Answer to Question #88830 in Microeconomics for Ray

Question

1. The entire managerial economics revolve around what to produce, how to produce, and for whom to produce. Mention the company where you are working (if you are not currently working consider your potential employer) and give appropriate examples and explanations to support the aforementioned statement.

Answer 1

If we consider Coca-Cola Company, then it produces its products for different people who drink and like soda, it produces different kinds of drinks for different groups of customers in different countries. It produces in such way, that it minimizes costs and maximizes profits (or minimizes losses).