Discuss on management of Economics

Chapter 2: The One Lesson of Business

Chapter 3: Benefits, Costs, and Decisions

Chapter 4: Extent (how much) Decisions

Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

Also, provide a graduate-level response to each of the following questions:

Describe a decision that you or your company made that involved opportunity costs that should have been considered. Why did your company make the decision? What should it have done? Compute the profit consequences of the change.

Assignment

Problem Set #1

1. According Interland (2009) the art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists of tracing the consequences of that policy not merely for one group but for all groups. Discuss

Jeneen Interlandi, “Not Just Urban Leg- end,” Newsweek, January, 19, 2009

2. Children in poor neighborhoods have bleak outlooks on life and do not see much gain to studying. A recent experiment is paying children in poor neighborhoods $100 for each “A” they earn in a six-week grade reporting cycle. How does this affect the children’s behavior?