Mankiw, G. (2018). Brief principles of macroeconomics. (8th ed.). Cengage. ISBN: 9781337802154
Read/review the following resources for this activity:
Textbook: Chapter 13, 14
Videos: Chapter 13, 14 (in Weekly Resources)
Minimum of 1 library resource for initial post
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In this discussion, you will apply what you have learned in Chapter 13 to real-world situations in order to see how the concepts can be applied to a very broad range of situations.
Keep in mind that throughout this course, discussions are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between the article or scenario in each discussion, the material from the chapters we covered in the week, and, when applicable, your own experience.
Initial Post Instructions
Find an article in which a firm is facing a change in their input costs. Note that the changing costs don’t have to be discussed explicitly in the article; an acceptable article could begin its discussion with something like “because of increasing costs…” Describe the costs that are changing—are they fixed or variable costs for the firm’s production in the short-run decision regarding quantity of production (and what timeframe would they be fixed if they are fixed), how would those changing costs affect the marginal costs of the firm, and how would you expect a firm to respond to the change in input prices? In other words, what decisions would the firm change? Consider both the quantity of production and if the firm can or would substitute inputs. If the firm was a perfectly competitive market, how would the changing costs affect the price and number of transactions in the short run?
Finally, does the article’s analysis agree with what you’ve learned in this week’s material? Why or why not?
Don’t forget to cite your article!
Secondary Post Instructions
Do you agree with the analysis of your classmate and/or of the article cited? Why or why not? Do you see other decisions the firm may make in response to the changing prices? Are there other firms (that make other goods) that would change their behavior and decisions from the same input price changes?
In addition to one initial post, respond to at least two peers.
Initial Post Length: minimum of 250 words
Secondary Post Length: minimum of 200 words per post
Use APA format for in-text citations and list of references.
Grading and Assessment
Meeting the minimum number of postings does not guarantee an A; you must present an in-depth discussion of high quality, integrate sources to support your assertions, and refer to peers’ comments in your secondary posts to build on concepts. Refer to the Discussion Forum Grading Rubric (in Course Documents).
Course Learning Outcome(s): 1, 2, 5
1. Apply the Ten Principles of Economics (basic economic axioms) to real-world situations.
2. Predict market outcomes using simple Microeconomic models.
5. Apply the simple Microeconomic models to real-world situations and determine how the assumptions or predictions of a model may need to be modified to apply to the real-world situations.
Follow the instructions carefully and follow the attachments too.
the rubric is attached