Ariel, who designs and sells a line of purses and tote bags, recently sent free totes bag to local female news anchors. Ariel's goal is to have others see the local celebrities carrying the tote bags to generate interest in her product. What form of word-of-mouth marketing is Ariel using?

) At the start of the movie we meet Ray Kroc (Michael Keaton) who is a struggling traveling salesman for Prince Castle Sales. The year is 1954. The movie is opening with him delivering a sales pitch directly to the camera. What is Kroc selling that nobody wants?

Kroc is selling a milkshake mixer.

2) While traveling around, trying to sell his product, what does Kroc observe about the many fast food/drive-in restaurants that he stops at?

Kroc observes that many fast food establishments take very long to prepare food.

3) When Kroc calls June, who is the secretary of the sales division of the company he works for, Prince Castle Sales, he finds out an order has been placed for six milkshake mixers from a restaurant drive-in out in California. He thinks this is an error so he calls the restaurant which he finds out is McDonald's. He talks to Dick, one of the owners and finds out it was a mistake. How many do they really want?

4) The ordering of so many milkshake mixer machines by McDonald's piques Kroc's curiosity and he makes a drive to San Bernardino to see the restaurant in person. What does Kroc find out about this restaurant that is so different than the other fast-food/drive-ins he has been to? What does he observe/experience?

5) Kroc introduced himself to one of the ownersMac McDonald and tells him he has some operation and that he was the one who sold him the milkshake mixer. Mac tells him he can give him a tour and Kroc happily agrees. Kroc gets a behind-the-scenes look at how McDonald's operates. What are they doing that makes them so much better than their competition?

6) After the initial kitchen tour, Kroc wants to take the McDonalds brothers out to dinner because he says he is impressed with how the restaurant runs and that it is so remarkable. Wanting to hear their story/the history of McDonald's, he takes them out to dinner. Answer the following questions:

a) When the restaurant first opened they were selling multiple items and sales were down. They also realized a drive-in restaurant had a host of problems like attracting teenagers, slow service, etc. They also realized that most of their profits came from hamburgers, fries, and milkshakes. With this realization, what did they decide to do?

b) What was the purpose of the drawings out on the tennis court?

3. Which of the following is an example of a fixed operating expense: A. Insurance B. Sales commissions C. Advertising D. Travel expenses 64. What information does a business always need to have when it conducts a break-even analysis? A. Fixed costs and depreciation rates B. Variable costs and fixed costs C. Production time and variable costs D. Production time and depreciation rates 65. Which of the following should a business consider when negotiating a service or maintenance contract on a piece of equipment: A. Does the cost of the contract exceed the cost of possible repairs? B. Is training and technical assistance available? C. How much profit does the seller make on the contract? D. Does the equipment require installation? 66. Which of the following is a situation in which a business could use the budget information to make operating changes: A. Total revenues exceed projected costs. B. Estimated sales exceed actual sales. C. Expected profits are increasing. D. Accounts receivable are on target. 67. To effectively manage a supply chain, companies should A. introduce frequent changes to the production process. B. ignore underperforming suppliers and distributors. C. monitor the performance of all supply chain partners. D. launch new products through multiple suppliers. 68. An employee is comparing income statements from the past three years to evaluate changes and trends in the business's revenue. What type of business analysis is the employee conducting? A. Production B. Financial C. Information management D. Sales 69. Before assigning a new project to her employees, Joanna establishes the steps that her staff needs to take to complete the project. Joanna is utilizing A. human resource planning. B. business process thinking. C. agile project management. D. change management. 70. A manufacturing company is required by the local government to dispose of its waste in an environmentally safe way. This is an example of how process design can be affected by __________ factors. A. human B. regulatory C. technological D. natural .

Which of the following are areas of general agreement among modern economists?

To stabilize the economy, fiscal policy should be used prior to monetary policy. Expansionary fiscal policy increases aggregate demand. Various types of lags make passive monetary policy undesirable as a tool for stabilizing the economy. Fiscal and monetary policy can affect the unemployment rate in the short run Question 2

Suppose the economy is experiencing a recessionary gap.

Draw a graph showing aggregate demand, short-run aggregate supply, and long-run aggregate supply. Label both axes, all curves, and the recessionary gap. Label the actual output level as Y1, the actual price level as PL1, and the full-employment output level as Yf. Explain one specific supply-side fiscal policy that could eliminate the recessionary gap. Show how the policy you explained in part b would change your graph if the policy were successful. Question 3

Suppose the economy is experiencing a recessionary gap.

Draw a graph showing aggregate demand, short-run aggregate supply, and long-run aggregate supply. Label both axes, all curves, and the recessionary gap. Label the actual output level as Y1, the actual price level as PL1, and the full-employment output level as Yf. Explain one specific expansionary fiscal policy that Keynesian economists might suggest to eliminate the recessionary gap. Show how the policy you explained in part b would change your graph if the policy were successful.

Firm A produces widgets. The market for widgets is perfectly competitive and there are a large number of small scale firms including Firm A. All the firms operating in the market use the same production technology, which is represented by the production function = , where x is the output (in units of widgets). The production of widgets requires a workshop, material, and electricity, apart from labour. Each firm, including Firm A, owns one workshop. Production of one unit of widgets require material of value USD 20 and 4 units of electricity. Wage rate is USD 100 / day, opportunity cost of a workshop is USD 220 / day, and electricity charges are USD 1.25 per unit. The daily market demand function for widgets is: = 2445 - 5, where X is the number of units of widgets demanded in the market per day, and P is the price of widgets per unit. Firm A and all other firms in the market are profit maximisers. 1.A. The market for widgets is in short-run equilibrium, and Firm A is making a loss of 90 USD per unit of widget. How many firms are there in the industry? [5] 1.B. How many firms must leave the industry to bring the market to a long-run equilibrium?