Dr. Bean is the only certified cosmetic surgeon in Vanity city. The monthly inve

Question

Dr. Bean is the only certified cosmetic surgeon in Vanity city. The monthly inverse demand function for cosmetic surgery is P=2000-5Q, where P is the price in dollars and Q is the number of surgery. Dr. Bean’s monthly total costs of operating his surgery clinic include a fixed cost of $20000 and $1000 per surgery.
a) How many surgeries must Dr. Bean perform in order to maximize his monthly profit? What is the optimal price and profit for Mr. Bean?
b) Suppose that Dr. Bean took a Master degree in Business Administration (MBA) course at Harvard and learned about price discrimination. Moreover based on his customer’s declared information (such as occupation, residential addresses, etc), Dr. Bean is able to determine and charge the reservation price to each customer. What is the optimal price that Mr. Bean should charge to his customers and how many surgeries should Mr. Bean perform every month? Find his profit. Dr. Bean is the only certified cosmetic surgeon in Vanity city. The monthly inverse demand function for cosmetic surgery is P=2000-5Q, where P is the price in dollars and Q is the number of surgery. Dr. Bean’s monthly total costs of operating his surgery clinic include a fixed cost of $20000 and $1000 per surgery.
a) How many surgeries must Dr. Bean perform in order to maximize his monthly profit? What is the optimal price and profit for Mr. Bean?
b) Suppose that Dr. Bean took a Master degree in Business Administration (MBA) course at Harvard and learned about price discrimination. Moreover based on his customer’s declared information (such as occupation, residential addresses, etc), Dr. Bean is able to determine and charge the reservation price to each customer. What is the optimal price that Mr. Bean should charge to his customers and how many surgeries should Mr. Bean perform every month? Find his profit.
a) How many surgeries must Dr. Bean perform in order to maximize his monthly profit? What is the optimal price and profit for Mr. Bean?
b) Suppose that Dr. Bean took a Master degree in Business Administration (MBA) course at Harvard and learned about price discrimination. Moreover based on his customer’s declared information (such as occupation, residential addresses, etc), Dr. Bean is able to determine and charge the reservation price to each customer. What is the optimal price that Mr. Bean should charge to his customers and how many surgeries should Mr. Bean perform every month? Find his profit.

Explanation / Answer

1. Employee management is a basic skill that each manager has to look after and the first step is staffing which is generally defined as recruitment of the employee. An employee is recruited in an organization which is the initial phase and then the employee trained depending on the field of work the employee is assigned and after the employee completes a certain time frame in the organization in production only then the employee is appraised based on his or her performnace by the manager. This is the complete process which the manager need to adhere to in order to complete the process of employee management.

2. The job description consists of the position that is offered, the roles and responsibilities that the individual needs to cater to and also the basic criteria required to apply for the position.

3. In order to conduct a job analysis there are various methods or techniques which an organization adopts and basically it consists of a series of questions in the form of a questionnaire. The questionnaire consist of very basic questions like the name of the employee, job title, job description, purpose of the job, objective or goal, department, etc The advantage of questionnaire is that it will provide a basic knowledge of the job and the employee who is involved and the limitation is that it does not provide the details of the work that needs to be done, it is a surface knowledge representation of the job.

4. Job specification provides information like educational qualifications required, specific qualities required, technical and business ksill requirement, years of experience required in the role and many more.

5. I would conduct a job analysis through observaation and would like to gather and collect data for analysis by observing the facts and activities in the job. The steps that will be followed are:

Identify the particular job that needs to be analyzed.
Observe the process and gather information and data regarding the task
Review and analyze the data that is collected
Make a summary of the data and prepare a formal document.

6. I don't think that without job description it is possible to recruit and manage employees because if the job description is absent the employee will not know what to deliver and execute and even the organization won't be able to recruit the desired candudate for the job. So, job description is considered to be a mandatory aspect.

7. A job requirement matrix is created to key components of the requirements for the job and it will consist of:

The statement of the task
The dimensions that need to be considered while executing
importance of the dimensions and their parameters
Knowledge, skill, abilities and other characteristics
Context of the job

8. No, even in a company with 25 employees job description is a mandatory because the mployee needs to know what is expected from him which will help him understand the type of work he needs to do. In an organization with less employee the work is more but still the primary responsibility that is expected from the employee should be communicated and then the additional responsibilities then the employee will be aware of what actually the organization is looking for and also be ready for challenges.

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