ECO561 Team Reflection Week 2 - 18527

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Discuss this week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field. Prepare a 1- to 3-page paper detailing the findings of your discussion. 


2.1  Identify production level to maximize profits.
2.2  Explain how to balance fixed and variable costs.
2.3  Apply economic cost concepts in making business decisions.
Solution Description

Week two objectives were maximizing profits, fixed and variable costs, and economic cost concepts.  The cost concepts are important in understanding the economic proces