Eco Week 2 Essay

898 words - 4 pages

Learning Team Reflection: Production and Cost Analysis
Heather Bosack, Iris Cost, Joey Piester, Jennifer Stephenson, and Girlean Taylor
ECO/365
February 11, 2013
Jeffrey Lesson

Learning Team Reflection: Production and Cost Analysis
For our team there were many different experiences that were share in reference to the objectives for this week. Girlean explained that she understood that productivity is the amount of goods and services being produced and that the cost of production is the expenses that occur during production of those goods and services. She also explained that these expenses include fixed cost, variable cost and total cost. The team member shared that she works in ...view middle of the document...

Her experience with this objective is in the healthcare industry. She works for a home care service facility that provides in home care to the elderly and disabled. As office personnel, her job is to verify and tally each field worker’s progress notes for each week. This task must be completed within four hours each week and she have 54 notes to verity and tally. She further state that she was able to complete 44 notes in three hours and another ten in one hour, so her margin of production for one hour would be ten progress notes.

In addition Iris explained the effect of changes in the supply of and demand for factors of production on the price of inputs. Increases in labor, capital, or technology increase the amount of stuff that can be produced so aggregate supply will increase. Her shared example was on the economy. If a firm believes that prices will rise, then they will shift their production to accommodate this higher price. In essence, the SRAS curve is adjusting to higher prices (resulting in a higher price level) before the change actually happens. (Freeconhelp, 2011)

According to Joey, the relationship between the number of inputs and the law of diminishing marginal productivity is important to an organization because there are variable costs which could change the total cost of producing a product or service. There are fixed costs to producing a product that do not change, but the variable costs can increase the input while decreasing output if a company does not keep track of the additional inputs. The affect that changes in supply and demand may have on the price inputs of a product is when supplies needed to produce the product...

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