Eco 365 Week 2 Reflection

Weekly Reflection
March 16th, 2015
Sandy Bishop

Weekly Reflection
Week 2 introduced the class to a variety of topics: marginal, variable, total and fixed costs, along with economies of scope and scale, perfect competition and the competitive market, economic versus accounting costs, and elaborated more on supply and demand (Colander, 2013). It has proven to be a challenging week, one that required extra reading and various aids in helping the individuals in this group better understand the topics at hand.
As a whole, the Khan Academy videos were incredibly helpful. The breakdown of marginal, variable, total and fixed costs made it easier to understand. Any firm can make their decision to increase, decrease or keep production the same of a particular product is based on the marginal cost and its revenue. Seeing the topic being related to real life events always makes it easier to relate and understand the topics. The simulation, along with the entire elaboration on supply and demand was another easy to follow topic; having the breakdowns at the end of each section in the simulation made it easier to understand what causes curves to shift on a graph, and how a company would meet its equilibrium.
The production tables and functions that were scattered throughout the text opened the group's eyes to how the concepts actually worked. Chapter 11 and Chapter 13, overall, were enjoyable and not a problem to comprehend.
Chapter 13 talked about economies and diseconomies of scale and scope. Along with those two topics were constant returns to scale, and the graphs and tables. As a whole, this has proven to be one of the more challenging chapters. While the graphs continued to be a good visual, and the extra assistance the instructor was giving in the forums was helpful, the chapter was still difficult to follow along with and digest (Colander, 2013).
It has been decided, unanimously, that it is incredibly important to watch the videos and bring up charts...