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week 3 assignment

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Assignment 1: Demand Estimation Due Week 3 and worth 200 points

Imagine that you work for the maker of a leading brand of low-calorie, frozen microwavable food that estimates the following demand equation for its product using data from 26 supermarkets around the country for the month of April.

For a refresher on independent and dependent variables, please go to Sophia’s Website and review the Independent and Dependent Variables tutorial, located at http://www.sophia.org/tutorials/independent-and-dependent-variables–3.

Option 1Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets. QD       =          – 5200 – 42P + 20PX + 5.2I + 0.20A + 0.25M (2.002)  (17.5) (6.2)    (2.5)   (0.09)   (0.21) R2 = 0.55           n = 26               F = 4.88

Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:

Q          =          Quantity demanded of 3-pack units P (in cents)       =          Price of the product = 500 cents per 3-pack unit PX (in cents)     =          Price of leading competitor’s product = 600 cents per 3-pack unit I (in dollars)       =          Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarkets are located = $5,500 A (in dollars)     =          Monthly advertising expenditures = $10,000 M                     =          Number of microwave ovens sold in the SMSA in which the supermarkets are located = 5,000

Option 2Note: The following is a regression equation. Standard errors are in parentheses for the demand for widgets.

QD       =          -2,000 – 100P + 15A + 25PX + 10I (5,234)  (2.29)   (525)   (1.75)  (1.5) R2 = 0.85           n = 120             F = 35.25

Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:

Q          =          Quantity demanded of 3-pack units P (in cents)       =          Price of the product = 200 cents per 3-pack unit PX (in cents)     =          Price of leading competitor’s product = 300 cents per 3-pack unit I (in dollars)       =          Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarkets are located = $5,000 A (in dollars)     =          Monthly advertising expenditures = $640

Write a four to six (4-6) page paper in which you:

  1. Compute the elasticities for each independent variable. Note: Write down all of your calculations.
  2. Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results.
  3. Recommend whether you believe that this firm should or should not cut its price to increase its market share. Provide support for your recommendation.
  4. Assume that all the factors affecting demand in this model remain the same, but that the price has changed. Further assume that the price changes are 100, 200, 300, 400, 500, 600 cents.
    1. Plot the demand curve for the firm.
    2. Plot the corresponding supply curve on the same graph using the following MC / supply function Q = -7909.89 + 79.1P with the same prices.
    3. Determine the equilibrium price and quantity.
    4. Outline the significant factors that could cause changes in supply and demand for the low-calorie, frozen microwavable food. Determine the primary manner in which both the short-term and the long-term changes in market conditions could impact the demand for, and the supply, of the product.
  5. Indicate the crucial factors that could cause rightward shifts and leftward shifts of the demand and supply curves for the low-calorie, frozen microwavable food.
  6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.

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:

  • 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.

Health Care Marketing

Overview:  For this second assignment, pick a health services organization of your choice and conduct an analysis of its target markets, how it is positioned in the marketplace, and what kind of behaviors its customers exhibit when selecting their services.  This includes topics covered in Weeks 3 and 4.   Your research can include your own experiences with the organization, experiences of friends or relatives, the organization’s website, a visit to the organization (if possible), websites of competitors, library research on the service category, any notes from the overview and readings for Weeks 3 and 4, and any other place you think you can find information to provide depth to your analysis.

After completing your research, prepare your Written Assignment 2 as directed by the general guidelines for written assignments in the syllabus, project descriptions, by answering each of the following questions in turn:

  1. Name and describe the health service organization.
  2. Describe its primary target market in terms of the segmentation variables presented in the Week 4 Overview. You can use the PRISM system or describe it yourself. 
  3. What kind of behaviors do its patients/clients exhibit when making a decision to use the organization’s services? Might want to refer to the Health Service Model. 
  4. What do you think is the organization’s value proposition?  Use the generic value propositions outlined in the Week 4 Overview.
  5. Describe the organization’s primary competitors.  If possible, prepare a positioning map using two variables important to the patients/clients of the organization. 
  6. Based on your competitive analysis, what do you is the organization’s competitive position? 
  7. What recommendations would you make for changes to the organization’s target market, services or competitive position and why?

Revised Self-Introduction Speech Outline

Revised Self-Introduction Speech

Begin by reviewing your work over the session in the various speaking opportunities you have had in this course, putting particular focus on your Self-Introduction that you presented in Week 1. Then think about a professional context, such as a job fair, a work dinner, an industry conference, or a job interview—any professionally based situation in which you may need to introduce yourself to someone who does not know you. Consider the following:

  • Who are you professionally?
  • How will you explain that in a short amount of time?
  • What’s a good response when someone prompts, “Tell me about yourself?”

As you consider these questions, begin to gather and rehearse ideas for an elevator pitch that introduces you to someone new. Notes or an outline are recommended but not required to be submitted. You should have an audience present for this presentation, even if the audience is not professionally connected to or well known by you. The audience-centered focus for what you say should be someone unknown. This presentation should combine all of your improvement, your professional communication, and your communicative identity into a tight elevator pitch that you may use and revise for years to come.