Introductory Microeconomics 2008 Exam Solutions Section A 1. C |Hours of tutoring per week|Total Opportunity cost |Marginal Cost |Wage Payment (Marginal | | | | |Benefit) | |0 |0 | | | |1 |$20 |$20 |$50
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Cost-based pricing is the simplest pricing strategy. Using this strategy price is set by adding some mark-up to the cost of the product. This strategy works if firm’s prices are not too high as compared to the competition. (Kotler P. ‚ Armstrong‚ Saunders‚ & Wong‚ 2005) Another cost-oriented pricing strategy is Break-even Pricing. Firms determine the price at which they can recover manufacturing and marketing cost‚ or make targeted profit. (Nagle & Hogan‚ 2006) Competition-based Pricing is when
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Case Example Delhi Metro Case Problem • MD of Delhi Metro worried as Projected revenues were Rs 674.5 million below the projected costs for next year • Rs 200 million promise from State • A shortfall of Rs 474.5 million • Another possible source of fund – City funds Delhi‚ Noida and Gurgaon- But unlikely due to problems in city Budget • How to solve his pending budget crisis? Case Problem (continue………) • Mr. Sreedharan glanced through a Business magazine while his thoughts travel in the
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01DEFINE AND EXPLAIN A RANGE OF CORE ECO TERMS AND CONEPTS INCLUDING ECONOMIC SURPLUS OPP COST AND SUNK COST DEFINE AND EXPLAIN A RANGE OF CORE ECO TERMS AND CONEPTS INCLUDING ECONOMIC SURPLUS OPP COST AND SUNK COST CHAPTER !: THINKING LIKE AN ECONOMIST Scarcity principal: due to limited resources to satisfy unlimited wants‚ trade offs occur in terms of having more of one good and less of another Economic decision: any decision when securing something of value means going without something
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been made to ease exchanges between a company and its environment; it is the cornerstone of any business‚ preventing misunderstandings on a first hand‚ and fixing conflicts on a second hand. In emerging countries and especially in China‚ law is not as important as in western countries. Due to different past and other traditions‚ what matters in China is not actually the law‚ but it is rather the relationship between a company and its environment. The main key in order to success in business is to build
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RUNNING HEAD: MICRO-ORGANIZATIONAL BEHAVIOR Micro-Organizational Behavior Robert Alford Grantham University MICRO-ORGANIZATIONAL BEHAVIOR Abstract During the course of this class my focus will be on the use of micro-organizational behavior and to focus on and discuss the finer points of behavior within a large organization such as that of the military or that of Wal-Mart Corporation. Furthermore I will talk about the process of decision-making and cooperation
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milkshake maker Multimixer‚ Raymond Albert Kroc mortgaged his home and went all the way to California after hearing about Dick&Mac McDonald hamburger stand made used of eight Multimixer at one time. He bought over the license and start opening up several restaurants all over US. The first McDonald restaurant was in Des Plaines‚ Illinois earned $366.12 on its very first day (McDonald‚ 2007). Over the time‚ it had grown to one of the largest food service company and holds a strong position in the market. The
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highway. Little do they know that over 33‚000 McDonalds are operating worldwide‚ one of which holds fifteen hundred people. Not only a “symbol of U.S. Culture” (Macionis 121)‚ but it has become a theory of sociology‚ unknown to most‚ conveniently named the “McDonaldization Theory”. The McDonaldization of Society is based off the findings of George Ritzer (1993)‚ in which he found four basic principles that our society correlates with the McDonalds Empire; those four principles are efficiency‚ predictability
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Aim The aim of the project is to find an organization and discuss its internal and external environment factors. Objectives Identify mega and task environment factors. Identify and discuss type of organization Methodology Library books‚ internet research‚ questionnaire 4/8/2013 MGT:501 PROJECT PRESENTATION [VISHAAL & RAHUL] 2 An organization is a social group of people that is managed to meet a need or pursue collective goal. All organizations including McDonald’s have a management structure that
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>cases McDonald’s Tests Catfish Sandwich >Abstract This case describes the test marketing for McDonald’s catfish sandwich in the Southeastern United States. It asks students to assume they are the new product development team and to assess the research design described. www.mcdonalds.com >The Scenario Nashville‚ Tennessee—McDonald’s Corp. is trying to hook customers in southern test markets‚ including one in Kentucky‚ on a new catfish sandwich. The chain is serving its newest sandwich
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