The equilibrium price is $6 per dozen, and the total consumer surplus at this price is $6.
Since the demand is for whole dozens of eggs, the consumer surplus can be calculated as the difference between the maximum amount a consumer is willing to pay and the equilibrium price, multiplied by the quantity demanded.
At $6 per dozen, the total consumer surplus is (7-6)*10 + (6-6)*11 + (5-6)*12 + (4-6)*13 = $6.
How would a technological advancement that reduces the cost of egg production affect the equilibrium price and quantity in this market, all else being equal?A technological advancement that reduces the cost of egg production would shift the supply curve to the right, increasing the quantity of eggs supplied at every price point. This would lead to a lower equilibrium price and a higher equilibrium quantity of eggs sold. Consumers would benefit from lower prices, while producers would benefit from increased sales. Overall, the market would become more efficient and potentially more competitive as a result of the technological improvement.
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through which of the following marketing mix variables do companies capture value from consumers, resulting in the generation of revenue?
Companies capture value from consumers and generate revenue through the "price" variable of the marketing mix.
Price is the amount of money that a customer must pay to acquire a product or service, and it directly impacts the revenue that a company earns. The price charged by a company is often based on a variety of factors, such as the cost of production, the level of competition, and the perceived value of the product or service to the customer.
The other marketing mix variables - product, promotion, and place (distribution) - are also important in creating value for consumers and influencing purchasing behavior. However, it is the price that ultimately determines the revenue generated by a company.
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1. List four principles of insurance. (4mks)
Insurable Interest
The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.
Utmost good faith
An action to disclose accurately and completely, all facts material (material fact) about something that will be insured is requested or not. The meaning is: the insurer must honestly explain everything clearly about the extent of the terms / conditions of the insurer and the insured must also provide a clear and correct for objects or interests of the insured.
Proximate cause
is an active cause, efficient cause that chain of events that lead to a result without the intervention of the start and working actively from a new and independent.
Indemnity
One mechanism by which the insurer provides financial compensation to place the insured in a financial position that he had prior to the loss
Overview: The importance of compensation varies depending on the viewpoint, as stated by Barry Gerhart and Jerry Newman in Compensation. Society views compensation as a measure of justice; managers may view compensation as a major expense or a motivator; employees view compensation as an entitlement or as an incentive. Regardless of the viewpoint, fairness and equity are essential. Compensation must also be up-to-date, competitive in the market, and easy to understand. Aligned pay structures support the way the work gets done, fit the organization’s business strategy, and are fair to employees. Organizations typically task an in house human resource (HR) professional or hire an HR consultant to create and maintain the company’s pay structure. Prompt: In Milestone One, you will address the internal consistency component of a pay structure using the specially designed case scenario. Read the Final Project Case Study (linked to in your course) for detailed information on the requirements for this project. Specifically, you must address the critical elements listed below
c. Create job families for all the roles at the Rockville location. The families may be illustrated in a table or bullet format. List positions within each family based on the difficulty level. Provide a rationale for why jobs were assigned to the various families.
(in the final case study which is a url powerpoint presentation I cant attach, it says The positions needed for the new Rockville location fall into several different job families such as production, office support, and human resources.) hope the update helps.
Production Supervisor, Responsible for overseeing the production process, ensuring that all processes are running smoothly and efficiently.
Responsible for operating the production equipment, performing tasks to meet quality standards, and ensuring that production is meeting the company's goals. Responsible for operating and maintaining the production equipment and ensuring that it is running safely and efficiently. Responsible for inspecting products and ensuring that they meet the company's quality standards. Rationale, These jobs all require a knowledge of the production process, and the ability to operate and maintain production equipment. The Production Supervisor is responsible for overseeing the production process, while the Production Worker is responsible for operating the production equipment and meeting quality standards. The Machine Operator is responsible for operating and maintaining the production equipment, and the Quality Control Inspector is responsible for ensuring that the products meet the company's quality standards.
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the following categories are on a classified balance sheet, list them in the order that they appear
1. current assets 2. long term investments 3. plant assets 4. intangible assets -5. current liabilities 6. long-term liabilities
1. Unused land for operations—Long-term investments 2. Receivable notes (due in five years) Long-term obligations 3. Debtor's accounts current resources 4. Brand names Non-tangible assets 5. Payments to be made Current obligations
Define assets, long term investment, plant assets.One of the four fundamental financial statements is the balance sheet. The assets, liabilities, and equity of a firm are shown in this statement. These three major categories are broken down into numerous subcategories on a classified balance sheet, including contributed capital, investments, current obligations, and current assets, to name a few. Assets that will be used up during the current accounting period are known as current assets. Long-term investments are those that the company plans to hold for more than one year. Plant assets are fixed assets like real estate, machinery, and equipment with longer-term useful life that are utilized to generate income. d) Non-physical assets known as intangible assets e) Current obligations - Amounts owed that must be settled immediately f) Long-term liabilities - Amounts owed having a long-term maturity
The complete question is:
The following are common categories on a classified balance sheet.
a) Current assets
b) Long-term investments
c) Plant assets
d) Intangible assets
e) Current liabilities
f) Long-term liabilities
For each of the following items, select the letter that identifies the balance sheet category where the item typically would best appear.
1. Land not currently used in operations
2. Notes payable (due in five years)
3. Accounts receivable
4. Trademarks
5. Accounts payable
6. Store equipment
7. Wages payable
8. Cash
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Which of the following is NOT a study myth?
None of the above is a study myth. Study has great importance in one's life.
What role does education have in our lives?Your self-worth, competence, and confidence can all rise thanks to effective study techniques. They can help lessen stress associated with deadlines and tests. By improving your study techniques, you might be able to reduce the amount of time you spend studying and free up more for other activities. Finding a peaceful place to study, having a break, creating goals, and taking practise exams are all examples of good study habits. Here is the whole list along with the psychological underpinnings of each. There is a learning curve. Critical abilities including decision-making, mental flexibility, dilemma, and logical thinking are developed through education. People experience difficulties in both their personal and professional lives.
The complete question is:
Which of the following is not a study myth?
You can multitask while you study.
Highlighting the main points of a text is useful.
Setting effectively is effortless.
All of the above.
None of the above.
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A manufacturing firm has discontinued production of a certain unprofitable product
line. This created considerable excess production capacity. Management is considering to
devote this excess capacity to one or more of three product 1,2 and 3. The available capacity
on the machines which might limit output are given below:
Machine type Available time
(in machine hours per week)
Milling
machine
250
Lathe 150
Grinder 50
The number of machine hours required for each units of the respective product is given
below;
Machine type Productivity (in machine hours/unit)
Product 1 Product 2 Product 3
Milling 8 2 3
Lathe 4 3 0
Grinder 2 0 1
The unit profit would be 20 birr, 6 birr and 8 birr for products 1,2 and 3. Find how much of
each product the firm should produce in order to maximize profit ? Solve the problem by
simplex method.
The simplex method is a mathematical optimization technique used to solve linear programming problems.
What is simplex method ?To maximize profit in this case, we need to form a linear programming problem and then use the simplex method to find the optimal solution.
Here, the objective function is to maximize profit, which is equal to 20x1 + 6x2 + 8x3
where x1, x2 and x3 are the number of units of products 1, 2 and 3 produced respectively. The constraints are given by the available machine hours:
8x1 + 4x2 + 2x3 <= 250 (for milling machine)
3x1 + 3x2 <= 150 (for lathe)
x3 <= 50 (for grinder)
And non-negativity constraints: x1, x2, x3 >= 0
Once the LP problem is set up, the simplex method can be used to find the optimal solution by iteratively finding a feasible solution that improves the objective function until it reaches a maximum.
The optimal solution represents the number of units of each product that should be produced to maximize profit.
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Suppose that the marginal benefit recieved from good is equal to the marginal social cost of production in this case we can assume that ____
The marginal utility of a good or service measures how much consumers like or are satisfied with after increasing or lowering their usage by one unit. There are three types of marginal utility.
They either have a positive, negative, or zero marginal utility. If you like pizza, for instance, having a production slice makes you feel better than just one. That suggests that eating pizza will have a positive marginal benefit for you. Yet, after eating the second piece, you already feel full, and eating the third would not improve your situation. This shows that eating pizza has no marginal value for you. Moreover,In economics, the benefit or enjoyment derived from using something is referred to as its utility.
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Gonzo Software is small and only has one tech support representative. Sales have started to increase over the last few months and the company owners has decided they will need to add more tech support reps but do not have a job description for this position officially. Being a small company, they do not have an HR department to help them with this. What steps would you advise the owners to take to understand the work flow of the position better and what skills and knowledge that will be needed to fulfill the openings?
Steps that can be followed by the owners are a proper recruitment process where they will mention the needs, they can outsource their recruiting needs through advertisements, social media channels to recruit talent for new positions.
What is a recruitment process?Recruitment is the process of finding and attracting potential resources for filling up vacant positions in an organization. It sources the candidates with the abilities and attitudes, which are required for achieving the objectives of an organization.
The recruitment process is a process of identifying the job vacancy, analyzing the job requirements, reviewing applications, screening, shortlisting and selecting the right candidate.
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Accounts Receivable
Building
Cash
Common Stock
Interest Receivable
Land
Prepaid Rent
Salaries Payable
Supplies
Unearned Fees
Wages Expense
Normally requires adjustment (AR).
Customer order processing, accounts receivable systems, and warranty claim processing are examples of what type of information system?
a. Transaction Processing Systems
b. transaction processing systems
Customer order processing, accounts receivable systems, and warranty claim processing are examples of transaction processing systems.
An information processing system for business dealings that collects, modifies, and retrieves all data collected is known as a transaction processing system (TPS). A TPS's attributes includes efficacy, dependability, and consistency. Real-time processing or event processing are other names for TPS. The outcomes of each transaction are readily available throughout payment services, there is no wait. Errors may happen during the batch processing delay. Whilst errors can happen through payment services, they are uncommon, acceptable, and does not call for the system to be shut down. Data must be readily accessible if performance, durability, and consistency are to be achieved.
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I will give brainliest and ratings if you get this correct
The isoquant equation can be expressed as L = (Q/6)^0.5 / K.
How to derive the equationThe isoquant equation represents a set of combinations of inputs that produce a fixed level of output. For a production function like 6K^2L^2, the isoquant equation can be derived as follows:
Q = 6K^2L^2
Divide both sides by 6:
Q/6 = K^2L^2
Take the square root of both sides:
(Q/6)^0.5 = (K^2L^2)^0.5
Solve for K:
K = (Q/6)^0.5 / L^1
Solve for L:
L = (Q/6)^0.5 / K^1
So the isoquant equation can be expressed as:
L = (Q/6)^0.5 / K
This equation is negatively sloped and convex to the origin, which means that as the quantity of one input increases, the quantity of the other input has to decrease to maintain the same level of output. The convexity to the origin implies that the marginal rate of technical substitution (MRTS) decreases as the quantity of the inputs increase.
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1. The type of return to scale is an increasing returns to scale.
2. The isoquant is concave to the origin which means it is convex to the input space (K,L).
What is the type of return to scale?a. To determine the type of return to scale, we can examine the impact of increasing all inputs in the long run. The long run production function is Q=6K^2L^2, so if we increase K and L by a factor of n, we get:
Q=6(nK)^2(nL)^2
Q=6n^2K^2L^2
The output has increased by a factor of 6n^2, which means that the production function exhibits increasing returns to scale.
Computation of isoquant equation and if it is negatively sloped and it is convex to the origin:To derive the isoquant equation, we can set the production function equal to a constant level of output, say Q0:
Q0=6K^2L^2
Solving for L, we get:
L = SQRT(Q0/6K^2)
This equation shows the combinations of capital and labor that produce a given level of output. To show that the isoquant is negatively sloped, we can take the partial derivative of L with respect to K:
dL/dK = (-SQRT(Q0/6))(4K^2)^(-3/2) = -SQRT(Q0/6)/(4K^2) < 0
This shows that as we increase the amount of capital (K), we need to decrease the amount of labor (L) to keep output constant. In other words, the isoquant is negatively sloped.
To show that the isoquant is convex to the origin, we can take the second derivative of L with respect to K:
=> d^2L/dK^2 = 3SQRT(Q0/6)(4K^2)^(-5/2)
= 3SQRT(Q0/6)/(16K^4) > 0.
This shows that the isoquant is concave to the origin, which is the same as saying that it is convex to the input space.
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What is the benefit of having financial security?
Answer:
It keeps financial stress to a minimum and helps you feel in control of your future.
fittings for GH$1,000. The useful life of the trademark is estimated to be 100 years. (1 point) ABC Ltd commenced business on 1 September, 2011. He keeps accounts to 31 December each year. The basis period for ABC Ltd for 2013 year of assessment is.. A. GH$4,500 B. GHC6,000 C. GHÇ3,000 )D. GHC3,500 E. 1/9/12 - 31/8/13 F. 1/1/13 - 31/12/13 G. 1/7/12 - 30/6/13 H. 1/6/12 - 31/5/13
The basis period for ABC Ltd, which commenced business on September 1, 2011, but keeps accounts to December 31 of each year, for the year 2013 year of assessment is F. 1/1/13 - 31/12/13.
What is the basis period?The basis period is the financial year for which a business is assessed for tax.
The basis period of a business follows the normal accounting period of the entity instead of the fiscal year of the taxation authority or the government.
For a business that commenced in 2011, but keeps accounts to December 31, the basis period for the later years agree with the accounting period ending on December 31.
Thus, we can conclude that the correct basis period is Option F.
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What happens if an eyewitness gets subpoena and he decides not to go to court?
5. The variety of demand curves
The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A.
Elasticity of the NN curve between points A and D = 80−100/100/130−100/100 = -0.67.
Elasticity of the OO curve between points A and E = 100−100/100/130-100/100=0.
Elasticity of the MM curve between points A and C = 70−100/100/130-100/100
=-1.5.
Economic theory, there are different types of curves.Mainly,demand curves are classified into elastic,inelastic,individual and market curves. The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time.In a typical representation,price will appear on the left vertical axis,quantity demanded on the horizontal axis.From a point of intersection of two demand curves,a flatter demand curve shows a higher elasticity of demand.
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An organization skilled at creating, acquiring, and transferring knowledge, and at modifying its behavior to reflect new knowledge and insights is a(n) _____
A) learning organization.
B) strategically managed corporation.
C) innovative organization.
D) hypercompetitive competitor.
E) entrepreneurial firm.
Learning organization. A learning organization is skilled at creating, acquiring, and transferring knowledge, and at modifying its behavior to reflect new knowledge and insights.
It values continuous learning and development at all levels of the organization and seeks to create a culture that fosters innovation and adaptability. A learning organization is one that recognizes the importance of continuous learning and development, both for individuals and the organization as a whole. Such an organization has a culture that values and supports learning, and encourages its employees to acquire new knowledge and skills. It also places emphasis on sharing and transferring knowledge, so that insights gained by individuals can be applied more broadly across the organization. Additionally, a learning organization is able to modify its behavior in response to new knowledge and insights, and is therefore better equipped to adapt to changes in its environment. By continually improving and innovating, a learning organization is able to maintain a competitive edge and achieve long-term success.
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When consumers have more money to spend, how does the demand for burritos change?
Draw a chart like the one below. Compare your chart with a classmate's and analyze the differences in two supply-and-demand graphs. How does your classmate's chart compare with your supply-and-demand model?
When there is more money to spend the demand for Burritos would like have to increase as well.
When consumers have more money to spend, how does the demand for burritos change?When consumers have more money to spend, the demand for burritos is likely to increase. Burritos are a normal good, meaning that as consumers' incomes increase, they are more likely to purchase more burritos. With more disposable income, consumers are able to purchase more goods and services, including food items like burritos.
The increased demand for burritos may also be influenced by other factors, such as changes in consumer tastes and preferences, marketing efforts by burrito sellers, and availability and pricing of other food options. However, assuming that all other factors remain constant, an increase in consumer income would generally lead to an increase in demand for burritos. This in turn could lead to an increase in production of burritos by suppliers, as they seek to meet the increased demand, and possibly an increase in the price of burritos if the supply does not keep up with demand.
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Webmax Inc. produced and marketed cameras. After considerable research and development, they developed a new digital camera that had an array of new features. Webmax was so sure about the new offering that they even reduced their marketing budget. What sort of orientation does Webmax have toward the marketplace?
a. Production orientation
b. Product Orientation
c. Selling orientation
d. marketing orientation
e. holistic marketing orientation
Option b is the correct option.
Webmax Inc. produced and marketed cameras. After considerable research and development, they developed a new digital camera that had an array of new features. Webmax was so sure about the new offering that they even reduced their marketing budget.
The orientation that Webmax Inc. has toward the marketplace is a product orientation. They have developed a new digital camera with an array of new features and are confident that it will be successful in the market. By reducing their marketing budget, they are relying on the strength of their product to sell itself. This approach is characteristic of a product orientation, which prioritizes the development of high-quality products over other aspects of the marketing mix such as promotion and pricing.
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Why’d you get into real estate?
Real estate is a profitable making business providing the basic need of people
What is real estate?Real estate refers to the business of buying, selling, or renting land, buildings, or housing. It encompasses a wide range of properties, including residential homes, commercial buildings, and industrial parks.
The real estate industry involves many professionals, including real estate agents, brokers, appraisers, and surveyors, who assist individuals and businesses in navigating the process of buying, selling, or renting properties.
The value of real estate can be influenced by a variety of factors, including location, local economic conditions, and the state of the housing market. Real estate is often considered a solid investment opportunity, as property values generally tend to appreciate over time.
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I will give brainliest and ratings if you get this correct
Answer:
When the price of a commodity changes the tilt of the budget line of the consumer moves.
Explanation:
Illustrate how according to you the nature of business is
changing in today's time in a paragraph.
A former agent arranges a lease. The owner accepts rent under this lease. The owner cannot disaffirm the lease because there was
a. an agency by ratification
b. an agency by estoppel
c. a general agency
d. a universal agency
The owner cannot disaffirm the lease because there was an agency by ratification. According to Section 196 of the Indian Contract Act, an agency may be established through ratification. The answer is OPTION A.
It states that when an act is performed on behalf of someone without that person's knowledge or consent, that person may ratify the action. Ratification has the effect of binding the ratifier to the agency as if he had specifically given the individual permission to conduct business on his behalf. Ex post facto agency, or agency originating after the fact, is another name for an agency established by the ratification.
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Big Data MY PROGRESS-13% EO Decision Point: How to Calculate Share of Customer Big Data analysis can involve massive amounts of data and complex analysis. However, you know that some of the simpler customer relationship management (CRM) metrics are often a good starting point for firms seeking to increase their profitability. It is well-known that retaining an existing customer is far less expensive than acquiring a new one, so you suggest that the owners begin by calculating share of customer to identify opportunities to sell more products to existing customers. Before you can calculate Camp Plus's share of customer, you need to determine what type of data you need to gather. What data sources will you need to utilize to calculate share of customer? Select an option from the choices below and click Submit. e Internal and external data Internal data only External data only
Before calculating your Camp Plus customer share, you need to decide what kind of data you need to collect and what data sources you need to use to calculate your customer share. This is internal data and external data.
What distinguishes internal and external data?Internal data shows how a company engages with its employees, markets and individual customers, while external data shows how a company fits into the global zeitgeist. Helps you learn more about the competitive landscape and company reputation
What is the difference between internal and external sources?Internal funding sources include stock sales, fixed asset sales, retained earnings and debt collections. In contrast, external funding sources include financial institutions, bank loans, preferred stock, bonds, government deposits, lease financing, commercial paper, trade credits and factoring.
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The situations below include an event and a market. For each situation, determine how the event would affect the market equilibrium price and quantity of the market, and sort the situation into the appropriate category. Items (8 items) (Drag and drop into the appropriate area below) the price of broccoli falls: carrots a serious military conflict in the Middle East breaks out: crude oil a faster espresso machine: cappuccinos at coffee shops the cost of peanuts fails: peanut butter the U.S. government imposes a tariff on tequila the price of coffee rises: cream consumer income increases: ca: Categories P and Q increase P and Q decrease Pincrease, Q decrease P Decrease, Q Increase Drag and drop here Drag and drop here Drag and drop here Drag and drop here SUBMIT ANSWER < 11/12 > 11 OF 12 QUESTIONS COMPLETED MacBook Air
The cream consumer income increases categories P and Q increases the P and Q.
What is consumer income?Consumer income refers to the amount of money that an individual or household earns from various sources, such as employment, investments, government benefits, or other forms of income. It is a crucial determinant of the level of spending and consumption in an economy. When consumer income rises, people tend to have more disposable income and may increase their spending on goods and services, thereby boosting economic growth. On the other hand, a decline in consumer income may lead to reduced consumption, lower demand for products and services, and a slowdown in economic activity. Understanding consumer income patterns and trends is essential for businesses to develop effective marketing and pricing strategies that cater to the needs and preferences of consumers with different income levels.
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Scoring models are most useful when there are multiple projects and several criteria to be considered. True or False
The statement scoring models are most useful when there are multiple projects and several criteria to be considered is true. The best use of scoring models is when there are many projects and different criteria to take into account.
When advising on the starting sequence of projects, scoring models are quite helpful. Even if they are finished late or over budget, certain projects are still deemed successful if they result in business advantages like greater profitability.
Using scoring models rather than financial models to choose projects has the drawback that they are unable to take the project's profitability into account. Because he did not start the process, a PM does not need to know why a project was chosen for funding.
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Mlio is having coffee in a coffee house when he sees Jordan, who is the dean of a Midwest business School, Milo used to teach at Jordan's prior school and wits considered a very valuable faculty member. They haven't seen each other for years, and Jordan has no idea what Milo has been doing or where he's currently working. She tells him that she has a position for him if he's interested. The next day Millo quits the university he's under contract with and signs o contact with Jordan's school, Jordan's school can be sued for tortious interference with existing contractual relationship bintas True or False 00:42:10 True False
Jordan's school can be sued for tortious interference with existing contractual relationship bintas. True.
The actions of Jordan, the dean of the Midwest business school, to lure Milo away from his current university, where he was under a contractual agreement, could be viewed as tortious interference with an existing contractual relationship. By offering Milo a new position, Jordan intentionally caused a breach of contract between Milo and his previous university. Therefore, Jordan's school could be sued for tortious interference with an existing contractual relationship.
When a third person wilfully interferes with a commercial or contractual arrangement between two parties, resulting in financial loss, it is considered tortious interference. By providing Milo with a new job while he was still under contract with his old institution, Jordan's school may have violated the law in this instance.
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Question # 10
Multiple Choice
A marketing research firm charges a client a low fee chiefly because they have been told they will be
getting additional business from the client within six months. That never happens. This is an example of
O client confidentiality
O misleading promises
seeking unnecessary bids
low-ball pricing
A marketing research firm charges a client a low fee chiefly because they have been told they will be getting additional business from the client within six months. That never happens. This is an example of misleading promises. Thus the correct option is B.
What are misleading promises?When an employer makes a claim about something it is doing or preventing, but is unable to do so or does not wish to, it is considered to have made a false promise.
The fact that a marketing research company charges a client a cheap rate in order because they have been assured that they would have new business from the client within six months signifies this trait in the specific scenario as well.
Therefore, option B is appropriate.
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Reducing alcohol-related crashes in Florida by 10% would save more than $ _____ million in claims payments and loss adjustment expenses.
A. 90
B. 120
C. 150
D. 200
Reducing alcohol-related crashes in Florida by 10% would save more than D. 200 million in claims payments and loss adjustment expenses.
What is the benefit of reducing alcohol-related crashes in Florida ?An estimated 17% of Florida's vehicle insurance claims were thought to be caused on average by d-r-u-n-k driving accidents. 10% less d-r-u-n-k driving crashes would result in $210 million in savings on claims payments and loss adjustment costs.
25% of the expenses of crashes in Florida are related to alcohol. In 2000, alcohol-related crashes cost the general public in Florida an estimated $7.8 billion, which included $3.5 billion in financial costs and about $4.3 billion in losses to quality of life.
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Required Information New Trade Theory and Aircraft Production You are about to read a short case detalling the aircraft manufacturing Industry. New Trade Theory helps to explain the pattern of trade in the Industry and how government can play an important role in supporting certain industries. You will be asked to answer questions linking your knowledge from the chapter to the situation detalled in the case. Review the text material on New Trade Theory, and then read the following short case. When you have finished reading the case, answer the questions below. Airbus, the European Union based producer of jet aircraft, manufacturers the largest commercial passenger aircraft available in the global marketplace. The alrcraft known as the Airbus 380 carries up to 835 passengers thanks to its unique double-decker seating design. The Airbus 380 is truly a global product. It is produced and assembled primarily in France, Germany, Switzerland, and the United Kingdom, with parts coming from around the world. In a blow to its revenue projections, Airbus recently announced that two commercial airline companies had cancelled orders for the Airbus 380. The news was significant, because the cancellations would have a serious Impact on Airbus's ability to recapture its Investment in developing the alrcraft and reaching its projected break even point. To break even in Its production, Airbus needed to fill orders of 250 aircraft worldwide. Airbus quickly rebounded, though, thanks to an order by Saudi Arabia's national airline, Emirates, which added two additional Airbus 380s to its Initial order. A spokesperson for the airline sald that Emirates likes the aircraft because of its size, which helps minimize congestion at peak times and locations. So far, Airbus's chief competitor. Boeing, has avoided head-to-head competition with Airbus in the high-capacity alrcraft sector. The Washington state-based company's largest aircraft is its distinctively designed 747. The very successful 747 was first flown in 1970 and while it offers double-level seating like the Airbus 380, its upper level space is considerably smaller than that of the Airbus 380. In fact, the Boeing 747 has about 40 percent less floor space than the Airbus 380. Production costs for the Boeing 747 are high and consequently, like the Airbus 380, there is a limited market for the 747. Until the introduction of the Airbus 380, Boeing's jumbo jet was virtually unchallenged in the global market place. The economies of scale and strategic advantage Boeing had accrued made it nearly Impossible for competitors to gain entry into the market. New Trade Theory would suggest that Boeing has stayed out of head-to-head competition with Airbus in the super large capacity alrcraft sector because Multiple Choice the Boeing 747 is more fuel efficient Airbus was first to market with the Airbus 380 aircraft. Airbus has better designers. Boeing already produces the 747. most buyers for the aircraft are located in markets closer to Airbus.
New Trade Theory would suggest that Boeing has stayed out of head-to-head competition with Airbus in the super large capacity aircraft sector because Boeing already produces the 747.
New Trade Theory suggests that firms can achieve economies of scale by specializing in the production of specific goods, leading to the emergence of dominant firms in certain industries. Boeing has been producing the 747 for several decades, which has given them a strategic advantage and allowed them to achieve economies of scale. However, with the emergence of the Airbus 380, which offers more floor space and can carry more passengers, Boeing has faced new competition in the super large capacity aircraft market. Despite this, Boeing has chosen to focus on other aircraft models and has not engaged in direct competition with Airbus in this market. This is likely because they already have an established product in the 747, which is still in demand, and because they have a strong market position in other aircraft sectors. By focusing on other products, Boeing can continue to maintain its economies of scale and strategic advantage in those markets.
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