...MICRO-ECON QUIZES.

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1.

Answer the following questions: Marketing does not operate in a vacuum but rather in a complex and changing environment. Other actors in this environment may work with or against the company. Major environmental forces shape marketing opportunities, pose threats, and affect the company's ability to serve customers and develop lasting relationships with them. Q1. (50 marks.) Select a local organization or brand from which you buy frequently. Briefly describe the organization, its products. activities, and processes. Name and describe the elements of the organisation's micro-environment and give an example illustrating why each is important. Word count: 500 words. Q2. (50 marks.) Changes in the demographic and economic environments affect marketing decisions. List some of the demographic trends of interest to marketers in the Arab world and discuss whether these trends pose opportunities or threats for marketers. Also discuss current trends in the economic environment of which marketers must be aware and provide examples of companies' responses to each trend. Word count: 500 words. Grades deduction for: TMA Presentation: (up to 5 marks) Up to 5 marks should be deducted for poor presentation or poor organization of the TMA outline and discussion or TMA presented without PT3. Proper referencing: (up to 5 marks) Referencing should be both in-text referencing, plus a list of references at the end using Harvard style. Up to 5 marks should be deducted for poor referencing. Use of E-Library: (up to 5 marks) A minimum use of 2 articles from AOU e-library is required to support the discussions. Up to 5 marks should be deducted for no use or poor use of e-library. Word count: (up to 5 marks) The answers should be within the specified word count. A deviation of 10% is acceptable; if more, a deduction up to 5 marks will be applied.Trudeau Chemicals Inc. has 4 production sites in the province of Quebec. The plants in Valleyfield and Drummondville are the largest, with available capacity of 1,800 tonnes each. Variable production costs are $25/tonne and $20/tonne respectively. The plants in Trois-Rivieres and Sainte- Foy are smaller, with available capacity of only 800 tonnes each, and higher variable production costs of $40/tonne and $38/tonne respectively. TCI has received a 3,000 tonne order from a customer called Scheer Specialties. Due to quality concerns, Scheer Specialities has requested that no more than 10% of their order be filled from the Drummondville plant, otherwise there are no restrictions on sourcing. TCI pays for the shipping costs to their customers. Freight rates from each plant to the Scheer Specialities location are as follows: Valleyfield - $32/tonne. Drummondville - $28/tonne. . Trois-Rivieres - $18/tonne. Sainte-Foy - $22/tonne. (a) How many tonnes of product should be produced and shipped from each plant in order to fill the Scheer Specialities order, if TCI wants to minimize total costs (variable production costs plus freight)? (b) What are the total costs to fulfill this order, based on the optimal sourcing plan from (a)? (c) How much total costs could TCI save on filling this order, if the quality issues at Drummondville were resolved and there were no quality restrictions on sourcing?1 Define variable 1 2 Define variable 2 3 Define variable 3 4 Define variable 4 5 Define variable 5 Variables Objective Function Objective Function Coefficients Values 0.0 = Solution for function F(x) Constraints LHS Sign RHS Equation 1 Constraint 1 0.0 = 0.0 Equation 2 Constraint 2 0.0 0.0 Equation 3 Constraint 3 11 11 0.0 0.0 Equation 4 Constraint 4 0.0 = 0.0 Equation 9 Constraint 9 > = 0.0 Equation 10 Constraint 10 7 = 0.0 Solver to determine Inputs / values required Equations provided by Prof(1) A producer of hockey sticks has a production function given by f (k, () = 2Vke. In the short-run, the producer's capital is fixed at k = 100. The price of capital is r = $1 and the price of labor is w = $4. (a) Calculate the producer's short-run cost function SC(q), short-run average cost function SAC(q) and short-run marginal cost function SMC(q). Plot SAC(q) and SMC(q) in a common graph. (b) Where does the SMC curve intersect the SMC curve? Now suppose that the capital is fixed at some arbitrary value k. (c) Calculate the firm's short-run cost as a function of (q, r, w, k). (d) Given (q, r, w), what should be the level of capital that minimizes total cost? (e) Use the result in part (d) to calculate the long-run cost function C(q, r, w). (f) For r = 1 and w = 4, graph the long-run cost function. Show that it is the lower envelope of the short-run cost functions computed in part (c).(1) A producer of hockey sticks has a production function given by f (k, () = 2Vke. In the short-run, the producer's capital is fixed at k = 100. The price of capital is r = $1 and the price of labor is w = $4. (a) Calculate the producer's short-run cost function SC(q), short-run average cost function SAC(q) and short-run marginal cost function SMC(q). Plot SAC(q) and SMC(q) in a common graph. (b) Where does the SMC curve intersect the SMC curve? Now suppose that the capital is fixed at some arbitrary value k. (c) Calculate the firm's short-run cost as a function of (q, r, w, k). (d) Given (q, r, w), what should be the level of capital that minimizes total cost? (e) Use the result in part (d) to calculate the long-run cost function C(q, r, w). (f) For r = 1 and w = 4, graph the long-run cost function. Show that it is the lower envelope of the short-run cost functions computed in part (c)