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1. Evaluate the statement: The Demand Curve that Crest (the tootpaste company) faces is flatter than the Demand Curve that Coca-Cola faces? Why, or why not? Make sure to provide supporting arguments.
2. Evaluate the statement: Colgate should spend more on advertising than Coca-Cola, if we consider the advertising expenditures as a percentage of sales. Why, or why not? Data suggests that Coca-Cola's spending on advertisement as a percentage of sales is higher than that of Colgate. What could explain the difference?
3. Provide one argument pro and one against advertising. Illustrate with at least one example from a recent advertisement (on TV, radio, etc.)
4. Describe two different aspects in which a monopolistically competitive firm behaves like a perfectly competitive firm.
5. Evaluate the statement and explain why it is correct or incorrect: "The existence of excess capacity makes a monopolistically competitive firm resemble more a perfectly competitive firm."
Assuming the policymakers do nothing, use the diagram below to show the effects of the consumer pessimism on aggregate demand.
suppose nominal GDP in 2012 was $100 billion and in 2014 it was $220 billion. The general price index in 2012 was 100, and in 2014 it was 140. Between 2012 and 2014, the real GDP rose by what percent? What is the size of the labor force in the United..
What is total savings in the nation as a percentage of GNP? What is the current account balance as a percentage of GNP? Is there a current account surplus or deficit?
Captain Caine has a charter fishing boat named Bounty. He runs excursions for tourist to fish for either tuna (T) or marlin (M). The following equation represents the Bounty’s PPF for a typical month: T = 60 – 1.5M a. Graph the PPF for the Bounty..
The Invisible Hand theory shows how resources are moved in and out of markets or industries. State what would attract 1) more resources (sellers) into a certain market, 2) what would cause sellers to leave a market? Long-term, in perfectly competitiv..
The scores of students on the ACT college entrance examination in a recent year had a normal distribution with a mean of 18.6 and a standard deviation of 5.9. A simple random sample of 60 students who took the the exam is selected for study. What are..
Consider a small country that exports steel. Assume that a "pro-trade" government deicdes to subsidize the export of steel by paying
From 1978 to 2011 China's economy grew at an extremely high rate. A number of reasons have been cited as source of this growth rate. Given those reasons which economic growth model, do you think would be best in explaining the growth of China. You ca..
Perfect Competition - Draw supply and demand graphs and show how the following situations would shift supply or demand. Does Price (P) and Quantity demanded (Q) rise or fall? The Affordable Care Act increases the number of individuals with health ins..
Consider the following for an example of a some what perfectly competitive market: Can you think of any products that are not differentiated? In other words, are there any products that you buy where brand does not matter? Can you think of any indust..
Consider a market where supply and demand are given by QXS = -10 + PX and QXd = 71 - 2PX. Suppose the government imposes a price floor of $33, and agrees to purchase any and all units consumers do not buy at the floor price of $33 per unit. Determine..
The company’s MARR is 24% per year, compounded monthly. What is the maximum price Shockers Company should bid for PGP?
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