In a management situation, how might you use the demand equations to manage your business? Provide real examples if you identify where you have already used these.
What information, other than price, might be important in managing your business when trying to estimate demand equations?
Government intervention is also examined in this unit. How might government intervention in the labor market impact a company’s production decisions? For instance, as of July 2009, the federal minimum wage is $7.25 an hour. If the government decided to increase minimum wage to $8.00 an hour, how might a company respond? Do you think it matters if the company if a small company or a large company? What factors do you think play a role in the company’s decision when responding to government interventions?
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