ECON 545 final
TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.
(a.) You know from data collected on the Widget Market that market demand has recently decreased and market supply has recently increased. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?
Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market, and are being asked what effect that has on you as a small part of that market.
The market demand has decreased and thus the price customers are willing to pay for the good has fallen as well. The natural reaction to it should have...
Excerpt from file: ECON545final TCOA)Supposeyouarehiredtomanageasmallmanufacturingfacilitythatproduces Widgets. (a.)YouknowfromdatacollectedontheWidgetMarketthatmarketdemandhasrecently decreased and market supply has recently increased. As manager of the facility, what decisions should you make
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