1. What are the four chordate shared characteristics (=synapomorphies) and what is the function of each structure for a chordate animal?

2. The evolution of jaws is considered to be a key innovation in vertebrate evolution. What advantage do jawed vertebrates (gnathostomes) have when compared to jawless fishes (agnathan, hagfish and lamprey)?

3. What groups of vertebrates have an amniotic egg? What advantage do amniotes have over non-amniote vertebrates (e.g. fishes and amphibians)?

4. How did the origin of jaws, lungs, limbs, and the amniotic eggs affect the course of vertebrate evolution?

Answer the following questions with references and citations.

1. Explain, with the use of examples, when it would be appropriate to use trademarks and copyright to protect a firm’s intellectual property. Other than through the use of patents and copyright, how can a firm prevent its competencies from being imitated?

2. How can late entrants win the innovation race? Please give two examples.

3. Considering the case study, discuss some of the wider strategic reasons why firms may wish to enter a strategic alliance. What are some of the risks involved?

1. Provide me the characteristics of a monopolistic competitor. What must they do to be certain of their survival?

2. Technological advance is a 3 step process of intervention, innovation, and diffusion. Explain each step. Why is research and development so vital to the success of any firm?

3. Ologopolist have an interdepent relationship with their competition. Explain what this means. What is collusion and why are the ologoplist most vulnerable to this.

4. A pure monopoly has no competition yet it is not guaranteed a profit, explain this. What is a natural monopoly. Why do they exist ? How are they controlled. Provide an example.

a. Mention any four sources of business startup ideas. (1 Mark)
b. State and briefly explain any four habits you would cultivate in developing entrepreneurial mindset.
c. State and briefly explain the four types of innovation.
d. State and briefly explain any two benefits and three drawbacks of owning your own business.
e. State and briefly explain any two criteria you would consider in establishing your own business.
f. Differentiate between a business opportunity and a business environment. (1 Mark)

1. What are the five tests of a good strategy? (name them)
2. How does a Unique Value Proposition contribute to a good strategy?
3. The same question applies to:
4. Tailored Value Chain
5. Trade-offs
6. Competition

7. What is meant by the term “Fit across the value chain?”

8. What is the benefit of continuity over time?

9. How does continuity promote trade-offs and fit?

10. How does continuity help / assist competitive advantage?

11. How does continuity facilitate innovation?

12. How does continuity contribute to a strong company strategy?

13. How are brands strengthened by continuity?

In the market for Iphones the equilibrium price for Iphones is $400, and the quantity of Iphones sold is 20,000.

(f) The Processor used to make Iphones becomes considerably cheaper and innovation raises the incomes of the population. Show the relevant shifts in your diagram

(g) Suppose the government implements a price ceiling of $300. What happens to the market?

(h) Suppose the government implements a price ceiling of $500. What happens to the market?

(i) Suppose the government implements a price floor of $300. What happens to the market?

(j) Suppose the government implements a price floor of $500. What happens to the market

Answer all the following questions with an essay of not more than 300 words each:

A-What is an aggregate supply curve? Explain the circumstances under which the aggregate supply curve is horizontal, upward sloping, and a vertical straight line.

B-

Explain the short-run and long-run effects of the following events on output and price level with the AD-AS diagram:

a.

tax cuts

b.

money supply increases

c.

an increase in the price of key imported inputs

d.

a natural disaster that destroys a significant portion of production capacity

e.

a major technological innovation

QualSupport Corporation manufactures seats for automobiles, vans, trucks, and various recreational vehicles. The company has a number of plants around the world, including the Denver Cover Plant, which makes seat covers.

Ted Vosilo is the plant manager of the Denver Cover Plant but also serves as the regional production manager for the company. His budget as the regional manager is charged to the Denver Cover Plant.

Vosilo has just heard that QualSupport has received a bid from an outside vendor to supply the equivalent of the entire annual output of the Denver Cover Plant for $22.26 million. Vosilo was astonished at the low outside bid because the budget for the Denver Cover Plant’s operating costs for the upcoming year was set at $25.56 million. If this bid is accepted, the Denver Cover Plant will be closed down.

The budget for Denver Cover’s operating costs for the coming year is presented below.

*Fixed corporate expenses allocated to plants and other operating units based on total budgeted wage and salary costs.

Additional facts regarding the plant’s operations are as follows:

1. Due to Denver Cover’s commitment to use high-quality fabrics in all of its products, the Purchasing Department was instructed to place blanket purchase orders with major suppliers to ensure the receipt of sufficient materials for the coming year. If these orders are canceled as a consequence of the plant closing, termination charges would amount to 25% of the cost of direct materials.
2. Approximately 360 plant employees will lose their jobs if the plant is closed. This includes all of the direct laborers and supervisors as well as the plumbers, electricians, and other skilled workers classified as indirect plant workers. Some would be able to find new jobs while many others would have difficulty. All employees would have difficulty matching Denver Cover’s base pay of $12.60 per hour, which is the highest in the area. A clause in Denver Cover’s contract with the union may help some employees; the company must provide employment assistance to its former employees for 12 months after a plant closing. The estimated cost to administer this service would be $0.79 million for the year.
3. Some employees would probably choose early retirement because QualSupport has an excellent pension plan. In fact, $0.77 million of the annual pension expense would continue whether Denver Cover is open or not.
4. Vosilo and his staff would not be affected by the closing of Denver Cover. They would still be responsible for administering three other area plants.
5. If the Denver Cover Plant were closed, the company would realize about $2 million salvage value for the equipment and building. If the plant remains open, there are no plans to make any significant investments in new equipment or buildings. The old equipment is adequate and should last indefinitely.

Required:

1. QualSupport Corporation plans to prepare a financial analysis that will be used in deciding whether or not to close the Denver Cover Plant. Management has asked you to identify:

a. The annual budgeted costs that are relevant to the decision regarding closing the plant.

b. The annual budgeted costs that are not relevant to the decision regarding closing the plant.

c. Any nonrecurring costs that would arise due to the closing of the plant.

d. Looking at the data you have prepared in (2) above,

e. Calculate the financial advantage (disadvantage) of closing the plant.

f. Should the plant be closed?