Q1. A. “The objective of economic analysis is not merely to discover the truth but also to assist in the solution of concrete problems.” Comment. Economic analysis provides a systematic approach for studying the allocation of resources to achieve an organization’s objectives. Techniques of economic analysis help ensure efficient operations‚ minimize overhead and compare costs and benefits Function • Economic analysis provides a systematic approach for industry‚ government agencies and nonprofit
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Expansion and Merger Dr. Elkanah Faux Managerial Economics & Globali ECO 550 February 26‚ 2012 Explain why government regulation is needed‚ citing the major reasons for government involvement in a market economy. If we look into the history of the movie industry we will find that the government intervened in the 1940’s in the movie industry. With that intervention it changed the way movies were produced in some critics’ opinion for the worst. Critics will tell you that the quality
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Question: Consider the following short-run production function (where L = variable input‚ Q = output): Q = 10L – 0.5L2 Suppose that output can be sold for $10 per unit. Also assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit. a. b. c. Determine the marginal revenue product function. Determine the marginal factor cost function. Determine the optimal value of L‚ given that the objective is to maximize profits. Question: The Blair Company’s three assembly
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Globalization is the widening‚ deepening and speeding up of worldwide interconnectedness. Factors involved in globalization are technology‚ politics‚ culture and economics. A lot of our technology comes from Japan‚ which would include television (Toshiba‚ Sony)‚ cell phones (Nokkia‚ Motorola) and automobiles (Nissan‚ Toyota). Politics connect us to other countries through treaties or worldwide organizations like the United Nations or the World Bank. In many countries around the world they have
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in Greece during last 3 decades. The party after its reelection in 2000 increased spending to recover economy and provide basic facilities of better health‚ education and better job opportunities to its citizen (Puddington‚ Piano‚ Neubauer 288) ECONOMIC TRENDS For more than a decade‚ extensive borrowing and spending by the government has led the country into public debt crisis. Tax evasion rampant in Greece that translated added to government’s
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colonial America‚ there was enough economic opportunity for a poor European to want to take the long boat journey across the Atlantic Ocean to start a new life. Europeans began immigrating to America creating colonies in the mid-eighteenth century. There were thirteen original colonies. A variety of religions and classes of people such as rich merchants‚ poor famers‚ and slaves moved to colonial America. Most‚ but not all were able to benefit from the economic opportunity in the new land. This essay
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Economic Expansion 1. Briefly describe Hong Kong’s economy (background‚ GDP‚ growth rate‚ etc.)‚ (20 points) Everything about Hong Kong tells the story of trade. With beginnings as a small rocky island full of fishing villages‚ Hong Kong has grown to become one of the largest cities of trade and finance in the world. Hong Kong had a GDP of $325.8 billion USD in 2010‚ which represents a 6.8% growth from the previous year (“Economy: Hong Kong”‚ 2011). This growth is a nice change from the 2.7% loss
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organization. Nowadays‚ most of the organizations in the business world are facing changing business environment. There is no way to avoid either change or die. The major forces which make the changes not only desirable but inevitable are technological‚ economic‚ political‚ social‚ legal‚ international and labor market environments. The case in this assignment is Nokia‚ the Finnish company‚ faced problem because of changing customer tastes‚ new technology and stronger rivals. In 1865‚ Fredrik Idestam established
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Economics of Strategy What are the distinctions among fixed costs‚ sunk costs‚ variable costs and marginal costs? Fixed costs‚ such as SG&A expenses‚ property taxes‚ remain constant as output increases; FC are invariant to output. Variable costs‚ such as labor and sales commissions‚ increases as output increases; VC are variant to output Sunk costs are costs that cannot be avoided; avoidable costs are its opposites; some sunk costs need not be fixed. Marginal costs is the incremental cost
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– Summary of main points • Voluntary transactions create wealth by moving assets from lowerto higher-valued uses. • Anything that impedes the movement of assets to higher-valued uses‚ like taxes‚ subsidies‚ or price controls‚ destroys wealth. • Economic analysis is useful to business for identifying assets in lower-valued uses. • The art of business consists of identifying assets in low-valued uses and devising ways to profitably move them to higher-valued ones. • A company can be thought of as
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