Business Visions and Traditions

Business Visions and Traditions

  • Submitted By: dfbjeep
  • Date Submitted: 06/27/2010 9:31 AM
  • Category: Business
  • Words: 357
  • Page: 2
  • Views: 233

Business Visions and Traditions

Table of contents
Page
1. Question 1 3
2. Question 2 5
3. Go green or go home. 4
4. The pursuit of happiness. 5
5. Decisions, decisions. 6
6. A tradition of quality 7
7. Conclusion 8
8. Bibliography 9

1. Question 1

|PRICE OF A BICYCLE |QUANTITY DEMAND |QUANTITY SUPPLIED |EXCESS DEMAND (-) EXCESS SUPPLY (+) |
|(R) | | | |
|300 |60 |30 |-30 |
|400 |55 |40 |-15 |
|500 |50 |50 |0 |
|600 |45 |60 |+15 |
|700 |40 |70 |+30 |
|800 |35 |80 |+45 |
a)

b) See equilibrium price and equilibrium quantity as indicated on graph.

[pic]

c) See price ceiling on bicycles as indicated on graph. It cut the demand and supply curves at points “A” and “B”.
[pic]

d) Problems associated with a price ceiling:
• Black Markets
• Discrimination
• Reduction in quality

2. Question 2

a) See completed table below:
|QUANTITY |FC |VC |TC |MC |PRICE |TR |MR |
| |($) |($) |($) |($) |($) |($) |($) |
|0 |16 |0 |16 |0 |8 |0 |8 |
|1...

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