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You may be aware that there are three types of profit: accounting profit, economic profit, and normal profit. The difference between the total revenue and the sum of the explicit and implicit costs of an organization results in economic profit. It is commonly assumed that every firm's goal is to maximize its profit, and the economic theory of business is built on this underlying assumption. Submit a 500- to 700-word paper that addresses the following: Describe the economic principles that company executives should consider when developing a strategy or strategies that will maximize profits while minimizing incentives for competitors to develop competing products. Explain why each of these economic principles is important to the company's strategy. Recommend and justify a strategy that you believe will maximize profits while minimizing incentives for increased competition.
Equivalent to selecting the output where the spread between total revenue and total cost is greatest.
Illustrate what is the average value of a loyal customer (VLC) in a target market segment if the average purchase price is $50 per visit, the frequency of repurchase is 12 times per year.
Which of the following types of economic regulation is most likely to encourage firms to engage in cost cutting? In monopolistic competition, firms compete on the basis of. Which of the following statements is FALSE concerning monopolistic competiti..
What is the equation of marginal costs? At what level of output are average total costs at their minimum?
The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12. Calculate the elasticity of demand, as a function of Q. Does the firm’s profit maximization problem satisfy the global SOC?
The primary motivation for locating maquiladora plants along the U.S.-Mexico border is to:
The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed ..
“If health care in the United States is going to be better, fairer, and more cost effective, it will require leaders to step up to the challenge of change” Explain how the Triple Aim contributes toward realizing the vision of better health in the Uni..
Assume that the demand for welding services is D(P) = 34-P/2, and the inverse supply function is PS(Q) = 4 + 10Q + Q2. This supply curve represents the long run supply curve of the incumbent firms already in the market, but there is free entry into t..
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
The blue line circle symbols is a demand-for-money line and the orange line square symbols is a money supply line.
What is a key benefit of maintaining a stable value of money?
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