The general manager of a yacht club is conducting a SWOT analysis. One of the items he has listed is that all of his department managers have either just completed or are in the process of completing the Manager in Development program from the Club Managers Association of America. How would this item be classified in a SWOT analysis

Completion of the Manager in Development program from the Club Managers Association of America is classified as a Strength in a SWOT analysis.

Explanation:

When a Company is Conducting a Swot Analysis, it evaluates it Strengths, Weakness,Opportunities and Threats hence the Acronym SWOT.

Strengths : Is Something the entity is good at and giving it an important capability

Weakness: Absence of certain strength that the entity is supposed to inherit is viewed as weakness

Opportunities : Feature of the External Environment which creates positive potential for the entity in achieving its objectives

Threats : Changes to the external environment which presents a threat to the entity in achieving its objectives

By Completion of the Manager in Development program from the Club Managers Association of America , the Yatch Club will be competent in management aspects and that will be something the  Yatch Club will be good at.Hence classified as a Strength

(a) What do you mean by production function? Distinguish between a short

period and a long period production function.

A production function is simply a function that describes the relation between input and output, input is the raw materiales or the intermediate goods that are used in the production process, and output is the finished goods.

A short period production function fixes all the variables except for one, while a long period production function allows for changes in all the variables.

(b) Explain the basis of increasing returns to scale.

Increasing returns to scale occurs when output increases more in proportion to input. That is to say, when the production process reaches a point in which for the same amount of input, more finished goods are produced.

(c) Why has welfare Economics accepted perfect competition as a desirable ideal?

Because perfect competition allows for minimum prices and maximum production, due to the internal structure and functioning of the system. While all other market structures lead to less than optimal outcomes due to excessive market power either from buyers or sellers, in perfect competition market power does not exist, and as a result, the market mechanism is allowed to function properly leading to the best possible outcome.