Briefly describe the details of the fictitious business that you created for this assignment. Assess the current environmental scan factors that are relevant to the decision making process. Determine the factors that will have the greatest impact on plant operations and management’s decision to continue or discontinue operations

ECO550: Managerial Economics: Applications, Strategy, and Tactics. ASSIGNMENT 2: Operational Decisions PRODUCT: WRITE: 3 pages BUSINESS NAME: The Company X Consultant SCENARIO: Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of output per month (working 20 days / month). The daily wage (per worker) is , and the price of the firm\’s output is . The cost of other variable inputs is ,000 per day. You are told that the firm\’s fixed cost is “high enough” so that the firm\’s total costs exceed its total revenue. The marginal cost of the last unit is . This assignment allows you to determine the specific details about this fictitious company in order to conduct an environmental scan of this company. Number Each Section (1 – 5) w/Title: 1. Briefly describe the details of the fictitious business that you created for this assignment. 2. Assess the current environmental scan factors that are relevant to the decision making process. Determine the factors that will have the greatest impact on plant operations and management’s decision to continue or discontinue operations. Provide a rationale for your determination. 3. Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences managerial decisions. Be sure to show the calculations that helped you reach your conclusions. 4. Recommend how the company can improve its profitability to deliver more value to its stakeholders. Then, develop a brief plan to implement the recommendations. 5. Assess the circumstances in which the company should discontinue operations and how management should react when confronted with these circumstances. Provide a rationale with your response. 6. Use at least four (4) high-quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Assignment Must Follow These Formatting Requirements: • All citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • The reference page is not included in the required assignment page length. Make Sure Specific Outcomes Associated with This Assignment are: • Assess how managerial economics is used in business decision-making. • Analyze how production and cost functions in the short run and long run affect the strategy of individual firms. • Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run, and the economic impact on a company’s operations. • Use technology and information resources to research issues in managerial economics and globalization. • Write clearly and concisely about managerial economics and globalization using proper writing mechanics.

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