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\n3.1 Assignment: Reading and Remediation
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\nGetting Started
\nViewing 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.
\nIn order to successfully complete this exercise, you should be able to:
\nReview videos about statistics fundamentals.
\nPractice with the Excel file provided.
\nResources
\nVideo: Correlation and Regression
\nVideo: Scatterplot and Simple Linear Progression
\nTextbook: OpenIntro Statistics
\nFile: WS3Practice
\nFile: WS3Homework
\nBackground Information
\nProviding 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.
\nInstructions
\nWatch the following video on correlation and regression:
\nWatch the Excel remediation video on scatterplots and simple linear regression: Scatterplot Regression.
\nAn optional supplementary textbook is OpenIntro Statistics, and you can read the concepts there.
\nUse the lab file WS3Practice\u00a0file to practice the Excel skills (includes an Excel hands-on video inside the spreadsheet as a link).
\nUse the file WS3Homework\u00a0to demonstrate the Excel skills. Each of the six problems is worth 10 points, for a total of 60 points possible for this assignment.
\nWhen 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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\n3.4 Assignment: Simple Linear Regression and Graphs
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\nGetting Started
\nAfter 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.
\nIn order to successfully complete this assignment, you should be able to:
\nWrite part of the analysis section for a data set.
\nResources
\nFile: Research Report Patients
\nYour most recent research report
\nBackground Information
\nThis is one of the more detailed assignments in this course. You will write your first analysis for the report.\u00a0
\nInstructions
\nReview the rubric to make sure you understand the criteria for earning your grade.
\nStudy the Research Report Patients\u00a0file.
\nIn your report, fill out the first analysis section, including any statistics and graphs and interpretation on the analysis.
\nWhen 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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\n3.2 Discussion: Price Discrimination and P.E. of Demand
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\nGetting Started
\nYou 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.
\nUpon successful completion of this discussion, you will be able to:
\nIllustrate a strategy using the theories of price discrimination.
\nPredict the outcomes on consumers and the business of various pricing strategies.
\nResources
\nTextbook:\u00a0Economics for Managers
\nFile: Ch10.ppt
\nBackground Information
\nThis 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.
\nInstructions
\nReview the rubric to make sure you understand the criteria for earning your grade.
\nRead Chapter 10 in\u00a0Economics for Managers.\u00a0As you read, think about the ways pricing could be improved on the goods or services that your organization produces.
\nDownload and review the\u00a0Ch10.ppt\u00a0PowerPoint file.
\nNavigate to the threaded discussion below and make a post that responds to the following:
\nFirms in various industries use a cadre of techniques to legally \u201cdiscriminate\u201d on pricing. In fact, firms never use the term \u201cprice discrimination.\u201d They often refer to it as \u201cprice differentiation\u201d or some other verbiage or technique. Below are five means of legally \u201cdifferentiating\u201d on price. Choose one of the examples and explain how they legally \u201cdiscriminate\u201d on pricing. What is their justification for such? Cite at least two credible sources to validate your points.
\nAirline industry discriminating on duration prior to flight
\nPharmaceutical industry discriminating from one country to another
\nRetailers using coupons, often sent electronically to \u201cspecial customers\u201d
\nFast food restaurants discriminating based on the age of the buyer
\nLoyalty discounts used by a host of retailers, including grocery and drug stores
\nYour 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.
\nNow conduct a critical analysis of a posting by two of your classmates by the end of the workshop.
\nThe topic of your discussion response should be your classmate\u2019s 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:
\nWere your classmate\u2019s arguments articulate and logical? Were the facts correct?
\nWas 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?
\nThe 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.\u00a0 Please strive to make your discussion responses ones that cause iron to sharpen iron.
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\n3.3 Assignment: GDP Application
\nGetting Started
\nJust as you needed the background of demand, supply, and markets to comprehend the impact of microeconomic variables on managers\u2019 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.
\nUpon successful completion of this assignment, you will be able to:
\nSolve for the economic growth rate of a given year.
\nAnalyze changes in the gross domestic product (GDP) over a given period of time.
\nResources
\nTextbook:\u00a0Economics for Managers
\nFile: Ch11.ppt
\nMedia: Bureau of Economic Analysis
\nBackground Information
\nIn this assignment you will explore how to calculate the rates of real GDP and labor productivity.
\nInstructions
\nReview the rubric to make sure you understand the criteria for earning your grade.
\nRead Chapter 11 in\u00a0Economics for Managers. As you read, think about how you might try to measure the economic output of a city, state, or even a country.
\nDownload and review the\u00a0Ch11.ppt\u00a0PowerPoint file.
\nIn a two-page paper, address the following:
\nAccess 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.
\nWhen 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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\n3.4 Discussion: Aggregate Expenditure Model
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\nGetting Started
\nThe 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.
\nUpon successful completion of this discussion, you will be able to:
\nIllustrate the spending decisions of the different sectors of the economy using the aggregate expenditure model.
\nResources
\nTextbook:\u00a0Economics for Managers
\nBackground Information
\nThe 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.
\nInstructions
\nReview the rubric to make sure you understand the criteria for earning your grade.
\nRead the following information from the US Federal Reserve \u201cBeige Book\u201d for September 2, 2020. As you read, think about how spending by consumers, companies, and the government may affect each other.
\nOverall Economic ActivityEconomic 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 WagesEmployment 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.PricesPrice 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.
\nNavigate to the threaded discussion below and make a post that answers the following:
\nBased on the above information from the Federal Reserve, explain where you believe the country is at this point in the Business Cycle \u2013 peak, recession, trough, or recovery. Explain your rationale for such a description.
\nRelative 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 \u201cequilibrium\u201d for the economy.
\nWhat might explain some of the \u201cprice pressure\u201d alluded to in the Federal Reserve information. Is it demand driven, supply-driven, or both?
\nThe Federal Reserve\u2019s narrative hints at a strong housing market, and consequently, much higher lumber prices.\u00a0 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.
\nYour 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.
\nNow 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\u2019s 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:
\nWere your classmate\u2019s arguments articulate and logical? Were the facts correct?
\nWas 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?
\nThe 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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