MANAGERIAL ECONOMICS
Paper: (BASED ON MY BUSINESS, YOU CAN SEE IT ON THE FILE **MY BUSINESS**)
In week 5 of this course you were asked to identify a business that interests you. Throughout this course you completed several assignments pertaining to your identified business. The signature assignment will pull together these assignments and you will submit a paper that addresses the following:
1. Explain your business (150 words minimum).
2. You decide to engage in price discrimination. Decide which type of price discrimination would work best for your product/service. Be specific and consider the real applicability of your choice. Explain in detail! (300 words minimum).
3. Select one item from your business and calculate the Economic Order Quantity. When determining the numbers for the variables needed to perform the calculation, be realistic. Research what the actual numbers could be and provide and explanation/rationale for choosing the numbers. (150 words minimum). Perform the calculation and explain what the result means to your business.
4. Once your chosen business is more established, you decide to get involved in a joint venture with a foreign firm. The contract for the joint venture gives you the right to buy the project in three years. You worry that the foreign firm has been bribing government officials to obtain an economic advantage over other companies. Do you have any reason to be concerned about the possible bribery if you purchase the venture in three years? Why or why not? Provide an overview of the country’s (your choice) business practices and the consequences of engaging in questionable business practices. (300 words minimum).
5. What are the consequences for businesses in the United States that engage in false advertising? Which agencies provide oversight? How can you avoid false advertising for your chosen business? What would be the economic impact on your business if you were caught engaging in false advertising? (300 words minimum).
6. Why would you be interested in protecting your chosen business from being copied by others’? Would you want to patent your idea or would you keep it a trade secret? Explain your choice in detail! (250 words minimum)
The total word count for this paper is 1450 words which is approximately 4.5 pages, double spaced, Times New Roman 12 pt. The cover page and the reference page is extra, so your paper should be a total of 6.5 pages minimum. The paper must be submitted on Sunday at the end of week 9.
FYI: JUST TO LET YOU KNOW, ALL THIS INFORMATION ABOVE IS BASED ON THE BUSINESS I CHOSE. (DELIVERY OF IMPERFECT VEGETABLES AND FRUITS FROM FARMS THAT WILL WASTE THOSE PRODUCTS INSTEAD OF SELLING THEM FOR A CHEAPER PRICE)
SO ALL THOSE SIX QUESTIONS ON THE ASSIGNMENT POSTED WILL BE BASED ON THAT BUSINESS.
ASSIGNMENT I POSTED ON WEEK 5 ABOUT MY BUSINESS:
The business I would like to start is a business mainly focusses on the farm products such as vegetables and fruits which don’t appear to be pleasing in their physical outlook and therefore they are separated from the rest which are perfect and left to go into waste, so the company done by through door to door delivery of fruits and vegetables to make it sell because most of the people are reluctant to buy such produces but when home delivery is done with a little lower price they buy the product.
The business majorly deals with the fruits and the vegetables that are seen to be ugly from their physical outlook and the producers are isolating them from the best ones and in most cases, they go at waste, but they are nutrients just like the other ones which are taken to the store. Therefore, it is better not to waste food but instead ensure that there are people who could still realize that these kinds of fruits and vegetables are just of the same value compared to the perfect product, but the difference is only that they look ugly and these may not attract customers when they are packed in the store.
That type of business helps to source the products that are already isolated to go to waste from the farmers, and they are delivered to the clients but on a lower price as compared to the ones which have been packed to the store. One important thing is that the products are nutritious and delicious like the ones which are put in the store, and that is the main reason why they should not go at waste but ensure that they are also consumed because not everyone can afford the ones in the store.
The type of price discrimination would work best for my business is a second-degree price discrimination, that charges the same customer different prices for different units of the product, the price of a good or service varies according to the quantity demanded. Larger quantities are available at a lower price (higher discounts are given to consumers who buy a good in bulk quantities).
I believe it will works better for my company because that is a company against wasting and the second-degree price discrimination will make people buy more products that go to waste, paying less and buy less products from the grocery store.
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"
