Task In this given situation a company exists in a monopolistic competition where a company sells widgets. As more widget are sold the company must offer discounts on the product in order to sell more units. The table below includes the Total Revenue and Total Cost information needed to perform marginal revenue and marginal cost calculations that will be explained below. Quantity0123456789101112131415Quantity0123456789101112131415 TR$0.00$150.00$290.00$420.00$540.00$650.00$750.00$840.00$920
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EGT1 – Economics and Global Business Applications Task 2 Elasticity of demand is a measure of responsiveness to a price change of a good or service. When demand is elastic‚ the percentage of a price change of a product will result in a larger percentage of quantity demanded (McConnell‚ p 77). It basically means reducing the price of a good service will result in a greater quantity demanded and an increase in revenue for the seller. When demand is inelastic‚ a change in price will result in
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To: Senior VP of Operations From: Jessica Torres‚ director of Human Resources Date: May 20‚ 2012 Subject: Federal Act Violations for 3 cases Situation A: The Family and Medical Leave act of 1993 states‚ that any eligible employee can take twelve weeks of unpaid time off for a family emergency. The family emergency must be one of the four cases: a birth of a child‚ being a caregiver for immediate family members with a serious illness‚ placing a child in foster care or placing them up for
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EGT1 Task 1 Bachelor of Science‚ Business Management Student ID: Mentor: The scope of this paper is to define how firms maximizing their profit and identify what their ideal output levels should be and how profit maximizing businesses often react to marginal revenue of varying levels. The definition of Marginal revenue is the extra revenue that will be made when one additional unit of any given product is sold
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EGT1 – TASK 1 Western Governors University EGT1 Economics and Global Business Applications Element A1 & A2 A1. Total revenue (TR) to total cost (TC) is cost‚ which is calculated using total revenue minus the total cost‚ (TR-TC). As each unit is produced‚ the total cost increases in addition to the total revenue. Yet‚ at some point in the production of the additional units‚ the total revenue will exceed the total cost. When it reaches that point‚ it becomes a loss. The point
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Jacob Moser EGT1 – Task 309.1.3 Student #000197021 EGT1 Task 309.1.3 Government regulation in business today is vital because it attempts to create a level playing field for companies competing against one another and regulate honest business practices toward the consumers. It is important to for any business to understand how government regulation affects their industry and how they intend to run their company. Industrial regulation is the government regulation of an entire industry. The
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309.1.2 Supply and Demand 1) Discuss elasticity of demand as it pertains to elastic‚ unit‚ and inelastic demand. a) Elasticity of demand are circumstance at which a good or service varies according to prices. These circumstances measures consumers reaction and how they respond to the changes in price by changing the quantity demanded. (PE-of-D = (% Change in Quantity Demanded/% Change in Price)) – When the price for a number of units decreases from positive units pre-dollars to negative
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Anthony J. La Salata BS‚ Business Management 3/1/2012 Student I.D. #000254042 My Mentor: Nicole Sandburg Cell# 1(360)941-4062 Arlington‚ WA –PST A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws. United States antitrust law is a collection of federal and state government laws‚ which regulates the conduct and organization of business corporations‚ generally to promote fair competition for the benefit of consumers. The main statute was the Sherman
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A: Marginal revenue is the change made in total revenue a company makes caused by an additional item being produced. This is calculated by figuring the difference between the revenue produced both before and after a single unit increase in the production rate. If the price of a product is constant‚ the marginal revenue and price are the same. Sometimes an additional item will only sell if the price goes down and that leads to the consideration of marginal cost or the cost of producing one more
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Cross Cultural Barriers in Korea Assessment Code: EGT1 Task 4 Student Name: Student ID: Date: 11/15/13 Cross Cultural Barriers in Korea The purpose of this report is to examine the cross cultural issues faced by a firm while doing business in one of the world’s highest populist countries. When the world trade organization emerged international trade increased drastically and countries began actively participating in foreign trade pushing their gross domestic profit and products respectively
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