(Name) (Instructors' name) (Course) (Date) Newsweek announces it's profitable Newsweek experienced major losses for several years and was predicted to be heading to close down. In 2010 for example when the Washington Post Co. put it up for sale the losses were estimated at 30 million dollars. The losses were attributed to the growing competition around the web and relevance of the newsweekly the company is not able to sustain most of its needs such as the high numbers of employees which in this article for example led to the many layoffs. It is also true that the oil industry being monopolistic makes it a bit unstable and most people are not sure about their state tomorrow hence moving to other industries. This makes it unpopular. [...]
This course offers elements of economics as a social science – we learn about economic tools and methods, and we then use these tools to analyze different parts of society (casinos, crime, education, etc). Economics can also have elements of a business-type course, and our study of firm production, cost and revenue is more business-like. For this week, find a news article on the internet dealing with at least one subject from this chapter – costs, revenue, inputs, monopoly, cost structure of an industry, etc. Note that this range is very broad. An example might be an article about an electric utility (monopolist) petitioning the state board for a rate increase (revenue) due to increased fuel prices to run their generation plants (costs). USAToday, Time, Newsweek, Marketwatch, Forbes, and MSNMoney are good sites for articles, and there are many others. After you find and read the article, write a summary in your own words (note the policy on plagiarism) and explain at least one way in which the article links to our study of production, costs and/or revenue . Define the term(s) that you found in your article that relate(s) to the chapter. How/why is this information important to production in the firm? Be specific and use the appropriate terms. Include the link to the article . Although the word "profit" appears in this chapter, finding a short, stock market type earnings announcement is not enough; the profit article must discuss the concept(s) we are studying, not just state a number with no explanation. The chapter also mentions perfect competition and monopoly - this is an incomplete list; we will study more about these topics next week so avoid using those concepts as part of your article review. Wikipedia entries may not be used. Make sure your original source is adequate for you to write a 200+ word analysis/summary. Your initial post should be at least 200 words and is due by 11:55 PM Wednesday. You should read all other student’s posts and respond to at least two posts. Responses should be at least 5 sentences and move the discussion forward. Saying “I agree” or “good post” does not count as a sentence – you must explain your position. You can also follow-up to other student’s responses and discuss the issues back and forth. Your follow-ups/responses are due by 11:55 PM Friday.