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How is a customer-centric organization different from one that is product focused? How does customer centricity impact the areas of finance, human resources, information technology, marketing, research and development, operations, and sales?
Think about a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms..
Consider two neighboring island countries called Felicidad and Bellissima. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. Calculate the gains from trade—that is, the amount ..
Review the section on Asch's Research from your textbook. Describe why the individuals in the Asch experiment usually gave the same answer when they probably knew that it was wrong. How do social control and social bonding explain conformity?
Draw an arbitrary budget constraint for a person, assuming that he or she receives no government subsidies. Then draw in the budget constraint that arises from the above housing subsidy proposal.
The damage (to cigarette makers) is generally under control." Illustrate what action do you suppose the cigarette companies took to avoid bankruptcy.
Show an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies.
Based on Figure 1 if the Mexcian government imposes a per-unit tariff of $2.5 on calculators, the total quantity of calculators produced by Mexicans producers at equilibrium with international trade is
Suppose the people of Pongo love the sound and smell of burps. When a person burps, it makes this person happy and all other people around them happy. However, burping is exhausting. Which principle of economics deals with this topic?
Explain how much extra surplus does the producer capture when it engages in first-degree price discrimination instead of charging a single price.
We started the course with a look at NBER data on business cycles. Specifically, we saw prior to 1945 that recessions lasted on average about 2 years, and after 1945 the average recession was cut in half (to just under 1 year). Based on what you’ve l..
Suppose that a formerly closed small economy becomes open. What will happen to the effectiveness of fiscal and monetary policies in affecting GDP if the economy operates under flexible exchange rate? Illustrate your answers graphically. How does your..
The city of Lloydminster sits on top of the Saskatchewan-Alberta border. Half of the city is in Saskatchewan and the other half in Alberta. Assume that Saskatchewan enacts a rent control law that puts a ceiling on rents well below their equilibrium m..
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