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Eco 550 Assignment 2

1522 words - 7 pages

Assignment 2: Operations Decision
Due Week 6 and worth 200 points

Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of output per month (working 20 days / month). The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is “high enough” so that the firm's total costs exceed its total revenue. The marginal cost of the last unit is $30.

This assignment allows you to determine the ...view middle of the document...

Provide a rationale with your response.
6. Use at least three (3) high-quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

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:
* Assess how managerial economics is used in business decision making.
* 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.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
Points: 200 | Assignment 2: Operations Decision |
Criteria | UnacceptableBelow 70% F | Fair70-79% C | Proficient80-89% B | Exemplary90-100% A |
1. Briefly describe the details of the fictitious business that you created for this assignment.Weight: 5% | Did not submit or incompletely described the details of the fictitious business that you created for this. | Partially described the details of the fictitious business that you created for this. | Satisfactorily described the details of the fictitious business that you created for this. | Thoroughly described the details of the fictitious business that you created for this. |
2. Assess the current environmental scan factors that are relevant to the decision making process. Determine the factors that will have the greatest impact on plant operations and management’s decision to continue or discontinue operations. Provide a rationale for your determination.
Weight: 15% | Did not submit or incompletely assessed the current environmental scan factors that are relevant to the decision making process; did not submit or incompletely determined the factors that will have the greatest impact on plant operations and management’s decision to continue or discontinue operations; did not submit or incompletely provided a rationale for your determination. | Partially assessed the current environmental scan factors that are relevant to the decision making process;...

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