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From Lesson 1, we learned about marginal production economics and cost behaviors. As we move into Lesson 5, we will be adding the issues surrounding capital additions to production capacity and returns on investment. Both of these concept areas are vital to management decisions about production rates and adding new capacity. To maximize profits and return on capital, all businesses conduct economic evaluations daily to adjust production to meet demand and price in the marketplace. The interplay of demand and supply is the reason that prices fluctuate over time. To integrate these ideas and the operating management tactics that ensue, we will be using the world oil marketplace as our case study for the next two weeks of discussion.
There can be no better area to illustrate these concepts than the world oil markets. As you know, crude oil prices were once over $100 per barrel. Now, they have declined into the $30's per barrel due to price cutting, increased supply and demand worries. How does "marginal economics" factor into these changes? What are the motivations of the different suppliers as prices change? Do some research on this area and post your ideas, conclusions, and outlook for oil prices.
How does each of the following factors affect the IS curve? Start your argument from the diagram of Id-Sd and show how the associated change will affect IS curve.
If the players play only once, what strategy do you expect the players to adopt? If the players expect to play in many games together, what strategy do you expect the players to adopt? Explain.
Suppose a firm sells in a competitive market at a fixed price of $12 per unit. The firm's cost function is C = 200 + 4Q. Determine the minimum quantity at which the firm can break even. Are there multiple break even points? Explain
Evaluate the consultant proposal. Be sure to include in your answer the price elasticity assumed by the consultant, as well as the published elasticity estimate.
How do you know when you have made a morally good decision? How does the Gospel impose upon the Christian a responsibility to social justice?
Discuss how Big Steel should use the information on the supply of steel by other, smaller competitors when it determines its profit maximizing price.
Go through each of the arguments for restricting trade (both those of general validity and those having some validity for specific countries) and provide a counterargument for not restricting trade.
Which of the following examples is an adverse-selection problem and which is an incentive problem? Explain why. In each case, give one method that the restaurant might use to reduce the problem.
What impact did Gorbachev's ideas of glasnost (openness), perestroika (restructuring), and demokratizatsiia (democratization) have on Communist society?
What need to be done Respond to the scenario with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates.
To assist in your thinking and discussion, additional questions to consider include: What is the labor-intensive good? What is the Marginal Rate of Transformation impact? What is the labor-abundant country? What is the capital-abundant country
1.Why are both the price elasticity of demand and the price elasticity of supply likely to be greater in the long run?
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