- (a) Suppose a decrease in consumers’ income causes an increase in the demand for chicken and a decrease in the demand for beef; Explain which good is an inferior good and which is a normal good. How will the equilibrium price and quantity change for each good?
- In the United States, corn is often used as an ingredient in animal feed for livestock. Why does an increase in the use of corn to make ethanol, an additive that is used in gasoline, raise the price of meat? Use supply and demand curves for the corn market and the meat market to explain your answer.
- What is the law of supply? Give two examples of how you have observed the law of supply at work.
- If the demand and supply curve for dish washers are:
D = 800 – 4P, S = 10 + 6P
Where P is the price of dish washers, what is the quantity of dish washers bought and sold at equilibrium? (show all work)
inside the current times global economic system has turn out to be noticeably unstable and became prone to a multitude troubles. one such example is the today's economic disaster. such volatility creates a selection of challenges to small and big firms around the world. one of the most important demanding situations for production groups is to deal with unexpectedly growing globalization and opposition. the solutions require the development of agile and fast deliver networks in order to cut fees and meet call for. producers are becoming greater aware about deliver chain management. this recognition shifts the focal point from inner logistics efficiency to the outside community of relationships among various events in the deliver chain. the famous danish toy producer lego has now not been insusceptible to these adjustments. lego has confronted predominant challenges, which required drastic modifications in the company. this covered a metamorphosis of the corporation’s supply chain management gadget. lego organization had to deal with possibly the most sizeable economic disaster for the reason that corporation turned into founded in 1932. lego’s disaster became not truly visible from the outside. in truth lego had maintained brand recognition. this earned them the identify “toy of the century” from the british affiliation of toy retailers and “fortune” magazine. lego became the fourth biggest toy manufacturer inside the phrase and had sold us$1.35 billion really worth of toys in 2004. in spite of this fulfillment, the corporation was dropping cash considering 1998. lego had diverse internal operational problems. this included a complicated and ineffective supply chain, which at one level consisted of 11,000 contractors. in an try to address this problem, in 2004 lego board of directors set a goal to cut 20 percent of logistic prices. this resulted in the unstable decision to outsource a main part of the production to flextronics, a singaporean electronics manufacturing services provider. lego additionally mounted a unmarried distribution middle in the czech republic operated via dhl. (m. m. larsen, t. pedersen, d. slepniov 2010; okay. oliver, e. samakh, p. heckmann 2007; j. a. cooke 2009) such a volatile decision involved a protracted-term courting with flextronics that become now not with out demanding situations. in this studies paper an outline of challenges and solutions of the case business enterprise lego organization can be presented. the principle cognizance might be on lego’s supply chain management system transformation, which become a primary step towards achievement. the following research questions will serve as guidelines for this paper: what challenges did lego institution face and what selections were made to deal with those issues? how did supply chain control transformation helped to deal with these issues? on this paper we can first explore the supply chain control (scm) ideas. next the case organization lego organization may be introduced. we are able to then gift evaluation of the challenges that lego organization has confronted. the focal point of this paper can be the scm selections that were made to deal with these issues. supply chain management concept the globalization is increasing competition and forming new situations for carrying out commercial enterprise. this calls for agencies international to rapidly reply to their customers’ demands and broaden products. these groups must additionally observe facts technology in deliver chain collaboration (j. s. arlbjørn et al. 2006) such conditions improved the significance of logistics and scm role within companies as it could emerge as a primary competitive gain. normally, the main enhancements in logistical functions might not be wanted inside the employer itself. it could be extra useful to investigate the employer’s supply chain. this includes various interdependent parties. scm co-operation is gaining in most important strategic importance and commonly includes such traits: co-working is primarily based on quit consumer necessities, long time co-operation and high believe between acto>GET ANSWER