Which of the following is important in making managerial decisions? PLEASE EXPLAIN A. Analyzing the number of competitors to decide on optimal output and pricing B. Understanding the psychology of the consumers to aid in developing a marketing strategy C. Getting updates on government regulations and policies so the manager can violate the rules without being caught D. A and B are important E. A, B and C are important

Which of the following is important in making managerial decisions? PLEASE EXPLAIN A. Analyzing the number of competitors to decide on optimal output and pricing B. Understanding the psychology of the consumers to aid in developing a marketing strategy C. Getting updates on government regulations and policies so the manager can violate the rules without being caught D. A and B are important E. A, B and C are important

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

See similar textbooks

Similar questions

If you're a manager in a highly competitive business such where should you put your most effort to maximize profit? Pricing or cost cutting?
Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter. Buffy thinks she can sell $400,000 worth of amulets in a year. What would her accountant consider the store’s profit? 2. Should Buffy open the store? Explain.
Explain the role of the personal selling in the organizational buying behavior. And giving examples? Please write this homework half a page.
looking for help with this homework question... I'm not sure if wages, owners salary, job offer salary gets deducted or added for following question? Calculate the firm's economic profit. Revenue = $425,000 Raw materials = $60,000 Utilities = $20,000 Wages = $100,000 Owner's Salary = $95,000 Potential Rent from Building = $50,000 Job offer salary = $90,000
Ball Bearings Inc. faces costs of production as follows:Quantity Total Fixed cost Total Variable Cost0 200 01 200 502 200 703 200 904 200 1405 200 2006 200 360a. Calculate the company’s average fixed costs, average variable costs, average total costs, andmarginal costs. a. The price of a case of ball bearings is $50. Seeing that she can’t make a profit, the chiefexecutive officer (CEO) decides to shut down operations. What are the firm’s profits/losses?Was this a wise decision? Explain. b. Vaguely remembering his introductory economics course, the chief financial officer tells the CEOit is better to produce one case of ball bearings because marginal revenue equals marginal costat that quantity. What are the firm’s profits/losses at that level of production? Was this the bestdecision? Explain.
A special shoe manufacturer ABC Co. has costs of production as follows and solve all the subparts: Quantity 0 1 2 3 4 5 6 Total Variable Cost ($) 0 50 70 90 140 200 360 ABC Co.’s fixed costs are $100. Calculate average fixed costs, average variable costs, average total costs and marginal costs at each level of production. Draw the company’s cost curves in a clearly labelled graph. The price of ABC shoe is $50. What are the company’s profits? In case of loss, should the CEO continue operations or decide to shut-down? Which would be a wise decision? Explain. The chief financial officer tells the CEO that it’s better to produce only one shoe this month. What could be the reason for this advice by the CFO? What are the firm’s profits at that level of production? Is this the best decision? Explain.
In making managerial economic decisions, which of the following should an effective manager consider? a. the total explicit costs and revenue of the firm tb he total opportunity costs of production c. the total revenue of the firm only. d. accounting profit only
microeconomics . This firm will maximize profit by producing at output level: (pick the correct letter) f g h j
How can we Determine Accounting Profit?
As a future travel agent, discuss the importance why do you need to know the classification of tours that is based on purpose of travel and based on target market segment. Explain your answer and give at least 3 examples.
The Organizational Culture of Quinlan's
Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?