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Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorpo- rated. The contract specifies that Rich will pay Bhagat its production costs plus a $5 markup (cost- plus pricing). Currently, Bhagat's costs per part are $10 for labor and $10 for other costs. Thus the current price is $25 per part. The contract provides an option to Rich to buy up to 100,000 pasts at this price. It must purchase a minimum volume of 50,000 pasts. Bhagat's workforce is heavily unionized. During recent contract negotiations, Bhagat agreed to a 30 percent raise for workers. In this labor contract, wages and benefits are specified. However, Bhagat is free to choose the quantity of labor it employs. Bhagat has announced a $3 price increase for its machine parts. This figure represents the projected $3 increase in labor costs due to its new union contract. It is Gings responsibility to evaluate this announcement. Do you think Gina should contest the price increase? Any explanation would help because I am not sure how to answer that question. Also, how would you explain whether the increase would be more justified in short run or the long run? And how will a $3 increase in the price of machine parts affect Gina's own production decisions?
ach sales manager then decides how to divide the cars among the independently owned dealerships in the region. Because of high demand for these cars, dealerships all want to receive as many cars as they can from the regional manager.
A new item that is manufactured and consumed only in United States and France is about to be launched. In the United States, the following demand and supply curves are appropriate,
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
which will cause a larger short run increase in prices; an anticipated or unanticipated increase in aggregate demand? will they cause the same increase in prices in the long run?
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
economists believe that when two countries specialize and trade , each will be able to buy goods in which the other specializes at a lower cost than it would take to produce these goods itself.
Suppose average movie attendance is 250 million tickets when prices are $7 a ticket and 200 million when prices are $9 a ticket.
What is the quantity of magazines that needs to be sold per month in order for the operation to break-even and what will happen to that break-even quantity
What are the facotrs involved? What were the circumstances? How was the dilemma handled? What were the consequences?
During the past year, the average price of lots along Lake Michigan in Carol Beach rose from $2,500 to $3,000 per foot of lake front. At the same time, sales of new homes located off the Lake rose from 40 to 70 units. Calculate the cross elastici..
Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.Efficient institutions are adopted in a country. Label this..
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
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