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BA450 Module 1
Course: BA 450, Spring 2011School: Grantham
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1. BA450ManagerialEconomics:Module1 Acomparisonofmarginalcostsandmarginalbenefitshasbeenutilizedforthree recentdecisionsinvolvingthepurchaseofatelevision,eatingbreakfast,andacquiringa newhomephoneservice.First,forthetelevisionthemarginalbenefitsinclude increasedentertainmentforthefamilyathomeinsteadofthemovietheater,however, themarginalcostsmeansdivertingresourcesallocatedforanewwashing...
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1. BA450ManagerialEconomics:Module1 Acomparisonofmarginalcostsandmarginalbenefitshasbeenutilizedforthree recentdecisionsinvolvingthepurchaseofatelevision,eatingbreakfast,andacquiringa newhomephoneservice.First,forthetelevisionthemarginalbenefitsinclude increasedentertainmentforthefamilyathomeinsteadofthemovietheater,however, themarginalcostsmeansdivertingresourcesallocatedforanewwashing machine.Next,wasthedecisiontoeatbreakfastontheroadwhichprovidedabenefit forsavingconsumptiontimeandtherewerenodishestocleanatthehouse.Thecosts forthisdecisionresultedallocatingtimetoobtainthemealandmoneyforthe food.Finally,therewasthedecisiontoobtainhomephoneservicewiththe MagicJack.Themarginalbenefitsincludeunlimitednationalcalling,portableusetoany placewithaninternetconnection,andlowannualcost.Themarginalcostsarethe expenseofmaintaininganinternetconnectionathomeandhavingacomputerrunning atalltimestoruntheMagicJackapplication.
2. Theproducersofthoseitemsweremotivatedbyselfinteresttodeliversomethingof valuetotheconsumersthatshopattheHomeDepot.Thebestcombinationwas determinedthroughourcompetitivemarketsystemwhichfosteredtheefficient allocationofresourcestoproduceproductswiththeleastcostandhighestprofit.The resourcesweremadeavailablebyprivatebusinessesthathavethefreedomof enterpriseandchoicetoselltheirpropertyinpursuitoftheirownselfinterestanddesire forprofit.Continuedproductionandsalesisultimatelydeterminedbyconsumer sovereignty,thewillingnessorabilitytopurchaseproductsontheopenmarket.
3. Thedemandforsmallcarsundercondition(a)wouldincreaseduetotheincreasein consumerdesirefortheproduct.Insituation(b),thedemandwouldalsoincreaseas peoplearepricedoutofthelargeautomobilesandtheirneedfortransportation.Alsofor condition(c),thedemandwouldincreaseasconsumersmonitortheirresourcesandare morecautiouswiththeallocationoffundsseekinglessexpensivetransportation alternatives.Nextinsituation(d),consumerdemandwoulddecreaseinanticipationof dropinfuelpriceswouldhaveanunknownimpactonthedemandforsmallcars.Ifthe usingfewerdollarstopurchasethesmallcars.Finally,thelastscenarioasubstantial pricedropwaslongterm,thenconsumersmightpurchaselargerautomobilesandthus decreasethedemandforsmallcars.However,isthepricedropwasonlytemporary,
consumerswouldretaintheircurrentspendinghabitsandtherewouldnosignificant changeinthedemandforanyparticularautomobilesector.
4. Publicgoodspossestwocharacteristicswhicharenonrival,thebenefitusedbyone doesnotaffecttheusebyanother,andnonexcludability,thatonceabenefitiscreatedit isaccessibletoeveryone.Forgoodsthatarenonrival,aprivatecompanywouldnot producethemsinceconsumerspurchasingthegoodwouldallowotheraccesswithout compensationtothefirm.Anonexcludablegoodisnotprofitableforaprivatefirmsince thegoodsorservicesareavailabletothoseatnocost,thefreeriderproblem.Thefree riderproblemoccurswhenanindividualreceivesthebenefitfromagoodor servicewithouthavingtopurchaseit.Theborderpatrolisapublicgoodsinceitsbenefit isnotinfluencedbyoneanotherintheUS(nonrival)andthereexistnowaytoexcludeit fromanyonelivinginthecountry(nonexclusionary).Satellitetelevisionisaprivategood sinceitcanbeenjoyedbyonlysubscriberstotheserviceattheirdiscretion.
5. Thestatementisbothuntrueandtrue,U.S.exportsdogenerateacertainamountof foreigncurrenciesthoughnotademand.ForeignimportstotheU.S.dogenerate suppliesofforeigncurrenciesinordertocompensatecompaniesaboardfortheir exports.Areductioninforeigncurrencieswithadropinimportswouldresultfroma declineinincomeorweakenpreferencesasconsumerslookforwaystoeffectively allocatetheirscarceresources.Thelossofthosecurrenciesduetoloweredimports wouldcausetheU.S.dollartoappreciateasforeignmoneyvaluesdepreciate.The dollarworldwidewouldbecomemorevaluableresultinginadecreaseinU.S.exports andanincreaseinimports.
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