All answers must be 7-10 sentences .
1. Consider a situation where the price of a good rises when output increases. For example, lithium is used in rechargeable batteries for computers, phones, other electronic goods, and even certain cars. Demand for lithium was low as recently as the early 2000s. Since then, both the price of lithium and the production of lithium have more than doubled.
What could explain the simultaneous increases in the price of lithium and the production of lithium? Use supply and demand curves to explain your answer.
Hint: Price and equilibrium quantity have both increased. Would a shift in the demand curve or a shift in the supply curve lead to this result?
2. What are some key fixed and variable costs for your dream business? Remember, fixed costs do not change when output changes. That is, fixed costs remain even if the company is producing nothing. Variable costs increase as output increases.
3. Using the same dream job above, determine if it is competitive, monopolistic competitive, an oligopoly, or pure monopoly. Explain how you drew your conclusion about its market structure.
How does the business/firm in this industry determine the price it will charge for the products or services it sells?
4. Let’s talk about two trade-offs we face every day: how we spend our time and money. There are many things we can do with our money. Money spent on one thing isn’t available to spend on another. Also, there are many things we can do with our time. We can spend time doing one job or another. We can spend time with family. We can spend time in leisure.
Describe a trade-off you have made in terms of your income or your time.
What choice did you make with your money or time?
Why did you make that choice?
5. Describe the early (first four) stages of organizational growth and the keys to success at each stage.
The first four stages of organizational growth are startup, growth, maturity, and renewal or decline
6. Describe Stage V, Stage VI, and Stage VII of organizational growth. Within each of these stages, what are the keys to success?
Step 5 Diversification Step 6 integration Step 7 Decline and Revitalization
7. Identify the growing pains most relevant to a company or organization you are familiar with, and explain why they are most relevant.