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Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the cultural values of t
The profit maximization rule for a perfectly competitive firm states that the perfectly competitive firm will maximize its profits when it produces that quantity where marginal revenue
Your company is trying to decide whether to raise the price of your product from $$7.5 by $0.50 or lower it by $0.50. Given the above information what would you recommend if the sole goal of your firm
Review the type of job analysis used by your organization, and determine if it is effective. Then, evaluate whether other types of analyses would work better for the type of work performed in your org
Consider a monopolist where the market demand curve for the produce is given by P = 520 – 2Q. This monopolist has marginal costs that can be expressed as MC = 100 + 2Q and total costs that can b
Give an example of an event that would shift the demand curve for secondary tickets to the Badger football game leftward. Explain your reasoning.
Case Study Thorntons plc: corporate and business strategy
Suppose that Marie’s marginal utility from consuming one more unit of bubble gum is 10 utils while her total utility from consuming one more unit of cake increases from 130 utils to 142 utils.
Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand?
Explain: “Politicians would make more rational economic decisions if they weren"t running for reelection every few years.” Do you favor term limits for elected officials?
Coffee and cream are complementary goods. An unexpected period of bad weather adversely affects the coffee bean crop. Use a supply and demand graph to illustrate the affect of this bad weather on the
The situation analysis is essentially a process of assessing the current situation facing the organisation, arriving at a set of assumptions about the future and identifying key strategic issues that
Suppose that unusually hot weather causes the demand curve for ice cream to shift to the right. Why will the price of ice cream rise to a new market-clearing level?
The average of 5 numbers is 52. Suppose five more numbers are included in the set of numbers and these five numbers equal 0, 100, 48, 90, and 50. What is the new average?
Life Cycle Costing
You are told that there are two linear lines in a coordinate graph with x the variable on the horizontal axis and y the variable on the vertical axis. The first line contains the points (5, 10) and (1
In the market for corn flakes the price of cardboard used in packing the cereal has risen at the same time that the Surgeon General releases a report detailing the dangers of a diet high in corn produ
Consider the market for ipods. The government decides to impose a price ceiling on ipods. You are told that this is an effective price ceiling. Describe what would make this an effective price ceiling
Use the following information about an agricultural market for cotton to answer this set of questions. The market demand curve for cotton is given by the equation P = 200 – .005Q while the marke
What is the equilibrium price and equilibrium quantity of bicycles in Wheelerville? Calculate the value of consumer surplus, producer surplus, and total surplus in this market.
Define corporate social Responsibility
You know that the income elasticity of demand for doughnuts is equal to 1.2 You read in the newspaper that the economy has entered a recession
Suppose that the government thinks that gasoline consumption is too high. Suppose the government wishes to decrease gasoline consumption by 20,000 gallons per day. How big an excise tax would need to
Suppose you know that the price elasticity of demand for good X has a value of 2. Suppose that the price in the market is initially $10 and the quantity demanded is 100 units. If price in this market
Imagining yourself to be the customer, construct a House of Quality to provide the organization with your perspectives on what the important dimensions of quality are and how well the organization is