ECO 561 Week 2 Team Reflection

Week Two Team Reflection

Economics ECO/561

2.1 Identify production level to maximize profits.

• 2.2 Explain how to balance fixed/variable costs.

• 2.3 Apply economic cost concepts in making business decisions.

Week Two Team Reflection

Simplicity is achieved and true knowledge of business practices are obtained through the rigors of understanding terms and concepts such as: production levels, cost maximization, fixed and variable costs, opportunity costs, revenue and total costs curves, etc. These terms not only provide a basis for business operation, they also provide a competitive edge for the determined entrepreneur who seeks to understand the anatomy of business and its language. In hindsight, week two discussed many of the terms above and allowed...