Q 1) (1 point)

Make a distinction of the price elasticity of demand , in terms of elastic, unitary and inelastic.

Q 2) (1 point)

Explain the law of diminishing marginal utility & the law of diminishing return.

Q 3) (1 point)

Define MU(marginal Utility) and TU(total Utility)

Q 4) (1 point)

Describe the shape of AFC(average fixed cost), AVC(Average Variable cost), ATC(Average total cost) and MC(Marginal cost).

5) Treasure Hunt: a) Go to www.cengage.com/sso (Links to an external site.)Links to an external site. web site. At Bookshelf of Arnold economics of 11th edition, click SSO Course Mate for Arnold economics menu under resources to lead to Course Mate of Economics(11th ed) by Roger A Arnold . Then, click Coursemate (full 11th ed) and try CH20 to get access to “AZ glossary” at left menu bar. Describe first Five(5) terms you see at the glossary(3point).

b) After watching”BBC Video” of Ch 20 , 21 and 22 at www.cengage.com/sso (Links to an external site.)Links to an external site. , analyze the content of one video by relating into economic theories(3 point).


PART 2:


Your comment to each question has to be more than five(5) sentences based on researched facts and logical analysis to earn the full credit. Also your response to other has to be more than five(5) sentences based on researched facts and logical analysis to earn the full credit.

The most cost efficient company

Over the years, GE(General Electrics) was respected as one of the most admired company in America under the leadership by Mr. Jack Welch. One time Dell and Wal-mart tried to take over the prestigous status and got set back.

Fortune: America’s most Admired companies 2017(Top 10)

  1. Apple (Links to an external site.)Links to an external site.
  2. Amazon.com
  3. Starbucks
  4. Birshire Hathaway
  5. Disney

(Links to an external site.)Links to an external site.

  1. Alphabet
  2. GE
  3. SouthWestern Airlines
  4. Facebook
  5. Microsoft

Q1)In your opinion, which corporation is the most cost efficient, best managed, and most admired company in America nowadays? GE, Proctor Gamble, Johnson & Johnson ,Dell ,Wal-mart or some other , lately Apple? (0.5 point)

Q2) why? (0.5 point)

Q3) One time mighty companies such as IBM, or GM etc have been declining in their powerful staus. What lesson can we learn from those cases?(0.5 point)

Q4)Is it due to complancency problem, fear for change ,lack of hungry spirit, bureaucratic red tape, big is ugly, diseconomy scale or lack of micro management? or you name it. (0.5 point)

Q5) what are your ideas to keep a world class company such as GE or etc. stay at top with continuous success in expanding market share, cost cutting efficiency or prosperous profits? possibly new creative leadership, thinking outside of box, without fear of change, maintaining a hungry spirit to be better? Give your own idea. (0.5 point)



PS:

to have access to my account on Cengage website I need to provide my login.

user: f_konrath@hotmail.com

password: 1504Gremio

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