In this assignment, you are to prepare areport analyzing the two problems below. Be sure to include your owninterpretation and opinion as you prepare this report.
- You are a manager at Glass, Inc.a mirror and window supplier. Recently, you conducted a study of the production process for your single-side encapsulated window. The results from the study are summarized below and are based on the eight units of capital currently available at your plant. Workers are paid $60 per unit of labor, capital is rented at $20 per unit of capital.
|
Production Process Study Results |
|
|
Labor |
Output |
|
0 |
0 |
|
1 |
10 |
|
2 |
30 |
|
3 |
60 |
|
4 |
80 |
|
5 |
90 |
|
6 |
95 |
|
7 |
95 |
|
8 |
90 |
|
9 |
80 |
|
10 |
60 |
|
11 |
30 |
o Explainthe meaning of own price and cross-price elasticity of demand.
o Discusswhy it is important for a manager or owner to understand the two forms ofelasticity.
o Giventhe information above, calculate the following for each level of labor inputfor Glass, Inc. Show and explain your calculations.
averagevariable costs
averagefixed cost
averagetotal cost
marginalcost
- You are a management consultant for a 30-year-old partner in a large law firm. In a meeting, your client says: According to an article in The New York Times, 57 percent of large law firms have a mandatory retirement age for partners in the firm. Before they retire, partners are paid directly for the work that they do, and, as an owner, they are entitled to a share of the profits of the firm. Once they retire, partners do not receive either form of compensation. In light of this, I think we should eliminate mandatory retirement in order to gain a competitive advantage in attracting high-quality lawyers to work for our firm. Of course, you are the expert.
o Ismandatory retirement legal in your chosen profession or career path? If so,what is the justification for the law? Does your current employer have amandatory retirement age?
o Shouldthe law firm eliminate mandatory retirement in order to gain a competitiveadvantage? Describe and justify your recommendation.
o Discussyour own personal and professional opinion about mandatory retirement,regardless of the industry.
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