(Solution) 134299150 Rldbqn=1 0 1 False NavigateFreely False 75361989 False 0 /main/CourseMod Question 1. (TCOs A And D) Suppose You Are Hired To Manage A Small... | Snapessays.com


(Solution) 134299150 rldbqn=1 0 1 False NavigateFreely false 75361989 False 0 /main/CourseMod Question 1. (TCOs A and D) Suppose you are hired to manage a small...


Is it possible for you to answer and return to me in 1 hour?Question 1.

 

1.

 

(TCOs A and D) Suppose you are hired to manage a small manufacturing facility that

 

produces Widgets. (Part A) You know that you are operating in a monopolistically competitive market,

 

that is, you are a small part of a large market with many competitors in this market. From data

 

collected on the Widget Market, you know that market demand has recently decreased and market

 

supply has recently decreased. Name two shift factors/determinants that could have caused the

 

market demand to decrease and two shift factors and determinants that could have caused the

 

market supply to decrease. Also as manager of the facility, what decisions should you make regarding

 

production levels and pricing for your Widget facility

 

Remember that supply and demand are about the market supply and market demand, which is much

 

bigger than your own company. You are being given data on supply and demand for the whole market

 

and are being asked what e±ect that has on you as a small part of that market. You want to identify

 

the possible change in market equilibrium price and possible change in market equilibrium quantity

 

based on the shifts in demand and supply and adjust your own price and quantity to match the

 

market.

 

(Part B) Now, suppose that the following changes in demand and supply occur: (1) a complimentary

 

good goes down in price and (2) your costs of production decrease. What decisions will you make

 

regarding production levels and pricing for your Widget facility based ONLY on these changes, for

 

example, do not factor in the changes in part (a) here?

 

Question 2.

 

2.

 

(TCO B) The supply and demand schedules for tickets to basketball games in town of

 

Oakwood are given in the table below

 

Price

 

QuantTy Demanded

 

QuantTy Supplied

 

$6

 

3,000

 

3,000

 

7

 

2,500

 

3,000

 

8

 

2,000

 

3,000

 

9

 

1,500

 

3,000

 

10

 

1,000

 

3,000

 

The stadium owners need to ²nd the optimum price for the games.

 

(Part A) What are the coe³cients of elasticity of supply and demand if the price is raised from $6 to

 

$8?

 

(Part B) Characterize the demand and supply for tickets based on the calculated elasticities.

 

(Part C) What is the optimum price that the stadium owners can set for the tickets?

 

(Part D) Why is the selected price for the tickets better than other prices given in the table above? (4

 

134299150

 

75361989

 

1

 

False

 

false

 

rldbqn=1

 

NavigateFreely

 

False

 

/main/CourseMod

 

1138366799

 

Essay

 

1

 


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