Economics for Managerial Decision Making Dannielle Strupler ECO - 561 Economics – Puerto Rico University Of Phoenix September 18‚ 2012 Dr. Wanda Marrero‚ Ph.D. Economics for Managerial Decision Making Decision making is amongst the main functions of managers within the business world today; even more particularly during these times
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2. What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases? Apple juice and orange juice are substitutes for consumers‚ so the fall in the price of apple juice decreases the demand for orange juice. The demand curve for orange juice shifts leftward. The increase in the wage rate paid to orange grove workers raises the cost of producing orange juice. The supply of orange juice
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#9-6 (basketball players…) Barbara: a. Both Compete = 12 points (individually) ? 24 points (together) b. Monopolize = 18 points (individually) ? 20 points (together) c. Cooperates = 2 points (individually) ? 20 points (together) d. Monopolize = 8 points (dual) ? 16 points Juanita: e. Both Compete = 12 points (individually) ? 24 points (together) f. Monopolize = 18 points (individually) ? 20 points (together) g. Cooperates = 2 points (individually) ? 20 points (together) h. Monopolize
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ACCOUNTING TOOLS FOR BUSINESS DECISION MAKING SIXTH EDITION MANAGERIAL This page intentionally left blank Jerry J. Weygandt PhD‚ CPA University of Wisconsin—Madison Madison‚ Wisconsin Paul D. Kimmel PhD‚ CPA University of Wisconsin—Milwaukee Milwaukee‚ Wisconsin John Wiley & Sons‚ Inc. Donald E. Kieso PhD‚ CPA Northern Illinois University DeKalb‚ Illinois Dedicated to the Wiley sales representatives who sell our books and service our adopters in a professional and ethical
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Barriers to entry: In theories of competition in economics‚ barriers to entry are the obstacles and hindrances that make it difficult for a company to enter a given market or industry. The most common barriers to entry include government regulation and economies of scale‚ but nowadays it is increasing for entry barriers to be viewed as a cost. Stigler defined barriers to entry as “A cost of producing which must be borne by a firm which seeks to enter an industry but is not borne by firms already
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Outline and Evaluate Milgrams Study of Obedience (12 marks) . Milgram after advertising for volunteer participants were paid on arrival at the laboratory for their time. Participants‚ believing they were taking part in a memory experiment‚ were introduced in pairs to the experimenter where they ‘decided’ who was to be either a ‘teacher’ or a ‘learner’. In reality one of the ‘pairs’ of participants was a confederate and the chances were rigged so that the real participant was always the ‘teacher’
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Guidebook; A Manual For Students‚ Eleventh Edition‚ 1998 Chapter 12: The Second War for Independence and the Upsurge of Nationalism‚ 1812-1824 True-False Where the statement is true‚ mark T. Where it is false‚ mark F‚ and correct it in the space immediately below. 1. Napoleon’s decision to repeal his blockage decrees in response to Macon’s Bill No. 2 demonstrated how he had been successfully manipulated by President Madison. Madison was manipulated by Napoleon 2. The large western delegation in Congress
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Managerial Economics HW #4 (Chapter 5) 1.A firm can manufacture a product according to the production function Q F(K‚ L) K3/4L1/4 a. Calculate the average product of labor‚ APL‚ when the level of capital is fixed at 16 units and the firm uses 16 units of labor. How does the average product of labor change when the firm uses 81 units of labor? Saat (Capital) K = 16 (Labour) L = 16 Q = (16)0‚75(16)0‚25 Q = (8)(2) = 16 APL =Q/L =16/16=1. Saat K= 16 Q= 81 Q = (16)0‚75(81)0‚25 Q = (8)(3)
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Managerial Economics and Business Strategy 3551 #6 Answers – Summer 2012 1. What type of evidence did Dupont introduce in its plastic wrap trial that proved decisive in its acquittal? __ It brought in cross elasticities to show that there were many substitutes for plastic wrap. It then argued that the market had to be defined to include all substitutes. This broadened the definition of the market to the point where DuPont’s market share was small.___ 2. What had Alcoa
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Chapter 2 Homework Set 1. Indicate what types of resources each of the following is: a. Capital b. Land c. Entrepreneur d. Labor 2. If money GDP increased by 4 percent and the price level increases by 1 percent‚ what is the approximate impact on per capita real GDP? e. 4 3. Which of the following products or services would be counted in US GDP when produced? f. No g. Yes h. Yes i. No 4. In 2003‚ Microsoft lowered the
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