Week 5 Question 6
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Economics
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Asked: Apr 18th, 2014
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This is due FRIDAY!!!
We are studying budgeting and control systems for the remainder of the class. As a
manager at every level in the organization, one of your responsibilities is establishing
goals and measuring the achieving of goals including the individual performance of your
employees. There are numerous books and articles about the goal congruence as you
need buy in first from people to the goals. The link below is to a short article about one
view.
http://www.mbaknol.com/strategic-management/goal-congruence-in-managementcontrol-systems/
Please write a brief statement describing the article, why it relates to the course and what
you found interesting about it. This description should be at least 100 words.
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To prepare for this Assignment:
Review this week’s Learning Resources, in particular the material on firm and industry cost functions.
Refer to the Academic Writing Expectations for 1000-Level Courses as you compose your Assignment.
By Day 7
Submit your responses to the following prompts.
Using the definition and characteristics of perfectly competitive industries, explain why—in the long run—firms earn zero economic profits. Does this mean that competitive firms earn zero accounting profits? Your response should be at least 75–150 words (1–2 paragraphs) in length.
Joe’s Widget Factory operates in a perfectly competitive industry. Joe’s fixed and variable costs are given in the table below. He is a price taker and can sell as many widgets as he produces for $10 each. Complete the table using the provided link and respond to the following questions. Besides referring to your table to support your answers, include references from the course materials on profit maximizing rules for competitive firms. Your response should be at least 75–150 words (1–2 paragraphs) in length, including table.
What is the profit maximizing (or loss minimizing) level of output in the short run?
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What are the shut-down prices in the short run and long run?
What is the firm’s supply curve?
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Widgets ProducedFixed CostsVariable CostsTotal CostsAverage Variable CostAverage Total CostMarginal CostPrice = MRProfits0250 10 1258 10 22515 10 32523 10 42532 10 52542 10 62553 10 72565 10 82578 10 92592 10
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