Questions and Answers of Managerial Economics And Strategy

4.7 Ethanol, a fuel, is made from corn. Ethanol production in 2014 was approximately 17 times what it was in 1990. (http://www.ethanolrfa.org/, June 2015). What effect did this increased use of corn
*4.6 Coffee is the most popular beverage in Greece. A large proportion of the coffee consumed in Greece is imported from Brazil. What effect would a drought that severely reduces coffee production in
4.5 Suppose it is estimated that the demand for large new cars in Iceland increased by 64.83% between 1982 and 2008 when income increased by 10%.During the same period, the demand fell by 7.83%when
1.3 Assume that both the U.S. and Canadian demand curves for lumber are linear. The Canadian demand curve lies inside the U.S. curve (the Canadian demand curve hits the axes at a lower price and a
1.2 Given the estimated demand function Equation 2.2 for coffee, Q = 8.5 - p + 0.1Y, use algebra (or calculus)to show how the demand curve shifts as per capita income, Y, increases by $10,000 a year.
*1.1 Does an increase in average income cause a shift of the demand curve for coffee or a movement along the demand curve? Explain briefly.
4. Determine for which markets the supply-and-demand model is appropriate.
3. Analyze the market effects of government policy using the supply-and-demand model.
2. Predict how an event that affects consumers or firms changes the market price and quantity.
1. Determine a good’s market price and quantity using supply and demand curves.
The Challenge Case “Bain & Company’s CEO, Bob Bechek, Leads the Team” (p. 359) and its related Challenge Case Summary were written to help you understand the management concepts contained
Explain how you can improve productivity in an organization.
The Challenge Case “Tesla Production Will Be Fastest in History” (p. 486) and its related Challenge Case Summary were written to help you understand the management concepts contained in this
Operations management involves the direction and control of processes. What are its key points?
DAF Trucks is based in Oevel, in Westerlo, Belgium. It was established in 1966, and the size and facilities in the manufacturing plant have been developed gradually over the past 50 or so years with
The Challenge Case “Autonomy at Hy-Vee Supermarkets” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the
Is it important for organizational change to occur on a regular basis? Why or why not?
The Challenge Case “How Huntington Hospital Introduced Electronic Health Records” and its related Challenge Case Summary were written to help you better understand the management concepts
List and discuss four ways that you might settle conflict that results from an organizational change that you make.
Business Management Resource Group (BMRG) is not your ordinary accounting firm. Typically, this kind of business rents office space, which projects an image of stability and prosperity. In this
Is it important for organizational change to occur on a regular basis? Why or why not?
The Challenge Case “How Huntington Hospital Introduced Electronic Health Records” and its related Challenge Case Summary were written to help you better understand the management concepts
List and discuss four ways that you might settle conflict that results from an organizational change that you make.
Business Management Resource Group (BMRG) is not your ordinary accounting firm. Typically, this kind of business rents office space, which projects an image of stability and prosperity. In this
The Michigan studies identified two basic types of leader behavior. What are these two types and their characteristics? Would they be useful to you as a manager?
Jeff Bezos is a giant in management. Forbes magazine recently named him its top CEO based on the performance of the company he founded, online retailer Amazon. Bezos started Amazon a few years after
Explain how you would use the Vroom–Yetton–Jago (VYJ) model of leadership to choose decision styles.
Vroom’s expectancy theory is more complex than the needs-goal theory. What are the main points of Vroom’s motivation theory?
The Challenge Case “How Disney Motivates Its Employees” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the
Early versions of job design strategies tended to focus on making jobs easier to help make people more productive. How is job design used today? Which of the four do you think is the most effective?
The United Way is a nonprofit organization that has been around since 1887. Founded to help charities raise funds, the United Way also provides grants and coordinates emergency relief services. It is
Why do organizations create committees to carry out specific tasks?
The Challenge Case “Better Teamwork Makes Numerica Credit Union a Winner” and its related Challenge Case Summary were written to help you better understand the management concepts contained in
What are the four stages of the formal group development process identified by Bernard Bass? Explain each stage.
A reporter for Fortune magazine recently said that David Novak “may be the business world’s ultimate team builder.”56 Novak, chief executive officer of Yum! Brands, iscredited with delivering
Organizational culture is often difficult to define, and some managers find it hard to identify all of its aspects. State and explain the questions used to define organizational culture.
The Challenge Case “Zappos Doesn’t Sell Shoes—It ‘Delivers WOW’ and its related Challenge Case Summary were written to help you better understand the management concepts contained in this
Assume that you are a professor teaching a management course. What vision would you have for the course culture? List three artifacts you would use to establish and maintain this vision. Be sure to
A culture will develop in an organization gradually as people interact. To ensure that the culture facilitates and enhances organizational performance, specific actions need to be taken by the
With the help of examples, list and describe the differences between power and authority in management terms.
The Challenge Case “Domino’s Goes High-Tech with Easy Order” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer
Information is vital to organizations. How are values and the benefits of that information judged by an organization?
Shopping online is clearly an easy and convenient way to purchase just about anything. But what about clothes? The problem is that clothing sizes vary between retailers, and styles, patterns, and
One key advantage of diversity in organizations is cost saving. Why is this the case? Give examples of cost saving.
The Challenge Case “Facebook Positions Itself to Stay Relevant” and its related Challenge Case Summary were written to help you better understand the management concepts contained in this
People know Coca-Cola as a global brand. However, when the company entered the Indian market in the mid- 1990s, it was the company’s second try. Coca-Cola had operated there from 1950 until 1977,
KFC Opens a Store a Day in China” and its Challenge Case Summary were written to help you better understand the management concepts contained in this chapter. Answer the following discussion
Where might an organization look for employees or managers if its usual sources for high-caliber candidates provide no results?
The Walt Disney Company is approaching its 100-year anniversary in 2023, but the firm is operating its human resource function in a manner that is nothing like it did a century ago. The company
What are the relationships between job analysis, job description, and job specification?
The Challenge Case “Netflix Revamps Its Human Resources” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the
Warby Parker is a very trendy eyewear company started in 2010. The young founders of the firm all attended the University of Pennsylvania’s Wharton School of Business and started the venture with
Why is it desirable for authority to exist in a variety of different forms?
On the basis of which four dimensions can a manager’s degree of responsibility be assessed? Describe the qualities a responsible manager should have in terms of attitudes and values.
The idea for Shutterstock came from founder Jon Oringer’s experience as a “serial entrepreneur.”55 Oringer saw that prospects are much likelier to look at information about a company if stories
Managers may opt to departmentalize their organizations for various reasons on the basis of elements such as products, functions, and geography. However, there are other options, and some
The Challenge Case “Microsoft Tries to Program Unity with Its New Structure” and its related Challenge Case Summary were written to help you understand the organizing concepts contained in this
Each resource is an investment and must produce a return. Choose a business organization with which you are familiar and use Fayol’s 16 guidelines to explain how they organize resources.
There are hundreds, if not thousands, of vacuum cleaners in the global market. British inventor James Dyson entered this highly competitive market in 1991 and began selling his first mass-market
The Boston Consulting Group uses SBUs. What are SBUs and their identifying characteristics? Using the BCG Growth-Share Matrix, classify the SBUs of a company of your choice.
Name one of the best-known industry analysis tools. List and describe its main components. What is its analysis value?
Explain the limitations that managers should take into consideration when looking at problem solving alternatives.
The days of a bulky computer hard drive, keyboard, monitor, and mouse are behind us, right? Tablets, smartphones, and other devices are the way of the future, or soit would seem. However, one
Explain why a decision-making process has room for biases. List and describe five common decision making biases.
The Challenge Case “Whole Foods Decides to Open in Detroit” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer
In 2011, the company Dollar Shave Club was launched. It had an impact on the male grooming business in ways that had not been seen in decades. For years, Gillette, which Procter & Gamble
Managers use different types of objectives, developing, using, and modifying them according to organizational needs. Briefly explain the various objectives. Provide an example of each type for an
The Challenge Case “Wal-Mart Plans to Have What You Want” was written to help you better understand the management concepts contained in this chapter. Answer the following discussion questions
There is a car race going on right now that you may not be aware of: Several companies are attempting to develop vehicles that drive themselves. And you may be surprised who is involved. Companies
Olde Peninsula Brings Brewpub Innovation to Kalamazoo and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the
List and describe Hofstede’s five dimensions of values in foreign cultures. Why do you think managers would find these useful when influencing employees?
In terms of international market agreements, distinguish between the European Union (EU) and the North American Free Trade Agreement (NAFTA). Are they very similar to or different from each other?
Assume you are ethnocentric. List three specific beliefs about your own culture that you might possess. Would such beliefs be a hindrance or a help in your becoming a successful manager? Explain.
The “news” is something we often take for granted. It’s ubiquitous in our lives with the technological connectivity we have in today’s busy world. We receive regular news feeds on our phones,
What is meant by the term “glass ceiling”? How does it affect the prospects of some people in the workforce and impact their careers? How do you think it will be shaped in the future by
The Challenge Case that introduced this chapter, “Diverse Employees Contribute to GE Lighting’s Bright Future,” and its related Challenge Case Summary were written to help you better understand
Philanthropy aims to increase the well-being of people. Do you agree with this statement? Suggest some typical philanthropic activities by businesses.
How does an organization test its monitoring of and improvements to their social responsibility in the long run? What steps should be taken to ensure this takes place?
Imagine going to work for a company where you discover that something unethical or even illegal is occurring. What would you do? Would you simply quit and walk away, or would you tell your boss or
After her children were born, Alli Webb wanted to work part time. She decided to apply her training and experience as a hairstylist to offer services in clients’ homes. Her additional background in
Professor Becomes Restaurateur” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the following discussion
Discuss your personal philosophy for promoting the careers of women managers within an organization. Why do you hold this philosophy? Explain any challenges that you foresee in implementing this
Many college students dream of one day starting a business such as opening a thriving restaurant or a hightech start-up, or even selling the best chocolate chip cookie ever. However, two students,
What do task-related activities mean to you? Suggest examples of task-related activities that are regularly undertaken by managers and are essential skills to perform.
Coke’s New CEO Battles a Changing Market” and its related Challenge Case Summary were written to help you understand the management concepts contained in this chapter. Answer the following
How can influencing ensure that managers are as efficient as possible?
What else can Lucy do to reduce the cost of buying and using Film Tech’s plastic?
It is now three years later and you have been approached by Amory Lovins for advice (address your report to him). As you prepare your recommendations, assume that the Hyper car is technically
What else can Lucy do to make these operations truly sustainable?
What recommendation should Adam give to Nadia regarding cage free eggs?
What steps should MSD take to address the situation immediately?
In the United States, the South and the Midwest experience natural disasters on a regular basis (hurricanes, such Hurricane Katrina, in the South and tornadoes in the Midwest). Whenever such a
What steps should they take over the next few years?
Recently, companies such as Verizon, Automatic, and Zubie have introduced a module that plugs into the diagnostic port of most cars. This module keeps track of the status of the car and informs the
How could the Internet of Things affect activities such as your visit to a store to buy a product?
Have you ever used social media to decide what products to buy or even where to go for a vacation? Provide some examples. Have negative reviews on social media ever caused you to avoid buying a
Have you ever stayed at an Air BnB? If so, why? To what extent was your decision influenced by the price, the location, or the experience that the Air BnB offered?
What are the differences between a project objective statement, a project charter, and a project business case?
Professor Bill is planning to launch a new research project that he hopes will culminate in a high quality published article. He and his collaborators have identified the research steps below. Bill
Given the project data below, which activities are critical and what is the length of the critical path? If activity E is reduced by 2 days, what additional activities become critical?

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