Microeconomics (Fall 2014) Simon Bowmaker Problem Set 6 Submit at lecture (Monday‚ November 10) Write your answers on separate sheets of paper. Please include: your name your recitation teacher’s name day and time of the recitation NB: if your recitation takes place on Monday morning‚ you must submit your assignment to your teacher at the beginning of the recitation. 1. Assume a monopolist faces the following market demand: Q = 100 - 2P. The monopolist’s total cost function is TC = 5+8Q2. What
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Operations Management‚ 10e (Heizer/Render) Chapter 1 Operations and Productivity True/False 1) Some of the operations-related activities of Hard Rock Café include designing meals and analyzing them for ingredient cost and labor requirements. Answer: TRUE Diff: 1 Topic: Global company profile Objective: LO1-1 2) Because Hard Rock Cafes are themed restaurants‚ operations managers focus their layout design efforts on attractiveness while paying little attention to efficiency. Answer:
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1 Chapter Introduction to Operations Management True/False 1. Operations managers are responsible for assessing consumer wants and needs and selling and promoting the organization’s goods or services. Answer: False Page: 4 Difficulty: Easy 2. Often‚ the collective success or failure of companies’ operations functions will impact the ability of a nation to compete with other nations. Answer: True Page: 4 Difficulty: Easy 3. Companies are either producing goods or delivering services. This means that
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improve product flow. Smooth the flow-> pull system-Kanban: Kanban means “sign” or “instruction card” in Japanese; the authority to produce or supply additional parts come from downstream operations; -small lots: Require less space and capital investment‚ Move processes (work stations) closer together‚ make quality problems easier to detect-quick setups-uniform production‚ and continuously improve-> quality at the source-total productive
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Q1. Why is Amazon’s cash cycle so much shorter than that of competitor Barnes & Noble? How does this comparison affect financial management decisions of other retailers? The market value of Amazon is much higher than Barnes & Noble. They are also in better marketing position then Barnes and Noble. Barnes & Noble has been on the rocks for a long time and failed to make headway in international markets with their Nook ereaders. The best answer I can give is because Amazon is a much larger company
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Operations Management Assignment 3 Q:Difference between different types of EOQ. Economic Order Quantity: The economic order quantity (EOQ) is the fixed order quantity (Q) that minimizes the total annual costs of placing orders and holding inventory (TC). This type of model is used when i) Demand is independent. ii) Compute how much to order. Economic Production Quantity: The economic production quantity (EPQ) is the production quantity (lot size) that minimizes the total annual
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sections with headings and sub-headings; Logical conclusions. The troubled history of the Airbus A380 _______________________________________________ Operations in Practice: The troubled history of the Airbus A380 It is perhaps inevitable that a major new and complex product like a passenger aircraft will experience a few problems during its development. But the history of the Airbus A380 was a long and incident packed journey from drawing board to reality that illustrates the dangers when
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What competitive priority is important for a discount store‚ such as Zellers? Cost is the most important competitive priority for a discount store‚ such as Zellers. In order to perform competitively as a discount store‚ the organization must emphasize low operating costs. With this priority‚ Zellers can produce at low costs in comparison to competitors and offer products at low prices in order to meet consumer needs and become an order winner. 2. Three generic strategies are low cost‚ niche
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Muhammet Veysel Ozbek BSM 320 Chapter 6 Questions: 1- Explain how improving quality can lead to reduced costs. Improving quality means less returns and warranty issues‚ and also it helps increase of sales. 3- Which 3 of Deming’s 14 points do you think are most critical to the success of a TQM program? Why? - Lead to promote change - Drive out fear - Support‚ help‚ and improve I think these are the important aspects. If we apply these we can easily become successful because they are all related with
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managing at GM is basically bureaucratic. This means every decision that has to be made must pass through the different departments to committee that causes a big mess and also delays for decision making. Mr. Whitacre mentioned in an interview the problems of managing in GM before he took over is that the company is too bureaucratic‚ not focused‚ matrix managed which means an employee has more than one bosses therefore no boss. GM’s decision making was slow and described as plodding. GM has either
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