical? Were the facts correct?
   2. Was the interpretation your classmate provided reasonable and consistent with experts in the field? Was your classmate consistent with both the substance and intent of his/her references?
   3. The focus for your critical analysis is not whether or not you agree with your classmate, but how well his/her position was presented. Each response should be at least 200 words in length and cite two academic sources. Please strive to make your discussion responses ones that cause iron to sharpen iron.