What benefits did the experience offer you?

Professional mentorship has been identified as an important component of professional engagement, professional growth, and advancement. Consider your own professional journey. Has a mentor shaped your professional advancement? Share a mentor experience from your personal or professional life. What benefits did the experience offer you? How might you mentor other providers seeking to advance in your discipline?


 

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The short-run marginal cost curve falls and then rises because of

ASHFORD ECO204/ECO 204 QUIZ 3 (100% Answer)
Question 1. 1.
1. A firm that owns a wheat farm, a grain elevator, a flour mill, a commercial bakery, and a grocery store chain is (Points : 1)
horizontally integrated.
vertically integrated.
a monopoly.
an imperfect competitor.
a conglomerate.
Question 2. 2. The short-run marginal cost curve falls and then rises because of (Points : 1)
fixed costs.
diseconomies of scale.
diseconomies and economies of scale.
the principle of diminishing returns.
Question 3. 3. Firms exist for all but which one of the following reasons? (Points : 1)
To reduce transactions costs
To produce things
To organize teams
To monitor shirking
To reduce the costs of buying
Question 4. 4. A firm exists to (Points : 1)
make money.
organize information.
make resources.
transform inputs into marketable outputs.
transform products into commodities.
Question 5. 5.The long-run decision is to select (Points : 1)
the desired long-run AC curve.
the desired short-run AC curve.
the desired long-run MC curve.
the desired quantity of labor to go with fixed capital.
the plant size to go with the fixed quantity of labor.
6. Nonprofit firms, both private and governmental, may differ in behavior from profit-seeking private firms because (Points : 1)
there is no residual claimant.
the demand for the products is inherently different.
government managers seek more capital-intensive means of production.
government firms are more difficult to manage.
private firms do not compete with government firms.
Question 7. 7. Ralph’s Travel Agency had accounting profits of $50,000 and implicit costs of $30,000. What were economic profits? (Points : 1)
$50,000
$30,000
$20,000
The amount cannot be determined from the information given.
Question 8. 8. A vertically integrated firm might own (Points : 1)
a ski factory, an Alpine resort hotel, and an emergency medical center.
several plants that manufacture different qualities of skis.
a ski factory, a cigar manufacturer, and a carpet factory.
several plants in different countries that manufacture skis.
03:05
03:06
1 min
Question 9. 9. The technical relationship between inputs and outputs, which is needed to understand the difference between the short run and the long run, is called (Points : 1)
technical efficiency.
economic efficiency.
a production function.
a time and motion study.
supply and demand.
Question 10. 10. Last spring, Coil Spring Co. reported that average fixed costs had increased, but average variable costs were unchanged. This indicates that (Points : 1)
marginal costs are less than average variable cost but greater than average cost.
fixed costs have increased.
output is declining.
marginal costs have increased.


 

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explain how you would design each alternative for maximum effectiveness and efficiency.

Subject: Economics    / Accounting

Question #1:Using a product of your choice along with prices and quantities you select, create a tutorial that will teach somebody how to draw a supply curve, a demand curve, and determine the equilibrium point. Also explain the factors that could cause the supply and demand curves to shift up or down.

Question #2: A)Cafe Hola in Fernandina Beach sells cortadito coffee drinks for $3 each and customers buy 200 each day. They raise the price to $4.50 and sell 170 each day. Calculate the elasticity of demand and explain if they should maintain the new price or change it.

B)The Amelia Tavern sells their Beachside Bilge Beer for $4 a pint and sells 150 each day. They lower the price to $3 and sell 165 pints. Caluate the elasticity and explain if they should maintain the new price or change it.

C)The Amelia Tavern hires you to develop a summer drink that will have an inelastic demand among customers so that they can charge a high price for it. How would you decide on the best way to do this? Assuming this is a free market, why is it difficult to maintain inelastic demand and high profits?

Question #3:Every year gym memberships go up after New Year’s then are back to normal by the end of March. Use the concepts of utility to explain this. Next, pick another are of human behavior and use utility concepts to explain it.

Question #4:Say that the Trump administration hires you to develop two alternative approaches to health care. One is a free market approach where government provides legal regulation but no funding. The other is a monopoly approach with no competition and the government as the only provider. Based on what we are learning in this course and any additional economics research you choose to do, explain how you would design each alternative for maximum effectiveness and efficiency.


 

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What formal organizational structure would you recommend he use?

instructions

Please read the following hypothetical case, then address each of the following issues in a separate paragraph or two, with each response identified by the corresponding letter of the issue you are addressing. Your responses should reflect issues you have studied in the unit chapters, and must be your own work. If you do incorporate other sources, be sure to clearly identify them as such. All submissions are expected to be college level work, with appropriate spelling, grammar, formatting, etc., and must be submitted in .doc or .dox format.

Eddy has the world’s best recipes for Chili and Hot Dogs, and at the urging of family and friends, is finally opening his restaurant, “Fast Eddy’s”. He has ample personal resources from his fortune earned as a stock trader, so finance is not a concern. He does however, have limited experience as a business operator, and has some decisions to make. Please address the following questions to help him make his choices.

1. Given the fact that he will be opening a restaurant and knowing a little about his personal situation, what legal form of ownership would you recommend he use? Please give your rationale for your recommendation, including any possible downsides to the form.

2. He anticipates being open for lunch and dinner, with both eat in and take out options available, 6 days a week. Initially, he plans to hire approx. 25 employees. What formal organizational structure would you recommend he use? Provide a simple organizational chart and explain the pros and cons of this choice.

3. Eddy wants to have happy employees, as he believes that will result in better performance. Please make one specific suggestion for a motivating technique he could employ, and explain what motivational theory it relates to.

4. The idea of franchising his idea has crossed his mind. If he were to take that step, what issues, positive and negative, would you anticipate him encountering in the early years of his operation?


 

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