Economics & Global Business Applications
Businesses large and small now compete in a truly global economy. To be successful in another country it is essential to understand and appreciate the cultural differences that exist. Business practices and ideas that work well here in the United States may not necessarily be expected to do so in other cultural environments.
If you were considering an expansion of your current business into an Asian country, what cross cultural challenges might you encounter?
Write an essay in which you do the following:
A. Discuss three major cross-cultural differences that would need to be taken into consideration if your company were to expand into this market based on your selected country.
B. Compare U.S. business practices to practices in your proposed country for each of the following:
Note: You are not required to create an actual full scale marketing plan, but each of the 4P’s of the marketing mix must be individually addressed.
C. Discuss two distinct ethical issues that you will need to understand and respect as your business expands into your selected country.
D. When you use sources, include all in-text citations and references in APA format.
Business owners, managers, and aspiring entrepreneurs need to know the best form of business organization to select based on various considerations, including taxes, liability, capital contributions, sharing of profits and losses, management and control, and survivorship.
Company A is a producer of widgets in a monopolistically competitive market structure. It is projected that as more widgets are sold Company A must offer a discount on each one to ensure adequate demand. Due to limited supplies and the cost of equipment maintenance the cost will rise as more widgets are produced.
The tables below provide data on the revenue and cost at different output levels for the year.
Write an essay (suggested length of 1–3 pages) that explains the relationship between marginal revenue and marginal cost, and the importance of these concepts for profit maximization in which you do the following:
A. Explain profit maximization from the following approaches:
1. Total revenue to total cost
2. Marginal revenue to marginal cost
B. Explain the calculation used to determine marginal revenue.
1. Discuss how marginal revenue increases, decreases, or remains constant in the given scenario.
C. Explain the calculation used to determine marginal cost.
1. Discuss how marginal cost increases, decreases, or remains constant in the given scenario.
D. Explain where profit-maximization occurs for Company A using the chart provided in the given scenario.
E. Explain what action should be taken in terms of adjusting output if it is determined that marginal revenue is greater than marginal cost.
F. Explain what action should be taken in terms of adjusting output if it is determined that marginal cost is greater than marginal revenue.