...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...
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...ECO 550 – Managerial Economics and Globalization COURSE DESCRIPTION Applies relevant economic theory to develop a framework of analysis and techniques that business managers can use in deciding how to allocate a firm’s scarce resources to achieve its objectives. Uses economic analysis to support business strategy decisions that promote competitiveness in an environment of changing domestic and international market conditions, government regulations, trade policies, and resource availability. Systematically analyzes how global economic integration affects the production, input sourcing, and pricing decisions of firms operating in different market structures. INSTRUCTIONAL MATERIALS Required Resources McGuigan, J. R., Moyer, R. C., & Harris, F. H. D. (2008). Managerial economics: Applications, strategy, and tactics (12th ed.). Mason, OH: South-Western Cengage Learning. Microsoft Excel (2003 version or newer) [Computer software]. Redmond, Washington. Supplemental Resources Board of Governors of the Federal Reserve System. (2011). General format. Retrieved from http://www.federalreserve.gov Burgernomics to go (2012, June 9). The Economist, 43(8788), 83. Points of light (2012, July 14). The Economist, 404(8793), 21-24. The visible hand (2012, January 21). The Economist, 401(8768), 3-5. Wall Street Journal. (2011). General format. Retrieved from http://online.wsj.com COURSE LEARNING OUTCOMES 1. Assess how managerial economics is used in business decision making...
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...Assignment #4 Private Consumption 2008 – 2009 Vickie Goodman June 9, 2011 Dr. Hermann Bayer ECO 550 Managerial Economics and Globalization Introduciton Private consumption is defined as the value of the consumption goods and services acquired and consumed by households. Due to shifts in the economy, economic conditions have brought about many structural changes in employment, consumption of durable and non-durable goods, and consumer confidence. The automobile industry has also been affected by changes in the economy. After reviewing the analysis for each category stated above this paper will provide a brief overview of what happened to the total amount of goods consumed and economic growth during 2007, 2008, and 2009. Employment We will begin first by discussing what happened to employment. During 2008 and 2009 employment decreased. For the current recession, employment growth first dipped below zero in early 2007. To accurately measure employment rates analysts should begin by looking at second quarter data from 2007 to current data. Growth of employment and hours worked provide important information about the current and likely future pace of overall economic growth. Trends in average hourly earnings provide information about supply and demand conditions in labor markets, which may provide signals about the overall level of resource utilization in the economy. Managers need to be aware of the level of unemployment along with changes in price levels because changes...
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...Assignment #3 Rayna Williams Dr. S. L. Terrell Managerial Economics and Globalization – ECO 550 November 20, 2011 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? Explain. Driver 2’s strategy: If diver 1 turns left, driver 2 has two choices: Left or right. Driver 2 would turn left as payoff (0) is higher there than negative payoff in Right. Then if diver 1 turns right, driver 2 has two choices: Left or right and he also would turn to right due to higher (0) payoff. As a result, driver 2 does not have a dominant strategy because he moves in a same direction of Driver 1 does and the dominant strategy is regardless of what any other players do, the strategy earns a player a larger payoff than any other. Driver 1’s strategy: If diver 2 turns left, driver 1 has two choices: Left or right and driver 1 would turn to left due to higher payoff (0). Then if diver 2 turns right, driver 1 has two choices where he would turn to right as the payoff is higher (0) than left...
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...Demand Estimation | [Type the document subtitle] | | Professor: Dr. Camille Castorina | | ECO 550: Managerial Economics and Globalization | 7/21/2014 | | In this assignment we will look at a certain scenario that involves estimating the demand of a product when certain variables are put into place. So first thing is understanding what is demand and how does it apply in Economics. “The law of demand states that when the price of a good rises, the amount demanded falls, and when the price falls, the amount demanded rises. Economists have considered this thoroughly and have developed a measure of the degree of cutback, which they call the “elasticity of demand.” The elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price.” “The greater the absolute value of this ratio, the greater is the elasticity of demand. When there is a close substitute for one firm’s brand, for example, a small percentage increase in that firm’s price may lead to a large percentage cut in the amount of the firm’s good demanded. In such a case, economists say that the demand for the good is highly elastic. On the other hand, when there are few good substitutes for a firm’s product, the firm might be able to raise its price substantially with only a small decrease in the quantity demanded resulting. In such a case, demand is said to be highly inelastic” (Henderson,. D 2008). Now let’s look at converting all price values into dollars...
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...Assignment 4: Automotive Production Levels General Motors Shelia Lott Eco 550 - Managerial Economics and Globalization Dr. John Ilokwu Ph.D. September 5, 2012 General Motors Company General Motors Corporation (GM) is the largest company in an industry that has a major impact on the American economy and in the world. GM has led the auto industry in innovation and for most of the 20th century. From 1931 to 2008 GM led in the industry only to be surpassed by Toyota in 2008. After major cutbacks for over two years, GM found itself at the brink of bankruptcy and accepted government financial assistance and plan for debt reconstruction and recovery. Under this plan, brands Chevrolet, Cadillac, and GMC became the base brands for General Motors Company. General Motors sales cars in 31 countries, these brands also include Opel, Holden, and Vauxhall. The law of demand states that the higher the price of a good or service, the less likely will people have a demand for that good or service with all other factors being constant. As a result the higher priced a GM product the less quantity demand by the consumer. A picture of this would indicate a downward slope in the demand curve. The law of supply states that quantities sold at a higher price will cause an upward slope in the curve and unlike the demand curve the price will remain high because this will increase revenue. In the example to the Chevrolet Camaro a slack in production may increase the price even...
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...ASSIGNMENT # 1: PRODUCTION AND COST ANALYSIS IN THE SHORT-RUN by Mandar Adkar May 8, 2011 ECO 550: Managerial Economics and Globalization Prof. Fereidon Shahrokh, Ph.D. ASSIGNMENT # 1: PRODUCTION AND COST ANALYSIS IN THE SHORT-RUN Introduction This document analyzes production data for a fictitious company to explain the stages of production with the help of table and figures. The document also provides identifies the three stages of production and explains why the firm's short run production has only one rational stage. The table below provides the data required for creating graphs related to productivity measures of Total Product (TP), Average Product (AP) and Marginal Product (MP) that constitute the Short run analysis of the Production process. Table 1 Table showing the Average and Marginal product of labor for a hypothetical firm |Amount of labor( units) |Amount of capital(No. of |Output of parts(Q, hundreds |Average product (Q/L) |Marginal product(∆Q/ | | |machines) |of parts) | |∆L) | |0 |5 |0 |- |- | |1 |5 |49 |49 |49 | |2 ...
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...Estimation COURSE: ECO 550 – Managerial Economics and Globalization Assignment 1: Demand Estimation I work for a leading brand of low-calorie frozen microwavable dinners, called Nukims. My supervisor has asked me to compute the elasticity of each independent variable, in a demand model for our product, which uses data from 26 supermarkets around the country in the month of April. The following is the regression equation, with the standard errors in the parentheses for the demand of the dinners: The following are the independent variables assumed: * 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 My supervisor wants me to find the elasticity of demand for each independent value, but first we must find out the value of Q, by inserting the values in the demand regression equation as follows: The elastisities are calculated as follows: To determine the implications of each of these independent variable’s elasticity, you must first understand what elasticity in economics implicates. The elasticity...
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...ECO 550 - Managerial Economics and Globalization April 28, 2014 Elasticity Elasticity is defined as the ratio of the relative change of the dependent variable to changes in the independent variable (Dick, 2002). Additionally, it can be said to be the percentage change of one variable given the percentage change in another variable (Boyes, & Melvin, 2012). Price elasticity refers to the responsiveness of the quantity demanded to price changes. It is given by; = change in quantity demanded/ Change in price Where quantity demanded (QD) =5200-42(500) +20(600) +5.2(5500) +0.20(10,000) +0.25(5,000) =28,050 Price of the product elasticity =28,050/21,000 =1.336% Price of the leading competitor’s product elasticity = 28,050/12,000 = 2.338% Per capita income elasticity = 28,050/28,600 = 0.981% Advertising elasticity = 28,050/2,000 = 14.025% Number of microwave ovens sold elasticity = 28,050/1250 = 22.44% 2. Based on the results; Price elasticity helps consumers who tend to spend limited income on goods with less elastic demand and it assists the...
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...Assignment #2- Market Model and Patterns of Change Submitted by: Chivonne Casey Strayer University Instructor: Professor Young Dimpkah Course: ECO 550-Managerial Economics and Globalization Date: August 1, 2012 1. Describe the industry and explain the general pattern of change of the particular market model. I chose to talk about the music recording industry. The music industry is a complicated system of several different companies and firms that have gone through and adapted too many changes as time went on. The music industry is concerned with the profits gained from the actions of companies that tackle production, distribution, and publication of music worldwide (MarketResearch.com, 2012). In the recording industry, music is made of up of several different genres, styles and or techniques. Recently the industry has experience a wave of new technology with music downloads. Consumers can download songs view the internet using iTunes or an iPod. It benefits everyone involved because you are still purchasing the music in another form. The industry has suffered since napster entered the market with free music sharing amongst users. Lawsuits, piracy protection, and finger pointing have gotten the music industry nowhere as sales has continue to drop drastically. Consumers blame the industry for not developing talent that is in anyway interesting. They are producing music that is manufactured at the least bit interesting at times. 2. Hypothesize...
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...Assignment 1: Operations Decision Kimberly D Coello Prof. James Ibe, Ph.D., CAE. ECO 550 Managerial Economics and Globalization 20 July 2012 Assignment Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of output per month (working 20 days / month). The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is “high enough” so that the firm's total costs exceed its total revenue. The marginal cost of the last unit is $30. 1. Briefly describe the details of the fictitious business that you created for this assignment. Light Up the Sky, Inc. is a company that manufactures luminescent kites. This company has been in business for the past 10 years and during this time has established itself as a high quality manufacturer of these kites. Even though this company appeals to a small fraction of the entire kite industry, they had been able to maintain a 20% profit margin. Due to the lagging economy, their profit margin dropped below the breakeven point and they are now considering shutting down production. 2. Assess the current environmental scan factors. Determine the factors that will have the greatest impact on plant operations and management’s decision...
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...Demand Estimation Tora Heyward ECO 550 – Managerial Economics and Globalization 07/21/2014 Your supervisor has asked you to compute the elasticity for each independent variable. Assume the following values for the independent variables: Introduction In this paper I will compute the elasticity for each independent that was given to me. I will determine the implications for each of the computed elasticity. Elasticity, as it is used in economics, refers to the response of a "dependent" variable to changes in the "independent" variable (n.a., 2014). I will recommend whether the firm should or should not cut its price to increase market share. I will then plot the demand curve and the supply curve. I will determine the equilibrium price and quantity. I will also outline the significant factors that could cause a change in the supply and demand. I will then indicate the crucial factors that cause the rightward shifts and leftward shifts in demand. The maker of a leading brand of low-calorie microwavable food estimates the following demand equation for its product using data from 26 supermarkets around the country for the month of April. Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarkets are located =...
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...ECO 550 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 at Option 1 Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets. QD = 20,000 - 10P + 1500A + 5PX + 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 elasticity’s for each independent variable. Assume the following values for the independent variables: Write a four to six (4-6) page paper in which you: 1. Compute the elasticity’s for each independent variable. Note: Write down all of your calculations. 2. Determine the implications for each of the computed elasticity’s 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...
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...1 Interpreting Macroeconomic Conditions - Assignment 4 Managerial Economics and Globalization – ECO 550 Interpreting Macroeconomic Conditions 2 This assignment involves analyzing several indicators of the of the macroeconomic conditions in an economy, such as interest rates, income, and other indicators such as CPI, inventory levels, wage rates, consumer confidence, etc. Analyze these indicators and prepare a 3-4 page report explaining the expected short impact on firms in the following industries, retail business and automobile industries in terms of product sales and operating costs. I feel it would be better served to explain exactly what macroeconomics means. Macroeconomics evaluates or examines the overall performance of the economy as a whole and in this process we can determine what causes the economy to grow and how indicators such as interest rates, income, wage rates, employment and unemployment can affect the overall performance of our economy in its current state as well as forecast predictions for the future. This type of activity and performance is often measured through the GDP (Gross Domestic Product); the total value of all goods and services in the market. This information can be applied to any firm/business to evaluate how these changes impact their product sales and operating costs in the United States. If were to evaluate a local retail business...
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...Operations Decision Dr. Izzeldin Bakhit ECO 550 Managerial Economics and Globalization March 3rd, 2014 Operations Decision There are a lot of frozen food and low calorie microwavable food options available in the market. A few years ago people were not able to purchase the microwavable food but with the increase in income, people can now afford an easier lifestyle and can change the way they cook breakfast, lunch, and dinner. Because microwavable food easy to cook, people are replacing traditional cooking methods to microwavable foods. A few of the companies that are manufactured are Lean Cuisine and Healthy Choice. They both are competitors in the market of frozen foods. Lean Cuisine was started in 1981 and has since then grown its market in US, Canada and Australia. The company is owned by Nestle and offers variety of frozen foods and is one of the leading choices for low calorie food. Healthy Choice, the product manufactured by ConAgra is also one of the leading low calorie frozen food suppliers. Healthy choices are the biggest opponents to Lean Cuisine (foodbusinessnews.net). As far as the market sector: it is decided by three criteria which are Behavioral, Psychographic and Profile variables. Behavioral variables are those that are wanted from the product, and buying patterns such as frequency and volume of purchase which might be considered the fundamental basis of any company. The Psychographic variables are used when the company’s’ purchasing behavior...
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