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Over the last thirty years the company of Petroleum Exporting Countries has had varied success in forming and maintaining its cartel agreements. Explain how the following factors may contribute to the difficulty of forming and/or maintaining its price and output agreements.a. New oil fields are discovered and increased drilling is undertaken in the Gulf of Mexico and the North Sea by nonmembers of OPEC.b. Crude oil is a product that is differentiated by sulfur content: it costs less to refine low-sulfur crude oil into gasoline. Different OPEC countries possess oil reserves of different sulfur content.c. Cars powered by hydrogen are developed.
The manufacturer of high quality flatbed scanners is trying to decide what price to set for product. The cost of production and the demand for product are assumed to be as follows:
Assume that the demand for a gas station is given as PD = 2.06 - .00025QD. The marginal cost is $1.31 per gallon. At his current $1.69 price,
Assume that, prior to other company's entering the market, the maker of a new smartphone earns $100 million per year. By reducing its price by 50%,
Market Structure and Pricing Decision Applied Problems, BUS 640 Managerial Economic,
Price comparison services on the Internet are a popular way for retailers to promote their products and a convenient way for customers to simultaneously obtain price quotes from many firms setting I identical product.
Post a memo to explain the factors that contribute to the elasticity of goods. Also incorporate a real-life example of price elasticity of demand, and discuss how it impacts the economy.
MNCs have business units in different geographic areas. This leads to interaction in different languages and cultures.
College A is planning outsourcing their groundskeeping. They have been given a bid from Groundskeeper Willie for $250,000 a year, with the claim that he will keep school grounds in the same condition they are in now.
Explain whether the firm will make economic profit, In the short run and In the long run.
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 25 percent in last year.
Assume, after graduation, you take a job in a company in Chile that manufactures faux leather shoes. One day, your boss comes in and says, "this company is not operating at a profit
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
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