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Porter's Five Forces Framework
The costs of producing steel declined substantially from building a conventional hot¬-rolled steel mill down to the new mini-mill technology that requires only scrap metal, an electric furnace, and 300 workers rather than iron ore raw materials, enormous blast furnaces, rolling mills, reheating furnaces, and thousands of workers. What effect on the potential industry profitability would Porter's Five Forces framework suggest this new technology has? Why?
Prepare a chart that lists three strengths and three weaknesses of the Consumer Price Index calculation.
At the management luncheon, two managers were overheard arguing about the following statement: "A manager should never hire another worker if the new person causes diminishing returns". Is this statement correct? If so, why? If not, explain why no..
Given the industry's concern that workers shirk, they start employee at $10 and increase the pay by $0.40 each year they are on the job.
Assume the graph below represents the market demand for a patented prescription drug together with the marginal cost and average cost functions for producing the drug. Draw the marginal revenue function for this firm.
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
Business if it was done by trade associations, certifications, and professional societies.
Illustrate what happens to the supply of new homes. What happens to the demand for new homes.
Suppose you bought a bag of groceries at Food Lion this past September for $46.54. Calculate the price of a similar bag of groceries in 1999 prices if the CPI
Explain how might we interpret this statement in terms of cost curves and revenue curves.
Why the characteristics of the labor marketplaces should result in the same wage rate for all jobs requiring the same level of abilities and skills.
Compute same after the OSHA guidelines have been met. Who pays the economic burden of meeting OSHA guidelines.
Define in general the term "internalize the externality" and explain its application in this case. Discuss a policy other than a tax or subidy that could cause individuals to internalize the externality. Explain briefly.
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