ECO 550 Complete Course
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Friday, 16 October 2015

ECO 550 Complete Course

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ECO 550 week 1 Discussion 1
"Fundamental Economic Concepts" Please respond to the following:
·         Answer the following discussions based on the Katrina’s Candies scenario:
o    From the scenario for Katrina’s Candies, examine the key factors affecting the demand for and the supply of a good in general and Katrina’s Candies specifically. Distinguish between a change in demand and a change in the quantity demanded (movement along the demand curve).
o    From the above, indicate the factors that are responsible for a shift in demand; and explain how the change is effected by these factors.


o    Indicate the factors that are responsible for a shift in supply; and explain how the change is affected by these factors.

ECO 550 week 1 Discussion 2
"Supply and Demand" Please respond to the following:
·         From the e-Activity, examine the key factors that influence the supply and demand of the selected good in general and Katrina’s Candies specifically. Propose two (2) methods in which organizations that provide the good may utilize this information. Provide a rationale for your response.
ECO 550 Week 2 Discussion 1
"Estimating Demand" Please respond to the following:
·         * From the scenario for Katrina’s Candies, examine the procedure Herb will use to estimate the demand model developed in the scenario for Week 1. Determine the meaning, relevance, and importance for a manager interpreting the regression results.
ECO 550 Week 2 Discussion 2
"Estimating Elasticity of Demand" Please respond to the following:
·         From the e-Activity, analyze the elasticity of demand for products within the selected industry relevant to Katrina’s Candies. Determine the factors involved in making decisions about pricing these products that you believe to be the most influential. Provide a rationale for your response.

ECO 550 Week 3 Discussion 1
"Managing in the Global Economy" Please respond to the following:
·         *Answer the following discussions based on the Katrina’s Candies scenario:
o    From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario.
o    Now, assume you have acquired some time series data that would enable you to make short, medium, and long term forecasts. Ascertain the quantitative technique that will provide you with the most accurate forecast. Provide a rationale for your responses
ECO 550 Week 3 Discussion 2
"Outsourcing Offshore" Please respond to the following:
·         Answer the following discussions on the decision to outsource offshore:
o    Aside from maximizing profits, list the key factors that managers should consider when deciding whether or not to outsource offshore. Determine the key factors that you believe to be the most influential. Provide a rationale for your response.
o    Examine the manner in which the firm’s decision to outsource offshore is impacted by foreign exchange. Determine whether or not it matters where the company outsources offshore. Provide a rationale for your response.

ECO 550 Week 3 Assignment 1 Demand Estimation
Due Week 3 and worth 200 points
Imagine that you work for the maker of a leading brand of low-calorie, frozen microwavable food that estimates the following demand equation for its product using data from 26 supermarkets around the country for the month of April.
For a refresher on independent and dependent variables, please go to Sophia’s Website and review the Independent and Dependent Variables tutorial, located athttp://www.sophia.org/tutorials/independent-and-dependent-variables--3.
Option 1
Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets.
QD       =          - 5200 - 42P + 20PX + 5.2I + .20A + .25M
(2.002)  (17.5) (6.2)    (2.5)   (0.09)   (0.21)
R2 = 0.55           n = 26               F = 4.88
Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:
Q          =          Quantity demanded of 3-pack units
P (in cents)       =          Price of the product = 500 cents per 3-pack unit
PX (in cents)     =          Price of leading competitor’s product = 600 cents per 3-pack unit
I (in dollars)       =          Per capita income of the standard metropolitan statistical area
(SMSA) in which the supermarkets are located = $5,500
A (in dollars)     =          Monthly advertising expenditures = $10,000
M                     =          Number of microwave ovens sold in the SMSA in which the
supermarkets are located = 5,000
Option 2
Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets.
QD       =          -2,000 - 100P + 15A + 25PX + 10I
(5,234)  (2.29)   (525)   (1.75)  (1.5)
R2 = 0.85           n = 120             F = 35.25
Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:
Q          =          Quantity demanded of 3-pack units
P (in cents)       =          Price of the product = 200 cents per 3-pack unit
PX (in cents)     =          Price of leading competitor’s product = 300 cents per 3-pack unit
I (in dollars)       =          Per capita income of the standard metropolitan statistical area
(SMSA) in which the supermarkets are located = $5,000
A (in dollars)     =          Monthly advertising expenditures = $640
Write a four to six (4-6) page paper in which you:
1.      Compute the elasticities for each independent variable. Note: Write down all of your calculations.
2.      Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results.
3.      Recommend whether you believe that this firm should or should not cut its price to increase its market share. Provide support for your recommendation.
4.      Assume that all the factors affecting demand in this model remain the same, but that the price has changed. Further assume that the price changes are 100, 200, 300, 400, 500, 600 dollars.
a.       Plot the demand curve for the firm.
b.      Plot the corresponding supply curve on the same graph using the following MC / supply function Q = -7909.89 + 79.0989P with the same prices.
c.       Determine the equilibrium price and quantity.
d.      Outline the significant factors that could cause changes in supply and demand for the product. Determine the primary manner in which both the short-term and the long-term changes in market conditions could impact the demand for, and the supply, of the product.
5.      Indicate the crucial factors that could cause rightward shifts and leftward shifts of the demand and supply curves.

6.      Use at least three (3) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.
Your assignment must follow these formatting requirements:
·         Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
·         Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
·         Analyze how production and cost functions in the short run and long run affect the strategy of individual firms.
·         Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run, and the economic impact on a company’s operations.
·         Use technology and information resources to research issues in managerial economics and globalization.
·         Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
Click here to view the grading rubric.

ECO 550 Week 4 Discussion 1
"Production Economics" Please respond to the following:
·         * From the scenario for Katrina’s Candies, determine the relevant costs for the expansion decision, and distinguish between the short run and the long run costs. Recommend the key decision-making criteria that Katrina’s Candies should use for expansion decisions in the short run and in the long run. Provide rationale for your response.
·         ECO 550 Week 4 Discussion 2
"Production Decisions" Please respond to the following:
·         From the e-Activity, recommend whether the company in question should or should not continue to produce the good or service. Provide a rationale for your response.

ECO 550 Week 5 Discussion 1
"Applications of Cost Theory" Please respond to the following:
·         * Answer the following discussions based on the Katrina’s Candies scenario:
o    From the scenario for Katrina’s Candies, determine the appropriate type of market structure for the situation in question. Cite at least four (4) defining characteristics that have helped you reach this decision regarding the appropriateness of the chosen structure.
o    Recommend two (2) kinds of pricing and output strategies that Katrina’s Candies should use to reach the goal of profit maximization. Suggest key modifications that Katrina’s Candies should make in order to maintain a competitive advantage when new entrants enter the market. Provide a rationale for your suggestions.

ECO 550 Week 5 Discussion 2
"Cost Management" Please respond to the following:
·         Imagine that you are a manager of a chemical company. An accident has occurred in which chemicals leaked into the ground water nearby. The community is unaware of the accident. Compare the primary costs involved in cleaning up the water immediately (and thus confessing) versus hiding your culpability now and possibly paying more in the future. Predict the impact on profitability in both situations. Justify your response.

ECO 550 Midterm Exam 1 and 2

ECO 550 Week 6 Discussion 1
"Market Structures" Please respond to the following:
·         * From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
P = 50-0.01Q and MR = 50-0.02Q
*Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.
·          
o    Algebraically, determine what price Katrina’s Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.

ECO 550 Week 6 Discussion 2
"Maximizing Revenue" Please respond to the following:
·         * From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
P = 50-0.01Q and MR = 50-0.02Q
*Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.
·          
o    Algebraically, determine what price Katrina’s Candies should charge if the company wants to maximize revenue in the short run. Determine the quantity that would be produced at this price and the maximum revenue possible

ECO 550 Week 6 Assignment Assignment 2 Operations Decision
Due Week 6 and worth 300 points
Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-calorie frozen, microwavable food company operates.
Use the Internet to research two (2) of the leading competitors in the low-calorie frozen, microwavable food industry, and take note of their pricing strategies, profitability, and their relationships within the industry (worldwide).
Write a six to eight (6-8) page paper in which you:
1.      Outline a plan that will assess the effectiveness of the market structure for the company’s operations. Note: In Assignment 1, the assumption was that the market structure [or selling environment] was perfectly competitive and that the equilibrium price was to be determined by setting QD equal to QS. You are now aware of recent changes in the selling environment that suggest an imperfectly competitive market where your firm now has substantial market power in setting its own “optimal” price.
2.      Given that business operations have changed from the market structure specified in the original scenario in Assignment 1, determine two (2) likely factors that might have caused the change. Predict the primary manner in which this change would likely impact business operations in the new market environment.
3.      Analyze the major short run and long cost functions for the low-calorie, frozen microwaveable food company given the cost functions below. Suggest substantive ways in which the low-calorie food company may use this information in order to make decisions in both the short-run and the long-run.
TC = 160,000,000 + 100Q + 0.0063212Q2
VC = 100Q + 0.0063212Q2
MC= 100 + 0.0126424Q
4.      Determine the possible circumstances under which the company should discontinue operations. Suggest key actions that management should take in order to confront these circumstances. Provide a rationale for your response. (Hint: Your firm’s price must cover average variable costs in the short run and average total costs in the long run to continue operations.)
5.      Suggest one (1) pricing policy that will enable your low-calorie, frozen microwavable food company to maximize profits. Provide a rationale for your suggestion.
(Hints:

·         In Assignment 1, you determined your firm’s market demand equation. Now you need to find the inverse demand equation. Having found that, find the Total Revenue function for your firm (TR is P x Q). From your firm’s Total Revenue function, then find your Marginal Revenue (MR) function.
·         Use the profit maximization rule MR = MC to determine your optimal price and optimal output level now that you have market power. Compare these values with the values you generated in Assignment 1. Determine whether your price higher is or lower.)
6.      Outline a plan, based on the information provided in the scenario, which the company could use in order to evaluate its financial performance. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term, and the fundamental manner in which each factor influences managerial decisions.
(Hints:
·         Calculate profit in the short run by using the price and output levels you generated in part 5. Optional: You may want to compare this to what profit would have been in Assignment 1 using the cost function provided here.
·         Calculate profit in the long run by using the output level you generated in part 5 and cost data in part 3 and assuming that the selling environment will likely be very competitive. Determine why this would be a valid assumption.)
7.      Recommend two (2) actions that the company could take in order to improve its profitability and deliver more value to its stakeholders. Outline, in brief, a plan to implement your recommendations.
8.      Use at least five (5) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.
Your assignment must follow these formatting requirements:
·         Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
·         Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
·         Analyze short-run and long-run production and cost functions.
·         Apply macroeconomic concepts to changes in global and national economies and how they affect economic growth, inflation, interest rates, and wage rates.
·         Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries.
·         Use technology and information resources to research issues in managerial economics and globalization.
·         Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
Click here to view the grading rubric.

ECO 550 Week 7 Discussion 1
"Predicting Price-Setting Strategies" Please respond to the following:
·         * From the scenario for Katrina’s Candies, determine the importance of predicting the pricing strategies of rival firms in an industry characterized by mutual interdependence. Provide a rationale for your response.
ECO 550 Week 7Discussion 2
"Price-Setting Strategies" Please respond to the following:
·         Examine the common price setting strategies of airlines that use game theory. Predict the potential effects of such pricing strategies on the demand for seats, and conclude the resulting impact on the profitability of the airlines.

ECO 550 Week 8 Discussion 1
"Entering a Merger" Please respond to the following:
·         * From the scenario for Katrina’s Candies, examine the major implications for firms entering into a merger. Explain the criteria the U.S. Department of Justice and the Federal Trade Commission would follow when deciding on whether or not to approve a proposed merger.
ECO 550 Week 8 Discussion 2
"Organizational Form" Please respond to the following:
·         Examine two (2) organizational forms of business (e.g., functional, product, etc.). Predict the possible implications of the principal agent relationship for each of these organizational forms of business. Determine which of the organization forms would have more of an economic impact on the operations of the firm and its ability to maximize profits. Provide a rationale for your response.

ECO 550 Week 9 Discussion 1
"Impact of Government Regulation" Please respond to the following:
·         * From the scenario for Katrina’s Candies, take a position as to whether government regulation is constraining or enabling in this situation, as it relates to the operational efficiency of the company. Speculate on the fundamental manner in which government regulation could impact the shareholders’ wealth and profitability.
ECO 550 Week 9 Discussion 2
"Government Regulation" Please respond to the following:
·         From the e-Activity, take a position on whether the banking industry needs more or less government regulation. Support your position with two (2) examples of the impact of regulation.

ECO 550 Week 9 Assignment 3 Long-Term Investment Decisions
Due Week 9 and worth 300 points
Assume that the low-calorie frozen, microwavable food company from Assignments 1 and 2 wants to expand and has to make some long-term capital budgeting decisions. The company is currently facing increases in the costs of major ingredients.
Use the Internet and Strayer databases to research government policies and regulation.
Write a six to eight (6-8) page paper in which you:
1.      Outline a plan that managers in the low-calorie, frozen microwaveable food company could follow in anticipation of raising prices when selecting pricing strategies for making their products response to a change in price less elastic. Provide a rationale for your response.
2.      Examine the major effects that government policies have on production and employment. Predict the potential effects that government policies could have on your company.
3.      Determine whether or not government regulation to ensure fairness in the low-calorie, frozen microwavable food industry is needed. Cite the major reasons for government involvement in a market economy. Provide two (2) examples of government involvement in a similar market economy to support your response.
4.      Examine the major complexities that would arise under expansion via capital projects. Propose key actions that the company could take in order to prevent or address these complexities.
5.      Suggest the substantive manner in which the company could create a convergence between the interests of stockholders and managers. Indicate the most likely impact to profitability of such a convergence. Provide two (2) examples of instances that support your response.
6.      Use at least five (5) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.
Your assignment must follow these formatting requirements:

·         Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
·         Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
·         Propose how differences in demand and elasticity lead managers to develop various pricing strategies.
·         Analyze the economic impact of contracting, governance and organizational form within organizations.
·         Use technology and information resources to research issues in managerial economics and globalization.
·         Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
Click here to view the grading rubric.
ECO 550 Week 10 Discussion 1
"Long-Term Investment" Please respond to the following:
·         * From the scenario for Katrina’s Candies, suggest one (1) method in which Herb could use a cost-benefit analysis to argue for or against an expansion. Create three (3) optimal decision rules for Katrina’s Candies (e.g., whether to hire more staff or hire temporary workers to meet production schedules).

ECO 550 Week 10 Discussion 2
"Cost-Benefit Analysis" Please respond to the following:
·         Assess both the short-term and the long-term costs and benefits of obtaining a graduate degree. Support your decision to obtain a graduate degree with a cost-benefit analysis of your particular situation.

ECO 550 Week 11 Discussion 1
"Transfer It" Please respond to the following:
·         Propose two (2) applications of the knowledge that you have learned in this course to your current or a future position. Provide a rationale for your response.

ECO 550 Week 11 Discussion 1
"Best Practices" Please respond to the following:
·         Create a list of three (3) best practices to follow in the field of managerial economics and globalization. Provide a rationale for your response.


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