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Advanced Studies in Introduction to Managerial Economics Grand Canyon University (ECN 601).
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ECN 601 Week 1 Discussion 1 | Assignment Help | Grand canyon
university
Explain
why the consideration of opportunity costs may be very relevant to a firm. How
can opportunity costs affect a business decision? Use an example to support
your answer.
ECN 601 Week 1 Discussion 2 | Assignment Help | Grand Canyon
university
Think
about a good or service for which you believe there has been a shift in demand
or supply. Explain the reasons behind the shift and how that has influenced the
equilibrium price.
ECN 601 Week 2 Discussion 1 | Assignment Help | Grand Canyon
University
In a
perfectly competitive market where there is virtually no product
differentiation, what do you think are the priorities or focus of a firm? How
could a firm increase profits?
ECN 601 Week 2 Discussion 2 | Assignment Help | Grand Canyon
University
Explain a
situation you have observed (or read about) in which a firm made a decision
considering irrelevant costs or did not consider relevant costs. What was the
outcome of the decision, and what could have been done differently?
ECN 601 Week 2 Assignment Help | Grand canyon University
Complete
the following problems from Chapters 4 and 5 in Managerial Economics: A Problem
Solving Approach. For each question, write 250‐500 word explanation
clearly showing how you solved the problem.
1. Chapter 4: Problems 4‐2 and 4‐6
2. Chapter 5: Problems 5‐4 and 5‐5
APA style
is not required, but solid academic writing is expected.
ECN 601 Week 3 Discussion 1 | Assignment Help | Grand Canyon
University
What
market structure best describes the environment within which your organization
operates? What challenges and opportunities would arise from higher and lower
degrees of government intervention?
ECN
601 Week 4 Discussion 1 | Assignment Help | Grand canyon university
Identify a personal
economic decision that was driven by a behavioral bias rather than by pure
rational behavior. Given your understanding of behavioral economics, how would
your decision differ today?
ECN
601 Week 4 Discussion 2 | Assignment Help | Grand canyon university
In which cases would an
organization benefit from using direct and indirect price discrimination? Does
market structure influence the capacity of the firm to use price
discrimination?
ECN 601 Week 4 Exam | Quiz | Assignment Help |
Grand Canyon University
1. At a price for
which quantity demanded exceeds quantity supplied, a __________ is experienced,
which pushes the price __________ toward its equilibrium value.
2.
Use
the table provided to answer the following question. If hiring the fourth
worker increases total product by 50 units and the price of each
unit is $15:
3. If the price
elasticity of demand is 0.8 and the firm increases price, revenue will:
4. The difference between the minimum
price the producer is willing to accept and the price the producer actually
receives for a product is referred to as:
5.An increase in the price of a
substitute shifts the demand curve to the:
6. A business produces 5,000 units per
month. It spends $12,000 on raw materials. It pays wages of $20,000. Other
costs include $50,000 for rent, paid by the month. In order to break even, the
selling price per unit will have to be:
7.7A company invested $400,000 in a
technology that reduced the overall costs of production by reducing their cost
per unit from $2 to $1.85. Later, a manager has an opportunity to outsource
production to another company at a cost per unit of $1.75. If you are the
manager, you:
8. A manager invests $20,000
in equipment that would help the company reduce it’s per unit costs from $15 to
$12. He expects the equipment to be in use for the next seven years. After two
years, he realizes that if he outsourced the production, the unit cost would be
$7 instead. At this point what should the senior manager do?
9. A buyer values a
house at $525,000 and a seller values the same house at $485,000. If sales tax
is 8% and is levied on the seller, then what would be the lowest price at which
the seller would be willing to sell?
10. Use the table
provided to answer the following question. How many units should the profit
maximizing firm produce?
11. The opportunity cost
of an action is:
12. A firm sells 1,000 units per week.
It charges $15 per unit, the average variable costs are $10, and the average
fixed costs are $25. In the long run, the firm should:
13. A car dealership union negotiates a
contract that dramatically increases the salaries of all salesmen. If one of
the salesmen is thinking of changing careers to be a hardware salesman, his
opportunity cost:
14. An example of a price floor is:
15. Use the table
provided to answer the following question. What is the marginal revenue from
producing the fourth unit?
16. Which of the
following describes a firm?
17. Which of the following factors
would shift the supply curve for ice cream to the right?
18. Use the table
provided to answer the following question. If the firm hires five workers, the
average cost equals:
19. Price ceilings cause:
20. In general, the smaller the price
elasticity:
21. Jim saw a decrease in the quantity
demanded for his firm's product from 8,000 to 6,000 units per week when he
raised the price of the product from $200 to $250. What is Jim's own price
elasticity of demand?
22.A firm sells 1,000 units per week.
It charges $70 per unit, the average variable costs are $25, and the average
fixed costs are $65. In the short run, the firm should:
23.The change in
quantity demanded derived from a change in price is:
24. In an oligopoly, firms
will tend to compete on the basis of price.
25. An increase in the
price of a complement shifts the demand curve to the:
26.Use
the table provided to answer the following question. If the firm hires eight
workers, the total fixed costs is:
27 . The government decided to reduce
taxes on fast-food to increase tax revenue. The government assumes that
fast-food products have:
28. A monopolistically competitive firm
will tend to have a more elastic demand curve than a monopolist because:
29. If the cross-price
elasticity of demand between two goods is negative, then:
30. Peter's Pizzeria sells both pizzas
and soda. It wants to increase the sales of its pizzas. Assuming that the pizza
and the sodas are complements, which of these strategies can it employ?
ECN
601 Week 5 Discussion 1 | Assignment Help | Grand canyon University
Read "7 Easy Ways
to Use Game Theory to Make Your Life Better," by Duronio. Reflect on your
personal life experiences. Discuss a instance in your life in which you used
game theory to earn or save money. Did you realize you were implementing game
theory in the situation? How did the outcome benefit you at that moment and in
the future?
ECN
601 Week 5 Discussion 2 | Assignment Help | grand canyon University
Using the Topic
Material "Game Theory," discuss your perspective on the use of game
theory. How do "Nash equilibrium" and the idea of one
"player" impacting another "player" within an organization
affect the economic decisions and growth of an organization?
ECN
601 Week 5 Assignment Help | Grand Canyon University
Complete the following
Problems 15‐1,
15‐3, 15‐4, and 15‐6 in Chapter 15 in
Managerial Economics: A Problem Solving Approach. Ensure that you clearly show
how you solved these problems and provide a 250‐500 word cumulative summary explaining
all problems.
Problems 15‐1
15-1 To Vote or Not to
Vote
Question: Mr. and Mrs.
Ward typically vote in opposite ends of the spectrum during elections, so their
votes “cancel each other out.” They each gain two units of utility in voting
for their positions (and lose two units of utility from a vote against their
positions). However, the difficulties of actually voting would cost each of
them one unit of utility. Diagram a game in which they choose whether to vote
or not to vote.
15-3 Compatibility
Question: Microsoft and
a smaller rival often have to select from one of two competing technologies.
The rival always prefers to select the same technology as Microsoft (because
compatibility is important), while Microsoft always wants to select a different
technology from its rival. Describe the equilibrium of this game.
ECN
601 Week 6 Discussion 1 | Assignment Help | Grand Canyon University
Discuss the importance
of analyzing competition within an industry to better appeal to potential
candidates. How can an organization use incentives to ensure it appeals to the
employees it wants to hire?
ECN
601 Week 6 Discussion 2 | Assignment Help | Grand Canyon University
Discuss how wages are
determined in labor markets. Explain how a monopsony market structure is
affected by a price floor (minimum wage), and what is the effect of the
monopsony of the local economy?
ECN
601 Week 6 Assignment Help 1 | Grand Canyon University
CLC - Incentive Plan
This is a Collaborative
Learning Community (CLC) assignment.
Within your CLC team,
discuss your current organization's employee incentives and motivation
strategies. Examine the individual organization's compensation challenges and
industry competition. Based on this discussion, teams will develop an incentive
plan suitable for all participating members that encourages an organizational
culture that motivates employees and evaluates their performance. Your
incentive plan (1,000‐1,250
words) must include:
An overview of the
organization for which your team is developing an incentive plan.
A performance metric to
monitor employee performance.
Motivation strategies
and techniques to appeal to employees.
Incentive compensation
to remain competitive within the industry.
Moral hazard affecting
employees and the organization.
Prepare this assignment
according to the guidelines found in the APA Style Guide, located in the
Student Success Center. An abstract is not required.
ECN
601 Week 6 Assignment Help 2 | Grand Canyon University
Peer-Evaluation Form
Complete the
"Peer-Evaluation Form." Points assigned to individuals in the group
will be prorated based on the peer-evaluation.
ECN
601 Week 7 Discussion 1 | Assignment Help | Grand Canyon University
Identify one
environmental factor or risk that affects the decision-making opportunities within
your organization. Provide a brief description of the concerns and potential
solutions for addressing the concerns or risks. Are there financial
requirements that must be considered when processing decisions within a
company?
ECN
601 Week 7 Discussion 2 | Assignment Help | Grand Canyon University
How does the financial
strength of an organization influence decision making and outcomes?
ECN
601 Week 7 Assignment Help | Grand Canyon University
For this assignment,
you are required to complete Individual Problems 17‐2 and 17‐6 at the end of Chapter
17 inManagerial Economics: A Problem Solving Approach. In addition, you are
required to complete Group Problem G17‐1:
Uncertainty. As you are evaluating your current company, address the following
decisions in your response (500‐750
words):
What environmental
factors and risks must be considered in the company's decision‐making process?
Evaluate cost factors
influencing the company's decision.
Determine strategies
that would provide value to the outcome your company is seeking relating to
this decision.
Prepare this assignment
according to the guidelines found in the APA Style Guide, located in the
Student Success Center. An abstract is not required.
ECN 601 Week 7 Exam | Quiz | Assignment Help |
Grand Canyon University
1. In
a two-person repeated game, a tit-for-tat strategy is:
2. Which
of the following is true
3. Which of
the following is not an example of risk aversion?
4. For direct
price discrimination to work effectively:
5. Use the table
provided to answer the following question. If the groups are of equal size and
the firm can only set one price, how should the firm price the high-end wok?
6. The general rule to increase profits
when two close complementary brands are jointly owned is:
7. Compared to simple pricing, price
discrimination leads to:
8. Tom wants to avoid any accidents on
the work floor of his factory. If an accident does occur, it would cost him
$500,000 in damages. Installing safety equipment would decrease the probability
of an accident occurring from 20% to 10%. However, the equipment costs $20,000
to install. What is his expected loss after installing the safety equipment?
9. The optimal strategy in a Vickery
auction is to:
10. Which of the following is a
violation of antitrust laws?
11. Use the table provided to answer
the following question. If the firm decides to only offer the high-end wok,
what is the highest price it can charge the chefs?
12. Which of the following would not be
illegal according to the Robinson-Patman Act?
12. Which of the following would not be
illegal according to the Robinson-Patman Act?
14. For jointly owned substitute
products, cannibalization leads to MR______MC.
15. The tradeoff between ____ and _____
is represented as the labor supply curve.
16.Three possibilities are equally
likely and have payoffs of $6, $12, and $24. The expected value is:
17. Indirect price discrimination
differs from direct price discrimination because:
18. Half of all your potential
customers would pay $10 for your product, but the other half would only pay $8.
You cannot tell them apart. Your marginal costs are $4. If you set the price at
$8, the expected profit is:
19. Nash equilibrium is:
20. If the VP of a product launch
thinks that a particular product would be profitable, but ended up launching an
unprofitable product, this will be a:
21. Moral hazard implies that:
22. The pricing rule MR=MC holds for:
23. Tom wants to avoid any accidents on
the work floor of his factory. If an accident does occur, it would cost him
$500,000 in damages. Installing safety equipment would decrease the probability
of an accident occurring from 20% to 10%. However, the equipment costs $20,000
to install. Would Tom install the safety equipment?
24. You experiment by offering free
warranties for your product in market A but not in market B. Sales in Market A
rise from 240 to 360 units per week while sales in Market B rise from 410 to
430. The difference-in-difference estimate of the effect of the free warranty
is:
25. Jim has a
better chance of having his offer accepted, since the seller does not have any
outside offers.
26. Viceroy Vacations is deciding on
how to price its vacation packages. Which of the following strategies would you
suggest?
27. In a principal-agent relationship
28. An HVAC company is selling heating
and cooling equipment. It has separate sales and marketing units. The marketing
unit would want to
29. What is it called when each
additional worker hired contributes successively smaller amounts of output?
30. For a production function with a
diminishing, but positive, marginal product of labor:
ECN
601 Week 8 Discussion 1 | Assignment Help | Grand canyon University
Description
Using the concept of
"carry trade," explain how a decrease in U.S. interest rates could
affect the EUR/USD exchange rate. Given this change in exchange rate, how would
firms and customers be affected?
ECN
601 Week 8 Discussion 2 | Assignment Help | Grand Canyon University
Description
How do economists
define a "bubble"? Provide an example of an asset market that you
think could be the next bubble and explain why. (Do not use the examples cited
in your textbook).
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