Models that pertain to the distribution of a resource within supply chains are often referred to as networks. Distribution among these networks is key to the success of a business while also keeping cost production at a minimum. Discuss at least three ways that linear optimization models can be applied to both physical as … Read more
Apply a business decision model to something you do every day, such as selecting an outfit, ordering lunch, or determining your exercise routine. Be creative in your approach. How did you select the model? Create a decision tree for the scenario you outlined in the topic above. Attach the decision tree to your response … Read more
Over several decades, some industries, such as textile and clothing, which were once a significant part of the U.S. economy, have shifted manufacturing abroad. Using the idea of opportunity cost, provide an explanation of the reasoning behind this shift. How has this shift affected economic well-being locally? How do the gains compare to the losses?
The order of play tends to matter in sequential games where rivals must predict best reply-responses and counter-responses in order to achieve a desired payoff. Discuss an instance in which you or your firm used game theory and explain why the relationship between the players was a strategic one. Did the use of a … Read more
In business, sports, politics, and many other fields there are probably countless situations akin to the prisoner’s dilemma where players acting in their own self-interest do not produce an ideal outcome. Likewise, some player dynamics also illustrate other game theory concepts like a game of chicken, credible threats/commitments, and other similar concepts. Use at least one … Read more
Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?
Explain a situation you have observed (or read about) in which a firm made a decision considering irrelevant costs or did not consider relevant costs. What was the outcome of the decision, and what could have been done differently?
How do firms contribute to the efficiency of the market economy in ways that networks of independent contractors do not? Use Amazon as an organization, to illustrate your response.
Think about a good or service for which you believe there has been a shift in demand or supply. Explain the reasons behind the shift and how that has influenced the equilibrium price.
Discuss the ethical implications of a leader’s role in the socialization of new hires into the preexisting culture of an organization. What responsibility does a company have to inform newly hired persons that it wants to shape their values, perceptions, and behavior to conform to the organization’s culture? What impact does the leader’s informed values … Read more