BUSI 620 Week 1 Questions for Critical Thinking 1

BUSI 620 Week 1 Questions for Critical Thinking 1

BUSI 620 Week 1 Questions for Critical Thinking 1

Business 620

Critical Thinking One

Salvatore’s Chapter 1:

Discussion Questions: 9.

Problems: 6, 9,15 and spreadsheet problem (p.37)

Froeb et al.’s Chapter 3:

a. Individual problems: 3-1 and 3-3.

Salvatore’s Chapter 3:

a. Discussion Questions: 9.

b. Problems: 1(a), 7, and 9.

Froeb et al.’s Chapter 4:

a. Individual problems: 4-5 and 4-6.

Discussion Question 9: How is the concept of a normal return on investment related to the distinction between business and economic profit?

Problem 6: Determine which of the two investment projects of Problem 5 the manager should choose if the discount rate of the firm is 20 percent.

Problem 9: A woman managing a photocopying establishment for 25,000 per year decides to open her own duplicating place. Her revenue during the first year of operations is 120,000 and her expenses are as follows:

Salaries to hired help

45,000

Supplies

15,000

Rent

10,000

Utilities

1,000

Interest on bank loan

10,000

Calculate (a) Explicit Costs, (b) Implicit Costs, (c) Business Profit, (d) Economic Profit, and (e) Normal Return on Investment.

Spreadsheet Problem: Using the data below, where column A represents student numbers, column B the finishing time for a 1 mile race for students, and column C the age of the students.

a) Use the data analysis tools to plot a line graph of all the finishing times.

b) Calculate the mean, median, mode, sample variance, sample standard deviation, and coefficient of variation to statistically describe the data.

c) Use Excel to find the covariance between the two variables. What does the covariance indicate about the relationship between finishing time and age?

Froeb et al.’s Chapter 3:

a. Individual problems: 3-1 and 3-3.

Individual problem 3-1: You won a free ticket to see a Bruce Springsteen concert (assume the ticket has no resale value). U2 has a concert the same night, and this represents your next-best alternative activity. The tickets to the U2 concert costs 80, and on any particular day, you would be willing to pay up to 100 to see this band. Assume that they are no additional costs of seeing either show. Based on the information presented here, what is the opportunity cost of seeing Bruce Springsteen?

Individual problem 3-3: Due to the housing bubble, many houses are now selling for much less than their selling price just two or three years ago. There is evidence that homeowners with virtually identical houses tend to ask more if they paid more for the house. What fallacy are they making?

Salvatore’s Chapter 3:

a. Discussion Questions: 9.

b. Problems: 1(a), 7, and 9.

Discussion Question 9: How would you react to a sales manager’s announcement that he or she has in place a marketing program to maximize sales?

Problem 1(a): Given the following total-revenue function: TR=9Q-Q2(a) Derive the total-, average-, and marginal- revenue schedules from Q=0 to Q=6 by 1’s.

Problem 7: Given the following total-cost schedule, Derive the average-and marginal-cost schedules

Problem 9: With the total-revenue curve of Problem 1 and the total-cost curve from

Froeb et al.’s Chapter 4:

a. Individual problems: 4-5 and 4-6.

Individual problem 4-5: Your new insurance firm processes claims through its newer, larger high-tech facility and its older, smaller low-tech facility. Each month, the high-tech facility handles 10,000 claims, incurs 100,000 in fixed costs and 100,000 in variable costs. Each month, the low-tech facility handles 2,000 claims, incurs 16,000 in fixed costs and 24,000 in variable costs. If you anticipate a decrease in the number of claims, where will you lay off workers?

Read AlsoBUSI 620 Week 2 Discussion Board 2

Individual problem 4-6: A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 100,000 pages per day. One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?

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ADDITIONAL INSTRUCTIONS FOR THE CLASS

Discussion Questions (DQ)

Initial responses to the DQ should address all components of the questions asked, include a minimum of one scholarly source, and be at least 250 words.

Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source.

One or two sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words.

I encourage you to incorporate the readings from the week (as applicable) into your responses.

Weekly Participation

Your initial responses to the mandatory DQ do not count toward participation and are graded separately.

In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies.

Participation posts do not require a scholarly source/citation (unless you cite someone else’s work).

Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.

APA Format and Writing Quality

Familiarize yourself with APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required).

Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation.

I highly recommend using the APA Publication Manual, 6th edition.

Use of Direct Quotes

I discourage overutilization of direct quotes in DQs and assignments at the Masters’ level and deduct points accordingly.

As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content.

It is best to paraphrase content and cite your source.

LopesWrite Policy

For assignments that need to be submitted to LopesWrite, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me.

Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes.

Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?

Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.

Late Policy

The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.

Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.

If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.

I do not accept assignments that are two or more weeks late unless we have worked out an extension.

As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.

Communication

Communication is so very important. There are multiple ways to communicate with me:

Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.

Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.

Grading Rubric Guidelines