Assignment 1: Demand Estimation

Imagine that you work for the maker of a leading brand of low-calorie, frozen microwavable food that estimates the following demand equation for its product using data from 26 supermarkets around the country for the month of April.

For a refresher on independent and dependent variables, please go to Sophia’s Website and review the Independent and Dependent Variables tutorial, located at http://www.sophia.org/tutorials/independent-and-de….

Option 1
Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets.
QD = – 5200 – 42P + 20PX + 5.2I + 0.20A + 0.25M
(2.002) (17.5) (6.2) (2.5) (0.09) (0.21)
R2 = 0.55 n = 26 F = 4.88

Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:

Q = Quantity demanded of 3-pack units
P (in cents) = Price of the product = 500 cents per 3-pack unit
PX (in cents) = Price of leading competitor’s product = 600 cents per 3-pack unit
I (in dollars) = Per capita income of the standard metropolitan statistical area
(SMSA) in which the supermarkets are located = $5,500
A (in dollars) = Monthly advertising expenditures = $10,000
M = Number of microwave ovens sold in the SMSA in which the
supermarkets are located = 5,000

Option 2
Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets.

QD = -2,000 – 100P + 15A + 25PX + 10I
(5,234) (2.29) (525) (1.75) (1.5)
R2 = 0.85 n = 120 F = 35.25

Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:

Q = Quantity demanded of 3-pack units
P (in cents) = Price of the product = 200 cents per 3-pack unit
PX (in cents) = Price of leading competitor’s product = 300 cents per 3-pack unit
I (in dollars) = Per capita income of the standard metropolitan statistical area
(SMSA) in which the supermarkets are located = $5,000
A (in dollars) = Monthly advertising expenditures = $640

Write a four to six (4-6) page paper in which you:

1. Compute the elasticities for each independent variable. Note: Write down all of your calculations.
2. Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results.
3. Recommend whether you believe that this firm should or should not cut its price to increase its market share. Provide support for your recommendation.
4. Assume that all the factors affecting demand in this model remain the same, but that the price has changed. Further assume that the price changes are 100, 200, 300, 400, 500, 600 cents.
   1. Plot the demand curve for the firm.
   2. Plot the corresponding supply curve on the same graph using the following MC / supply function Q = -7909.89 + 79.1P with the same prices.
   3. Determine the equilibrium price and quantity.
   4. Outline the significant factors that could cause changes in supply and demand for the low-calorie, frozen microwavable food. Determine the primary manner in which both the short-term and the long-term changes in market conditions could impact the demand for, and the supply, of the product.
5. Indicate the crucial factors that could cause rightward shifts and leftward shifts of the demand and supply curves for the low-calorie, frozen microwavable food.
6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Analyze how production and cost functions in the short run and long run affect the strategy of individual firms.
• Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run, and the economic impact on a company’s operations.
• Use technology and information resources to research issues in managerial economics and globalization.
• Write clearly and concisely about managerial economics and globalization using proper writing mechanics.

Why Critical Thinking Is Important

Last week, you were asked to consider which stage of critical thinking you felt that you were in. This week, building off last week’s assignment and lecture, we know that employers are wanting more critical thinking from their employees. From the perspective of the employer, why is it so important to have employees who can critically think? From your perspective, how has critical thinking helped you in the past, or how do you perceive it helping you as an employee in the future? (Consider your dream job!)

Your work should be at least 500 words, but mostly draw from your own personal experience. This should be written in first person and give examples from your life. Be sure if you are using information from the readings that you properly cite your readings in this, and in all assignments.

I gave my teacher my first draft and he gave me some notes on it.

i will include pictures showing the notes.

i would appreciate it if you could read/fix the essay according to what he wrote.

+ fix the source annotations a little bit, he said something about adding ASSESSMENT on them

thank you

Purpose of Assignment

The purpose of this assignment is for students to evaluate the lean techniques applied to business in today’s workforce.

Note: Students and Faculty seeking more information on this assignment can refer to Ch. 14 of the Operations and Supply Chain Management textbook.

Assignment Steps

Select a business you are familiar with which incorporates lean manufacturing or lean supply chains.

Evaluate how this firm uses lean strategies and how much lean techniques has improved the firm’s efficiency.

Evaluate ways the firm can go even further to make improvements using lean techniques.

Use the results you obtained from evaluating this firm to apply to your own business or a business you are interested in which currently does not use lean.

Develop a 1,050-word report in which you describe your lean evaluation project.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment

You should also reply with minimum 100 word response to TWO other students in your cohort for each unit. No late discussion will be accepted

1.This response should be addressed to Veronica White

Managers use different strategies to motivate employees. A manager might choose to motivate employees through positive reinforcement (in the form of rewards and benefits) to get employees improve their job outcomes or use a negative reinforcement (punishments) to enable employees to meet their targets on time. According to Herzberg, the job itself can be a motivational factor and managers design jobs in ways that can improve employee motivation. The manager might introduce job rotation to help relieve employees the fatigue and boredom of working for long in one location. The manager can also assign the employee more tasks, allow them to work on flexible work schedules and enrich their jobs by creating opportunities for employee growth and advancement (Ferrell, Hirt & Ferrell, 2009, p. 310).

Evaluating turnover in an organization is paramount as this will enable management to identify the factors that contributed to turnover and thus resolve the issues through collective bargaining with the employees or unions that represent them (Ferrell, Hirt & Ferrell, 2009, p. 341). The organization can also utilize the information obtained from evaluating turnover to improve the conditions of remaining employees and thus reduce the incidence of turnover. Employees might sometimes quit their jobs without giving prior notice or even informing the organization, leaving vacancies for roles that are mandatory to be occupied all the time. Evaluating turnover can, therefore, help the organization identify vacancies that have been created and begin to advertise for these positions (Stanley et al., 2013). It also helps the organization plan for hiring and training needs of the new candidate that will fill the vacant position.

2. This response should be addressed to Timothy Hurt

I currently work in the transportation industry as an Operation Manager for a company called TransCo. Motivational goals and objectives are important in the TransCo family, as goals are passed down from upper management, to lower management, and then to teammates. I personally believe upper management should live their passion. When you live and work doing something you love, it sets an example for others and gives them a motivational perspective. The goal and objective process regarding TransCo, gives a clear procedure of where the company is going. Why do they look at it this way? Because they should not want to be the same tomorrow as they are today. More importantly the goals TransCo executes determines a timeline for things they needed to do. TransCo also defines targets for all teammates to strive for, and gives them a sense of direction and a vision of the future. This is certainly important to all teammates; because it gives them a sense of ownership of what the process is, and makes them more productive. Moreover, management must enforce and follow up with teammates that goals are being met. Including, holding those teammates accountable to the highest level. Management also must encourage employees if they were successful with a certain project. This helps management to determine what rewards will be administered. The transportation industry in a very competitive business, it comes with numerous challenges each day.

Why is evaluating turnover in an organization important? According to Tolls, “Being truly effective at work can pay off now and throughout our careers”. “Effective workers get exciting projects, win important clients, and are well respected by their colleagues and bosses” (tolls, 2017). One of the issues that cause employees to quit or be discouraged is being able to use their skills and abilities on the job. Most employees have skills and abilities beyond the position for which they were hired for. Moreover, if we want to be great leaders, it is so important to know our employees well enough to nurture and feed their growth. Likewise, if there is a good chance that an existing employee can be promoted, they will work that much harder for the company. When you personally sit down in front of your employee, they feel like you have valued them enough to spend your time on them. That makes them feel more comfortable to come to you and suggest things or recommend things to help the company operate more efficiently.

Tolls, M,.(2017). Being Effective at Work, Essential Traits and Skills.

https://www.mindtools.com/pages/article/being-effe…