JCT2 Task 1 RIE Tech Analytical Report The first four quarters of the simulation went well. Two original computers were designed to meet the needs of customers in two market segments. As feedback was reviewed regarding customer requirements, three modified computers were designed. The fourth quarter of the simulation ended with a substantial profit and a positive cash balance. As decisions were made regarding expenses in the simulation, I documented each expense amount in a journal.
• A competitive firm has a u-shaped average cost curve whereas a monopolist does not. • A monopolist can influence market price whereas a perfectly competitive firm cannot. • There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. Want help? Click to download ECO 365 5).
A sole proprietorship is an unincorporated business owned by one person. The owner of a sole proprietorship is known as a sole proprietor. Sole proprietorship is easier and less expensive to start than corporations. It can be started without anything more formal than a decision or a handshake and you can conduct business under your own name or under a trade name. In this example, Owen will be the only owner and since he wants to have employees under this business form he is allowed to hire employees whereas if he was thinking of an S- Corporation he could not have any employees.
All companies cannot dictate the price of the products. Imperfect Competition also known as Monopolistic/Competitive market is the complete opposite of Perfect Competition. Imperfect Competition means that all companies have the power to dictate prices of product and all companies are able to join the same business if the revenue is up. Oligopoly is when a small group of companies control a specific market. Monopoly is where only one company is providing a good and or service.
Each of these measures is rated on numerical scale from excellent to poor or on a subjective level. Tanglewood has the opportunity to fine tune its recruiting system. This will allow Tanglewood to hire the most qualified candidates. By using the new predictors, Tanglewood has the opportunity to compliment the company’s traditional recruiting methods. Education, work experience are good predictors, statically they rank low in prediction
It would be beneficial to have him take the What Time of Day am I Most Productive survey to see if his poor decision making is based on his ability to focus. The characteristics of the employees make up the characteristic of the company, and both of these are a direct reflection of their leadership. Keeping employees happy is a key element to success, as noted in (Robbins & Judge, 2011), “Therefore, companies implement programs; such as piece-rate pay where workers are paid a fixed sum for each unit production completed”. It is imperative that a company can attract and retain a skilled workforce. Ensuring that their compensation is competitive with the market and valuing the employee’s opinions are just two ways to accomplish this.
Reflection LAW/531 January 28, 2012 Bradley Romig Learning Team "B" Week Four Reflection A contract is a legally enforceable agreement between two or more people. Contract administration involves those activities performed by an enterprise's administrative personnel charged with ensuring the performance of the contract fulfillment. A good contract administration plan helps businesses manage a contract effectively and offers a tool for observing the company’s performance and adherence to the contract terms. A successful contract requires management to read the details of the contract carefully and recognize the consequences if the terms and conditions are not met and followed. A contract administration plan creates systems and methods
A monopoly is where you can set prices almost everywhere you want, and there is no other competition. This is referred to as predatory pricing, where companies charge a price lower than production costs. These companies believe their competitors can’t afford the loses. Cable companies don’t worry about competition due to the protection they enjoy from the government. The cable companies get away with this by claiming they do not have competition, cities award them the contract by providing coverage, even though they may not have the lowest price.
Section one was about Highly Competitive Markets. There are two types of highly competitive markets: those with perfect competition and those with monopolistic competition. I learned that perfect competition equals more competition and pure monopoly equals less competition. The only difference with the two is that sellers offer different, rather than identical, products. Section two was about Imperfectly Competitive Markets.
With today’s economy everyone is looking for a good deal. This strategy would allow promotional deals and bring in more revenue. Vitez (2014), “Many businesses develop pricing strategies to maintain a competitive advantage. These include penetration, economy, skimming, bundle and promotional strategies. Penetration pricing uses low initial prices to gain market share and slowly increases the price to its normal level.