Loading...

Messages

Proposals

## Get Custom homework writing help and achieve A+ grades!

Custom writing help for your homework, Academic Paper and Assignments from Academic writers all over the world at Tutorsonspot round the clock.

### Our promises:

• Custom homework writing help
• Plagiarism Free Solutions Guaranteed!
• A+ Grade Guaranteed!
• Privacy guaranteed!
• Best prices guaranteed!
• Timely delivery guaranteed!
• Hundreds of Qualified Writers 24/7

# charles hackner

Open Homework Posted by: arwaabdullah Posted on: 21/11/2020 Deadline: 24 Hours

#### 18 writers want to do this homework:

Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. Microeconomics 2302 Potential questions and study guide for Exam 2 6 of these will be on your exam. Potential questions are in Black Font. Study Guide stuff is in red font. 1. Elasticity question 1 a. What, in general, does elasticity measures? b. Who might care about the price elasticity of demand and why? c. Who might care about the price elasticity of supply and why? d. Who might care about the cross elasticity of demand and why? e. Who might care about the income elasticity of demand and why? f. The formula to calculate the coefficient of elasticity of demand is (percentage change in quantity demanded of product X) / (percentage change in the price of product X). If your boss tells you she is planning a price increase in product X and wants to know how many units will be purchased after the price change, does the formula give you enough info to answer the question? If yes, why? If no, why not? i. Think about what the formula really says. ii. Can you as the analyst actually collect all the information required to calculate the answer? iii. To what degree does it give you information about what might happen in the future? g. List and explain all the measures of elasticity that were covered in the slides, including Elasticity of Demand, Supply, Income, and Cross Elasticity of Demand. i. Please refer to the slides and audio to prepare this answer. Elasticity of demand and supply should both have 5 interpretations of Elasticity. Income Elasticity should have 2 interpretations, and Cross Elasticity of Demand should have 3. 2. Elasticity question 2 Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. a. How could a firm benefit from understanding the Total Revenue Test, and How might the info help the firm make better decisions? b. List and explain in detail, the determinants of price elasticity of demand and give 2 examples for each one (do not use examples from the slides). i. There are 4. Please refer to the slides and audio as you prepare your answer. c. Relative to Elasticity of Supply, please explain the importance of time to the tomato farmer discussed in the slides and audio. How does time impact elasticity and the input utilization choices available to the tomato farmer? d. Explain why a PepsiCo Sales Executive would benefit from understanding cross elasticity of demand and elasticity of demand when evaluating a recommendation to lower the price of Doritos. i. How does understanding cross elasticity of demand and elasticity of demand support better decision-making? e. Explain why an Analyst working for the Anti-Trust Division of the Justice Dept. would benefit from understanding cross elasticity of demand when evaluating the proposed merger of Coca Cola Company and Pepsi. i. How does understanding cross elasticity support better decision-making by the analyst? 3. Cost of Production 1 a. Explicit and implicit costs. i. Explain the difference between explicit costs and implicit costs. ii. Explain who would care about them and why. b. The production function. i. What is the production function? ii. What 2 questions does it help a business answer? iii. What information would you need if you were asked to construct your company production function? iv. What departments would you call get that info and why? c. Short Run Production Relationships i. List and explain the 3 Short Run Production Relationships discussed in the slides and audio. ii. Explain who in a business would care about them and how they might be used. 4. Cost of Production 2 Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. a. Explain the Law of Diminishing Returns and how understanding that law might help a business manager make better business decisions. State the assumptions and state the definition of the Law of Diminishing Returns. b. Explain each of the short run production costs, and explain how a business manager might use them. i. There are 7 of these. Please refer to the slides and audio as you prepare your answer. c. Explain how the long run ATC curve is derived and how understanding that concept might help a business manager make better decisions. i. Please refer to the slides and audio to get the story on this. d. Explain economies of scale, constant returns to scale, and dis-economies of scale and why understanding those concepts might help a business manager improve their decision-making. 5. For the Pure Competition Market Structure 1 a. List and explain each of the characteristics of pure competition and why we study that market structure. b. List and explain the 3 decision process questions confronting the producer in pure competition. i. Please refer to the slide that discusses the 3 decision process questions under the total revenue total cost approach and listen to the audio to prepare your answer. c. From the point of view of the business manager, explain the Total Revenue Total Cost approach to determining the profit maximizing level of output and price for the purely competitive firm, and how that info can help a business manager. i. Please refer to the Total Revenue Total Cost Approach slide and the audio to prepare your answer. 6. For the Pure Competition Market Structure 2 a. List and explain the three characteristics of the MR-MC approach to determining the profit maximizing output and price for the purely competitive firm. i. Please refer to the slide that discusses short run profit maximization Key Rule regarding the MC – MR approach and the audio to prepare the answer. b. From the point of view of the business manager, thoroughly explain how the purely competitive firm in the short run would determine its optimal level of output, and price, and how the firm determines if it has achieved a profit, a loss, or shut down using the MR-MC approach, for the: Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. i. Profit maximizing case ii. Loss minimizing case iii. Shut down case 1. All three are documented in the slides and audio. 7. You are a business manager working for a firm in a purely competitive market and you just hired a summer intern who does not understand how to derive the firms’ short run supply curve from the firms’ marginal cost curve. a. Please explain to the intern how the short run supply curve is derived from the firm’s marginal cost curve. Be specific. b. Please explain to the intern the characteristics of long run equilibrium of a purely competitive firm and how operating in a purely competitive market might impact the decision-making of the firm. Please include the implications of long-run equilibrium for productive and allocative efficiency. i. Please refer to the slides and audio to prepare the answer. Please include the 3 assumptions, as well as the implications for economic profit, productive efficiency and allocative efficiency. 8. For the Pure Monopoly Market Structure 1 a. List and explain the characteristics of pure monopoly and how they differ from the characteristics of the pure competition market structure. i. Please include all 6 b. List and explain how a monopolist would use each of the barriers to entry and include how using that barrier would actually accomplish the monopolists’ objective. Be specific. c. You are a business manager and you are considering lowering the price of your product. How will knowing where your firm is currently operating on its demand curve help you make a sound business decision? 1. Please refer to the slides and audio to prepare your answer. The monopoly revenue and cost slide should help. 9. For the Pure Monopoly Market Structure 2 a. Explain how the monopolist determines the profit maximizing level of output and price, and how it can determine if it has achieved a profit, or a loss. Be specific. i. Please use what you have learned about using the MR MC approach along with the use of the appropriate cost curves to create your answer. b. You are employed by a firm with monopoly power. The boss wants to increase profits. Explain the power of price discrimination to your boss. Discuss the requirements and assumptions for successfully implementing this approach, and the likely outcomes. Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. i. You should explain price discrimination and its 3 forms, the conditions for price discrimination, and the outcomes of price discrimination for the Pure Monopolist. c. You work for the government in the department that is responsible for dealing with Monopoly issues (the Antitrust Division of the Justice Dept.). Please explain the dilemma of regulation. Please be thorough. 1. Using the information you have learned about monopoly and how it is viewed by government; please the nature of the dilemma, along with the 3 choices and the implications of those choices. 10. For the Monopolistic Competition Market Structure a. List and explain the characteristics of monopolistic competition and compare them to the characteristics of pure competition and monopoly. i. Please discuss monopolistic competition, list and explain the characteristics. b. List and explain the characteristics of product differentiation. Provide 3 examples of companies actually using this technique and the impact of that differentiation had on the firms’ performance. i. Product differentiation is a key concept of microeconomics. Please list and explain the characteristics. c. You are a business manager at a monopolistically competitive firm. One of your newly hired workers wants to know the conditions under which the monopolistically competitive firm in the short run will maximize economic profit or minimize economic loss. Please explain these two things to your new employee. Be thorough. i. Please use the MR MC approach in your answer. 11. For the Oligopoly Market Structure a. List and explain the characteristics of oligopoly and compare them to the characteristics of the other 3 market structures. i. The oligopoly market structure is one of the most significant types in our economy. Please discuss the oligopoly market structure, and list and explain the characteristics. Creating a grid with explanations might help here. b. List and explain the conditions under which the Oligopolistic firm achieves profit maximization and loss minimization using the MR-MC approach. Be thorough. i. Using the MR MC approach, discuss how to determine when the oligopolistic firm maximizes profit or minimizes loss in the kinked demand curve model. c. You work for a firm that is a member of an oligopoly market. Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted. i. Explain in detail the issues of collusion. 1. Here you should discuss the role collusion (in its various types) and how the firm might deal with the issue. ii. Explain game theory and how the firm might use this tool to achieve its business goals
 Project ID 755329 Category Business & Management Subject Economics Level M-Phil Deadline 24 Hours Budget \$50-70 (2-5 Pages/ Short Assignment) Approx. Required Skills Report Writing Type Open For Bidding

## Order Your Homework Today!

We have over 1500 academic writers ready and waiting to help you achieve academic success

## Private and Confidential

Yours all information is private and confidential; it is not shared with any other party. So, no one will know that you have taken help for your Academic paper from us.

## 18 writers want to do this homework:

### Homework Guru

India

Hi dear, I am ready to do your homework in a reasonable price and in a timely manner.

Offer: \$62

### One Stop Tutor

Hi dear, I am ready to do your homework in a reasonable price.

Offer: \$62

### George J.

United States of America

Hi dear, I am ready to do your homework in a reasonable price.

Offer: \$62

### Homework Mentor

Pakistan

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

Offer: \$60

### Top Essay Writer

United States of America

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

Offer: \$65

### Omar B.

Hi dear, I am ready to do your homework in a reasonable price.

Offer: \$62

### Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

Offer: \$60

### Olivia H.

United Kingdom

Greetings! I’m very much interested to work on this project. I have read the details properly. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. I will also provide you with TURNITIN PLAGIARISM REPORT. You can message me to discuss the detail. Why me? My goal is to offer services to you that are profitable. I don’t want you to place an order once and that’s it. For me to be successful, I need you to come back and order again. Give me the opportunity to work on your project. I wish to build a long-term relationship with you. We can have further discussion in chat. Thanks!

Offer: \$55

### Ideas & Innovations

Hi, Hope you are doing well. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. So lets make no longer delay & start chatting immediately.

Offer: \$60

### Finance Homework Help

Australia

I have a Master’s degree and experience of more than 5 years in this industry, I have worked on several similar projects of Research writing, Academic writing & Business writing and can deliver A+ quality writing even to Short Deadlines. I have successfully completed more than 2100+ projects on different websites for respective clients. I can generally write 10-15 pages daily. I am interested to hear more about the project and about the subject matter of the writing. I will deliver Premium quality work without Plagiarism at less price and time. Get quality work by awarding this project to me, I look forward to getting started for you as soon as possible. Thanks!

Offer: \$55

### Exam Solver

United Kingdom

Hey, Hope you are doing great :) I have read your project description. I am a high qualified writer. I will surely assist you in writing paper in which i will be explaining and analyzing the formulation and implementation of the strategy of Nestle. I will cover all the points which you have mentioned in your project details. I have a clear idea of what you are looking for. The work will be done according to your expectations. I will provide you Turnitin report as well to check the similarity. I am familiar with APA, MLA, Harvard, Chicago and Turabian referencing styles. I have more than 5 years’ experience in technical and academic writing. Please message me to discuss further details. I will be glad to assist you out.

Offer: \$55

### Smart Accountants

India

I feel, I am the best option for you to fulfill this project with 100% perfection. I am working in this industry since 2014 and I have served more than 1200 clients with a full amount of satisfaction.

Offer: \$55

### A Grade Exams

India

Hi, I have read the instructions carefully and I clearly understand what is required of the project. I always make sure I proofread and edit papers well to ensure they are free of typos, plagiarism, and grammar mistakes. Hire me for a timely delivery of a quality content.

Offer: \$55

### Accounting Homework Help

Bangladesh

I can help you with your homework & assignments to get A grade. I have helped several students multiple fields such as marketing, SWOT, PESTEL, Finance, Law, Sociology and Psychology. I know how to structure and format content with different writing styles such as MLA, APA, & Harvard. Please try me once at least. You will be satisfied.

Offer: \$55

### Peter O.

Australia

Hello, I can assist you in writing attractive and compelling content on ganja and its movement globally. I will provide with valuable, informative content that you will appreciate. The content will surely hit your target audience. I will provide you with the work that will be according to the needs of the targeted audience and Google’s requirement.

Offer: \$55

### Instant Assignments

Pakistan

Hey, I can write about your given topic according to the provided requirements. I have a few more questions to ask as if there is any specific instructions or deadline issue. I have already completed more than 250 academic papers, articles, and technical articles. I can provide you samples. I believe my capabilities would be perfect for your project. I can finish this job within the necessary interval. I have four years of experience in this field. If you want to give me the project I had be very happy to discuss this further and get started for you as soon as possible.

Offer: \$55

### Calculation Guru

India

I see that your standard of work is to get content for articles. Well, you are in the right place because I am a professional content writer holding a PhD. in English, as well as having immense experience in writing articles for a vast variety of niches and category such as newest trends, health issues, entertainment, technology, etc and I will make sure your article has all the key pointers and relevant information, Pros, Cons and basically all the information that a perfect article needs with good research. Your article is guaranteed to be appealing, attractive, engaging, original and passed through Copyscape for the audience so once they start reading they keep asking for more and stay interested.

Offer: \$55

### Financial Hub

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

Offer: \$55