CLICK TO DOWNLOAD ECON 312 Week 1 Quiz 1. (TCO 1) The general concern of economics is with the study of the 2. (TCO 1) The term scarcity in economics refers to the fact that 3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society? 4. (TCO 1) Which is considered to be an economic resource by economists? 5. (TCO 1) If an economy is producing at a point inside a production possibilities curve‚ then 6. (TCO 1) Which would not be characteristic of a capitalist economy
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both the mayor and the city manager think that demand is inelastic. d. the mayor thinks demand is inelastic and the city manager thinks demand is elastic. 5. In January the price of widgets was $2.00 and Wendy’s Widgets produced 80 widgets. In February the price of widgets was $2.50 and Wendy’s Widgets produced 110 widgets. In March the price of
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1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility‚ what decisions should you make regarding production levels and pricing for your Widget facility? Because supply has increased along with demand it isn’t clear what decision should be made. The manager should gather information as far as how much
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Part I. Consider the values in the following table for the Winsome Widget Factory. Fill in the formula for AFC‚ AVC‚ ATC‚ and MC at the top of the column in the gray section within the table. Fill in the missing values for TFC‚ TVC‚ AFC‚ AVC‚ ATC‚ and MC in the blue sections of the table. Winsome Widget Factory Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0 600 0 $600 5 600 350 900 120 60 180 60 10 600
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SECTION 2: THE AGREEMENT An agreement is the essence of every contract. The parties to a contract are the offeror (who makes an offer) and the offeree (to whom the offer is made). If‚ through the process of offer and acceptance‚ an agreement is reached‚ and the other elements are present (consideration‚ capacity‚ legality)‚ a valid contract is formed. KEY VOCABULARY Material: Subject (matter): Offeror: Offeree: Firm offer: Party (parties): Revoke: Entitled: Disclaim: WARM-UP QUESTIONS:
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------------------------------------------------- Stock-keeping unit From Wikipedia‚ the free encyclopedia | This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged andremoved. (July 2007) | A stock-keeping unit or SKU (pronounced either as an acronym‚ /ˈskjuː/‚ or as an initialism‚ /ˌɛsˌkeɪˈjuː/) is a unique identifier for each distinct product and service that can be purchased. SKU
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age‚ purchasing habits‚ etc.? Do you know how to find the target group‚ or will the researcher need to find them for you? Example: Loyal users of ABC widgets (purchased at least 3 in last 6 months) Loyal users of XYZ widgets (purchased at least 3 in last 6 months) Non-users of widgets (using woozles or other solution instead of widgets) Mix of male and female‚ age ranges from 35-55 Approximately when do you want this work to be done? And when do you need the final analysis or presentation
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VRIN Framework Resources | V | R | I | N | Explanation | Software | iTunes‚ continuation of current strategy. | | | | | iTunes still holds the majority of the market share‚ showing positive effects. However‚ becoming less rare as similar software is produced‚ which allows synchronization of the apple product without iTunes‚ such as Copy Trans. | | iWork‚ invest in redeveloping product | | | | | Redeveloping the product would certainly increase the value and demand for the products
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Forecasting Forecasting is a prediction of what will occur in the future. It is an uncertain process that is vital to survival in today’s international business environment. Rapid technological advances have given consumers greater product diversity as well as more information on which they make their product choices. Managers try to forecast with as much accuracy as possible‚ but that is becoming increasingly difficult in today’s fast-paced business world. Forecast Methods There are two
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interested in optimal inventory policies for widgets. The EOQ formula uses four variables. They are: D: Q: C: h: The demand for widgets in quantity per unit time. Demand can be thought of as a rate. The order quantity. This is the variable we want to optimize. All the other variables are fixed quantities. The order cost. This is the flat fee charged for making any order and is independent of Q. Holding costs per widget per unit time. If we store x widgets for one unit of time‚ it costs us x@h
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