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Prices, Output and Strategy:
- Pick a good or service you are familiar with. Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should make in its pricing strategy. Provide support for your recommendations.
- Discuss how the company you selected should increase its competitive stance in the marketplace and how management would implement the recommendations. Provide specific examples to support your response.
Go to the internet auction site eBay at www.ebay.com and pick the category Jewelry and Watches, followed by Loose Diamonds and Gemstones, and then Diamonds, Natural.
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
Perform a White test for heteroskedasticity using auxiliary regression
In the imperfect competitive market of jeans, Lean Jeans, Inc., recently offered rebates of $1 off the regular $50 price. Quantity sold jumped 4 more jeans from the previous 100 figure the previous month.
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
What effect will each of the following have on the supply of automobile tires?
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after ye..
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