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In 1866, a child walking along the Orange River in South Africa picked up an odd-looking pebble that turned out to be a 21-carat diamond. That discovery on a farm owned by Johannes De Beers sparked the largest diamond mine in history. When the Great Depression caused a slump in diamond prices, De Beers Consolidated Mines undertook successful efforts to control the world supply of uncut diamonds and to increase consumer demand for cut diamonds. The company was able to increase consumer demand through a carefully tailored marketing program. De Beers spends about $200 million a year trying to convince people that diamonds are scarce, valuable, and perfect reflections of love. De Beers' slogan, "A diamond is forever," sends several messages, including (1) a diamond lasts forever, and so should love; (2) diamonds should remain in the family and not be sold; and (3) diamonds retain their value.
Why was this product well suited to monopolization? How could De Beers use its monopoly position to increase demand? How did it maximize its profits? Were there substitues or complements that were impacted by De Beers action?
Compute the value of the marginal propensity to save. Compute the amount of autonomous planned spending, Ap, given that the interest rate equals 5. Compute the equilibrium level of income, given that the interest rate equals 5.
Some states are required to balance their budgets. Is this measure stabilizing or destabilizing? Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on t..
What is the equilibrium quantity in this market and what is the equilibrium price in this market and what are the resulting output, revenue, cost, and profit of the typical firm?
Why is the demand for water price-inelastic and in those regions where outdoor use of water makes up relatively large portion of total use, the price elasticity is high. Why?
Which diagram should use to explain third degree price discrimination relating to sub-prime borrower discrimination?
Examine the steps of agenda setting, policy formulation, and policy implementation for a public policy on energy and evaluate factors that may influence agenda setting, policy formulation, and policy implementation energy policy.
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for this output is $40 per unit.
Suppose that Dent Carr's long-run total cost of reparing s cars per week is c(s) = 2s^2 + 50. If the price he receives for repairing a car is $8, then in the long run, how many cars will he fix per week if he maximized profits?
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Explain how a +0.5% adjustment in domestic interest rates would affect international investment flows. Determine if such a change would have a bigger impact on larger or smaller countries.
What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
Show, using supply and demand analysis, impact on the equilibrium price and quantity of new Hybrid automobiles when following occurs. Using graphs, explain the change in equilibrium price and quantity,
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