Problem Set In Managerial Economics

Problem set – 5 (deadline Sunday)Using shifts in supply and demand curves, describe a change in the industry in which your firm operates. The change may arise from a change in costs, entry/exit of firms, a change in consumer tastes, a change in the Macroeconomy, a change in interest rates, or a change in exchange rates. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves are used at the industry level, not at the firm level.) Describe how your company could profitably use the analysis.Problem set – 6 (deadline Sunday)Describe an important difference in the way an economist and a businessperson might view a monopoly.Problem set – 7 (deadline Thursday)To increase a company’s performance, a manager suggests that the company needs to increase the value of its product to customers. Describe three ways in which this advice might be incorrect (Hint: Think about what else might or might not change that affects profit.)Problemset–5(deadlineSunday)Using shifts in supply and demand curves, describe a change in the industry in whichyour firm operates. The change may arise from a change in costs, entry/exit of firms,a change in consumer tastes, a change in the Macroeconomy, a change in interestrates, or a change in exchange rates. Label the axes, and state the geographic,product, and time dimensions of the demand and supply curves you are drawing.Explain what happened to industry price and quantity by making specific referencesto the demand and supply curves. If more than one change occurred, thendecompose the change into smaller pieces so that your explanation has a step–by–step character to it. (Hint and warning: Demand and supply curves are used at theindustry level, not at the firm level.) Describe how your company could profitably usethe analysis.Problem set–6(deadlineSunday)Describe an important difference in the way an economist and a businesspersonmight view a monopoly.Problem set–7(deadlineThursday)To increase a company’s performance, a manager suggests that the company needsto increase the value of its product to customers. Describe three ways in which thisadvice might be incorrect (Hint: Think about what else might or might not changethat affects profit.)Problem set – 5 (deadline Sunday)Using shifts in supply and demand curves, describe a change in the industry in whichyour firm operates. The change may arise from a change in costs, entry/exit of firms,a change in consumer tastes, a change in the Macroeconomy, a change in interestrates, or a change in exchange rates. Label the axes, and state the geographic,product, and time dimensions of the demand and supply curves you are drawing.Explain what happened to industry price and quantity by making specific referencesto the demand and supply curves. If more than one change occurred, thendecompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves are used at theindustry level, not at the firm level.) Describe how your company could profitably usethe analysis.Problem set – 6 (deadline Sunday)Describe an important difference in the way an economist and a businesspersonmight view a monopoly.Problem set – 7 (deadline Thursday)To increase a company’s performance, a manager suggests that the company needsto increase the value of its product to customers. Describe three ways in which thisadvice might be incorrect (Hint: Think about what else might or might not changethat affects profit.)