MGM Phase 4 Individual Assignment - A+ original paper with citations from an A+ tutor!

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MGM Phase 4 Individual Assignment - A+ original paper with citations from an A+ tutor!

 

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The discussion assignment for this week includes a review of the Key Assignment Outline (Individual Project Phase 4) completed by one of your classmates, as well as a substantial response to at least one other student.

Primary Task Response: Your first task is to post your own Key Assignment Outline to the discussion area so that other students are able to review your plan. Attach your document to the main discussion post, and include any notes you feel are appropriate. The purpose of this assignment is to help improve the quality of the Key Assignment Draft you will complete next week.

 

due on Monday:

Task Name:Phase 4 Individual Project
Deliverable Length:1000-1500 words
Details:

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. 

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business will be as follows:

 

Technology (Web design and maintenance)

$5,000

Postage and handling

$1,000

Miscellaneous

$3,000

Inventory of cookbooks

$2,000

Equipment

$4,000

Overhead

$1,000

 

Part I

Deliverable Length: 1 graph plus calculations

You must give up your full-time job, which paid $50,000 per year, and you worked part-time for half of the year.

The average retail price of the cookbooks will be $30, and their average cost will be $20.

Assume that the equation for demand is Q = 40,000 – 500P, where

Q = the number of cookbooks sold per month

P = the retail price of books.

Show what the demand curve would look like for price between $25 and $35.


Address the following questions:

Suppose that you expect to sell about 22,000 cookbooks per month online, and assume your overhead, technology, and equipment costs are fixed. What are your total costs?

Is the business worth pursuing so far?

What market structure have you entered, and why?

What can you do to guarantee success in this market?

What pricing strategy might you use?
Please submit your assignment.
 
Objective:
  • Describe and apply the economic perspectives of scarcity and opportunity costs.
  • Analyze current news events and apply basic economic concepts to everyday problems and situations.
  • Utilize the tools of economics for decision making for a firm operating in a market economy
  • Cite examples of the various forms of market structure: pure competition, monopolistic competition, oligopoly and monopoly
  • Discuss the impact of current economic trends and realities on politics, the workplace and the quality of individual lives.
 
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    • 12 years ago
    MGM Phase 4 Individual Assignment - A+ original paper with citations from an A+ tutor!
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