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International Economics

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1)
a) Among the types of costs faced by a firm (short-run costs, fixed and variable, as well as long-run costs), how can technology and/or outsourcing help firms to lower their costs?

b) What are some specific examples of how your workplace has used technology and/or outsourcing to lower costs? Note: If your workplace has not used technology to lower costs or if this is proprietary information, then discuss a workplace that has.

2)
a) In a purely competitive market, all firms face the same price for the goods or services they sell. Would you expect all firms that sell identical goods or services in a purely competitive market to earn the same amount of profit? Why or why not?

b) What could a firm do to earn an economic profit if it finds itself in a purely competitive industry selling a commodity?

c) Do firms in the industry in which your workplace operates earn economic profits? Why or why not? Note: If your workplace is not a for-profit, private-sector firm, then choose a for-profit, private-sector firm to answer this part of the question.

3)
Explain profit maximization principles in a purely competitive market and provide real world examples or professional experiences.

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1)
a) Among the types of costs faced by a firm (short-run costs, fixed and variable, as well as long-run costs), how can technology and/or outsourcing help firms to lower their costs?

This is done in a number of ways. The fixed and variable costs decrease because of the opportunity to make anything cheaper for the company. Currently, since the economy is so poor, a person has to do anything possible in order to make a difference for their business. One is able to do this as a means in which to have others learn that they can make a difference but do their research first. They are able to partner with technology companies to have them pay the contractor to come in and fix their issues. Eventually, everyone learns that the problem is resolved and it hardly cost them a thing, which makes it all worth it. Regardless, by outsourcing or find a way to make it cheaper everyone does manage to benefit no matter where they are at in the world serving others.

b) What are some specific examples of how your workplace has used technology and/or outsourcing to lower costs? Note: If your workplace has not used technology to lower costs or if this is proprietary information, then discuss a workplace that has.

A person can have a firm that goes out on audits various medical companies as a means of making it cheaper for hospitals. In fact, all they have to do is make sure that people do schedule for the person to come in and copy and upload the ...

Solution Summary

This solution discussed economics and all the various aspects that go into it.

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