ECON550-Managerial Economics and Globalization


1.What is ‘short run production and cost’?

2.What is ‘long run production and cost?  

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3.Give 1 example of short production run situation and why?

4.Give 1 example of long production run situation and why?

5.Why are costs different between ‘long run production’ and ‘short run production’?

6.How do ‘long run production costs’ vs. ‘short run production costs’, affect pricing and why?

7.How do ‘long run production cost’ vs. ‘short term production run cost’, affect profit margins?

8.How do ‘long run production’ vs ‘short run production’, affect your production/manufacturing productivity and efficiency and why?

9.What are 5 possible causes of ‘short run production’ being needed?  (think deeply about this & be creative)

10.What are fixed costs and give examples.

11.What are variable costs and give examples.

12.How does production cost affect pricing and staying competitive?

13.What things and variables go into production cost?  (Hint: FO, VO, L, M, ) (put yourself into thinking you are owner or manager of manufacturing company,  what concerns you for cost)

14.How can technology affect production abilities and costs?

15.How does QC quality control affect production output and cost?

16.How does scheduled maintenance of production equipment affect production abilities;  positively? 

17.How may scheduled maintenance of production equipment affect production abilities; negatively?

18.What can be done to prevent production equipment break downs?

19.What can be done to make sure scheduled maintenance does not stop production?

20.How does production break downs and problems affect customer relations & sales?

21.With production problems and stopping or reductions, What may your customers need to do that will harm your customer relationship and sales?

22.If you have frequent production problems, what happens to your market reputation?

23.If you have frequent production problems, what happens with sales and profits?

24.If you have production problems and stoppage what happens with your production employees standing around?

25.If you have frequent production problems, what may happen with your sales staff? 

26.What does ‘labor intensive’ mean?

27.What does ‘lean production’ mean?

28.What does ‘economies of scale mean’?

29.What does ‘long run average cost’ mean?

30.What is ‘capital intensive method’ mean?

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