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Microeconomics: 200 WORDS
Topic: Your Own Business
Assume that you are going to start a small business of your own.
Describe the business and discuss the following:
What costs you would incur;
What competition you might experience;
How you would determine the price you would sell your product; and,
How much product you would produce?
Do you think that you could start a company to compete with Microsoft? Why?
What about pizzerias? Why?
What makes a business perfectly competitive? Why and how?
How do you determine price based upon costs and demand?
Time Series Model
A time series model is a forecasting technique that attempts to predict the future values of a variable by using only historical data on that one variable. Here are some examples of variables you can use to forecast. You may use a different source other than the ones listed (be sure to reference the website). There are many other variables you can use, as long as you have values that are recorded at successive intervals of time.
Currency price: XE (
XE Currency Converter. (n.d.). Retrieved July 08, 2016, from
GNP: Trading Economics (
TRADING ECONOMICS | 300.00 INDICATORS | 196 COUNTRIES. (n.d.). Retrieved July 08, 2016, from
Average home sales: National Association of Realtors (
Existing-Home Sales. (n.d.). Retrieved July 08, 2016, from
College tuition: National Center for Education Statistics (
Existing-Home Sales. (n.d.). Retrieved July 08, 2016, from
Weather temperature or precipitation: (
Existing-Home Sales. (n.d.). Retrieved July 08, 2016, from
Stock price: Yahoo Finance (
Yahoo Finance – Business Finance, Stock Market, Quotes, News. (n.d.). Retrieved July 08, 2016, from
Once you have historical data, address the following:
State the variable you are forecasting.
Collect data for any time horizon (daily, monthly, yearly). Select at least eight data values.
Use Excel QM to forecast using moving average, weighted moving average and exponential smoothing (see video in Live Binder).
Copy/paste the results of each method. Be sure to state the number of periods used in the moving average method, the weights used in the weighted moving average, and the value of alpha used in exponential smoothing. Be sure to include the MAD (mean absolute deviation) for each method.
Clearly state the “next period” prediction for each method.
Interest Rates
Negotiation is a soft skill that might just be one of the most important skills you will ever learn. For this Discussion you will need to view the videos below to prepare for the rest of the Assignment.
MonkeySee. (2009, August 5). How to Negotiate. Retrieved from
MonkeySee. (2009, August 5). Powerful Negotiating Techniques. Retrieved from
MonkeySee. (2009, August 5). Practicing Negotiation Skills. Retrieved from
Now that you have a little information about how to negotiate, first discuss three concepts that interested you from the videos. Then describe a situation in which you recognized that you entered into a negotiation with another person. How did this go for you?
If it went well, describe the tactics you used that contributed to the success of the negotiation.
If it did not go well discuss the issues you now recognize that caused this outcome. Remember that negotiation should be a win-win situation.
Retailing — Consumer Perceptions
Retailing has an impact on the daily lives of each individual all over the world. Retailing is “all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use” (Lamb et al., 2014, p. 231). After reading Chapter 14, you will obtain a foundation for understanding the importance of retailing within distribution channels, and differences in retailing strategies.
To better understand the relationship between strategic retailing factors and consumer perceptions, you will conduct a simple observation exercise. Follow these steps to successfully execute this Discussion:
Step 1. Download the Checklist attached below.
Step 2. Make a product decision:
Identify a product to shop for, and then identify two stores as places to look for your product. The two stores must be different types of retailers. For example, you can shop for a new HDTV at Best Buy® and at local electronics stores (specialty retailer). Once you have identified what you are looking for and where you are going to look, visit each store and record your observations of specific strategic retailing factors.
Step 3. Make observations in your checklist:
Visit two retail store locations and record your observations by taking notes on the following topics (NOTE: You do not need to include your observations in your answer post on the discussion board):
Step 4. Answer the following questions in the Discussion area based on your observations noted in the Checklist:
a. Identify the retailer from which you would decide to purchase the product. Discuss why you chose the specific retailer over the competitor.
b. Discuss the factors that helped you make the decision to purchase the product from the retailer. What are the top three factors that are most important to you in this purchase decision?
c. If your decision is not to purchase the item from either store, explain why not. Identify and discuss the three most significant differences you observed in comparing the two retail stores.

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