Team Reflection
Market Structure
ECO 365
June 24th, 2011
This week the team reviewed the four different market structures perfect competition, monopoly, monopolistic, and oligopoly. The focus for the week was to evaluate the different structures in comparison to how well each structure can help firm’s foster competitive strategies and maximize profit. Maximizing profit is the goal for all firms in the market, but in order to do so firms have to identify their cost structure and price before profit is obtainable. In addition, to evaluating the different market structures the team also learned how to read graphs and charts that displayed how a market structure could positively or negatively impact a firm in both the long run and the short run. Comfortable topics
For the most part Team B felt really comfortable reviewing and discussing the four market structures in the material and how they influence business decisions in a firm’s respected market. Each team member expressed the fact that they felt comfortable identifying each market structure and there characteristics. The key learning for the group this week, was understanding the fundamental concept that a firm maximizes profits where marginal revenues equal marginal costs. Struggled topics
In regards to what the team struggled with it basically revolved around understanding the market supply curve and relating to the information on the graph. Majority of the team has expressed that their line of work had very similarities to the lesson for this week. On the other hand, no one on the team described their the level of engagement with reading a supply and demand graph is something they do each day on the job. How the weekly topics relate to team members jobs Many of the members of the team expressed the fact that their professions involved much of what we discussed this week. In fact, each member in the group described the nature of the business
ECO 365
June 24th, 2011
This week the team reviewed the four different market structures perfect competition, monopoly, monopolistic, and oligopoly. The focus for the week was to evaluate the different structures in comparison to how well each structure can help firm’s foster competitive strategies and maximize profit. Maximizing profit is the goal for all firms in the market, but in order to do so firms have to identify their cost structure and price before profit is obtainable. In addition, to evaluating the different market structures the team also learned how to read graphs and charts that displayed how a market structure could positively or negatively impact a firm in both the long run and the short run. Comfortable topics
For the most part Team B felt really comfortable reviewing and discussing the four market structures in the material and how they influence business decisions in a firm’s respected market. Each team member expressed the fact that they felt comfortable identifying each market structure and there characteristics. The key learning for the group this week, was understanding the fundamental concept that a firm maximizes profits where marginal revenues equal marginal costs. Struggled topics
In regards to what the team struggled with it basically revolved around understanding the market supply curve and relating to the information on the graph. Majority of the team has expressed that their line of work had very similarities to the lesson for this week. On the other hand, no one on the team described their the level of engagement with reading a supply and demand graph is something they do each day on the job. How the weekly topics relate to team members jobs Many of the members of the team expressed the fact that their professions involved much of what we discussed this week. In fact, each member in the group described the nature of the business