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Q. The opening statement on the website of the Organization of Petroleum Exporting Countries (OPEC) says its members seek “…. To secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.” To achieve this goal, OPEC attempts to coordinate and unify petroleum polices by raising or lowering its members collective oil production. However, increased production by Russia, Oman, Mexico, Norway, and other non- OPEC countries has placed downward pressure on the price of crude oil. To achieve its goal of stable and fair oil prices, what must OPEC do to maintain the price of oil at its desired level? Do you think this will be easy for OPEC to do ? Explain
Q. Forey, Inc., Competes against many other firms in a highly competitive industry. Over the last decade, several firms have entered this industry and, as consequences, Forey is earning a return on investment that roughly equals the interest rates. Furthermore, the four-firm concentration ratio and Herfindahl Hirschman index are both quite small. Based on this information, which market structure best characterizes the industry in which Forey competes? Explain the features this market structure and what happens to the company’s profit in the short-run and long-run ?
Q. A certain town in Kerala obtains all of its electricity from one company, South Electric. Although the company is a monopoly, it is owned by the citizens of the town, all of whom split the profits equally at the end of each year. The CEO of the company claims that because all of the profits will be given back to the citizens, it makes economic sense to charge a monopoly price for electricity. Explain the social cost of monopoly power ?
Marketing should be the first activity in starting a new business venture”. Discuss the statement, giving your reasoned arguments ?
Q. Jamie is considering leaving her current job, which pays $75,000 per year, to start a new company that develops applications for smart phones. Based on market research, she can sell about 50,000 units during the first year at a price of $4 per unit. With an annual overhead costs and operating expenses amounting to $145000. Jamie expects a profit of 20 percent. This margin is 5 percent larger than of her largest competitors, Apps. Inc.

a. If Jamie decides to embark on her new venture, what will her accounting cost be during the first year of operation? Her implicit costs? Her opportunity cost?
b. Suppose that Jamie’s estimated selling price is lower than originally projected during the first year. How much revenue would she need in order to earn positive accounting profits? positive economic profit ?
“The traditional elements of the Marketing Mix have become irrelevant in the modern world”. Give your reasoned view, either agreeing or disagreeing, on the above statement.
“The traditional elements of the Marketing Mix have become irrelevant in the modern world”. Give your reasoned view, either agreeing or disagreeing, on the above statement.
An individual who is not an existing client approaches you in early November stating that the income tax return for the financial year has not been prepared or lodged. The individual is aware that tax agents can lodge later than the October 31 deadline so requests that you prepare and lodge the tax return to avoid penalties.

What advice do you give this individual?
Discuss the advantages,procedures and types of benchmarking
Discuss the key supply chain process
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