ECO 561 Course Great Wisdom / tutorialrank.com ECO 561 Course Great Wisdom / tutorialrank.com | Page 31

The learning objectives of week 2 were to identify production level to
maximize profits, explain how to balance fixed and variable costs,
and to apply economic cost concepts in making business decisions.
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ECO 561 Week 2 Team Assignment Learning Team Project
Product Pricing Component (Apple)
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Learning Team Assignment: Learning Team Project Product Pricing
Component
Select an organization with which you are familiar or in which you
are interested that provides a private good or service. You will want to
focus on the same firm or organization as you work on each Learning
Team Project assignment in this class as you build the final paper due
Week 6.Examples of good firms to use as a subject include Southwest
Airlines (a very successful airline), Ford (they have not declared
bankruptcy), Pulte (a successful homebuilder with a historical track
record), Whirlpool (their performance is very dependent on the
economy), Caterpillar, Microsoft, Apple Computer, etc.
Describe the utility of that good or service to the immediate consumer
(which may or may not be another organization) and the consumer
needs that the product or service meets.
Discuss the number and closeness of substitute and complementary
products and their impact on the pricing decision.
Explain why the demand for the product or service is relatively price
elastic or relatively price inelastic. Address the following;
1) The effect on revenue when there is a change in price (assuming
competitors do not follow);