Companies get rich by fooling or cheating their customers

Assignment Help Business Economics
Reference no: EM131253059

The Utility curve, iso-utility curve, showes\every combination of goods (or features) that provide consumers with the same level of satisfaction. Why is it important for managers to understand that various combination of features can provide the same level of satisfaction and how do they use this information? Therefore, firms that wish to become successful, should focus on doing what? how is this different from the common view that companies get rich by "fooling" or "cheating" their customers? Why don't firms try to cheat their customers?

Reference no: EM131253059

Questions Cloud

Which country has an absolute advantage in fish-in wheat : Consider the following model of trade between Iceland and Finland. There are two goods: Fish and Wheat. The only factor of production is labor. Compute the equilibrium relative price of fish under free trade, and draw the budget lines for a typical w..
Satisfy completeness-reflexiveness and transitivity : Professor Uptite likes students in his class to be highly participating, fast thinker and very solution oriented. Does Uptite prefer Cherelle to Shivana or vice versa? Does Uptite prefer Shivana to Leela or vice versa? Does Uptite prefer Cherelle to ..
Preferences would make hikaru better off vs worse off : Hikaru consumes only sashimi and ps4 games. The price of a sashimi is p1 = $3 and the price of a ps4 game p2 = $10. Suppose that if Hikaru buys 10 pieces of sashimi and 6 ps4 games, he spends his income completely. Find Hikaru’s income and plot his b..
Companies get rich by fooling or cheating their customers : The Utility curve, iso-utility curve, showes\every combination of goods (or features) that provide consumers with the same level of satisfaction. Why is it important for managers to understand that various combination of features can provide the same..
Sample statistic equals a population parameter : If on average, a sample statistic equals a population parameter, then that statistic is considered Select one: a. unbiased b. normal c. standard error d. consistent e. a parameter
Population dataset is right-skewed : A population dataset is right-skewed and has a mean of 100 and a standard deviation of 5. Which of the following is true regarding the sampling distribution of the mean for a sample size of 1,000?
How monetary policy could influence the long-run behavior : Analyze the history of changes in GDP, savings, investment, real interest rates, and unemployment and compare to forecast for the next five years. Analyze how monetary policy could influence the long-run behavior of price levels, inflation rates, cos..
Homework questions piling up and feeling lost : Homework questions piling up and feeling lost? Get unlimited answers to over 6 million questions. Or ask your own questions & get a response in as little as 30 mins. Plus see step-by-step textbook solutions so you can learn how to solve each problem ..

Reviews

Write a Review

 

Business Economics Questions & Answers

  Government imposes an excise tax on foreign imports

When the government imposes an excise tax on foreign imports:

  Aggregate demand component investment

Me Lisa purchases shares in government bond mutual fund .is this included in the aggregate demand component investment.

  Model of the economy

Write a formula for the IS curve, showing Y as a function of r alone. Write a formula for the LM curve, showing Y as a function of r alone. What are the short-run equilibrium values Y , r, Y d, C, I, S, Spub, and national saving?

  Discuss two fiscal policy measures taken by the government

Discuss two fiscal policy measures taken by the government that attempted to minimize the recession and provide for economic stabilization when the the economy apparently was heading for recession in 2007.

  Discussed the case of nation experiencing capital flight

In class, we discussed the case of a nation experiencing capital flight. Let's imagine the world contains only two nations and that one of them is experiencing capital flight. In the diagram, below trace out the effect of this capital flight on the o..

  Statements is true about the organizational structure

Ace Inc., an American multinational computer software company, has a large number of hierarchical levels. Each manager is responsible for a few employees and maintains a tight control on them. At Ace Inc., the time taken to make decisions is very hig..

  How much are the bank''s required reserves

If a bank reserves of $100 million and checking deposits of $700 million, how much are the bank's: (a) required reserves? (b) excess reserves?

  Assumptions about economic behaviors and policies

Can you relate the Classical and/or Keynesian macroeconomic models to assumptions about economic behaviors and to economics policies being implemented in the U.S. economy today? Discuss this with your group members. Is there anything that you've lear..

  According to the bureau of economic analysis

According to the Bureau of Economic Analysis, during the recession of 2007-2009 household saving as a fraction of disposable personal income increased from a low of just over 1 percent in the first quarter of 2008 to 5 percent in the second quarter o..

  The demand for its products was elastic

Describe the macroeconomic factors that caused headwinds for McDonald's in 2012. Please include sources with your answer. Give examples of oligopolistic behavior among the rivals in the fast-food industry. Regarding the discussion of when McDonald's ..

  Difference in intended-incidental third party beneficiary

A professor owned a home next door to a very dilapidated, neglected home. John Cataldo purchased the home next door and made a contract with Wizard Home Improvements for a complete renovation of the property. Do you think the professor will be succes..

  In the case of a perfectly price-discriminating monopoly

In the case of a perfectly price-discriminating monopoly, there is:  On Black Fridays, most retail outlets have major storewide sales. Yet, as one of the busiest shopping days in the United States, one would expect prices to increase, not decrease. P..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd