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Entrepreneurship The Practice And Mindset 1st Edition Heidi M. Neck, Christopher P. Neck, Emma L. Murray - Solutions
(a) Which country has the absolute advantage rose production, and gun production?
1 The following table shows the unit labor requirements for two commodities in two countries, Home and Foreign.
(g) List the key assumptions made in the above analysis.
(f) Which scheme will the high-cost firm prefer? Which scheme will the low-cost firm prefer? Which of the above three schemes is most efficient from the point of view of society as a whole? (Remember that the total amount of pollution is the same in all three cases.)
(e) How much does each firm spend on pollution abatement? What are the total resources spent on pollution abatement? What are the total costs of the permit mechanism to each firm?
(d) Another option for the government is to give each firm a number of pollution “permits” such that the total number of permits equals the desired amount of pollution, 104, and then let the two firms trade the permits between one another. Suppose the government allocates each firm 52 pollution
(c) What are the tax payments of each firm? How much does each firm spend on pollution abatement? What are the total resources spent on pollution abatement? What are the total costs of the tax scheme to each firm?
(b) Suppose the government decides to cut the total amount of pollution by 48 percent using a per-unit tax on pollution output.What level of the pollution tax will result in a decrease in total emissions by 48 percent?
(a) Suppose the government decides to cut the total amount of pollution by 48 percent. One way to do this is to require each firm to cut pollution by 48 percent. Calculate the amount each firm spends on pollution abatement under this plan. Calculate the total resources spent on pollution abatement,
4 Suppose a country has two firms, each engaged in different industries.Suppose that the marginal cost of pollution reduction (MCR) at one firm is given by:where QR is the amount of reduced pollution, and the marginal cost of pollution reduction at the other firm is given by:Note that the firm with
(d) Does the tax have the desired effect? If not, what change would you suggest? Explain.
(c) In an attempt to induce the firm to produce the socially optimal output level, the government imposes an effluent fee on the firm of $5 per unit of newsprint produced. Calculate the firm’s output after implementation of the scheme.
(b) Determine the marginal social cost of the firm’s newsprint manufacturing. Calculate the socially optimal output of newsprint from this firm.
(a) Determine the output of the newsprint firm.
3 A newsprint company has (private) marginal costs given by:Assume that the price of newsprint is determined, in a competitive market, to be $20 per unit. A by-product of the newsprint manufacturing process is sludge, which is dumped into a river. Suppose the costs of the sludge-dumping are
(d) Determine the price if the firm were required by regulation to charge a price equal to average cost. What problems do you think an average cost pricing scheme will encounter?
(c) If the marginal cost pricing rule is brought into effect, will the monopolist continue business or will it leave the industry? Explain.
(b) Determine the average cost curve of the monopoly. Calculate the profit per unit and the total profit for the unregulated monopolist.Calculate the profit per unit and the total profit for the monopolist under the marginal cost pricing rule.
(a) Calculate the equilibrium price and output level of the monopolist.
2 Let the inverse demand curve for a monopoly firm be:and let the total cost of the firm be:
(c) Make a rough sketch of the demand curve and the marginal cost curve of the monopolist. Indicate on the diagram: (i) the output level produced by the unregulated monopolist; (ii) the socially optimal output level; and (iii) the efficiency loss associated with the output level produced by the
Calculate the socially optimal output level. Calculate the price that government regulators will have to set under the marginal cost pricing rule in order to induce the monopolist to produce the socially optimal output level.
(b) Suppose government regulators decide to use marginal cost pricing to induce the monopolist to produce the socially optimal output level.
(a) Calculate the equilibrium price and output level of the monopolist.
Discuss the differences between these two versions of the strategic effect of the incumbent’s investment strategy. In each case, whose profits is the incumbent interested in? If firms are competing in prices, is this strategic effect positive or negative?
accommodates entry
deters entry
4 Identify the strategic effect of an incumbent firm’s investment strategy from Section 10.3 when the incumbent:
(c) An optometrist installs an in-house facility to make glasses to fit a prescription while-you-wait.In each case, discuss whether the firm is following a top dog, puppy dog, lean-and-hungry look, or fat cat investment strategy. Is the strategic effect of the firm’s investment strategy likely to
(b) A clothing outlet sells only last season’s fashions at bargain basement prices.
(a) Is this a short-run or long-run cost function? Explain.
(a) Calculate equilibrium price and quantity.
3. At what stage do you think you might start writing a business plan for your startup?
2. Do you think writing a business plan is a worthwhile exercise for every entrepreneur? Why or why not?
1. What value do you think a business plan adds to an early-stage venture?
3. Is there anything in your plans for your business that is not covered in the Vivid Vision checklist? Anything that is not relevant to your business?
2. In the Vivid Vision checklist, which questions did you find the most useful? The most challenging? Explain your answers.
1. Is three years a useful and reasonable time period to look ahead and envision your business? If you think three years is too long or too short, explain why.
3. What is something you could learn (e.g., a foreign language), or a skill you could acquire (e.g., trade, process, function), that would empower you to create additional entrepreneurial opportunities for yourself in the future?
Did you learn anything that surprised you?
1. Since the idea of ugly Christmas sweaters already existed, what key factors led to Jack McCarthy’s turning it into a business opportunity?
Imagine that you are a startup social entrepreneur. How can you—or should you—make sure your business is established and run in an ethical fashion?
Should social entrepreneurs be responsible for assessing the effects of their endeavors, or is it sufficient that they are making an effort to solve a social problem? Explain your answer.
To what extent do good intentions make an entrepreneurial venture ethical? Do you agree that the Buy One Give One business model may have unintended consequences? If so, how do you think the model may be altered to increase its social benefit?
Take a social entrepreneurial idea that you might pursue, and explain how it fits your definition of social entrepreneurship. Could your idea generate both social and economic value?
Describe a real business that you think embodies what social entrepreneurship should be. What is it about this business that makes it a good example?
If you had to craft a definition of social entrepreneurship, how would it be? What facts would you need to know, and what issues would you take into account?
Explain how the Symp1e Waterall addresses concern for future generations in addition to conserving water today.
7 Assess the value of social inclusion globally within social entrepreneurship.
6 Distinguish between corporate social responsibility and social entrepreneurship.
5 Identify the primary attributes of stakeholders and how stakeholders can help or hinder a social entrepreneur.
4 Explain how social entrepreneurs can use capital markets to fund their ventures.
3 Identify the different types of social entrepreneurship.
2 Explain how social entrepreneurship can help resolve wicked problems around the world.
1 Describe what role social entrepreneurship plays in society.
7 Social Entrepreneurship and Global Inclusion
6 Differences Between Social Entrepreneurship and Corporate Social Responsibility
5 Social Entrepreneurs and Their Stakeholders
4 Capital Markets for Social Entrepreneurs
3 Types of Social Entrepreneurship
2 Social Entrepreneurship and Wicked Problems
1 The Role of Social Entrepreneurship
In what ways does Nathaniel J. Williams’s approach to life exemplify the entrepreneurial mindset avocated in this chapter? Does his approach differ in any ways?
In your own words, how would you explain why Nathaniel J. Williams was able to rise above the difficult circumstances of his childhood?
What would you do if a supplier sent a private jet to bring you to the supplier’s corporate headquarters to inspect the factory?
As a CEO, would you support requiring your employees to sign a company code of ethics? If so, what would be the most important provisions of your code?
Critique the argument that entrepreneurs should establish trust with their stakeholders by modeling ethical behavior. Give some examples supporting your position.
B. The director’s committee tried to complete their evaluation of the report recommendations.3. Revise the following:
2. Which recommendations in this chapter operate in the revisions of the following sentences (A versus B)? Why do these principles result in clearer, more concise revisions?A. A stroke is an increasingly common problem associated with the brain. It is caused when a vein or artery in the brain is
Consumer advocacy organizations immediately raise objections to the labeling specifications and accuse the USDA of being deliberately deceptive by using the word “bioengineered” instead of the widely familiar phrase “genetically modified.” Critics also think the image on the label
5. You have been assigned as the project manager for a new museum of modern art that your company hopes to build in a foreign city. You visit that city with the project’s lead architect and your company’s vice president of international operations, scouting the site for the museum and meeting
□ How will you explain or justify your decision?1. The Ethisphere Institute ( ethisphere.com) every year publishes a list of the world’s most ethical companies. Check this year’s list, and choose one of the companies to investigate. What makes it one of the world’s most ethical companies?
How will readers use your writing?Once your document reaches its intended destination, the recipient may place it in a stack for later reading; may skim it and then route it to the person responsible for action on it; may read it, copy it, and distribute it to readers unknown to you; may read it
Once you have analyzed your readers and your purpose, you can decide what you want and need to include and how you will phrase and arrange your ideas.
You may not know your readers personally. However, if you know an individual’s level in the organization, the responsibilities associated with that level, and the kind of technical expertise your reader has, this information will help you decide what you need to include and how to present your
What is this?
government tariff revenue
2 Let the inverse demand curve for a monopoly firm be:and let the total cost of the firm be:
(c) Make a rough sketch of the demand curve and the marginal cost curve of the monopolist. Indicate on the diagram: (i) the output level produced by the unregulated monopolist; (ii) the socially optimal output level; and (iii) the efficiency loss associated with the output level produced by the
(a) Is this a short-run or long-run cost function? Explain.
(a) Is this a short-run or long-run cost function? Explain.
(a) Calculate equilibrium price and quantity.
9 If key competitive resources are important, can they be acquired in the space of a few months or do they take years to develop? What are the implications of your response for the development of competitive advantage?
8 ‘During the 1990s, top executives will be judged on their ability to identify, cultivate and exploit the core competencies that make growth possible.’ (Gary Hamel and C K Prahalad) Discuss whether this is still relevant in the twenty-first century. Was it appropriate in the last century?
4 Take an organisation with which you are familiar, such as a small voluntary group, and consider the possibilities of expansion: apply the market options matrix and expansion method matrix to your choice. What conclusions can you draw about future expansion strategy?
9 Explain briefly why strategic controls are necessary and indicate how they might be improved. Consider an organisation with which you are familiar and assess its strategic controls with reference to your explanation.
8 Devise a strategic plan for an organisation with which you are familiar and identify the main elements that you would control during the period of the plan. Consider whether you yourself can be wholly responsible for devising such a plan or whether you would, in practice, not only need to consult
7 ‘If top management devotes more effort to assessing the strategic feasibility of projects in its allocational role than it does to the task of multiplying resource effectiveness, its value added will be modest indeed.’ (Gary Hamel and C K Prahalad) Discuss.
6 How can objectives and tasks be communicated from senior management while at the same time motivating those who have to implement them?
5 What are the implications of bounded rationality and minimum intervention in developing the strategic process?
4 ‘Nothing chastens the planner more than the knowledge that s/he will have to carry out the plan .’ (General Gavin, quoted by George Day) Discuss this comment in the context of the implementation process.
3 Apply the basic implementation process outlined in Figure 13.1 to the current procedures of an organisation with which you are familiar. Where does it differ and where is it the same? What conclusions can you draw about the process?
2 Does a small company need a formal strategic plan?
1 Compare the Canon and Nestlé styles of strategic planning and discuss why they are different. Is one better than the other and, if so, which?
2 What, if any, are the dangers of informal strategic controls such as those operating at Nestlé?
1 What characterises the Nestlé style of strategic planning?To what extent is this a function of its large size? Its product range? Its geographical spread?
explore how strategic planning can be conducted and critically evaluate its merits.
show how the Balanced Scorecard brings together the various elements of the implementation process;
outline the main elements of control and monitoring, and investigate their importance for strategic management implementation;
describe how resources are allocated between parts of the organisation;
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