1. How is the popular notion of business profit different from the economic profit concept? What role does the idea of normal profits play in this difference?
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1. How is the popular notion of business profit different from the economic profit concept? What role does the idea of normal profits play in this difference?
Subject: Economics
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- 1. What is profit? What is the difference between accounting profit and economic profit?2. What is the importance of ensuring profit maximization in an organization?38) Find out the microeconomic factor that affects the specific business organization. a. Demand b. All c. Market size d. SupplyEconomics Managing forces of competition is a significant determinant of the business strategy of a firm. What is the role of economies of scale to determine the success of a firm in managing forces of competition? Explain. What is the role of advertising to determine the success of a firm in managing forces of competition? Explain.
- part B Q4) a. Imagine that you own your business. You are producing a product (it could be a service). Think about your production process. Please explain the technology that you use in the production process. b. How do you think the technology that you use, affects the market structure and/or the demand of your product? Note that this question is NOT about how technology affects your production process, therefore, NOT about productivity, NOT about the cost structure9. The chicken farming industry in Northern New York is extremely profitable and I would really like to enter that market. Unfortunately, suitable land has become very difficult to find as public health policies prevent raising chickens near any flowing water supply. I cannot find any land for my new chicken farm. What is the economic term for this?QUESTIONS are based on Carl's Jr case study article 1. Discuss what are potential sources of competitive advantage for a company? Give examples 2. Argue is a competitive advantage sustainable? Give examples 3. Conduct an analysis of the strengths, weaknesses, opportunities, and threats (a SWOT analysis) of Carl’s Jr. 4. What changes should Carl’s Jr. make in order to develop a sustainable competitive advantage? (Hint: to help answer this question, think of how you might further segment the YHG group that Carl’s Jr. is trying to sell to, and develop a strategy around these subgroups.)
- 7. A company's profit maximization is equal to the output rule. This is MR =_MC_ 8. A firm's decision on how much to produce and whether to stay is business is based on profit. (Choose economic or accounting) _accounting_ 9. Profit can be determined in two ways: ATR (this is price) – ATC = price/quantity Profitable: Price (pick one: >, =, , =, , =, , =, , =, , =, TCQUESTION 15 Which of the following professions would we expect to have the highest economic profit? a. Small business owners b. Local-level musicians c. Birthday party clowns d. Reality tv starsPOLICY PERSPECTIVES Adam Smith in The Wealth of Nations asserted that the pursuit of self-interest by competitive firms promoted the interests of society. What did he mean by this?
- I need full explanation to these questions 1. According to the text, economic profit serves as a beacon to entrepreneurs. This means a. A positive economic profit sends a warning to investors not to invest more. b. A negative economic profit sends a signal to investors that it is time to invest more. c. A zero economic profit sends a warning to investors not to invest more. d. A positive economic profit attracts resources while a negative economic profit sends resources away. e. None of the above. 2. The difference between economic profit and accounting profit is a. Average costs b. Direct costs c. Economic costs d. Variable costs e. Marginal costs10- A perfect competition market structure means: a. a large number of buyers & sellers b. working together to set prices c. difficulty entering & exiting the market d. little information is available to buyersQUESTION 17 Whenever marginal revenues are higher than marginal costs, a. a firm should stop its production in order to maximize profits. b. a firm should decrease its production in order to maximize profits. c. a firm should increase its production in order to maximize profits. d. none of them are correct.
