Given that potatoes are an essential food item, make some comments about the price elasticity characteristics of the demand and supply curves in the potato industry?
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CASE STUDY
Jeff Spud from ‘Spud’s Farm’ is your client and is a medium sized potato farmer on the north-west coast of Tasmania.
You are asked to give him financial and business advice on how his business can survive the problems he is facing from powerful buyers of his produce and with competition from other local, interstate and overseas producers.
His previous contracts for his potato crop have been from McCain, a global company. Previously he was able to form a collective with other farmers in the region to negotiate the price to be paid by McCain per tonne. He understands there is some legal issue on negotiating price as a collective and requests advice on this.
Jeff has explained that he can produce 50 tonnes of potatoes per hectare and the contract price per tonne he has been given is $248. He has potentially 45 hectares of farm he can use for potatoes. He has provided you with the estimated fixed and variable costs for each farmed hectare.
Below are some snippets from recent news about the potato industry and from agricultural research publications.
- Given that potatoes are an essential food item, make some comments about the price elasticity characteristics of the demand and supply
curves in the potato industry?
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Solved in 2 steps
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?
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- Nonfinancial (Operational) Control Measures: Environmental Performance Assumethat the company for which you are working is interested in implementing a comprehensivemonitoring and control system regarding environmental performance. The company is convinced that improved performance in this area will lead to reduced costs, an improved corporate image, greater market share, and ultimately to greater financial returns. To supplement anumber of financial performance indicators in the area of environmental quality, the companyis interested in developing a set of nonfinancial performance indicators, which (it is hoped) willmotivate better environmental quality. In this regard, the company has embraced five strategic objectives: minimize hazardous materials, minimize raw/virgin materials usage, minimizeenergy requirements, minimize release of residues into the environment, and maximize opportunities to recycle.RequiredFor each of the five strategic objectives referenced above, provide at…Case Analysis Dr. Robert Smith owned his family practice for over 20 years. He came from a family of success. His father was a brain surgeon and his mother a well-known author. His younger brother, Saul, owned his own accounting firm for several years, but came to work with Dr. Smith after he sold it for a modest amount. After graduating at the top of his class from Johns Hopkins University, Dr. Smith was awarded a cardiothoracic surgery fellowship in New York. He spent a few years there and was well on his way to fulfilling his dream of becoming a heart surgeon. During this time, however, his father became ill. Dr. Smith decided to return to his hometown of Zoar, Ohio, to take care of him. Under Dr. Smith’s care, his father started showing signs of improvement. He was glad not only for his father, but that he could go back and continue his pursuit of becoming a heart surgeon. On the day he was set to leave, his mother became ill and died a few days later from a rare form of cancer…Florida Re-Entry Subdivision (aka Recovery, Treatment, and Rehabilitation)The role of the Re-entry subdivision is to provide quality programs to inmates, equipping them with the competencies necessary to become productive, crime-free members of society. Besides the FDC organizational mission statement, the Re-entry Subdivision has its own mission, to provide the most effective rehabilitative care for inmates of any race, religion, age, sex, sexual orientation, marital status, creed, national origin, or color, and to engage in research, development, and teaching programs to reduce both recidivism and dependency. My question is Where can the Florida Re-Entry Subdivision (aka Recovery, Treatment, and Rehabilitation) improve in complying with its stated goals to move the organization towards its mission?
- A risk matrix, also called frequency-severity table is used to analyse risks.a. Describe how this matrix is utilised in the analysis of risks.This case study focuses on the planning and execution of a non-profit organization's annual fundraising gala. The event aimed to raise funds for a children's education initiative. The organizers faced a multitude of tasks, including selecting a suitable venue, securing sponsors, coordinating with caterers, and creating an engaging program that would resonate with donors. Additionally, they had to ensure that the event adhered to the organization's values and mission. The study analyzes the strategies implemented by the team, emphasizing the importance of building strong partnerships with local businesses, leveraging social media for outreach, and delivering a heartfelt message to attendees to inspire donations. Question: How did the organizers strike a balance between keeping event costs low and maximizing fundraising efforts?CASE STUDY G&D Ltd is a leading pharmaceutical company in Ghana. Upon conducting a SWOT analysis, G&D is gaining some control over its suppliers, distributors and competitors. Unsurprisingly, the company's stock price soared 15 percent in the first four weeks of 2018 while the overall stock market declined 3 percent. G&D is headquartered in Cantonments, Accra and having 1,800 full- time employees. The company acquired Ernest Chemist Ltd. for GHC5 million in 2017, adding a broad manufacturing and distribution network for expanding in the generic medications and medical devices market. Based in Tema, Tobinco Ltd is a manufacturer of several brands of medical equipments and unprocessed medical supplies. D&G expects the Tobinco's acquisition to contribute revenue of more than GHC2 million in 2018. Following the outbreak of COVID-19 in Ghana with the first recorded case on March 12, 2020 when two infected travellers from Norway and Turkey landed at KIA, Ghana waged a war against the deadly…