the basic assumptions of Economics. Ans- The basic problem of economics can be summarized in one sentence: How to best satisfy unlimited wants with unlimited resources. We can break this problem into two parts: Preferences - What do we like‚ what do we dislike. Resources - We all have limited resources. Even Warren Buffett and Bill Gates have limited resources. They have the same 24 hours in a day that we do and neither is going to live forever. All of economics‚ both microeconomics and
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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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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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Dr. David J. St. Clair 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
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Chapter 3 Student: ___________________________________________________________________________ 1. According to the opening case McDonalds was able to succeed in India because of: A. India ’s love of beef. B. India ’s love of pork. C. relationship networks. D. customers wanted the "American" experience. E. collective help 2. _______ is an understanding of how cultural differences across and within nations can affect the way in which business is practiced. A. Cross-cultural literacy B. Cultural
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overwrite the current Managers ACL. The new commands are added to the end of the current Managers ACL. ***** The new commands are added to the beginning of the current Managers ACL. An error appears stating that the ACL already exists. 3 Why are inbound ACLs more ef ficient for the router than outbound ACLs? Inbound ACLs deny packets before routing lookups are required. ***** Inbound ACL operation requires less network bandwidth than outbound. Inbound ACLs permit or deny
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an exchange? Answer | | | | | Selected Answer: | d. All of the above statements are correct | Correct Answer: | d. All of the above statements are correct | | | | | * Question 2 2 out of 2 points | | | In a transaction for a rare painting valued at $1‚000‚000‚ by an avid collector‚ and at $950‚000 by the seller‚ what sales tax would result in an unconsummated wealth-creating transaction? Select All That Apply Answer | | | | | Selected Answers: | d. An 10%
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decision making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors‚ and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must
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t-shirts per week. What is the price elasticity of demand for the logo t-shirts? Is the demand elastic or inelastic? Answer Ed = -1.675 (elastic) 2. Check out the following video (http://www.youtube.com/watch?v=ncZkrO06le8). Do the early shoppers appear to have elastic or inelastic demand on Black Friday? Answer Elastic. Very responsive to price changes. 3. In the accompanying table‚ assume that the price of ice skates increases from $10 to $20 per pair. Using the midpoint
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Garrett 3/31/12 Prof. Ogunji Managerial Economics Homework - Case Studies Pg 107 – Sunbest Orange Juice Spreadsheet Analysis Endogenous variables = all important demand- and supply-related factors that are within the control of the firm (ex: product pricing‚ advertising‚ product design‚ and so on) Exogenous variables = consist of all significant demand- and supply-related influences that are beyond the control of the firm (ex: competitor pricing‚ weather‚ general economic conditions
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