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(Use 10+ bibliography to do) Question answer for Quantitative Methods

Other (Not Listed) Instructions:

2. Research General Motors from the late 1970s to today from the Long-Run Average Total Cost (LRATC) perspective. Were the organizational changes pursued by the firm the response to the aforesaid cost concept"? Explain!!!
Moreover, examine the challenges faced by General Motors from the 1950s-today.
3. Identify the Minimum Efficient Scale (MES) of the following industries: Steel Manufacturers; Cement Manufacturers; Brewing Companies; Refrigerator Manufacturers; Automobile Manufacturers.
4. Reflect on the connection, if any, between learning effects and economies of scale.
5. Firms operating in competitive markets are extremely efficient. Monopolies and oligopolies are not as efficient. Show me this by using appropriate algebraic and diagrammatic explanations.
6. Transaction costs did not appear in our cost analysis discussed in class. Why not"?
7. Can we estimate/quantify the size of transaction costs in the USA"?
8. Analyze the following statement:
“The formation of firms reduces the number of transactions we would encounter in the market in the absence of firms”.
9. With the exception of the Transaction Costs theory, look at firms from a Neo–Classical and a New Institutional Economic perspective. Discuss your findings!
10. Read again carefully Oliver Williamson’s article!!!
(The class will lead the discussion).
Ponder the growth/evolutionary aspects of firms as discussed by the author. Concepts and ideas to use are:
Transaction costs;
Asset Specificity;
Vertical and horizontal integration practices; Organizational/structural aspects of railroads;
M-Forms,
N-Forms,
U-Forms,
MNC, Conglomerate Structures, etc…
(I know that we will have a more thorough class discussion of the article when we get together again).
11. Examine the organizational and structural aspects of global firms. Reflect on more current changes involving these firms.
(Williamson’s analysis may also be pertinent here).
12. Reflect/explain the reason(s) that O. Williamson and E. Ostrom shared the Nobel prize in economics in 2009.
Please answer the questions based on the material and attach previous assignments to assist in understanding the question.

 


MBA 578-Homework for 2-20-2020

 

(Written responses are required for items 1-10, and items 12a, and 12b below. Moreover, that will also include the outline for your research paper).



1. Assume that the demand for a commodity is given by the equation:

P= 10-0.2Qd

and the supply by the equation: P=2+0.2Qs

 

Solve the above for:

-The Pe and Qe   values;

-Also, construct an appropriate diagram that will be based on accurate X, Y intercepts and slope values.

 

 

2. Revisit the relationship between the slope and the concept of elasticity.



3. Use the midpoint elasticity formula and the following Pi and Qd data to calculate their elasticity values.
Pi =$9, $7, $5, $3 and

Qd=15, 25, 35, 45.

 

 

4. Show diagrammatically and algebraically cases of unitary elasticity, as discussed in class.

Connect these with pertinent examples involving products and services.

 

 

5. Identify business cases/situations/products with elasticity values:

a) close to zero, and

b) close to infinity.




6. Revisit the “Demand for Draperies” problem, from last week’s homework. Calculate the maximization of revenues by using an economic elasticity approach/solution/application.



7. Solve the elasticity problem reflected by the other attachment to this e-mail.

 

 

8. What is the impact of “time” on elasticity values and applications?



9. What would happen to the demand for luxuries and necessities if wealth were to be re-distributed from the wealthy to the poor?

 

 

10. The Marginal Revenue (MR) axis bisects the Quantity axis. (See also this in the attached pdf doc).

Why is this happening?

 

 

11. Complete the reading of the Elasticity chapter. Moreover, start reading Chapters 5 and 6 dealing with "Production and Cost Analysis Issues for the Short and Long Run."

 

 

12. CLASS DISCUSSIONS:

 

a.-Analyze the airline industry from an elasticity perspective. Discuss current developments of the industry within the context of economics and elasticity;

 

b.- Students will discuss Martin Shkreli &Turing Pharmaceutical. (Elasticity issues may play an important role here). 

 

13. Also, research Veblen, and his work. Moreover, discuss the concept of “conspicuous consumption” and of “Institutional Economics.”

 

14. As per our class discussion, can “conspicuous consumption” serve as a mating strategy? How??? Explain!!!

 

 

15. Research the concept of the “Gilded Age.” Are we going through a “New Gilded Age”? Identify similarities between the two ages.

 

16. Can we discern new consumer trends nationally/globally due to The Great Recession of 2008?

 

 

17. For those of you who did not do it yet: Please read carefully and analytically Herbert Simon’s Nobel Memorial Lecture on “Rational Decision-Making in Business Organizations” from last week’s homework.

 

 

18. Discuss Engel’s Law and its implications in connection with elasticity and agricultural products.

 

 

Please remember to bring a hard copy of your homework

to class.

 

 

NOTES:

 

-On 2/20/2020, I may bring to class a quiz. It will also include elasticity questions and applications. Please get ready for that!

 

-Continue with your research paper:

“Why Do Corporations Exist?”

By now, you should have completed, at least, a 5-6 page outline, and a more thorough bibliographical set of references.


Reminder: The research papers are due on 4/9/2020.

 

 

 

 

 

 

 

 

Other (Not Listed) Sample Content Preview:

Title
Your Name
Subject and Section
Professor's Name
Date of Submission
2.
General Motors or GM is a business that experienced diseconomies of scale due to the company grew too large, which affected the cost per unit. One of the reasons that diseconomies of scale happen due to the size of the workforce, increasing the difficulty in management. In General Motors scale diseconomies also occurred due to duplication and overlapping of products, like production of similar or identical automobile models, which made the cost for models concentrated in only a few areas, neglecting other possible output. The fame and success of the company led to worldwide expansion which then led to communication problems and management coordination difficulties. In addition to these, it also increased the company's expenses and cost to continue production. The challenges that General Motors faced were building numerous brands to please different customer preferences, but General Motors peaked again in the 1960s producing many designs that were acknowledged by the consumers. The extensive network, which is a great advantage, also provided some disadvantages, including the difficulty of General Motors to efficiently innovate and adjust to different markets. General Motors also had problems with the workers having unions and demanding benefits, which because of the size of the companies with many factories took a toll on the financial status and production of General Motors.
3.
The MES of the various industries are the following: steel manufacturers are 4million tons, cement manufacturers are 7 million barrels, brewing companies are 4.5 million barrels, refrigerator manufacturers are 800,000 units, automobile manufacturers are 1 million units.
4.
Economies of the scale represent the ability to execute an activity with a lower unit cost when done on a bigger size at a particular time. Learning effects are the reductions in price due to increased experience with time. Economies of scale may be essential when learning economies are minimal, which applies to simple capital-intensive projects. The same goes for learning savings which may be crucial even during minimal economies of scale, as seen in the case of complex, labour-intensive activities.
5.
The number of the produced outputs and services demonstrate efficiency, both productive and allocative when firms operating in competitive markets combine with consumers who maximize utilities. In a competitive market, the price is determined by the demand and supply, while the individual firms, monopolies, oligopolies cannot influence the price and are considered as price takers. The competitive firm has a flat demand curve meaning that it can sell the products as much as they want at market price, while in monopoly a lower price is declared to increase output and sales
6.
In consideration of cost analysis in a company, the transaction cost does not appear because it is already included in the production cost, which encompasses the materials, workers, and other similar expenses.
7.
Transaction costs are an estimation of market efficiency that is available in places depending on available resources since it is an expensive purchase. It is possible to identify...
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