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One of your goals throughout the New Shoes simulation is to remain competitive so that your company can be successful in the long term.
How would you define competitive advantage?
Why is it important in the athletic industry to differentiate your business from the competition from a marketing standpoint?
Share 3-5 ways that you will ensure that consumers see you as a different from your competitors.
Provide an example of a firm that has clearly succeeded in standing out from its competitors.
How does this firm's business strategy help it to be unique in some way?
Detail your choices, noting the why's of your choices and also discuss the effects on the stability of employment, inflation, and GDP as a result.
Suppose a monopolist has costs to produce output of TC=1/6 Q^2+10 and faces the demand curve Q=3000-3P. Find equilibrium quantity, equilibrium price, and monopoly profit.
The value of imported leather is 70% of the value of the shoes (or $70). The tariff on shoes is 20% while the tariff on leather is 15%. Calculate the Values Added and use them to derive the Effective Rate of Protection or ERP.
You are in charge of making recommendations based on economic forecasts to upper management of your firm, which produces widgets, and employs 2,500 workers. what recommendations would you make to improve performance and promote better decision making..
While cartels are generally illegal in the US, Congress in 1918 passed a law that allows American firms to form export cartels that collude specifically on products exported out of the US. Discuss whether each of the following features will make expo..
Professional sports and big-league cities go hand in hand. Hosting a professional sports franchise is evidence that a city has arrived per-se – that is not simply a large city but a major league city. Moreover, acquiring or retaining professional spo..
If you have a perfectly competitive industry of 100 firms with a monthly demand curve of Q=1000-P and TC=Qi^2+100Q+100, a subsidy of $36/month, a long-run equilibrium (before subsidy) of P=140, Q=860 (each firm produces 5 units) and a long run equili..
A construction firm needs a new small loader. It can be leased from the dealer for 3 years for $5500 per year including all maintenance, OR it can be purchased for $20,000. The firm expects the loader to have a salvage value of $7,000 after 7 years. ..
Why did the rice price scheme exist and what was the outcome? Reasons for continued support? Winners and losers from the policy? Describe economic rent and how it is determined. What are alternative methods to support the rice farmers?
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text).
A local car wash charges $3.00 per wash or the option of $12.95 for 5 weeks payable in advance with the first wash. if you normally wash your car once a month, would the option be worthwhile if a minimum attractive rate of return 29% compounded annua..
Economic efficiency requires that a natural monopoly’s price be
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