Learning Goal: I’m working on a business writing question and need an explanation and answer to help me learn.
Answer question number 5 from chapter 6, question number 8 from chapter 7 and question number 2 chapter 8. Submit your answer in a Word document.
Chapter 6: The Theory and Estimation of Production
1. What are total, average and marginal product?
2. What is the law of diminishing returns? Provide an example.
3. If you are a manager, why you wouldn’t like the level of production of your firm to be in the stages of production I and III?
4. Explain in your own words how the optimal use of labor occurs when the Marginal Labor Cost equals the Marginal Revenue Product. Generalize your understanding to the use of multiple inputs.
5. What are increasing, decreasing and constant returns to scale?
6. Explain ‘lean manufacturing’ and how this could be applied to your job place.
Chapter 7: The Theory and Estimation of Cost
1. Why managers should differentiate historical costs from replacement costs?
2. Why managers should be aware of implicit and explicit costs?
3. Why sunk costs should not be considered for optimal managerial decisions?
4. Explain how the law of diminishing returns determine increasing marginal costs in the short run.
5. Explain the formulas, shapes and relationships of total costs, total variable costs, total fixed costs, average costs, average variable costs, average fixed costs and marginal costs (Hint: and the shapes (review pages 260-261 and Figure 7.2)
6. How a reduction/increase in the price of labor affect graphs a and b in Figure 7.2?
7. How Supply Chain Management can increase profits?
8. Cost reductions increase profits. Describe 3 out of the 8 ways firms reduce costs (pp. 280-285) and provide your own real examples.
9. Look at Figure 7.11: If the expected demand is 25000 units, what plant size would you recommend installing? Why?
10. Give your own examples of economies of scope and economies of scale.
Chapter 8: Pricing and Output Decisions: Perfect Competition and Monopoly
1. Compare and differentiate the 4 basic characteristics of perfect competitive and monopoly markets.
2. Graphically how a perfectly competitive firm determines the optimum output level? Note: Refer to my lecture.
3. How much profit does a perfectly competitive firm make in the short run and long run?
4. If a perfectly competitive firm is making a loss, should it continue or exit the market?
5. How does a monopoly determine the optimum output level and optimum price?
6.. Can a monopoly make a loss in the short run and long run?
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Paper Helper has assembled a team of highly skilled writers with diverse experience in the online writing circles. Our aim is to become a one stop shop for all your Academic/ online writing. Check out below our amazing service!
At Paper Helper, we prioritize on all aspects that creates a good grade such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines. The principal purpose of essay writing is to present the author's evaluation concerning a singular subject about which they have made. Since Professionalism is the mother of every success, try our team of experienced writers in helping you complete your essays and other assignments.
You have been trying to join that prestigious institution you long yearned for, but the hurdle of an admission essay has become a stumbling block. We have your back, with our proven team that has gained invaluable experience over time, your chance of joining that institution is now! Just let us work on that essay.How do you write an admission essay? How do you begin the essay? For answers, try Quality Custom Writers Now!
Editing and Proofreading
Regardless of whether you're pleased with your composing abilities, it's never an impractical notion to have a second eye go through your work. The best editing services leaves no mistake untouched. We recognize the stuff needed to polish up a writing; as a component of our editing and proofreading, we'll change and refine your write up to guarantee it's amazing, and blunder free. Our group of expert editors will examine your work, giving an impeccable touch of English while ensuring your punctuation and sentence structures are top-notch.
We pride ourselves in having a team of clinical writers. The stringent and rigorous vetting process ensures that only the best persons for job. We hire qualified PhD and MA writers only. We equally offer our team of writers bonuses and incentives to motivate their working spirit in terms of delivering original, unique, and informative content. They are our resources drawn from diverse fields. Therefore your technical paper is in the right hands. Every paper is assessed and only the writers with the technical know-how in that field get to work on it.
College Essay Writing
If all along you have been looking for a trustworthy college essay service provider that provides superb academic papers at reasonable prices, then be glad that you search has ended with us. We are your best choice! Get high-quality college essay writing from our magnificent team of knowledgeable and dedicated writers right now!
Quality Assignment/Homework Help
We give the students premium quality assignments, without alarming them with plagiarism and referencing issues. We ensure that the assignments stick to the rules given by the tutors. We are specific about the deadlines you give us. We assure you that you will get your papers well in advance, knowing that you will review and return it if there are any changes, which should be incorporated.