Should Jake have done something about Bob’s work prior to being placed in this dilemma? Discuss FIVE [5] possibilities for Jake. CASE STUDY 3: THE GLOWING RECOMMENDATIONJack Spacek is a credit manager for a medium-sized electricalsupply business. He has a full staff of analysts, collectors, andclerical employees who report to him. One of Jake's analysts, BobGuthrie, has just come to Jake and said, "I've got a great job offerfrom Edison Electric Supply in Cleveland. But it's contingent on abackground check and a good reference from you, Jake."Jakewould classify Bob As an average and conscientious employeewho reports to work on time and puts in a full day. Over the years,however, Jake has caught a number of errors Bob has made.Though at times he has barely managed to save the firm from greatexpense and embarrassment, Jake has not objected to the errorsbecause Bob is a pleasant fellow and a good friend. Jake hasthought often of replacing Bob but has been hesitant because oftheir friendship. If Jake gives him a good recommendation, Bob willget the job and Jake can bring in a new hire to ease his ownworkload,

* ANSWER :- 1. Don’t Let Familiarity Cloud Your Judgement * In a social context, there are some…

Answered: Should Jake have done something about…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 1.3P

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1. Throughout this course, we have solved many optimization or profit maximizing problems. a. State the rules used for unconstrained (regular) optimization and for constrained optimization. b. Using your own words, explain the rationale behind each stated rule as if you were explaining them to someone who has not yet completed this course: c. What doe economist mean when they use the term marginal? d. State how to compute Profit and explain how account profit and economic profit provides different insights to a firm’s current operations.
b) After conducting a costly study, an outside consultant and suggests that the company could makemore money from its customers if it sold laptops and printers together a s a bundle instead ofseparately. Is the consultant right?c) If the firm has only one customer of each type, how much does the firm each in total from purebundling?
Which of the following is correct a. Companies should always take the discount to pay suppliers earlier. b. If the firm can borrow below nominal cost of trade credit, is should take the discount and pay early c. If the cost of borrowing is lower than the effective cost of trade credit, the firm should take the discount and pay early d. If the cost of borrowing is higher than the nominal cost of trade credit, then the firm should take the discount and pay early e. Firms should always decline the discount to pay early and wait until last day of credit period to pay suppliers.
Suppose that a large discount retailer with a lot of purchasingpower in a supply chain requires that all suppliers incorpo-rate a new information system that will reduce the cost of placing orders between the retailer and its suppliers as wellas between the suppliers and their suppliers. Suppose alsothat order quantities and lead times are related; the smallerthe order quantity the shorter the lead time from suppliers.Assume that all members of the supply chain use a continu-ous review system and EOQ order quantities. Explain the im-plications of the new information system for the supply chainin general and the inventory systems of the supply chainmembers in particular
3. A company makes fidget spinners. They have written formulas for their revenue, R, and their costs, C, based on the number of spinners they make and sell, S: R = 4.31S C = 423 + 1.87S Determine their "break-even" point, where revenue and costs are equal 4. A different company makes dice. They have written formulas for their revenue, R, and their costs, C, based on the number of dice they make and sell, D: R = 0.65D C = 432 + 0.19D Determine their "break-even" point, where revenue and costs are equal.
Answer from question 2, and write the whole process of derivative MRS
The following discussion describes a new inventorysystem used by J. C. Penney39:In an industry where the goal is rapid turnaroundof merchandise, J.C. Penney stores now holdalmost no extra inventory of house-brand shirts.Less than a decade ago, Penney would have storedthousands of them in warehouses across the U.S.,tying up capital and slowly going out of style.The entire program is designed and operated byTAL Apparel Ltd., a closely held Hong Kong shirtmaker. TAL collects point-of-sale data for Penney’sshirts directly from its stores in North America foranalysis through a computer model it designed.The Hong Kong company then decides how manyshirts to make, and in what styles, colors, andsizes. The manufacturer sends the shirts directlyto each Penney store, bypassing the retailer’swarehouses and corporate decision makers. a. Discuss how this case illustrates the concept ofthe opportunity cost of capital.b. How does this innovation also help in demandmanagement?
Global Wannabe (GW), a manufacturer of musical instruments, is eager to internationalize. New to international business, within the coming four years, senior management wants GW to generate at least one-third of its sales from abroad by establishing foreign marketing subsidiaries and production bases in low-cost countries to cut manufacturing costs. GW’s president, Larry Gerber, has appointed you to the task force charged with recruiting managers who can run GW’s operations abroad. 3.2 What measures can you take to enhance the prospects of placing women in international business jobs?
Jiffyburger, a fast-food outlet, sells approximately 8,000 quarter-pound hamburgers in a given week. To meet that demand, Jiffyburger needs 2,000 pounds of ground beef delivered to its premises every Monday morning by 8:00 AM sharp.1. As the manager of a Jiffyburger franchise, what problems would you anticipate if you acquired ground beef using spot exchange?
What are the “Dorfman-Steiner” conditions? Could you derive the formula?(Hint: You may need to look online for this answer if it is not covered in class. Write down a revenue function and take derivative.).
C = 140,000 p − 1400 (a) Find the rate of change of cost with respect to p when impurities account for 1% (by volume). (b) Write a sentence that explains the meaning of your answer in part (a) If impurities increase 1%, the cost will increase by the absolute value of this amount.If impurities decrease 1%, the cost will decrease by the absolute value of this amount. If impurities increase 1%, the cost will decrease by the absolute value of this amount.If impurities increase by this percent, the cost will decrease by $10,000.If impurities increase by this percent, the cost will increase by $10,000.
please give me correct answer and full explanation and don't use chatGPT otherwise i give downvote6

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