...Assignment 2: Operations Decisions ECO 550 Martin Company specializes in designing and creating high end eight-track players for client’s cars. Martin Company caters to the customer who is trying to keep the past alive and thriving. However out dated the eight-track player may be there are still those who believe it is still the best music medium. Be it nostalgia or plain stubbornness Martin Company has carved a niche in the car audio market with its unique and custom eight-track installations. Started in 2007 the company has had its ups and downs and has yet to turn a consistent profit. Due to the lack of profit Martin Company has recently hired a consultant to review their operations and make changes to allow the company to be more profitable. One of the first things the consultant must take into consideration is the current market for customized eight-track players. The company is based in southern California which with its unique combination of nice weather and eccentric wealthy individuals is the only place that the company has been able to establish a foothold. The age range for the average customer of Martin Company is somewhere between 40 and 50. As was stated before these individuals are trying to relive the past while at the same time educate younger music listeners to the history of sound. This is a very small demographic in southern California and the company typically only installs between 2,000 to 2,500 units per quarter. The remaining units that are...
Words: 1117 - Pages: 5
...Operations Decisions Assignment # 2 August 7, 2013 1. Briefly describe the details of the fictitious business that you created for this assignment. There will be 100 employees who work 20 days each month with a salary of $70 each day. The employees will manufacture 6,000 units of output each month which has a variable costs of $2,000 per day. The fixed costs have not been revealed and we are advised they are "high enough" which the total costs will exceed the corporation’s total revenue. The price of the corporation’s output is $32 and the marginal cost of the last unit is $30. 2. Access the current environmental scan factors. Determine the factors that will have the greatest impact on plant operations and management's decision to continue or discontinue operations. With the information given the main elements of an environmental scan are; the expected time the business anticipates to be in the marketplace (short run vs. long run), the elasticity of demand for the item the corporation manufactures, competition (many firms vs. few firms), and fabrication expenses. Some other trivial elements of an environmental scan reveal the learning curve of employees against experience, turnover, and markets. Time frame is one of the greatest factors with the provided information regarding corporation ABC since the fixed costs were not provided but advised it would be high. This is believed to be a main concern due to the fact that in the short run not all contributions are variable...
Words: 1223 - Pages: 5
...hardships and reduce what appeared to be self-destructive competition. Roosevelt and the Congress enacted a host of new laws that gave government the power to intervene in the economy. Among other things, these laws regulated sales of stock, recognized the right of workers to form unions, set rules for wages and hours, provided cash benefits to the unemployed and retirement income for the elderly, established farm subsidies, insured bank deposits, and created a massive regional development authority in the Tennessee Valley. Many more laws and regulations have been enacted since the 1930s to protect workers and consumers further. It is against the law for employers to discriminate in hiring on the basis of EXPANSION AND MERGER 2 age,...
Words: 3731 - Pages: 15
...MKT500: Assignment #2 DéAndre Liggans Strayer University Dr. John Karaffa July 25, 2011 As a mobile Disc Jockey I travel with a portable sound system, playing recorded music at a variety of different events and I offer several different products and services. BIG LIGG ENTERTAINMENT Mobile DJ Service offers the following services: Live Disc Jockey Entertainment Services at Weddings, Community events, House Parties, Cookouts, Formal/Informal Dances and just added Sound system rentals to other Disc Jockeys. BIG LIGG ENTERTAINMENT Mobile DJ Service also offers Compact Discs (CD’s) for events consisting of the music chosen by its customers. For Wedding receptions BIG LIGG ENTERTAINMENT Mobile DJ Service offers compact discs with a picture of the Bride and Groom, date of the event and a special salutation to the guest and wedding party, also consisting of music chosen by the Bride and Groom. I have recently reached out to other Disc Jockey’s who service similar gigs as myself offering to add their services with mine when marketing my services in order to broaden the target market. In doing this, we share ideas, and we pass on leads to one another. One of the Disc Jockeys specializes in Karaoke Entertainment and in promoting and booking services such as his and charging a small finder’s fee for me, BIG LIGG ENTERTAINMENT Mobile DJ Service is constantly producing a profit as with renting my sound system equipment to other Disc Jockeys. Finally, and this is probably one of...
Words: 1518 - Pages: 7
...Shavon L. Toles Strayer University Managerial Economics and Globalization Assignment #2 Dr. Camille Castorina May 18, 2015 There are many all natural hair care products available in the market today. With the rise in income people can afford an easier lifestyle therefore there has been a change in the haircare style of people. People now use all natural ingredients in place of traditional hair care methods. With rise in these all natural ingredient, the rise in all natural hair care products also occurred. With so many varieties and products available one can easily target upon a healthy choice of hair care products. A healthier option of hair care products is one which compromises of a good source of nutrients to your hair. Some of the competitors’ options are manufactured by SheaMoisture and Au Naturale. Both of them are the competitors in the market of all natural hair are products. Consumer behavior is dependent upon the gender, age, educational, social and economic background of the people. When we have a look at the consumer behavior of the all natural hair care industry we should first study the target consumers. Our target would be on the buying and purchasing power of the consumer. Our sales would also be determined on the sale of all natural ingredients. The more number of all natural ingredients users there will be more demand for all natural hair products. The taste and educational background of the consumers would also affect the sales. Since the...
Words: 1424 - Pages: 6
...Analysis of Regression Results: Low-Calorie Microwavable Food Company Name Course Tutor’s Name Date Analysis of Regression Results: Low-Calorie Microwavable Food Company An organization engages with a primary aim of achieving better and improved results from operations on a daily basis in many activities. The market is one place in which the organization can realize either success or failure depending on how it carries its activities (Slack & Lewis, 2003). The previously discussed regression identifies that the low-calorie microwavable food firm operates in a monopolistic market structure. This implies a competitive market with a large number of firms, each controlling a small portion of the market share, also coupled with slightly differentiated products. Low-calorie microwavable food comes in differentiated forms, and this implies competition in the market environment. The organization then realizes ideal ways of carrying out operations to ensure efficiency and productivity in the long run. An efficient plan is necessary in determining the effectiveness of the market structure in which the organization operates. Such a plan will have a primary focus on the products in the market, number of firms participating, trends in pricing and vital methods of product promotion (Bragg, 2012). Additionally, there are higher chances that the business operations will change from the market structure described previously to a different one, say monopoly. This...
Words: 1291 - Pages: 6
...ECO 550 Entire Course Managerial Economics and Globalization Follow Below Link to Download Tutorial https://homeworklance.com/downloads/eco-550-entire-course-managerial-economics-globalization/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com ECO 550 DQ 1: Managerial Economic Decision Making From the e-Activity, assess how business leaders use managerial economics to make business decisions indicating how profits may be impacted. Analyze the principal-agent problem to determine how the relationship could be less adversarial. ECO 550 DQ 2: Fundamental Economic Concepts Pick a recently released good or service. Then, determine the factors that must be evaluated regarding the product’s supply and demand. Analyze how these factors impact the decision to supply the product indicating the significance of each in the decision-making process. ECO 550 DQ 3 From the e-Activity, explain the most important information you would require on which to base sound economic judgments. Explain your rationale. Assess the various forms of organizing and processing information to determine which is the most difficult to get correct. Explain your rationale ECO 550 DQ 4 Analyze the characteristics that make any transaction possible and justify the importance of each of the characteristics.Evaluate the role institutions play in transactions and discuss the likely economic impact...
Words: 1790 - Pages: 8
...ECO 550 Complete Class Click Link Below To Buy: http://hwcampus.com/shop/eco-550/eco-550-complete-class/ Or Visit www.hwcampus.com ECO 550 Complete Class ECO 550 Week 3 Assignment 1 – Demand Estimation Imagine that you work for the maker of a leading brand of low-calorie 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 at http://www.sophia.org/tutorials/independentand- dependent-variables–3. Note: Your professor will provide you with the equation and data necessary for you to complete this assignment. You will find this information attached to Assignment 1 within the course shell. 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 shortterm 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...
Words: 3181 - Pages: 13
...ECO 550 Complete Class Click Link Below To Buy: http://hwcampus.com/shop/eco-550/eco-550-complete-class/ Or Visit www.hwcampus.com ECO 550 Complete Class ECO 550 Week 3 Assignment 1 – Demand Estimation Imagine that you work for the maker of a leading brand of low-calorie 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 at http://www.sophia.org/tutorials/independentand- dependent-variables–3. Note: Your professor will provide you with the equation and data necessary for you to complete this assignment. You will find this information attached to Assignment 1 within the course shell. 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 shortterm 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...
Words: 3181 - Pages: 13
...ECO 550 Complete Class Click Link Below To Buy: http://hwcampus.com/shop/eco-550/eco-550-complete-class/ Or Visit www.hwcampus.com ECO 550 Complete Class ECO 550 Week 3 Assignment 1 – Demand Estimation Imagine that you work for the maker of a leading brand of low-calorie 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 at http://www.sophia.org/tutorials/independentand- dependent-variables–3. Note: Your professor will provide you with the equation and data necessary for you to complete this assignment. You will find this information attached to Assignment 1 within the course shell. 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 shortterm 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...
Words: 3181 - Pages: 13
...ECO 550 Complete Class Click Link Below To Buy: http://hwcampus.com/shop/eco-550/eco-550-complete-class/ Or Visit www.hwcampus.com ECO 550 Complete Class ECO 550 Week 3 Assignment 1 – Demand Estimation Imagine that you work for the maker of a leading brand of low-calorie 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 at http://www.sophia.org/tutorials/independentand- dependent-variables–3. Note: Your professor will provide you with the equation and data necessary for you to complete this assignment. You will find this information attached to Assignment 1 within the course shell. 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 shortterm 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...
Words: 3181 - Pages: 13
...ECO 550 Complete Class Click Link Below To Buy: http://hwcampus.com/shop/eco-550/eco-550-complete-class/ Or Visit www.hwcampus.com ECO 550 Complete Class ECO 550 Week 3 Assignment 1 – Demand Estimation Imagine that you work for the maker of a leading brand of low-calorie 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 at http://www.sophia.org/tutorials/independentand- dependent-variables–3. Note: Your professor will provide you with the equation and data necessary for you to complete this assignment. You will find this information attached to Assignment 1 within the course shell. 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 shortterm 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...
Words: 3181 - Pages: 13
...TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory Join Search Browse Saved Papers Search Home Page » Business and Management Assignment 2 Eco 550 In: Business and Management Assignment 2 Eco 550 Operations Decisions Assignment # 2 August 7, 2013 1. Briefly describe the details of the fictitious business that you created for this assignment. There will be 100 employees who work 20 days each month with a salary of $70 each day. The employees will manufacture 6,000 units of output each month which has a variable costs of $2,000 per day. The fixed costs have not been revealed and we are advised they are "high enough" which the total costs will exceed the corporation’s total revenue. The price of the corporation’s output is $32 and the marginal cost of the last unit is $30. 2. Access the current environmental scan factors. Determine the factors that will have the greatest impact on plant operations and management's decision to continue or discontinue operations. With the information given the main elements of an environmental scan are; the expected time the business anticipates to be in the marketplace (short run vs. long run), the elasticity of demand for the item the corporation manufactures, competition (many firms vs. few firms), and fabrication expenses. Some other trivial elements of an environmental scan reveal the learning curve of employees against experience, turnover, and markets. Time frame is one of...
Words: 363 - Pages: 2
...ECO 550 Assignment #3 Game Theory and Monopolies by ECO 550 Assignment #3 1. Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt. Driver 2 Left Right Driver 1 Left 0,0 -1000 -1000 Right -1000, -1000 0,0 a. Does either player have a dominant strategy? No. A Dominant Strategy is “a strategy that results in the best outcome or highest payoff to a given player no matter what action or choice the other player makes” (Farnham, 2010, p. 233). In a situation such as this, there has to be cooperation, or the consequences could be deadly. b. Is there Nash equilibrium in this game? Yes, if both drivers chose either left or right, there would be equilibrium, since they are “choosing their best strategy, given the actions of the other players,” (p. 234). c. Why this game is called a cooperative game? Given the consequences of life and death, cooperation is needed by both drivers to achieve the optimal outcome. Both drivers must choose either Left or Right, so communication and cooperation are needed. 2. Using the chart, Figure 1. below, answer the following questions. a. What is the firm’s Total Revenue? This...
Words: 505 - Pages: 3
...for our products by using data from 26 competitor supermarkets around the country for the month of April. In order formulate a pricing strategy, we must first find the elasticity for the independent variables listed below. Regression Equation: QD = -1000 - 420P + 20Px +2I (2.002) (17.5) (6.2) (2.5) R2 = 0.55 n= 26 4.88 Values of the independent variables: Q = Quantity demanded for 3-pack units P (in cents)= Price of the product = $5.00 per 3-pack unit PX (in cents)= Price of leading competitor’s product = $6.00 per 3-pack unit I (in dollars)= Per capita income = $5,500 QD = -1000 – 420(5.00) + 20(6.00) + 2($5,500) = QD = -1000 – 2100 + 120 +11000 = QD = 8020 KEITH BYCHOLSKI: US? KEITH BYCHOLSKI: the supermarkets would not really be competitors, just locations where you sell your product Running Head: ECO 550 – Assignment 1 3 Bd * P/Q Independent Variables Ep Regression Coefficient (Bd) -420 Independent Variables(P) $5.00 Demand Quantity (Q) 8020 Elasticity -.261845387 Based on the calculation above for the independent variable of price, the elasticity for demand, the absolute value of the coefficient is .2618 indicating that the price elasticity is inelastic. Since the coefficient is less than 1, consumers are less sensitive to price change (Moffatt). If Eating Skinny were to lower their prices, there would little influence on the demand for their...
Words: 666 - Pages: 3
