I found the conceptual issues tutorial useful with getting a better handle on concepts and specific language to the business plans and jargon. When watching the tutorial and answering the quizzes in the tutorial, it helped me better grasp the language used in more specific terms on describing ideas and specifics to businesses. Using graphs to explain short term runs in production costs was an example of how the curve reacts to those costs and how by adding more than 15 workers, production slows dramatically and shows how it would not be beneficial within production to have a greater number of 15 employees (U.A.2017). Being able to have examples to the definitions and explanations of the jargon used was very helpful to understanding the specific areas described and discussed.
The researched tutorial I found gave real life examples o how to better implement cost or what to charge. The answers to those questions were from multiple persons with great insight and reflection on intangible aspects of business. Those are the things that always were difficult for me to try to make more tangible. How to put a price on something not produced like a product, but a salary or estimate on something. (U.A. Zoho creator 2017). I really appreciated the following quote from the tutorial answers as well…. “Don’t overcharge, your client may see through it. Don’t undercharge, it may carry on to your next project.” This is a great piece of advise. Don’t get greedy or try to make a huge profit at one time and be realistic with your numbers.
Unknown Authors, Zoho creator (2017) www.quora.com; Retrieved on September 21,2017 from https://www.quora.com/How-much-could-production-of-vid-tutorial-cost-App-100vids-x-1-30min
Unknown author (2017) Pearson Learning solutions; Retrieved on September 21, 2017 from http://www.pearsoncustom.com/mct-comprehensive/asset.php?isbn=1269879944&id=12353
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Jae
I took the interactive tutorial because I had more difficulty in understanding the relationship between economies of scale and diminishing marginal returns. The numerical calculations and formulas within this module were fairly straightforward for me. The tutorial did help in a minor fashion as it allowed me to understand the topics covered in this module from a different perspective. At first I had to take a moment and reference the readings to compare and contrast, but after completing the tutorial, I felt that I had a better overall understanding of the topics. For example, the long run average cost (LRAC) curves were different from the reading and the tutorial. The reading displayed the LRAC curve as a U-shape or an elongated U-shape if it had a constant return to scale in the market, but the tutorial only depicted the LRAC curve as a decreasing slope until it reached the lowest average total cost. I found the reading to be more accurate and thorough because the LRAC curve can eventually increase into a diseconomies of scale (Taylor, 2014). I found the graphs in the background reading much straightforward and easier to understand. This is most likely due to the detailed explanations provided in the background reading. Compared to the reading, the tutorial was fairly straightforward and did not go much into specific details.
I found a tutorial which includes a pre and post test that covered production costs. The tutorial provided thorough explanations on the different types of costs associated with production in terms of economics. It did a great job in explaining the topics through the use of graphs. The tutorial definitely taught me how to read graphs that displayed different costs. I would recommend taking time and thoroughly going over the material to understand the topics, similar to the background reading. The link for the tutorial is http://daphne.palomar.edu/jose/sabbatical/.
In my opinion, the background reading material helped me the most. I had to reread a couple paragraphs here and there, but the reading provided thorough explanations that actually made sense and provided great examples to relate to.
– Jae
References:
Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents/6i8iXmBj@11.2:75YRzeYw@8/Introduction-to-Cost-and-Indus
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