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Question 1:
Why is it important for managers to understand both short run and long run supply and demand? Please provide one hypothetical or real life example that illustrates your response.
Question 2:
Under what circumstances would it be appropriate to resort to plant or company closings or layoffs? What is a good guideline to follow and explain how it may help a manager make this type of decision.
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)
What was the Neolithic Revolution. Explain
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Economic costs and benefits for project
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
Describe the market growth rate for product and service.
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
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