Principle #4 tells us that people respond to incentives. Explain how this principle can be utilized by profit-oriented firms in formulating policies for their organizations. Provide examples.
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Principle #4 tells us that people respond to incentives. Explain how this principle can be utilized by profit-oriented firms in formulating policies for their organizations. Provide examples.
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- Which legal school of thought is illustrated in this dialogue? DONUT DAY AT THE OFFICE Part 4 Lee: Right. Inflexible rules, applied the same way every time and in every situation, are just a sign of corporate insanity. This is a company that knows how to adapt and make smart decisions based on the circumstances at hand. Remember when we found out that Allied Chemical hair gel accelerated hair growth at twice the industry standard . . . just before the hair would fall out? Remember what happened to Winfred after he tested out the stuff for us? Remember how happy Allied Chemical was with us when we figured how to market their goop anyway? The rules are made to help us, the best of the best, get what we want. We are the "enlightened" of the break room, and the rules are meant to help US get what WE want. End Part 4 Irrational forces perspective. Sociological school of thought. Legal realism school of thought. Critical Legal Studies school of thought.Critically assess the relevance of the 'as if' principle used to justify the reliance on profit maximisation as the working objective of the modern business corporation. 'There is a simple relationship between advertising and profitability: the most profitable firms are the ones that advertise most. Therefore advertising must increase profitability.' Discuss.Please no written by hand 1. Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the textbook (Principles of Economics, 9th edition) to support your claims. 2. Insert your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.
- The salmon fishery on Vancouver Island has historically been one of the world’s richest. Over the past few years, poor returns of salmon to the island and competition from farm-raised salmon have reduced the profit realized by the fishermen. One response to lower revenues has been for fishermen to use family members instead of hiring crew “in order to reduce their costs.” What do you think about this business strategy? Will employing relatives really keep profits from falling? Under what conditions will this a good strategy?Explain why so many entrepreneurs underprice their goods and services, especially when they first get into business.What is the principal advantage of the corporate form of business organization? Discuss the importance of this advantage to the owner of a small family restaurant. Discuss the importance of this advantage to a wealthy entrepreneur who owns several businesses.
- . Economic responsibility, carried to the extreme, is called the profit-maximizing view. The view argues that the corporation should be operated on a profit-oriented basis, with its sole mission to increase its profits so long as it stays within the rules of the game. Is the purely profit-maximizing view considered an adequate criterion of performance? Can it lead companies into trouble? Use examplesEconomics discuss how each of the following charasterics apply to the industries discussed in the case for analysis; 1. a large number of firms in the marker 2. an undifferentiated product 3. Ease of entry into the market or no barieres to entry 4. complete information available to all market participants. Agglomeration Economies and Auto Row Chapter 1 uses Auto Row as an example of self-reinforcing changes that lead to extreme outcomes. Consider a city with three isolated automobile dealers, each of which has three buyers per day. The profit per car sold is $1,000. A two-dealer cluster would get six times as many buyers (18), and a three-dealer cluster would get 12 times as many buyers (36). a. Use a graph like Figure 3–2 to show the profit gap (the profit for a firm in a cluster minus the profit for an isolated firm) for one, two, and three dealers. b. If initially all dealers are isolated and then one joins another to form a twodealer cluster, other firms [will, won’t] have an incentive to join the cluster because. . . .
- Suppose, Pfizer Company is the only company allowed by the Sultanate government to sell COVID vaccine in Oman. According to you, what type of market Pfizer Company is having in Oman? a. Monopoly market b. Monopolistic market c. Competitive market d. Oligopoly marketDiscuss it in your own understanding and then give example each of the following: Tangible and Intangible Market Structure ( Perfect Competition,Monopoly Competition and Oligopoly Competition) Price and Production Local and National market Consumer and Producer goods Demands Law of demand Utility and DemandSister's Kennedy and Kiera own and run the only nail salon in Smithville, Alaska. They have different strategies for how to run the business. Kennedy wants to focus on meeting market demand and bringing in as much revenue as possible. She wants to charge $18 per manicure and sell 140 manicures per month. Kiera wants to make the largest possible profit, charging $25 per manicure and selling only 100 per month. Using a single market structure graph for the nail salon, show the difference between the price and quantity combinations favored by Kennedy and Kiera. Explain whose strategy you recommend they follow and why? Draw graph on a piece of paper Clearly label all axes and lines. Include all relevant details. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.