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Business owners, managers, and aspiring entrepreneurs

Business owners, managers, and aspiring entrepreneurs
Business owners, managers, and aspiring entrepreneurs need to know the best form of business organization to select based on various considerations, including taxes, liability, capital
contributions, sharing of profits and losses, management and control, and survivorship.
Company A is a producer of widgets in a monopolistically competitive market structure. It is projected that as more widgets are sold Company A must offer a discount on each one to ensure
adequate demand. Due to limited supplies and the cost of equipment maintenance the cost will rise as more widgets are produced.
The tables below provide data on the revenue and cost at different output levels for the year.
Quantity    TR    TC
0    $0.00    $10.00
1    $150.00    $30.00
2    $290.00    $50.00
3    $420.00    $80.00
4    $540.00    $120.00
5    $650.00    $170.00
6    $750.00    $230.00
7    $840.00    $300.00
8    $920.00    $380.00
9    $990.00    $470.00
10    $1,050.00    $570.00
11    $1,100.00    $680.00
12    $1,140.00    $800.00
13    $1,170.00    $930.00
14    $1,190.00    $1,070.00
15    $1,200.00    $1,220.00
Write an essay (suggested length of 1-2 pages) that explains the relationship between marginal revenue and marginal cost, and the importance of these concepts for profit maximization in which
you do the following:
A.  Explain profit maximization from the following approaches:
1.  Total revenue to total cost
2.  Marginal revenue to marginal cost
B.  Explain the calculation used to determine marginal revenue.
1.  Discuss how marginal revenue increases, decreases, or remains constant in the given scenario.
C.  Explain the calculation used to determine marginal cost.
1.  Discuss how marginal cost increases, decreases, or remains constant in the given scenario.
D.  Explain where profit-maximization occurs for Company A using the chart provided in the given scenario.
E.  Explain what action should be taken in terms of adjusting output if it is determined that marginal revenue is greater than marginal cost.
F.  Explain what action should be taken in terms of adjusting output if it is determined that marginal cost is greater than marginal revenue.
G.  When you use sources, include all in-text citations and references in APA format.
Note: Please save word-processing documents as *.rtf (Rich Text Format) files.
Note: For definitions of terms commonly used in the rubric, see the attached Rubric Terms.
Note: When using outside sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any
direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.
Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from outside sources, even if cited correctly. For tips on using APA style, please refer
to the APA Handout Web link below.
Task 2
Economists use elasticity to measure consumer responsiveness to changes in the various determinants associated with demand. Elasticity addresses percentage changes i.e. a percentage
change in quantity demanded divided by a percentage change in (own price, the price of another good, or income). Understanding elasticity is important to businesses and policy makers alike as
they consider how a potential change will impact markets when consumers adjust their purchasing behaviors.
A.  Discuss elasticity of demand as it pertains to elastic, unit, and inelastic demand.
B.  Discuss cross price elasticity as it pertains to substitute goods and complementary goods.
C.  Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).
D.  Use an example to discuss why demand tends to be relatively elastic in a situation where “Availability of Substitutes” exists.
E.  Discuss the “Proportion of Income Devoted to a Good” concept by contrasting two products typically purchased each month.
1.  Address, in your discussion, specific examples of how the same percentage change in the price of both goods affects the percentage change in the quantity demanded for each of the two
F.  Contrast how a person would initially respond to a relatively large increase in the price of a product in the short run as opposed to how that same person might react to that same price
increase over a longer time horizon (i.e., the long run), using the “Consumer’s Time Horizon” concept.
G. Identify by price range the areas on the demand curve where demand is elastic, inelastic, and unit elastic using the attached “Graphs for Elasticity of Demand, Total Revenue.”
1.  Explain the corresponding impact on total revenue for each of the three price ranges indentified in part G.
H.  When you use sources, include all in-text citations and references in APA format.
Task 3
The study of government regulation and the competitive environment for business is relevant to all those who study business. All business candidates need to understand how the competitive
environment will impact their employers and businesses.
Write an essay (suggested length of 1-2 pages) that describes the relationship between regulation and market structures and how regulation affects the market.
A.  Summarize the four major pieces of legislation collectively known as the Antitrust Laws.
B.  Discuss the intended purpose of industrial (i.e., economic) regulation as it applies to the following market structures:
1.  Oligopoly
2.  Monopoly
C.  Explain the major functions of the three primary federal and state regulatory commissions that govern industrial regulation.
D.  Discuss the intended purpose of social regulation as it applies to all market structures.
E.  Explain the major functions of the five primary federal regulatory commissions that govern social regulation.
F.  When you use sources, include all in-text citations and references in APA format.
Task 4
Businesses large and small now compete in a truly global economy. To be successful in another country it is essential to understand and appreciate the cultural differences that exist. Business
practices and ideas that work well here in the United States may not necessarily be expected to do so in other cultural environments.
If you were considering an expansion of your current business into an Asian country, what cross cultural challenges might you encounter?
Write an essay (suggested length 1-3 pages) in which you do the following:
A.  Discuss three major cross-cultural differences that would need to be taken into consideration if your company were to expand into this market based on your selected country.
B.  Compare U.S. business practices to practices in your proposed country for each of the following:
1.  Product
2.  Price
3.  Promotion
4.  Place
Note: You are not required to create an actual full scale marketing plan, but each of the 4P’s of the marketing mix must be individually addressed.
C.  Discuss two distinct ethical issues that you will need to understand and respect as your business expands into your selected country.
D.  When you use sources, include all in-text citations and references in APA format.

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