The life cycle phenomenon of products allows Operations Manager to anticipate the production and distribution need and plan for them well in advance. What are some differentiated ways in which OM manager differ their strategies at each stage of product life cycle? Assess them in terms of cost, revenue and profit angle. [Provide your answer with supporting with appropriate theory for about minimum of 200 words]

1)True/False: Monopoly reduces social welfare, so the government should always prohibit monopoly(explain)

2)Assume the demand for GMs new Hummer H2 is P = 100000 – 500Q, the marginal revenue is MR = 100000 – 1000Q, and the marginal cost is MC = 600Q. a) Please figure out the profit maximizing P and Q. b) What is the consumer surplus and what is the producer surplus?

Suppose that the inverse demand function for a​ monopolist's product is: p=7-(Q/20)

Its cost function is: C=10+14Q-4Q^2+(2Q^3/3)

Marginal revenue equals marginal cost when output equals: q=_ units and q=_units (Enter numeric responses using real numbers rounded to three decimal​places.)

What is the profit maximizing output?

1. Why is pricing so important to the Marketing Manager?

2. Explain the role of supply and demand in determining price.

3, Explain the concept of elastic and inelastic demand. Why should managers understand these questions?

4. Why is it important for managers to understand the break-even point? Are there any drawbacks?

5. If a firm can increase its total revenue by raising its price, shouldn't it?

4. One thousand cars were stopped at random for a roadside test of tyres and lights: 115 had unroadworthy tyres; and 46 had a lighting fault. These figures include 22 cars with both defects. If drivers had been fined $100 if their car had one defect, and $500 if their car had both defects, how much revenue would have been raised per car?

Describe the three classifications of taxes, and provide at least one example of each type.  If most taxes are regressive, does it seem that this is intentional or an unintended consequence of trying to design a tax system that achieves the somewhat conflicting goals of both: 1) the production of revenue adequate to meet the expenditures of the government; and, 2) is not so burdensome that it substantially curtails the economic activities tied to the growth that every economy wants and needs?

Assume that the Shaw communication company is interested in broadening its opportunities in a foreign country. You must make a decision as to what country to expand into, and outline why you chose that country based on the concepts learned in class.

You must choose what strategies to utilize for that expansion and how you will generate increased revenue, and you must outline WHY you chose those strategies

Verispace Software sells inventory management software and reported revenues

of $25 million in the most recent financial year. You estimate that the total mar-

ket for inventory management software to be $25 billion, growing at 5% a year

for the foreseeable future. If you expect Verispace to have 10% market share of

this market in 10 years, estimate the compounded revenue growth rate over that

period.

2. Refer to the table below to briefly explain whether each firm will continue to produce (operate) or not (shut-down) in the     short-run. Also explain whether each firm will expand or exit the industry in the long-run.

1. Suppose the price of notebooks rises from $2 to $3 and the quantity demanded falls from 100 to 60. What is the change in total revenue for the firms producing notebooks? How can your answer to this help determine whether the demand for notebooks is elastic or inelastic?
2. As more time passes, the price elasticity of supply becomes more _______________ and                                                                                                  (elastic/inelastic)

3. the supply curve becomes _______________.

                                             (steeper/flatter)