Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per pair of socks) 10 9 8 a Supply Demand 5 6 0 1 2 3 4 7 QUANTITY (Pairs of socks per day) 8 9 10 Graph Input Tool Quantity Marginal Utility (Dollars per pair of socks) 1 9 Marginal Cost (Dollars per pair of socks) 1

To what extent do ethical norms reflect a company’s dedication to the Triple Bottom Line?

As an employer, suppose you find it costly to monitor employee effort 100 percent of the time.  What compensation options, in terms of the basis of pay, are available to ensure that you get appropriate levels of employee effort?  What factors would you consider in choosing among these options?

Imagine that you own one of several popular restaurants in your area. Due to the Covid Pandemic of 2020, all restaurants were forced to close down for two months. You are now allowed to reopen your restaurant to the public. During this time, labor costs were reduced however, overhead such as rent, electricity, etc. was still a large percentage of your total costs. You are facing a dilemma; you are short on funds. What options should you consider? For example, should you raise menu prices to make up for the lost revenue? Should you lower menu prices to attract more customers? Is your customer volume elastic? If you raise prices and the customer volume falls will the increase in prices compensate for the loss of volume? If it does not, is there some way you can make up the revenue shortfall? If you lower menu prices and revenue falls is there some way you can increase your business revenue?  Explain your reasoning in terms of demand and elasticity.

Why is cost-minimization analysis most likely to be useful for managers?

Market price is always more than factor cost.  True /False

Price matching is a strategic move that   A- seeks to make cheating unprofitable.   B- must generally be announced publicly in order to have the desired effect.   C- has no usefulness to managers if a simultaneous pricing decision is going to be made only one time.   D- both a and b   E- all of the above

You own a company that produces helmets. You are currently selling 100 helmets per week. Your average total cost of producing these helmets is $100. Recall ATC=TC/Q. A customer comes to your store and says he needs a helmet and will pay you $95 for it. Thus you need to produce the 101st helmet if you make the sale. Your average total cost if you produce 101 helmets is $99.95. Do you sell the helmet to the customer for $95?

Which one applies to an impatient individual? Have high discount factors  Have low discount rates More likely to become a physician More likely to become a surfer

A personal economic decision that was driven by a behavioral bias rather than by pure rational behavior.