Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter P3, Problem 5KC
To determine
The long run supply curve of the increasing cost industry.
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Question 4:
(A)The price of a product is determined by market conditions. The company is a price taker rather than a price maker. It estimates product cost by subtracting a desired profit margin from a competitive market price. It makes reference to the competitive market; it is fundamentally customer-focused and an important concept for new product development.
From the above identify the concept; explain the definition and process of concept.
topic : Industry equilibrium
Question : What determines the number of firms in an industry (a) in the short run, (b) in the long run.
Assignment Content
Suppose a firm uses sugar in a product that you purchase. The firm vertically integrates by purchasing sugar farms that produce the sugar organically and in a way that makes it also sustainable for the environment. How would that influence your demand for that product? What other purpose than profitability might cause the firm to make this decision to vertically integrate in this way?
Your journal entry must be at least 200 words in length. No references or citations are necessary.
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- Title Case: Ford to Shutdown Australian Production by 2016 The Ford Motor Company has decided to wind down production in Australia after 85 years. The carmaker says the closure of two plants and the loss of 1,200 jobs are because of production losses and the small market. “Manufacturing is not viable for Ford in Australia for the longer term,” said Chief Executive of Ford Australia Bob Graziano. “Our locally made products continue to be unprofitable, while our imported products continue to be profitable.” Analysts estimate the company has approximately $580 million in losses in the last fiscal year, and profit fell by 72 percent. Ford’s decision in Australia follows effort to also close shop in Europe. Graziano told reporters, Australian production was no longer sustainable as it was double the costs of Europe and quadruple the costs in Asia. The average hourly manufacturing salary in Australia in 2011 was $46.29, slightly lower than in Germany but 30 percent higher than the US and…arrow_forwardTitle Case: Ford to Shutdown Australian Production by 2016 The Ford Motor Company has decided to wind down production in Australia after 85 years. The carmaker says the closure of two plants and the loss of 1,200 jobs are because of production losses and the small market. “Manufacturing is not viable for Ford in Australia for the longer term,” said Chief Executive of Ford Australia Bob Graziano. “Our locally made products continue to be unprofitable, while our imported products continue to be profitable.” Analysts estimate the company has approximately $580 million in losses in the last fiscal year, and profit fell by 72 percent. Ford’s decision in Australia follows effort to also close shop in Europe. Graziano told reporters, Australian production was no longer sustainable as it was double the costs of Europe and quadruple the costs in Asia. The average hourly manufacturing salary in Australia in 2011 was $46.29, slightly lower than in Germany but 30 percent higher than the US and…arrow_forward
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