Help For Your Introductory Economics Course

Another big week on deck in ECO-201.  Here is your list of resources to help get you through it! Milestone Three Resources: How to Write an Exemplary “Costs of Production” section (sample paper included) ***Make sure to use the link to the Excel Spreadsheet that can be found in the General Questions Discussion Board or in the Announcements*** Finding Market Share Data for Your Firm How to Write an Exemplary “Overall Market” section (sample paper included) Determining Market Structure for Milestone 3 Using the Four Firm Concentration Ratio to Determine Market Structure (flow chart included) How to Write an Exemplary “Recommendation” section Tips on Milestones Two and Three: Help With Using Financial Statements Milestone Three Guidelines and Rubric Milestone Three video The ECO YouTube Channel for recordings of webinars in previous terms How to Find What You Need from the Library for your Research Paper

Target (Example) • For finding Revenue you should find the Income Statement for your firm. The Income Statement (example below) is where you will find Revenues (needed for Milestone Two), Costs (needed for Milestone Three), and Net Earnings (or “Profit”). The first line will show you the revenue (or sales) and the line immediately below the total sales will show you the Costs of Goods Sold (COGS). Sometimes this is also called Cost of Revenue or Cost of Sales. These are the VARIABLE COSTS that your firms face, which is important in Milestone 3! Right beneath your variable costs you should see Selling General and Administrative expenses (SG&A), which are your FIXED COSTS. There is another post that explains why fixed and variable costs differ, but for now I want to focus on where you will see these costs on your Income Statement. • Notice for Total Revenues it shows from 2009 to 2014. If there isn’t a chart provided in the income statement that shows that trend you’ll need to cre...

In order to receive an exemplary score on this portion of your paper, you’ll need to meet the following criteria: -Analyze the various costs a firm faces, their trends over time, and how they have impacted the firm’s profitability using concrete examples to substantiate claims. To help complete this section, you’ll need to view the income statement for you firm, preferably for the last five years (if available). The income statement is a financial statement that shows a firm’s revenues, costs, and profit over a period of time. You can use the income statement (or other research, if available) to see how different production costs have changed over time. For help with understanding the income statement, see page 266 in your text. Remember to discuss how the costs have impacted the firm’s profitability. Profit is equal to total revenue minus total costs. -Accurately apply the concepts of fixed and variable costs to the firm for informing its output decisions and provides insight into h...