1. You have just been employed by a firm that is operating under a “perfectly competitive” environment and also with the following relevant market information: --

Current market price per unit is $15 (NOTE: this is also the firm’s marginal revenue, MR)

TC = 0.5Q2

MC = Q

a) Using profit maximizing quantity level at 15, what is the firm’s TR?

b ) What is the firm’s TC using the same profit maximizing quantity level as a above?

c. What is the firm’s total profit?

3. Given the following information and formulas of a firm operating under a “monopolistically competitive” environment:

TC = 3Q3 - 18Q2 +30Q + 50, in which TC is sum of TVC and TFC

TVC = 3Q3 - 18Q2 + 30Q ; TFC = 50

MC = 9Q2 – 36Q + 30

AVC = TVC / Q

a. In the space below, compute quantity Q2 (HINT: To compute Q2, you will need to mathematically equate MC and AVC together and then solve for Q).

b. Compute P2 which is the lowest price below which the company must shut-down.

Case Study

You work as a Change Manger for ABC Company. In this project you are required to demonstrate your skills and knowledge through identifying change requirements and opportunities, developing a change management strategy, and implementing a change management strategy. You can demonstrate evidence of your planning by providing the communication strategy and action plan to ensure consultation and participation, stakeholder analysis, risk treatment action plan, a work breakdown analysis, a responsibility assignment matrix and a project schedule. Read the instructions below and answer all the questions.

You receive an email from the Business Operations Manager at ABC Company.

As you may be aware, the current financial standing of the organisation is little less than satisfactory. We have faced various issues over the past 3 months and have been unable to make a recovery. I believe that change is inevitable at ABC, so we are delighted to have you on board and hope that you will lead the way for ABC during this necessary period of change.

You need to consider how you will work and communicate effectively with other departmental managers and the human resources department to develop a corporate culture that accepts your proposed change.

Please start by examining the key points from the business report that follows and report on your proposed changes. Prior to commencement you may want to ask yourself the following:

• What is the change?
• Why is the change being made?
• How is the change going to affect ABC?
• How will you prevent change from challenging ABC’s ability to create value and regain relevance?
• How will you lead, manage and sell change effectively?

In the ABC Company Business Report, the key points are:

• Over the past 3 months, ABC has lost several of its key managers. This has had a serious effect on the corporate culture.
• Executive management have not yet found qualified replacements for these managers. Instead, they have been hiring unqualified trainees to cut further operational costs.
• Competitors have begun to take market share and ABC has not implemented the required changes to products and services to stay relevant in the market. As a result, ABC is finding it very difficult to stay competitive.
• New technologies have been purchased but not yet implemented throughout the organisation because the required training has not been organised. As a result, resources are either lacking or not being used effectively.
• As a result of the financial standing, cost cutting has been inevitable. This has been very emotionally taxing on staff and ABC has had to sublet part of its office space.
• Due to the business downturn, ABC has been left with no other option but to introduce the Lean Manufacturing System. This has significantly impacted the way the company orders raw materials, which has created issues with the shipping and receiving schedule.
• Manufacturing habits require a redesign in the manufacturing division as a consequence.
• Staff morale and productivity are at record lows. Management intervention is vital in maintaining time lines and ABC milestones.
• The ABC vision statement is outdated and does not reflect current situations.

You are required to answer all the questions below.

1. Conduct a change readiness assessment:

1. Explain what methods you would use to gather information relating to the change readiness of the organisation
2. Conduct a force field analysis and provide a summary of the driving and restraining forces for change
3. Provide a list of strategies to increase the driving forces and reduce the retraining forces.

2. Develop the change vision statement and identify the methods you will use to communicate the vision to motivate staff.

3. Formulate the change strategy, identifying the guiding principles and high-level or broad tactics to realise the benefits of the change.

In grievance procedures, which type of arbitrator do you predict will be most effective at resolving disputes? What characteristics should that arbitrator have?

1. How might conditional cash transfers operate to reduce or eliminate inter-generational poverty traps?  Give at least three mechanisms.

The Covid-19 coronavirus first struck in Wuhan, the capital of China’s Hubei province, at the end of 2019. It quickly spread beyond Asia. The policy responses have mostly been lockdowns of varying intensities and durations. Though there have been many national and even international curfews in the past, perhaps most prominently during the Second World War, there are no examples of lockdowns on a global scale deployed to counter the spread of disease. It is wholly novel to force significant proportions of the populations of the major world economies to stay at home, and mostly indoors. An important observation by economists is the interplay of demand and supply for personal protective equipment (PPE). With relevant facts and figures, you are required to
1. Identify and explain 5 determinants of demand for PPE.
2. Discuss 5 determinants of PPE supply.
3. Explain any two consequences of a shortage in the supply of PPE.

Briefly discuss the rise of the gig economy in Australia and which firms dominate?
Who are the main players (e.g. Uber, AirB&B, etc.) How did these firms get so big so quickly? How many people in Australia are employed in this sector?

Discuss one benefit and one drawback of a gold based monetary system.

What are Employee Involvement and Participation (EIP) programs? What are the costs and benefits?

Explain step-by-step process by which commercial bank could increase the money supply.

show how the short-run model would change with a decrease in domestic money supply, specifically noting the impact on domestic interest and the price level

Greece is a member of the Eurozone. It uses the Euro as its main currency. Hence, the Greek currency is fixed relative to other members of the Eurozone but the value of Euro fluctuates relative to other currencies. Hence we can view the Greek currency as being flexible relative to countries outside the Eurozone. Also note that for a prolonged period of time, the Greek government was spending more than it was raising in tax revenue. Creative accounting understated the size of government borrowing until the late 2000s before the real size of the government debt and deficit was revealed. 1A trade weighted nominal exchange rate is an average of the value of the Australian dollar against Australia’s twenty largest trading partners. 2 (a) Suppose Greece had its own currency, say the Drachma, and a flexible exchange rate. Describe what would have happened to the exchange rate when the real size of the government debt was revealed? What effect would this change in the exchange rate have upon the real economy in Greece? (b) Greece is a member of the Eurozone. What effect upon the Euro did revealing the size of government debt have upon the value of the Euro? What effect would this change in the exchange rate have upon the real economy in Greece? (c) What do you think were the costs for Greece of joining the Euorzone, and what do you think have been the benefits?

what is the customer segment and early adopters in air filter company ?

Explain the relationship between net capital outflows and a nation’s trade balance. Explain whether most (not Peter Navarro) economists consider a trade deficit to be an issue for the United States and why. Explain what purchasing power parity (PPP) implies about the relationship between nominal exchange rates and price levels. Explain whether PPP accurately portrays the current relationship nominal exchange rates and price levels across nations and why.

write a better definition for marketing. Justify your reasoning for the things you include. Hint, maybe it could mention more of the different people who use marketing in a nontraditional sense and/or marketers’ responsibilities to buyers and society.