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Question 1 The key to the importance of the marginal cost curve of a company is that it is a company's:supply curve of product to the marketplace. demand curve for its product to the marketplace. average cost of product in both the short and long run. fixed cost. Question 2 In a purely competitive market, a company selling in the market views its demand curve as:completely price insensitive. horizontal (flat). vertical. convex. Question 3 The market for micro-computers (PCs) is fairly competitive, the products are somewhat homogeneous, and over time firms have entered looking to make profits on new configurations of the micro-computer. Over time, profits:have risen dramatically. have stayed about the same for most firms. have become razor thin for many producers. are not important since this industry is in the nonprofit sector. Question 4 For decision making for the firm with market power, fixed costs are:a key element in the markup. irrelevant. the same as marginal costs. opportunity costs of production. Question 5 Using cost plus pricing, what is the price if ATC = $14.50 and the target rate of return is 4 percent?$15.10 $49.34 $14.5 $22.10 Question 6 The shut down condition - the point at which the company finds it is no longer viable to produce and sell a product - for a competitive firm is where price is:less than marginal revenue. less than short run average total cost. greater than marginal revenue. less than average variable cost. Question 7 Economists tend to focus on one structural aspect of market organization that is more important than the others, which is:the number of buyers and sellers. product homogeneity or differentiation. the quality of market information. entry and exit conditions. Question 8 In a perfectly competitive market, the price that the firm faces from supply and demand is also equal to:average variable cost. marginal revenue and average revenue. average revenue but never marginal revenue. long run average cost in the short run. Question 9 A firm with market power in pricing faces a:flat demand curve. vertical demand curve in all cases. price inelastic demand curve. downward sloping demand curve. Question 10 Using the linear approximation system to estimate the profit maximizing price requires that the managers know the costs of production and:the production function. one price and quantity of demand. two prices and quantities of demand. decision-making process of the marketplace. Question 11 The simple case of pricing with market power assumes (a) all consumers are charged the same price, (b) the firm sells one product, (c) demand exists in one time period, and (d) competitors do not pursue pricing games. Economists insist on reviewing what happens as each assumption is relaxed one at a time. However, it is clear that in real world all four are relaxed simultaneously. Why does economic analysis insist on such an unrealistic analysis?Question 12 The market environment heavily influences corporate decision-making ability. Discuss the differences in executive decisions concerning pricing, product design, and advertising between a company that exists in a perfectly competitive market and a company that lives a monopolistically competitive market.
Define and explain why a socialist system might be the best in responding to the needs of people struck by an emergency condition like the earthquake that occurred in Haiti in January 2010.
Explain how many doors have closed on you? How many times did you focus on that closed door instead of looking for the opportunities that opened up?
Illustrate what is the margin of error for the 95% confidence interval that you constructed in part b? With a .95 probability, explain how large of a sample needs to be taken to provide a margin of error of .09 or less?
Explain how might transactional analysis help to better understand communication patterns and can a transactional analysis model be created
Discuss and explain the advantages and disadvantages of collective bargaining for the employer and the employee.
Discuss about the trademark categories.
illustrate what you think is most important. Be certain to make explicit all criteria used in making your choice and all radio stations considered. Defend your response.
A sales manager receives six telephone calls on average between 9.30 a.m. and 10.30 a.m. on a weekday. Find the likelihood that Poisson
Based on the Hersey-Blanchard theory, should Terrill have been less participative? Should he have initiated more task structure for the engineers? Explain.
How can e-mail end up consuming organizational resources, leading to miscommunications, and eroding productivity?
Describe the Strategic Management process. Include the different aspects of the Strategic Management process. Superior posts will include examples from industry.
Published data designates that in 2008 mid-level management travellers spent an average of $381 per day with a standard deviation of $47 when they were in Chicago on business.
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