A firm's decisions are ultimately oriented toward: -increasing total revenue -minimizing the number of employees it hires. -negotiating better deals with supplier -maximizing profit -maximizing production
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A firm's decisions are ultimately oriented toward:
-increasing total revenue
-minimizing the number of employees it hires.
-negotiating better deals with supplier
-maximizing profit
-maximizing production
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- The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time *production techniques become more expensive.new firms can enter the industry and old firms can increase their plant size.producers become more competitive.consumers become more demanding. Economic profit is frequently *greater than total revenue.defined as total revenue minus total fixed cost.irrelevant to the owner of a firm who is concerned instead with accounting profits.less than accounting profit. Diminishing returns *characterize all stages of production.eventually occur in all short-run production situations.are always associated with declining average product in the short-run.exist in the short run, because as additional units of an input are hired, the firm has to accept less satisfactory units.Economic profit is frequently *greater than total revenue.defined as total revenue minus total fixed cost.irrelevant to the owner of a firm who is concerned instead with accounting profits.less than accounting profit.Geographic diversification across national boundaries often hurts a company's performance because ______ countries differ in languages, cultures, norms and institutional practices economies of scope exist economies of scale exist some countries have low labor costs
- Economies of scale in purchasing and ordering refers to: -all the answers are correct - the ability to receive discounts when ordering products -bargaining down the key costs of inputs -the increased bargaining power with suppliersMatching demand with capacity is the focus of_______ management.A print shop wants to expand production. It currently has 20 employees and 8 copy machines and recently added two new copiers which increased the daily output by 100,000. They also added 4 employees which increased output by 80,000. Each copier costs twice as much as hiring an extra employee. What is the best course of action: hire an additional worker or purchase an extra copier? Show work
- Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.Firms Profitabilty a) can be enhances by the development of better products. b) can be undercut by the development of better products. c) can be tied to performance pay for both managers and workers. d) all of the aboveDescribe large bureaucratic organizations with which you have had contact with that has not responded flexibly to customer demands. And describe examples of satisfactory responsiveness. What do you think accounts for the differences between the responsive and nonresponsive organizations?
- Normal profits are Multiple Choice the profits reported by accountants on a firm's annual financial statement. identical to economic profits. determined by subtracting total costs from total revenues. considered an implicit cost by economists.Economies of ______ occur when a single firm can produce two products for a lower total cost than two firms can produce those same products. Group of answer choices scale. efficiency. scope. output.Briley Cosmetics manufactures and distributes a wide range of skin care products. A recent order has arrived for 10,000 cartons of face cream, 5,000 cases of body cream, and 15,000 cases of hand cream. The manufacturing process consists of a two-stage procedure that uses two types of raw materials (A and B). Briley’s monthly production capacity (first shift) is 15,000 labor-hours for stage 1 and 10,000 for stage 2. The first shift hourly rates are $8.50 for stage 1 and $9.25 for stage 2. A second shift is available with a 10% reduction in capacity and a 10% increase in wage rates. The cost for raw materials is $1/pound for Type A and $1.50/pound for Type B. The manufacturing facility has available for the next production run 200,000 pounds of Type A and 150,000 pound of Type B. The following table summarizes the resource requirements to produce each product. Briley can also subcontract with a local supplier for face cream and body cream at a cost of $40/carton and $55/carton,…